1. Survey of India National Geospatial Platform - The Survey of India contract, India's first national geospatial platform, is an anchor project expected to scale in multiplicity, with revenue from the in-hand order expected at INR7-8 cr next fiscal. This is the DPI equivalent of UPI or Aadhaar, positioning MapmyIndia to replicate the platform at center, state, and local levels.
2. IOCL LPG fleet tracking - The INR110 cr, 5-year IOCL contract for tracking \~23,000 LPG trucks across 150 locations is largely IoT-led, with hardware only INR10-15 cr of the total. IOCL-related projects are expected to contribute close to INR20 cr revenue next fiscal, and the scalable IoT stack is replicable across large fleets with upselling opportunities.
3. Order book conversion - Open order book grew 17% to INR1,754 cr at FY26 end, with new orders up 24% to INR785 cr, providing 3-4 years of revenue visibility. Management sees no reason not to believe 25% growth in FY27 based on \~20% conversion of the INR1,700 cr book plus in-year conversions.
4. IoT-led SaaS shift - IoT-led revenue grew 35% to INR158.6 cr in FY26, with SaaS now 66% of IoT revenues, up from 54.3%. Q1 FY27 IoT revenue grew 75% YoY to INR41.1 cr with EBITDA margin up 440 bps to 13.1%, and hardware growth leads to recurring SaaS revenue in subsequent periods.
5. Automotive OEM expansion - Automotive revenue grew 29% YoY in Q1 FY27 to INR58.8 cr, with 0.35 crore new vehicles launched with built-in Mappls technology in FY26, up 16%. New wins include an export maps program for an existing passenger vehicle OEM and a leading 2-wheeler OEM contract renewal.
6. Government order book scaling - Government business crossed INR100 cr in annual billings and INR200 cr in open order book in FY26, with defence and oil & gas identified as high-opportunity areas. Government-specific investment has shifted from capex to opex, giving better margins, and Q1's seasonally weak government revenue of INR16.7 cr still grew 9.2% YoY.
7. Road safety / golden hour platform - The MoRTH-MOHFW road safety initiative is a potential few-hundred-crore opportunity over 3-7 years, replicable at center, state, and city levels. The peak INR10-15 cr one-off investment is behind, so margins will improve as scale grows.
8. Gtropy consolidation - MapmyIndia raised its Gtropy stake to 96% with a INR25 cr investment, enabling full operational and strategic alignment across the IoT business. Gtropy's INR120 cr turnover and INR3.8 cr PAT now consolidate fully, with Rohan Verma leading growth across IoT and government businesses.