C. E. Info Systems Limited

Technology — Software - Infrastructure · NSE

₹904.95−₹14.75 (−1.60%)

DalalBaazaar Score

66 / 100

🟢 Good

Verdict

REASONABLE

Risk

Moderate

Driven by micro-cap size, which brings thin liquidity.

In simple words: Strong business and financial position, with modest growth. Nothing on this snapshot stands out as an immediate concern — the usual checks on business quality and management still apply.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:03 pm

Understanding the Business

Company site ↗

The 60-second version of C. E. Info Systems Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

C. E. Info Systems Limited provides digital mapping, geospatial software, navigation, and location-based IoT technologies solutions in India and internationally. The company offers digital maps as a service, platform as a service, and software as a service.

IndustrySoftware - Infrastructure

SectorTechnology

Employees408

Annual revenue₹474 Cr

How does it make money?

Turns over ₹474 Cr a year. Of every ₹100 of sales, about ₹28 reaches shareholders as profit, with ₹42 left at the operating level before interest, tax and depreciation. Each of its 408 employees supports ₹1.16 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹1.16 Cr

Who are its competitors?

The closest listed comparisons in its industry are TATA CONSULTANCY SERV LT, INFOSYS LIMITED, HCL TECHNOLOGIES LTD, WIPRO LTD. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?The numbers suggest a real one

ROCE has stayed above 15% in every year available and stands at 20.7%. Returns that high normally get competed away; when they persist, something is protecting them, and its ROE of 14.8% against a peer median of 32.0% is consistent with that. What that something is — brand, scale, switching costs, regulation — the accounts cannot tell you.

Peer median ROE32.0%

What is the outlook?

6 analysts covering the stock expect revenue to grow about 22.7% and earnings to grow about 22.6% in the year to 2028. These are estimates by people who follow the company, not a forecast for the wider industry.

Est. revenue growth+22.7%

Est. earnings growth+22.6%

Analysts6

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +68% while net margin moved -26% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+68%

Margin effect-26%

DalalBaazaar Score

66/ 100

Good

Weighted across six categories. Every point is explained below.

• P/E of 36.2x already prices in growth
✓ P/E is 49% below its own historical median of 71.3x — cheap by its own standards
✗ P/B of 5.48x is a steep premium to book

Quality vs. Valuation

Company Quality

69/ 100

Good

How good the business is, ignoring the share price entirely.

Valuation

41/ 100

Expensive

What you are being asked to pay, ignoring how good the business is.

A good business, but the price already reflects that. The quality is real; the question is whether you are overpaying for it today.

Historical Valuation

Current P/E

36.2x

3Y Median

71.3x

40 monthly readings · mean 71.5x · range 29.9x–122.0x

Sector Median

16.5x

median of 4 sector peers

🟢Current valuation is approximately 49% below its 3y median of 71.3x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

⚠️Against its sector it trades 119% above the peer median of 16.5x.

vs. its own history

Cheap

71.3x median over 40 months · -49%

vs. sector peers

Expensive

16.5x median of 4 peers · +119%

vs. generic bands

Expensive

Above 35x

EV/EBITDA

24.4x

PEG

4.67

What's Good / What's Bad

🟢 What's Going Well3

Debt is being paid down
Total debt is down 76% over 3 years.
High return on capital employed
ROCE of 20.7% is the mark of a business that converts capital into profit efficiently.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention2

Return on equity is falling
ROE has dropped from 19.8% to 14.8% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 25.4% to 20.7% — often a sign of competition or overexpansion.

Red Flags

2 items require attention · 2 high

🔴Significant margin compressionFinancial
EBITDA margin has fallen 7.9 points, from 50.3% to 42.4%.
🔴Receivables growing faster than salesFinancial
Receivables up 203% against revenue up 68% — sales are being booked faster than they are collected.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 20.7% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.
Deleveraging frees up earnings
Debt is down 76% over 3 years. Every rupee of interest not paid drops to the bottom line, so profit can grow even if revenue does not.
Priced below its own history
The stock trades 49% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Margins are being competed away
EBITDA margin has fallen from 50.3% to 42.4%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
Sales are being booked faster than collected
Receivables are up 203% against revenue up 68%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
A premium to the sector to defend
It trades 119% above the peer median. That premium needs a reason that persists, or it closes.
Returns on shareholder capital are falling
ROE has dropped from 19.8% to 14.8%. Each rupee of equity earns less than it did, so profit growth increasingly depends on raising more capital rather than on the existing base working harder.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 14% a year✓ 19.0% CAGR
Latest reported year was 14.9%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 40%✓ 42.4%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✓ ₹51 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 0.0x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 18%✓ 20.7%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

10 / 12 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Analyst consensus isn't majority-sell
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

4 good · 6 neutral · 1 weak

Market Cap

₹4,960 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

36.2x

Fair

Fairly valued against the generic band

P/B Ratio

5.48x

Rich

Steep premium to book — needs high, durable returns to justify

EPS (TTM)

₹25

Profitable

Profitable on a per-share basis

ROE

14.8%

Moderate

Moderate capital efficiency

ROCE

20.7%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.78x

Moderate

Moderate leverage

Revenue Growth (YoY)

14.9%

Healthy

Healthy top-line growth

Profit Growth (YoY)

7.9%

Modest

Slow profit growth

Dividend Yield

0.39%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

₹51 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

P/E (Forward)

22.4x

Improving

Below the trailing multiple — the street expects earnings to grow into the price

Operating Margin

33.6%

Good

Healthy core-business profitability

Net Margin

28.0%

Good

Strong bottom-line conversion

Current Ratio

4.92

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.01

Defensive

Steadier than the market

52W Range Position

10%

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

889.7 / 942.0

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

55.5

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹281 Cr	₹379 Cr	₹463 Cr	₹474 Cr	+19.0%
EBITDA	₹142 Cr	₹181 Cr	₹203 Cr	₹201 Cr	+12.4%
EBITDA Margin	50.3%	47.6%	43.8%	42.4%	—
PAT (Net Profit)	₹107 Cr	₹134 Cr	₹147 Cr	₹134 Cr	+7.7%
EPS	₹19.51	₹24.58	₹26.77	₹24.46	+7.8%
ROE	19.8%	20.3%	18.2%	14.8%	—
ROCE	25.4%	26.4%	25.3%	20.7%	—
Total Debt	₹29 Cr	₹26 Cr	₹30 Cr	₹7 Cr	-37.9%
Free Cash Flow	₹67 Cr	₹45 Cr	₹77 Cr	₹51 Cr	-8.9%

🟢 Revenue has grown at 19.0% a year over 3 years.

🟢 EBITDA has grown at 12.4% a year over 3 years.

🔴 EBITDA Margin has fallen from 50.3% to 42.4% over 3 years (-7.9 pts).

🟢 PAT (Net Profit) has grown at 7.7% a year over 3 years.

🟢 EPS has grown at 7.8% a year over 3 years.

🔴 ROE has fallen from 19.8% to 14.8% over 3 years (-5.0 pts).

🔴 ROCE has fallen from 25.4% to 20.7% over 3 years (-4.8 pts).

🟢 Total Debt has shrunk at 37.9% a year over 3 years.

🔴 Free Cash Flow has shrunk at 8.9% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹1,036 Cr

Total Liabilities

₹131 Cr

Cash & Equivalents

₹61 Cr

Operating Cash Flow

₹93 Cr

Capex

-₹42 Cr

Shareholding (proxy)

Institutional Holding

12.3%

Insider Holding

69.4%

Corporate Actions

Dividend Rate

₹3.5

Ex-Dividend Date

04 Aug 2026

Analyst Consensus

Recommendations

3 Buy · 1 Hold · 2 Sell

Target Price (Mean)

₹1,184.33

+30.9% vs CMP

Target Range

₹855 – ₹1,500

Peer Comparison

Company	P/E	ROE
TATA CONSULTANCY SERV LT	17.3x	45.6%
INFOSYS LIMITED	15.8x	32.0%
HCL TECHNOLOGIES LTD	20.4x	24.6%
WIPRO LTD	14.5x	15.9%

Recent News

2 mixed1 negative3 general

C. E. Info Systems Limited (MAPMYINDIA.BO) Stock Price, News, Quote & History

Yahoo! Finance Canada, 01 Oct

CE Info Systems shares tank 7%; JM Financial downgrades to 'reduce' post Q1

Business Standard, 05 AugAnalyst view

🔴Potentially negativeAn analyst opinion changing, which moves the price without changing the business.

Results: C. E. Info Systems Limited Beat Earnings Expectations And Analysts Now Have New Forecasts

Simply Wall Street, 07 AugAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

Why Is CE Info Systems Share Price Falling Key Reasons 2026

Univest, 16 JunPrice move

🟡Mixed / dependsA price move rather than a change in the business. If the figures on this page have not moved, the fall is either an opportunity or news they have yet to catch up with.

C.E. Info Systems signs MoU with MMRCL for metro data integration

scanx.trade, 14 Oct

CE Info Systems Ltd. Peer Comparison – Compare with Others

Value Research, 26 Aug

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongBusiness Quality · Financial Health

MiddlingGrowth · Profitability · Valuation · Risk

Points for each in the Score ↑

Good business, demanding price

The quality is real and the price already reflects it. Buying here is a bet that the business keeps compounding for long enough to grow into the multiple — which good businesses often do, but it removes the margin for error that a lower price would have given you. 2 high-severity red flags sit above this conclusion and should be read first.

All 5 tripwires holding · see Key things to watch ↑