Target: ₹2,620
CMP: ₹1,915.50
CE Info Systems (MayMyIndia or MMI), at Investor Day 2025, reiterated its FY28 revenue target of ₹1,000 crore+ with 35 per cent plus EBITDA margins. This is supported by a strong order book which is projected to reach ₹2,000 crore+ by April 2028. In Auto, MMI sees attach rates rising to 23 per cent in FY28. This could imply volumes of 5.4 million (at 90 per cent market share).
In SEA, MMI sees a similar opportunity as India, with the TLT JV targeting 50/30 per cent market share in map data/software by 2030. The joint venture is building a unified map for the region, thus reducing implementation costs for OEMs. In Enterprise, MMI is focused on scaling through verticalisation and wallet share gains. They also plan to expand into SEA. MDT – the government business subsidiary is focused on scalable, IPled solutions through an integrated platform and maintaining discipline in execution.
MMI expects customer opportunity count to reach 500 by FY28 and sees greater profitability in mining customers vs acquiring new clients.
MMI however is selective, avoiding pure services work and focusing on scalable, milestone driven deployments to manage DSO. Defence is another key growth opportunity, with battlefield awareness and drone-based mapping gaining traction across the tri-services.