Thank you, [unclear]. Good afternoon, everyone.

On behalf of DAM Capital, we welcome you all to Q3 FY26 conference call of MapmyIndia. We have with us Mr.

Rakesh Verma, Co-founder and Chairman of the company; Mr. Rohan Verma, MD, Mappls DT Private Limited; Mr.

Anuj Jain, CFO of the company; Ms. Sapna, Chief Operating Officer; and Mr.

Nikhil, President of the government business. I'll now hand over the call to Mr.

Rakesh Verma for his opening remarks. Post that, we can start the Q&A session with the entire management team.

Over to you, sir.

Thanks, Anmol. I'd like to welcome all the participants to this call.

I would like to start saying very openly that from many of the investors' perspective, the Q3 has been a weak quarter, and I'll try to give as much explanations for that. Along with that, as Anmol said, the business leadership team is here, and they should be answering all your Q&A once I am done with my commentary.

There is a seasonality factor, but I don't want to harp on that much. Fundamentally, if you look at some of the numbers that I will disclose, which normally we don't talk about it every quarter, we do it only at the end of the year, which is the open order book.

The open order book, which was 1,500 crores at the beginning of the year, has increased to 1,750-plus crores, 1,770 crores as of December 31, which is a big jump by itself, otherwise it means that this year we have been able to book orders worth 600 crores. Now, that probably is a big number that we have been working on and we have been successful.

We had talked about our targets for FY28, where we had said that we will reach around 2,000 crores as open order book. Now, that's the good side of it.

Now, coming to the weak financial revenue performance or profitability performance, I would like to add simply saying that there has been a deferment or a delayed deliveries from our side to the customers in Q3. That more or less one part was because of customers' requests, which led to this delay.

Another interesting thing that has happened is our working towards developing a new-age products, particularly AI-related. We have been trying to include some of the AI elements into our products.

Hence, that's the internal reason. It's very important for you all to know, that the future lies in how much AI we build into our products and technology.

This is the overall commentary from me. I would like to add here also saying that this is a general question everybody asks is about the labor code.

I'm happy to report that the labor code practically was implemented by us in FY23 itself. The auditors examined it now, and they found that no liability is incurred by the company in the current quarter or current year.

Beyond this, the two questions that you will have in mind, whether we will reach 1,000-crore target FY28 or not, what would be our EBITDA margin for the FY26, because we have given you a guidance of 35% EBITDA margin in FY26. We stand behind that.

Q4 is halfway done. We all know, and there's no reason why we will not achieve that.

As far as the revenue growth this year overall is concerned, I would simply say that the Q4 growth will be better than the Q4 a year back. I think with this, I would like to end my overall commentary, leave the time to all of you for asking questions.

Mainly Sapna and Nikhil would be able to give good answers for great opportunities going ahead of us and whatever the misses have happened. Thank you.

Yeah. Hi.

Sir, first question is on the C&E business. Larger part of dip has been seen in this business.

Just wanted to understand how much of this business is currently corporate solutioning and APIs SDK sale. In this year, have we seen the larger impact because the impact in the corporate side of the business versus the government side of the business?

That will be my first question. Second is on our longer-term outlook of revenues of 1,000 crore by FY28.

Do we still stand there, given that it will require greater than 35%, 36% kind of CAGR over the next 2 years to achieve that number?

Just a little bit on the C&E. The primary reason has been the delayed delivery of the government sector.

Nikhil will talk about.

Your question, if I understood it correctly, were two parts. One is related to the decline in C&E, which I'll express, and what is the contributory factor coming from the government along.

The second is, what is the spread going forward in FY28, if I understood you correctly?

Yes,

that's correct. Answer your first question first.

This is the spread that you are talking is about 50-50 in the C&E side, government and private corporate. Primarily, if you see the decline has been 60% to 70% is due to government delayed businesses.

There are two reasons for that. I will explain, because this can be a question as to why that delay was there.

There are multiple factors, but if I want to attribute two major factors. Because two states where we were working, in general first, that the fiscal grant to the states for the national flagship projects that we are involved in got delayed this time.

Something we were expecting in May, June timeframe actually got converted into October timeframe, giving us very little headroom to do the billing or finish the work. That's the fundamental understanding.

Within two major states, and I can name Maharashtra and Bihar, they went for one, the urban local body elections, wherein we get a lot of revenue, and that stalled our entire work, leading to this revenue coming from quarters four and next fiscal quarter one. The second, from the state of Bihar also, which got delayed, though the work had already started, that's not in terms of the order booking being late, but because there was no work that we could do during that point in time, that got delayed.

These were two from that perspective. The third answer that I will give from the government side is that there is a lot of push that we could anticipate from made in India to owned in India.

If you see the major win that we have announced this year here, is for Survey of India, integrated geoportal, which is a big deal, which is a anchor project, which is going to scale in multiplicity. There, rather than relying on the outside components, we actually indigenized in the wake of the focus that we were saying owned in India, which, of course, delayed the project.

I can tell you, with very definitive terms, not only that we could secure that business, and also looking forward to far more stronger multipliers, but this led to a delay, which is going to be taken care in quarter four and quarter one next fiscal.

Right.

Second question related to how does it look in terms of FY28? Mr.

Verma has already talked about the total order booking, which is a major thing from convincing the customer going in for our solution, and then second comes the delivery and execution. We are pretty upbeat with the kind of both organic and inorganic mix of competencies and capability we are bringing on board.

We would be able to do it very fast.

Right. Do we still stand at our 1,000-crore guidance for FY28?

Yes. I think that's what [Rakesh?]

mentioned in his initial commentary also. We do stand by that.

Okay. Secondly, if I do look at some of the delays, if you can quantify how much has been the delay which will come in the fourth quarter, because even if I consider similar Y-on-Y growth rate as it was there in last year, which implies that our revenue will double in fourth quarter versus the 3Q levels.

What was the total amount of deferment?

Let me respond to that. This deferment, as I said, is primarily on the government side.

Four major cases which we have already given, I won't say that 100% of that is going to be subsumed in quarter four. This is going to be what I will say something in quarter four and a lot of that in quarter one next year.

While we will have a good growth in quarter four quarter-over-quarter or year-over-year, but I won't say that entire decline that was attributed for quarter three is going to be compensated for in quarter four alone.

Right. Just the last thing is on the overall government business in our business mix, how much that would be as of now?

What was it last year?

In terms of percentage, 20% is the total government revenue of our total revenue. In this quarter.

Overall.

For the year.

For the fiscal.

For FY26.

Yeah.

Yes.

Will it be similar last year in FY25? FY25

was almost same,

18%,

19%, maybe a 1% here and there, but it was like that only. The mix is generally the same.

Okay. Sure.

I'll get back in the queue. Thank you for answering my questions.

Hello, sir. Sir, my question is related to the margins.

As you already guided that your guidance of 1,000-crore revenue by FY28 is intact. I just wanted to know the margin profile going ahead on the blended level, as we are venturing a lot into IoT-related and new verticals.

What kind of margin do we expect in FY27 and FY28?

Okay. I don't think we would like to make any commentary on FY27, FY28 margin at this point of time.

When we work on the budget and look at FY27 revenue mix, we'll be able to give you guidance at that time, which is at the next quarter. At this point of time, I made the statement that this fiscal year, EBITDA margin will definitely be 35%.

All right, sir. Sir, another question is related to the recent developments in the IT sector related to some Anthropic launches.

Does it affect our business in any way positively or negatively?

If you are referring to the AI part in general

Yes.

and global AI summit is happening coinciding with your questions, as you speak. Let me tell you that we embraced AI much earlier, and therefore, the impact that we took is much earlier than the impact that you are seeing at large in the IT industry.

The work that we are doing is an integrated content and services platform based, which will talk into account a lot of AI things. Without that, we could not have been able to deliver.

It is integral to our part. We innovated in that long time ago, and we again re-invested in that.

The recent hiccup that came in converting the order into billing was also from the modified scope of work that we saw from some of the private enterprises. The 30% has an impact coming from private and 70 from the government.

That 30% wanted to ensure that what are the AI component that we are going to be deploying. That delayed in terms of rationalizing them.

The good news is, they are fully on board with our competencies on AI. Answer is, we have made investment.

We took the impact, and therefore, it is not likely going to impact in the manner in which the other IT sector is going to be impacted.

All right, sir. That's good to know.

Sir, one last question small regarding the 20 20% kind of growth that we were targeting in FY26. If Q4 is going to be like 70%, 80% kind of growth YoY on YoY basis to get to some number around 20% overall?

I think when we say 1,000 crore FY28, order book is there. I think anybody can do the calculation, please.

Sir, I was asking about FY26. Like Q4 like are we Q4 is going to be bigger, as you said.

Are we going to reach around 20% kind of growth in FY26? For that, Q4 has to be around 70% kind of YoY growth.

That's all.

I did not make that statement. I made the statement saying that Q4 year-on-year will be better than last Q4.

All right. Thank you so much, sir.

Thank you for your time, and all the best for the future quarters.

Hi, sir. Good morning, and thank you for taking my questions.

Just in terms of IoT business and the map-led business, we've been seeing IoT business has been growing sharply, and hence, the mix of revenues from IoT business has kept increasing. How do you look at the steady state or the medium-term outlook in the mix between map-led and IoT business?

In terms of the order book as well, you might have more visibility in terms of the mix between the two. How should we think of a steady state or a medium-term outlook between the two?

Just secondly on that, how should we look at the timelines for the revenue burn of this 1,770-crore order book? That will be my first question.

I think Rohan can speak on the IoT thing.

Yeah. Good afternoon, everybody.

The IoT business is kind of on a steady growth path. We went through a management transition first half of the year, and the organization is fully stabled, in fact, kind of fully geared up for accelerated growth.

The growth from the IoT business is coming not just from the subsidiary Gtropy, which is charged with kind of executing on the IoT delivery, but there's also quite a increased focus within the parent company, the listed entity MapmyIndia, as well as the government subsidiary, Mappls DT, in terms of the strengthened go-to-market around IoT. We all know that IoT has a huge TAM.

In that sense, we have unleashed or kind of freed up everybody to also go after IoT in the set of customers that they focus on. It becomes a good upsell and creates stickiness amongst the customers.

Also, they are being able to go after new customers where IoT is the first thing that is sold, and then they can upsell maps there too. IoT we are hopeful will be on a pretty strong growth path.

It's like independent vector to the map-led business. At least from the government side, I can talk about that there's a lot of map-led business that is there to be achieved.

Nikhil kind of talked about delays in some, but that we'll see that kind of correct itself over the course of time. Steady state, we don't want to kind of put a fixed number, I think, because we want to let both of the businesses kind of achieve whatever best they can achieve.

From a resourcing point of view, I think we are happy to kind of resource both the businesses, given that map-led has pretty strong margins and IoT has pretty big TAM.

Thank you for that. Just the second question.

Auto production in third quarter YoY increased at around 18%, while our A&M revenue growth seems to be slightly lower at around 15%. Why has there been a decrease or a slight miss from the production?

Yeah. We do see, if you look at the industry growth versus the growth otherwise with respect to MapmyIndia's A&M business.

Yeah. Am I audible to all of you?

Hello?

Okay. Yes, as compared to the industry, the growth has not been as much as the way industry grew.

Please also look at our technology infusion is primarily happening in the vehicles which are connected. It's not happening in the non-connected vehicles.

That could be one of the reason why you see a difference there. In general, we have been seeing more and more and more adoption of our products into vehicles into both four-wheelers, two-wheelers, and commercial vehicles.

That's been pretty good growth story that we have there. Specifically, I think that's where I would like to close my response.

Got it. Thank you, and all the best.

Thank you. This is Sujit Jain from Bajaj Life.

This is to Rakesh ji. When we say that in the base quarter four quarter last year, what growth we clocked, we will have better growth fourth quarter this year.

Just to reach a respectable number of 15% overall growth for FY26, it means we can without putting you to a number, but easily do a sales of something like 200 crores, a respectable number. Is that the case that we'll have a a good, robust fourth quarter?

I wish I had the liberty of disclosing the number exactly. One is still 15 days are away.

The second thing is we are working on it closely to see what best we can get. When we have said it will be better than last year year-on-year, that's the best I can share at this time.

I know I'm disappointing you, but please think about my situation also. We will attain 35%-plus EBITDA.

Fair enough. When we look at the opportunity for this company, the 1,000-crore number, when you look at the TAM and overall use cases, looks quite doable.

However, as we go quarter after quarter, we are lagging behind. A, in terms of our long-range planning within, I presume it will be 3 years, but broken into periods, do you do 1-year planning or you do quarterly tracking of that long-term plan?

I can answer that. Definitely, we do the 3-year planning, as you said.

Otherwise, we would not have talked about FY28. Quarterly planning is a very internal thing where the focus is all on three top parts.

Part one is, what is a funnel that gets created from the customers, which can be converted into orders? There is a certain percentage of funnel that gets converted.

The second part is how much we'll be able to generate revenue. That is a function of how much we are able to deliver.

The third part is collection, how good the collections are happening. This is the way internally the business leaders, they conduct the four areas we have: the automotive, the corporate, the government, and the IoT.

All the four business leaders take care of that. That's our planning and execution process.

Government is See, the audio of some of your colleagues was not clear. You can check with other participants.

Government, we heard, is 20% of this full-year business full-year revenues?

You heard it right. 20%, maybe 20%-plus.

Last year, it was 20%-minus.

Within that, how much would be state agencies, and how much would be central agencies?

One has to look at the exact numbers. Overall, I'll just say that we only pick up the orders where we know we can get money collected.

Nikhil, you add.

If you ask from the funding perspective, majority of the things that we do, and when I say majority, let me define 90%, around that margin, is central funded schemes. Now sometime this allocation is done by of course central government, but sometime it is used or dispersed to the vendor by the urban local bodies or the state.

State is a very small component, let me tell you that. It is primarily urban local bodies and the central government.

Primarily, the 90% is funded. Say, I'm just giving you example, say when you say AMRUT, or previously we used to say Smart City, all these actually fund goes to urban local, who actually makes the disbursement.

These are centrally funded schemes. If that helps your question.

Thank you. One last question to Rakesh ji and if Rohan is there, is that how do you bring more granularity to business so that if one piece doesn't work for a quarter or even for a year, other pieces kind of pull in in terms of revenue growth?

That is one. A path to monetization for Mappls.

Thanks.

Rohan, would you like to say something?

Huh, sir. Basically, the business is resilient and diversified.

Automotive is a different vector, corporate different vector, government different vector, and IoT to logistics, let's say, different vector. From a product portfolio point of view also, pretty diverse set of products: map-led, IoT-led, and you'll hear this over course of time what we call GIS-led, which is more real GIS software platform led.

I think we have all the pieces to be able to go after all these opportunities well. It might be taking a quarter or a few quarters more than what we would have liked and probably what investors would have liked.

The fact is that we're always pretty heavily product-focused in terms of building the product, and also heavily go-to-market focused in terms of diversifying our customer base. That's how we've put together the strategy to be pretty resilient and diversified business, but of course, with the same core, which is kind of around this maps and around this IoT and around our software or technology capabilities, where AI is playing an increasing role.

That's for us pretty more on the B2B.

On Mappls?

Mr. Verma, you want to take

Rohan can speak a bit, but doesn't matter. You're talking about Mappls app, because for us, Mappls means our entire business.

Which one you're talking about?

Mappls app.

Huh, consumer app, we have touched almost a 40 I can share some data. Mappls app, we have touched 45 million downloads.

Now the app is very stable. People are liking it.

That's the overall feedback we are getting from the users. User community is really using it.

The whole idea was to make sure that the Mappls app gets accepted by the users as a serious choice. Now just overall Mappls, if you talk about, which has APIs, SDK, data, everything, we just did some computations and found that we have kitna 10 10 crores, 100 million users in some way or the other.

Monthly

active users. I'm talking about MAU.

The popularity of Mappls as a business from a data perspective, from a software perspective, even from a hardware perspective, is increasing really very well. That shows us the future.

Mappls app by itself, someday something will happen to that very nicely. I can't talk about it today till the time we have a very concrete plan on that.

Thank you.

Hi. Sir, what is the revenue contribution expected from the newly won project with IOCL, Survey of India, etcetera, in the next 12 months?

If you look at IOCL, let me put it into two different buckets. The next year, if you ask me, it will be around close to 20 crore

Revenue.

revenue. From Survey of India, I can only comment on the one that we have already in our pocket.

We also have add-on business opportunity from Survey of India. I will

Oil and gas also.

As well as IOCL-related projects. To just crisply answer your question, it will be to the tune of around 7 to 8 crore.

This is for the full year, you're saying, for Survey of India?

This is for entire next fiscal.

Okay. Understood.

In the current order book in hand. I'm not talking of the pipeline, which is also very interesting, but I'm keeping it only limited to the ones that we have in the pocket.

Understood. Sir, what is the current status of our joint venture in Indonesia?

Rohan?

Yeah. It's in build phase.

This is something that we had expected, and so what TLT TLT, Terra Drone Technologies, has been doing, and they are active in terms of kind of presenting the the updates on their social media, tltmaps.com and through TLT Maps on LinkedIn, etcetera. The product is getting made nicely.

MapmyIndia is contributing its part for various countries, and they also have partnerships with other local providers in variety of countries. The the the go-to-market is happening to a variety of OEMs.

Of course, Hyundai being one of them because it's the parent company for the majority partner in the JV, PT Invenio Auto Ever. There's also a lot of other OEMs that they are targeting who are liking the quality and accuracy of the maps vis-a-vis the others incumbents.

They have also now opened up the enterprise enterprise sales of the TLT maps and solutions to others other non-automotive customers in the corporate and government world. Also, they are also going down the path of advanced maps, ADAS maps or SD+ and HD maps, similar to kind of how we've been doing in India.

I would say it's a in a good build phase. We have to be patient, allowing them to kind of build out a strong product, and kind of once monetization starts off, it's another India-like opportunity.

That's what gives us the confidence that in the 3 to 5 years, 7-year journey, it's going to be a pretty good contributor, the way what we have done here in India, without us with us kind of already having generated revenue from from the JV. If you notice kind of our our PAT, it is impacted every quarter by a couple of crores of, kind of operating expense related losses.

That's to be expected in a JV, which over the course of time will contribute, in the tens of millions over term. Yeah.

Understood. Sir, last question is on our IoT business.

What kind of contribution do we see on an overall mix going forward from IoT-led business? Because last year, it contributed around 25%, and as of 9 months, it has contributed around 35%.

Will it be in this range or will it increase going forward as well?

I answered that question before, that these are independent vectors. IoT and maps, both have their own TAMs and their own opportunities.

Automotive, corporate, and government have huge kind of opportunities both around map-led and IoT-led, and the teams are expanding focus on both. The teams are also expanding.

Then, of course, we have our own international focus as a company. Independent of the JV and other in various geographies.

At least I wouldn't want to put a kind of percentage band. Both the businesses should contribute as much to the overall kitty of the company.

There's operating leverage baked into both. It'll always be additive from a profitability point of view, besides growth.

Thank you, sir. That's all from my side.

Hey, hi. Thanks for taking my question.

Mr. Verma, thanks for giving some clarity on how you look at Q4, right?

The question which I want to just have some views on is, if you deliver the Q4 which you're talking about at least, right, do you have the visibility on the funnel that you would be able to maintain the current order book at also at the end of Q4, right? Because the revenue which you deliver in Q4 seems to be very large.

If you have given an order book in Q3, which you have, to sustain it, you would have to have another 200 crores of inflow. How do you look at the funnel, or how are you seeing the funnel?

I think a few things have happened in Q4 because we are talking about the order book, open order book as of 31st December. Since then, January has gone, February halfway has gone, and things have also happened.

Those numbers are not disclosed at this time. We can't.

To answer your question very nicely, is yes. The new order book is happening in Q4.

Oh, great. If I want to just summarize, you are trying to say that at the end of Q4 also, it's fair to assume similar or better order book levels, closing levels, right?

It seems like that only.

Great. Great.

Anyway, Sapna, do you have some idea? It

should be like that.

It should be around that only, maybe better also.

Could be, yeah.

Maybe better also, she is saying.

Great. Which means the inflow for the year, which is 600 already, should be somewhere around 800, which looks like a strong number after few years where we have seen this number at around 5 5 to 600, barring FY24.

We are also anxiously waiting because both Sapna, Nikhil, and the third one who's not here, Ankit, they are doing their best to garner as much as orders, because they don't just look at the quarter.

Great.

Quarter, the delivery team under them are more looking at. These folks are really focused on how to get in more orders and orders and orders.

Great.

I'll just add from my side. If you look at the confidence level and kind of focus and energy level of the teams inside, it's quite heartening to see.

I get the pulse directly from the IoT team, but also and the government team, but also when I see the energy with which the automotive and corporate folks in the whole team from the leadership downwards, it's really a strong place we're in. Sometimes numbers don't show up, like it didn't show up in Q3, but it doesn't change the fundamentals and the outlook for the business.

Thank you.

That's helpful. Just if I may, another question, right?

Like Rohan mentioned on the call, right, the way you look at the business, there are five vectors, which is IoT, map, consumer, auto, and government. We understand there are overlaps between IoT and map-led.

If you just circle out say specifically consumers, right, when you remove government/defense business and also remove the IoT business which saw strong growth, that vertical seems to be decelerated a bit, consumer and enterprise. Was there anything specific beyond government or IoT which led to this slowness, or is it fine?

If you can just help understand.

IoT has not slowed.

Yeah. Basically, yes, when it comes to the reduction in the business for C&E, majority is attributed towards government, but there is private sector also that's playing some role over there.

There has been a delay in us being able to bill our customers in quarter three primarily because, I think Nikhil had touched upon this slightly while he was explaining and he was talking. Been changes in scope of work in some of the projects that we had undertaken.

The changes were primarily around infusion of AI for these specific customers. That is something that we have been able to do, and the results will show up in Q4 and subsequent Q1.

That also did impact us in the reduction of C&E business. As we say, majority was government.

Private sector also played some role there.

Got it. Got it.

Mainly it's a slight delay in delivery and nothing else changed, right? It's just because you are infusing this new ability in your products.

That's what led to it.

Primarily coming as demand from the customer as far as infusion of AI in the company goes, it's been happening for years across our different product lines. In fact, our entire data creation process is already AI-enabled.

Superb. Thanks a lot.

Thanks for answering the questions. Thanks.

Thank you for the opportunity. My first question is in the presentation, we have highlighted one-off 26 crore in 3Q FY25.

Just wanted to know what was the nature of this one-off and what kind of margins we made here and did 4Q FY25 also include these kind of one-offs? What is it, Sapna?

Question is, I'm not very clear.

Can you repeat your question? You were not loud enough.

Can you

speak

it once again? Is the question that, this one-off reduction that happened in quarter three, is that going to happen in future?

Or is that your question? No.

No, no, no. In the presentation, we are highlighting that third quarter of last year had one-off 26 crore revenue, right?

Oh, yeah. Yeah.

That's right.

What was that, and what kind of margins we made in this business, one-off business? And 4Q FY25, did that also include such one-offs?

If you're asking about that 26 crores last year Q3, Yeah. It was a one-time thing that we got with a good margin, respectable margin.

That, of course, it was a one-time so what at the end of the day what you see that this year if I remove that 26 crores, then the reduction is not that much, and the growth has happened. That's not an excuse from our side, because one-time things also are important for us.

Fourth quarter of last year did not have any one-offs, right? That would be like-for-like growth which you are saying in 4Q FY26 when we would grow.

I should assume that fourth quarter did not have any one-offs. Is that understanding?

Fourth quarter doesn't have anything like that, no.

No. Okay.

Got it. I'll again, on the deferment issues.

Again, if you can give some color on whether we are facing any issues from the customer end in terms of adoption or is it more at our end that we want from our readiness perspective that these deferments are happening. Then next question, I'll ask later.

Yeah.

Are you facing any problem from the customers because of which got deferred or something else, our readiness?

If the question is related to if there is any doubt in the minds of the customer in our ability to execute, that is not the case because that is manifested by our always-growing booking orders. The customer's way of showing confidence materially is in the form of the businesses that they award, which they have been doing plenty, and it's growing.

Rest assured on that side. Also in our ability to execute, let me tell you that it was delayed because of the reason that we already cited, but I do not see any doubts or I don't have any qualms in with respect to our execution as well.

No. Nothing of the sort.

Rest assured on that part.

Okay. Okay.

Thank you. On the order book side, if you can highlight what kind of orders we have from government and within that, of course, you had already highlighted the mix between state and central.

I think when the schemes are funded by central government, but although the disbursements are to be made from state governments, then these are more likely to get delayed because states have their own constraints and funding issues. Is that understanding correct?

Yeah. Let me respond.

I understand your doubts as well. Let me clarify that.

We could have grown much faster in government space than what you are seeing today, but we are very choosy in picking up the type of contract we should take. There are a lot of state government, even if the funding is from the central government, there are a lot of businesses which other geospatial agencies take.

Since we know that there is going to be a lot of execution problems, also tomorrow the recovery problems, we do not tend to get into those use cases. The use cases primarily we take, for instance, if I give you an example, even if it's happening at the state-level project, Naksha, there is a central agency, Survey of India, involved in executing and giving approvals.

Once that happens, it becomes much simpler. I won't say government, you know that government is never simple, but it becomes much simpler as compared to has the state been instrumental in both approving and granting.

These are the kitties which are earmarked for states, but there are nodal agencies which actually orchestrate and monitor this. That makes the life little better.

Is that answers your question?

Yeah. Sir, on the order book mix in terms of government projects?

If you say mix, very high on map-led. When I say map-led, as I said in my initial remark, we are integrated content and services, which means lot of data as well as lot of development.

Rohan talked about GIS platform. Our mix primarily goes from this combination from the map-led side, which is 60% to 70%.

About 20%, we have this IoT mix. Remaining 10% is a very different AI kind of tools that we are developing for some, I would say, security and intelligence agencies.

Thank you, sir.

Question? Oh, closing remarks.

Okay. I would like to thank all the participants for patiently hearing our business leaders about what we have done and what we plan to do, and hope your confidence in MapmyIndia's future continues.

The business is absolutely on the track. The leadership team is on track.

How the market react, something I have not been able to learn yet. That's the thing I wish I can learn from all of you.

Business is doing well, and this hiccup of quarter-by-quarter, I had talked about it long time back that it will happen. 2028, we still hope we can make it.

That's where we are working on. Thank you.