Listed geotech major MapMyIndia’s net profit plunged 39% to INR 18.5 Cr in Q2 FY26 from INR 30.4 Cr in the year-ago quarter. On a sequential basis, the company’s profit tanked 60% from INR 45.8 Cr in the June quarter.
The company’s top line took a hit despite operating revenue rising 10% YoY to INR 113.8 Cr during the quarter under review. Sequentially, the number fell 6% from INR 121.6 Cr in the preceding quarter.
Including other income of INR 10.5 Cr, the listed company’s total income for the quarter under review stood at INR 124.2 Cr.
Partly to blame for the narrowing profits was also the worsening margins. While EBITDA declined 25% to 28.1 Cr in Q2 FY26 as against 37.5 Cr in the year ago quarter, EBITDA margins contracted to 24.7% from 36.1% in Q2 FY25. The company attributed this to a higher upfront, outsourcing cost for a government project and increased losses from an international joint venture (JV).
“In Q2 FY26, a specific government project had higher technical outsourcing cost upfront leading to initial lower margins. Further Q2 FY26 margins were impacted by lumpy high margin corporate map-led revenue. PAT margin impacted by increased loss in International JV,” said the company in its presentation.
While the company did not specify which JV, it is pertinent to note that it inked a pact with Hyundai Autoever last year to float a JV, called PT Terra Link Technologies, to offer map-based solutions for the automotive industry across the entire Southeast Asia.
“Our core business remain(s) strong with healthy margins, with new businesses (IoT, Govt, international JV) in investment and scale up mode to address large market opportunities. Our goal for the year remains unchanged as we continue to focus on strategic growth and sustained value creation for all stakeholders,” said MapmyIndia chief managing director Rakesh Verma.
Founded in 1995 by the husband-wife duo of Rakesh and Rashmi Verma, MapmyIndia makes detailed digital maps and location-based tools, mainly for India. The company also creates special software and services to help businesses and government departments better understand and manage places, vehicles, and assets.
It caters to automotive players as well as Indian government departments such as the Indian Army. It also operates a consumer-facing navigation app called Mappls. Earlier this month, the company signed a pact with the Delhi Metro Rail Corporation (DMRC) to integrate the latter’s real-time data into its navigation platform Mappls.
A month earlier in October, railway minister Ashwini Vaishnaw also said that Indian Railways would soon sign a pact with the geotech company’s app Mappls. In August, MapmyIndia also announced an investment of INR 25 Cr in quick commerce unicorn Zepto to fuel the adoption of its services in the rapidly growing quick commerce space.
Zooming Into MapmyIndia’s ExpensesMeanwhile, the geotech giant’s expenses surged nearly 28% to INR 94 Cr in Q2 FY26 from INR 73.4 Cr in the year ago quarter.
Technical Services Outsource: This was the biggest cost head for the company. The geotech major spent INR 32.6 Cr under this bucket in Q2 FY26, up 187% from INR 11.3 Cr in the year ago quarter.
Employee Benefits Expenses: The company spent INR 19.3 Cr towards employee-related expenditure, down 26% from INR 26.1 Cr in Q2 FY25.
Cost Of Materials Consumed: Expenses under this bucket soared 161% to INR 12.4 Cr in the quarter under review as against a mere INR 4.7 Cr in Q2 FY25.
Other Expenses: The company had to shell out INR 11.2 Cr under this cost head in Q2 , up 14% from INR 9.8 Cr in the year ago quarter.
Shares of MapmyIndia closed Monday’s trading session 0.6% higher at INR 1,824.95 on the BSE.
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