C.E. Info Systems Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript C.E. Info Systems Ltd filed with BSE on 25 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
C.E. Info Systems reported a sequential improvement in Q4 FY26 with revenue growing 54.8%, EBITDA increasing 141% and PAT growing 171% versus Q3 FY26, alongside EBITDA margin expansion of 460 bps year-on-year to 44.6%. Management attributed the earlier-year softness to delays and deferrals in government contracts, and said several of the delayed orders and IoT deployments are expected to convert in the coming quarters. The company also discussed its open order book of over Rs 1,750 crore, IoT margin expansion, receivables growth in the government business, and its longstanding Rs 1,000 crore revenue roadmap.
Numbers mentioned
Revenue growth QoQ: 54.8% (Q4 FY26 vs Q3 FY26)
p. 3
“the fourth quarter delivered a strong sequential improvement with revenue growing by 54.8%, EBITDA increasing by 141% and PAT also growing by 171%”
Rakesh Verma, page 3 of the filed PDF · View the filing
EBITDA margin: 44.6% (Q4 FY26)
p. 3
“Q4 FY26 EBITDA margin has expanded 460 bps year-on-year to 44.6% and PAT margin has expanded 230 bps year-on-year to 31.3%.”
Rakesh Verma, page 3 of the filed PDF · View the filing
Final dividend: INR3.50 per equity share of INR2 each at the rate of 175% (FY26)
p. 3
“The Board was pleased to express its gratitude to all the shareholders by declaring a final dividend for FY26 of INR3.50 per equity share of INR2 each at the rate of 175%.”
Rakesh Verma, page 3 of the filed PDF · View the filing
Revenue growth CAGR: 24% (5 years since IPO)
p. 3
“Since IPO days 5 years have gone by, our revenue growth CAGR for the 5 years is at 24%.”
Rakesh Verma, page 3 of the filed PDF · View the filing
EBITDA growth CAGR: 19% (5 years since IPO)
p. 3
“Our EBITDA growth CAGR over the 5 years is at 19%.”
Rakesh Verma, page 3 of the filed PDF · View the filing
PAT growth CAGR: 11% (5 years since IPO)
p. 3
“Our PAT growth over the 5 years CAGR is 11%.”
Rakesh Verma, page 3 of the filed PDF · View the filing
Order pipeline: over INR1,750-plus crores (FY26 year-end)
p. 4
“supported by a stronger order pipeline of over INR1,750-plus crores, improved visibility and growing demand across our businesses”
Rakesh Verma, page 4 of the filed PDF · View the filing
Mappls App downloads: 45-plus million total, 10-plus million during the year (FY26)
p. 4
“which has recorded 45-plus million downloads till date and 10-plus million downloads during the year”
Rakesh Verma, page 4 of the filed PDF · View the filing
Full year revenue: INR463 crores to INR474 crores (FY26)
p. 5
“the entire year had a muted growth overall from INR463 crores to INR474 crores”
Rakesh Verma, page 5 of the filed PDF · View the filing
C&E full year growth: -3% (FY26)
p. 5
“So if the C&E declined by minus 3%, A&M increased by 9%.”
Rakesh Verma, page 5 of the filed PDF · View the filing
C&E sequential growth: 142% (Q4 FY26 vs Q3 FY26)
p. 5
“C&E has increased 142% sequential quarter-on-quarter, I'm talking about, has increased 142%.”
Rakesh Verma, page 5 of the filed PDF · View the filing
Government open order book: more than INR200 crores (FY26 year-end)
p. 5
“we closed the government with an open order book of more than INR200 crores, significantly more than INR200 crores”
Rohan Verma, page 5 of the filed PDF · View the filing
New orders booked: INR780 crores (FY26)
p. 6
“INR780 crores we booked new orders in FY26.”
Rakesh Verma, page 6 of the filed PDF · View the filing
Open order book conversion: 18% (FY26)
p. 6
“From that INR1,500 crores, around 17%, 18%, I guess, 18% got converted into revenue.”
Rakesh Verma, page 6 of the filed PDF · View the filing
Cash and cash equivalents: close to INR600 crores
p. 7
“If you see our cash and cash equivalent is what you are talking about that close to INR600 crores, right?”
Rakesh Verma, page 7 of the filed PDF · View the filing
Capital allocation for organic growth: INR120 crores (FY26)
p. 7
“what we have done the capital allocation in FY26 was INR120 crores for organic growth.”
Rakesh Verma, page 7 of the filed PDF · View the filing
Cash collection from government customers: INR100-plus crores (FY26)
p. 13
“we crossed INR100-plus crores in cash collection from customers.”
Rohan Verma, page 13 of the filed PDF · View the filing
IoT-led business EBITDA margin: increased from 14% to 16% (FY26)
p. 17
“I think we increased EBITDA from 14% to 16%.”
Rohan Verma, page 17 of the filed PDF · View the filing
IoT margin for the quarter: 33% (Q4 FY26)
p. 17
“33% for the quarter.”
Rohan Verma, page 17 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue — INR1,000 crores · FY28 (timing under review)
stated as an aspiration by Rakesh Verma
p. 8
“So our road map continues with INR1,000 crores. The team, the entire leadership team is working on it. The timing is something we'll have to watch year every year.”
Rakesh Verma, page 8 of the filed PDF · View the filing
Overall revenue growth — 25% · FY27
stated conditionally by Rohan Verma
p. 9
“then you will find that, yes, there is no reason not to believe that we cannot grow at 25% in the FY27. But the actual versus real, actual versus potential can vary.”
Rohan Verma, page 9 of the filed PDF · View the filing
Government business growth — FY27
stated firmly by Rohan Verma
p. 5
“So the government business itself should see a significant growth in this year.”
Rohan Verma, page 5 of the filed PDF · View the filing
IoT-led business EBITDA margin — FY27
stated as an aspiration by Rohan Verma
p. 17
“and we are hoping to increase that 16% in this year.”
Rohan Verma, page 17 of the filed PDF · View the filing
IoT segment margin — higher-margin business than 16% · steady state
stated as an aspiration by Rohan Verma
p. 17
“But directionally, we have pointed out that in the steady state, this can be a higher-margin business than 16% clearly.”
Rohan Verma, page 17 of the filed PDF · View the filing
Delayed order execution — Q1 and Q2 FY27
stated firmly by Rakesh Verma
p. 10
“So that will start reflecting in Q1 and Q2.”
Rakesh Verma, page 10 of the filed PDF · View the filing
Investment in specific government project
stated conditionally by Rohan Verma
p. 19
“for those specific orders, the investment that was made now future investment, those future investments will reduce.”
Rohan Verma, page 19 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said overall growth was muted for the year, with C&E's decline driven mainly by deferred government contracts, and expressed confidence in a rebound based on the order book.
Answered by Rakesh Verma
Asked by Anmol Garg: What led to weaker performance in A&M and C&E verticals for the full year and what is the outlook for FY27?
p. 5
“So naturally, overall growth in either one of them is not much expected. It might be a little bit growth more in the one and a little bit slowdown in the other.”
Rakesh Verma, page 5 of the filed PDF · View the filing
Management said organic growth is the first priority, with capital needed for IoT hardware capitalization and working capital for government receivables.
Answered by Rakesh Verma
Asked by Anmol Garg: How is the company planning to use its cash balance and what is its capital allocation policy for FY27?
p. 7
“Our first priority, which we believe is the right way to do is to provide organic growth.”
Rakesh Verma, page 7 of the filed PDF · View the filing
Management attributed the miss to specific delayed orders including an IoT automotive order pending regulatory approval, a delayed government emergency response system, and a government IoT tender that went to re-tender.
Answered by Rakesh Verma
Asked by Gautam Rathi: Can management explain the roughly Rs 45-50 crore revenue miss versus expectations in Q4?
p. 10
“there was an IoT order in the automotive sector, which we could, we had thought that it happened in the Q4 only.”
Rakesh Verma, page 10 of the filed PDF · View the filing
Management confirmed the delays were pushouts due to customer and government-side factors rather than execution failures, expected to reflect in upcoming quarters.
Answered by Rohan Verma
Asked by Gautam Rathi: Was the Q4 revenue miss due to customer-related factors rather than the company's own execution capability?
p. 11
“We also really wish that these had gotten executed in Q4. But these are just pushouts.”
Rohan Verma, page 11 of the filed PDF · View the filing
Management explained this reflects the operationalization of the Mappls DT subsidiary and growth in government business, while asserting bad debt remains near zero.
Answered by Rakesh Verma
Asked by Rajakumar Vaidyanathan: Why have account receivables from government contracts increased significantly?
p. 15
“we have almost -- if not really fully, but almost zero bad debt in the government.”
Rakesh Verma, page 15 of the filed PDF · View the filing
Management denied inventory gains were the driver and attributed margin expansion to operating leverage and a better SaaS mix.
Answered by Rohan Verma
Asked by Shrinarayan Mishra: Is the strong IoT margin in Q4 due to inventory gains from buying components before price increases?
p. 18
“I don't think that's the reason I wish that's not -- the reason for margin expansion is simply operating leverage yes, operating level revenue went up, the mix was better, more SaaS, that mix was better.”
Rohan Verma, page 18 of the filed PDF · View the filing
Management said fixed price contracts, whether milestone-based or minimum guarantee-based, provide clearer revenue visibility than volume-dependent variable contracts.
Answered by Rohan Verma
Asked by Gautam Rathi: How do fixed price contracts differ from variable/volume-based contracts in terms of revenue visibility?
p. 17
“Very clear visibility fixed price.”
Rohan Verma, page 17 of the filed PDF · View the filing
Risks flagged
Delays and deferrals of government contracts affected C&E vertical revenue
p. 5
“the government business that was expected for the whole year was -- has been -- a lot of them got delayed or deferred for the next year.”
Rakesh Verma, page 5 of the filed PDF · View the filing
B2B order timing delays defer revenue recognition
p. 10
“if the orders, getting the order gets delayed even by a few months, then that automatically defers the revenue conversion on that.”
Rohan Verma, page 10 of the filed PDF · View the filing
Regulatory requirements delayed consumption of an IoT automotive order
p. 10
“there were certain regulatory things which we had to fulfil.”
Rakesh Verma, page 10 of the filed PDF · View the filing
Government-side delays on system readiness affected large energy response system execution
p. 11
“the government itself was delaying on the system. So it is a little bit out of our hands.”
Rohan Verma, page 11 of the filed PDF · View the filing
A large government IoT tender went to re-tender, delaying execution
p. 11
“we had got a very large tender in the, again, in the IoT space related to government. Unfortunately, that went for a re-tender.”
Rohan Verma, page 11 of the filed PDF · View the filing
Rising DRAM and NAND prices increasing hardware costs for IoT devices
p. 19
“you are not wrong by saying that prices of the hardware is going up, the cost of purchase or acquisition is going up.”
Rakesh Verma, page 19 of the filed PDF · View the filing
Uncertainty over whether elevated government receivables will normalize
p. 19
“I can't say right now.”
Rohan Verma, page 19 of the filed PDF · View the filing
Government fleet readiness dependency can delay IoT installation and billing
p. 11
“if their vehicles only are not ready to roll out, then how do we install the IoT and start billing for it.”
Rohan Verma, page 11 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.