12 crores worth of Order extension from MSRDC.
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Will Other States follow the Trend.
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Topline grew by 50% + and Profits by 100% plus this quarter.
GeoSpatial has gone up by 100% and Margins also have gone up.
Need to Watch out for any new tenders floated for Geospatial services. Its been quite a while they won a large order from JalJeevan Mission . Now that JJM is back on track we should start seeing some traction here.
67,000 cr Budgeted for JJM for 2026.
DfG_Analysis_2026-27-Jal_Shakti.pdf (1.1 MB)
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Ceinsys Q3 fy 26 Concall highlights:
Segmental Performance:
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Geospatial Engineering Services (Q3): Revenue reached ₹109 crores, a massive 122% YoY increase.
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Technology Solutions (Q3): Revenue declined slightly by 3% to ₹61 crores.
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9M Comparison: Geospatial revenue grew by 77% (₹257 crores) while Technology Solutions revenue grew by 79% (₹233 crores).
Order Book and Strategic Wins
As of December 31, the company maintained a healthy closing order book of ₹999 crores.
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New Bookings: During Q3, the company booked orders totaling ₹170 crores (excluding mobility and product services).
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Major Contracts:
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₹107 crores: Extension from State Water and Sanitation Mission, Uttar Pradesh, for third-party inspection services until March 2026-27.
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₹77 crores (Cumulative): National Soil Mapping Program (NSMP) orders from Maharashtra.
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₹20 crores: Maintenance for MMR urban chain detection and BIM implementation for tunnels.
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₹12 crores: Digital project management platform (5D BIM/ERP/GIS) for MSRDC.
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₹12 crores: Project Management Consultancy for an STB project in Vasai Virar.
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The “Election Impact”: Management noted that approximately six months of the year were affected by the Code of Conduct in Maharashtra, delaying tender publications and order closures, yet they still maintained high growth.
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Strategic Partnerships: MOUs with Tech Mahindra and Etisalat are not just for scale but for complementary technology access, specifically in telecom (US market) and water/energy utilities (India).
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Pipeline Visibility: Management is pursuing a pipeline worth ₹600–700 crores, despite a four-to-six month delay caused by the Model Code of Conduct in Maharashtra affecting tender publications.
Order Book and Strategic Wins
| Category | Value | ||
|---|---|---|---|
| Closing Order Book | ₹999 crores | As of 31 Dec 2025; excludes recurring mobility/products. | |
| Q3 New Bookings | ₹170 crores | Excludes mobility and product services. | |
| Annual Recurring Rev. | ₹125–150 cr | Expected from mobility and product divisions. | |
| Major Win (UP) | ₹107 crores | TPI services extension for water/sanitation until March 2026-27. | |
| Major Win (MSRDC) | ₹12 crores | 5D BIM, ERP, and GIS integration platform. | |
| Cumulative Win (NSMP) | ₹77 crores | National Soil Mapping Program orders from Maharashtra. | |
| Urban/BIM Wins | ₹20 crores | Maintenance for MMR urban chain detection and tunnel BIM. | |
| STB Project (Vasai) | ₹12 crores | PMC for STB project in Vasai Virar. |
Operational Efficiency and Working Capital
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Working Capital Cycle: Maintained between 160 to 162 days. The goal is to reduce this to approximately 125–130 days, similar to previous year-ends.
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Collections: Realized ₹117 crores in standalone collections and ₹170 crores on a consolidated basis during the quarter, matching operational revenue.
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Receivables: Total receivables stand at approximately ₹150 crores, with ₹125–₹126 crores aged less than one year.
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Investment in Innovation: Invested ₹24 crores in tech innovations and business development, with ₹16 crores charged directly to the P&L.
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Margin Drivers: The jump in EBITDA margins from 17% to 23.4% over eight quarters is attributed to operating leverage and a shift toward higher-maturity, higher-value technology projects.
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US Subsidiary Performance: The US business (Technology Associates Inc.) contributed roughly ₹19–₹21 crores to the top line in 9M, maintaining an operational EBITDA of ~20% despite aggressive investments in business development.
Working Capital and Receivables Profile
| Metric | Current Status | Comments |
|---|---|---|
| Net Working Capital Cycle | 160–162 days | Target to reduce to 125–130 days. |
| Total Receivables | ~₹150 crores | Out of which ₹125–126 crores are < 1 year old. |
| Unbilled Revenue (UBR) | ~₹250 crores | Represents achievement of milestones pending billing. |
| Q3 Collections (Consol.) | ₹170 crores | Equivalent to total operational revenue for the quarter. |
| Aging (6-12 months) | ₹80–90 crores | Approximate value of receivables in this bracket. |
Overall looks like we will get better visibility after 1-2 quarters on order book and USA business progress.
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seems like new CEO has left
#teambayone #ceoannouncement #bayone #techleadership | BayOne Solutions | 68 comments?
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Old news (1month+ old), please check old messages from seniors in this thread (explained possible reasons for the same).
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As per previous known information, Surej stepped down from Company CEO (or designate position) and was heading international business, presumably due to regulatory issues.
However this post shows that he has joined Bayone as CEO. This is a new development.
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From linkedin its clear Surej is not part of Ceinsys now. I assume Company didn’t bother to announce this (not a sign of great CG) as he is not a director or CEO of the Parent company here, as he had already moved out of these roles earlier. Need to check in q4 con-call what is the plan for his replacement.
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With this news, I finally exited the stock. For me Surejs appointment was part of my key thesis along witg Govts focus on JJM. Both have now been tested, and I decided to exit at a loss.
Not announcing Surejs departure is quite a big failute in CG practices.
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Generally, the high profile (CEO) resignations are disclosed around the resignation date or at least by their last working day. Non disclosure of such things is a red flag from a governance/transparency perspective. The sudden departure of Surej who was the face of the new entity’s future is a major concern for their US business growth and stability.
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Every one is jumping Digital Twin Gun
I feel like changing the name from ceinsys tech ltd. to CS TECH Ai was also an indicator of unethical practices trying to cash in on AI buzz in the world.
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I am very much confused by this answer given by management.
- in Q2 Concall and PPT they said that their closing order book as of 30th sep 2025 is 1098 cr rs and here in q3 transcript management is saying that by Q2 FY26 [30th sep] their closing order book was 1004 cr rs basically difference of 94 cr.
If anyone has a clue about this, please do help.
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Listing on NSE
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