Athira Sethu
Kochi, 18 Feb 2026
MapMyIndia’a share price lost close to 8% in last five trading sessions as the company posted weak set of Q3FY26 performance. company navigating execution-led revenue pressure amid delayed government projects and AI-linked contract integrations. While consolidated revenue declined 18% year-on-year to ₹93.7 crore in Q3FY26, the weakness was concentrated in the map-led segment. In contrast, the IoT business delivered strong growth with improving margins, and the order book expanded to ₹1,770 crore, offering multi-year visibility. The quarter highlights a clear divergence between short-term execution challenges and underlying structural opportunities.
Consolidated Financial Performance – Q3FY26
| Metric | Q3FY26 | Q3FY25 | YoY Change |
| Revenue | ₹93.7 crore | ₹114.2 crore (approx.) | -18% |
| EBITDA | ₹26.8 crore | ₹41.4 crore (approx.) | -35% (approx.) |
| EBITDA Margin | 28.6% | 36.3% | -770 bps |
| Order Book (Dec 31, 2025) | ₹1,770 crore | ₹1,500 crore (start FY26) | +18% |
Segmental Revenue Performance
| Segment | Q3FY26 Revenue | Q3FY25 Revenue | YoY Growth |
| Map-Led Business | ₹51 crore | ₹87.2 crore (approx.) | -41.5% |
| IoT Business | ₹42.7 crore | ₹27.3 crore | +56% |
| Automotive & Mobility (A&M) | ₹56.9 crore | ₹49 crore (approx.) | +16% |
Segmental Profitability
| Segment | Q3FY26 EBITDA Margin | Q3FY25 EBITDA Margin | Trend |
| Map-Led Business | 41.9% | 40%+ (structural range) | Margins remain structurally strong |
| IoT Business | 12.4% | 8.8% | Margin expansion |
| Consolidated | 28.6% | 36.3% | Margin compression |
Valuation Snapshot
| Metric | Current Level | Comparison |
| P/E (TTM) | 40x – 65x | Above Indian software sector average (~30x) |
| Peer Average P/E | ~65.4x | Comparable to direct peers |
| FY28E P/E | ~29x | Reflects growth expectations |
Disclaimer: The information is for educational purposes only. Please consult your financial advisor before investing in stocks.
