Shares of MapmyIndia reached an all-time high of INR 2745.05 during Friday's intraday trading session
The company’s shares opened today's trading at INR 2,547, marking a more than 6% increase from the previous close, before hitting the new peak
Goldman Sachs initiated its coverage of MapmyIndia with a price target of INR 2,800, following which the stock jumped 20% on Thursday
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A day after Goldman Sachs initiated coverage on the stock with a ‘buy’ rating, shares of geotech startup MapmyIndia reached an all-time high of INR 2,745.05 during the intraday trading on the BSE on Friday (June 21).
The company’s shares opened today at INR 2,547, marking a more than 6% increase from the previous close, before hitting the new peak.
Goldman Sachs initiated its coverage of MapmyIndia with a price target of INR 2,800. Following this, the stock jumped 20% and touched its upper circuit at INR 2,401.9 on the BSE on Thursday.
In its report, Goldman Sachs highlighted MapmyIndia’s advantageous early market position in high-growth sectors such as automotive navigation, mapping devices, connected vehicles, telematics, and government digitisation.
The brokerage forecasts a revenue CAGR of 38% in the FY24-FY27 period, with a steady EBITDA margin in the 38% to 41% range.
MapmyIndia is a deeptech company focused on maps, navigation, tracking, analytics, GIS, GPS, IoT, and location technologies.
It offers its proprietary digital maps as a service, software as a service, and platform as a service, including its advanced digital map data, software products, platforms, application programming interfaces, IoT and solutions to new-age tech companies, large businesses, automotive OEMs, government organisations, developers and consumers.
MapmyIndia divides its revenue into two market categories – automotive and mobility technology (A&M) and consumer technology and enterprise digital transformation (C&E). The revenue of the C&E segment grew 49% year-on-year to INR 194 crore in the financial year 2023-24 (FY24), while A&M revenue increased 23% to INR 186 Cr.
During the FY24 earnings announcement, MapmyIndia highlighted that over 2.5 Mn new vehicles, spanning four-wheelers, two-wheelers, and commercial vehicles in both traditional internal combustion engine (ICE) and electric vehicle (EV) segments, integrated MapmyIndia Mappls — a 32% increase from the previous year.
Overall, MapmyIndia’s operating revenue stood at INR 379.4 Cr in FY24, an increase of 35% YoY. Its profit after tax rose 25% YoY to INR 134.3 Cr in the last fiscal.
Shares of MapmyIndia shed some of the gains after reaching the all-time high and were trading 5.2% higher at INR 2,526.60 on the BSE at 11:25 AM.
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