Matrix Geo Solutions Ltd. (MGSL)
SME CapIT stocks · SME cap · NSE
Matrix Geo Solutions Ltd. (MGSL) is an Indian geospatial engineering company transforming into a technology-led infrastructure intelligence provider. It integrates geospatial engineering, drone, LiDAR, Digital Twin, AI, and enterprise software platforms. With 18 years of operational history, MGSL has mapped over 4 million hectares and serves 200+ clients across various sectors.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is acceptable, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Average · 30/100YoY data unavailable — classification deferred
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹26 Cr | NDF | +85.7% |
| EBITDA | ₹7 Cr | +75.0% | +16.7% |
| Operating margin | 29.0% | -100 bps | -1200 bps |
| PAT | ₹6 Cr | NDF | +50.0% |
| PAT margin | 23.1% | +0 bps | -549 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
MGSL reports robust FY26 performance with 81.5% YoY revenue growth to INR 40.1 Cr, 62% EBITDA growth to INR 13.25 Cr, and 73% PAT growth to INR 10.05 Cr, maintaining strong margins despite high receivables.
While MGSL delivered strong FY26 growth and healthy margins, the significant trade receivables (180-200 days) pose a material working capital challenge. This reliance on government clients and extended payment cycles could necessitate future funding, despite current cash reserves and a focus on international business.
Revenue by Sector (FY26)
Latest issuer-disclosed distribution across 5 reported categories.
Technology-led Transformation
Transforming from traditional geospatial engineering into a technology-led infrastructure intelligence company, combining geospatial engineering, drone, LiDAR, Digital Twin, AI, and enterprise software platforms.
International Expansion
Accelerating international expansion into Middle East, Africa, Australia, and Southeast Asia. Currently working in Mozambique on large railway and mining projects.
Solution-focused Approach
Focused on providing solutions and actionable insights through software and AI/ML-based platforms, rather than just data, enabling better profit margins.
Sector-specific Digital Twin Platforms
Developing customized platforms like RailTwin, Mine Insighter, and PowerTwin, integrating domain-related tools for better utilization and faster decision-making.
Drone Pilot Training Institute
Opened a DGCA authorized drone pilot training institute in India (2.5 acre land in Delhi NCR) to add to capacity building.
New Drone & Sensor Technologies
50% of IPO proceeds (approx. INR 20 Cr) are held in FDR, awaiting new drone technologies and payloads expected within the next three months.
Government Infrastructure Push
Government has a push of INR 2 lakh crores for infrastructure development, creating a TAM of over INR 21,000 crores annually for consultancy, growing 15-25% CAGR.
Supportive Government Policies
Government geospatial policy and drone policy (2021) aim to implement and adopt this technology faster in India, building a huge market opportunity.
Government Empanelments
Empaneled with Survey of India, NHAI, GSI, SECI, CMPDI, helping win projects on a pre-qualified model with direct and pre-agreed contract awards.
High Trade Receivables
Receivable timeline is about 180 days to 200 days, primarily from government clients, impacting working capital.
Working Capital Management
Incremental working capital needs for FY27 (targeting INR 65 Cr revenue) may require debt or future fund raising if payments are not received on time.
Technology Obsolescence/Delay
Rapidly changing drone and payload technology has led to 50% of IPO funds being unutilized, awaiting new tech, potentially delaying capacity enhancement.
Reliance on Government Clients
Approximately 60% of current business comes from government clients, which are associated with extended payment cycles.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The company presented full fiscal year (FY26) results and explicitly stated YoY growth figures for key financial metrics (revenue, EBITDA, PAT), indicating that annual performance is the primary focus for evaluation.
Operating Revenue (FY26)
INR 40.1 crores, representing a robust YoY growth of near about 81.5%.
EBITDA (FY26)
EBITDA increased by 62% with INR 13.25 crores.
Profit After Tax (FY26)
Profit after tax grew by nearly 73% with INR 10.05 crores.
EBITDA Margin (FY26)
EBITDA margins were above 33%.
FY27 Revenue Guidance
Targeting INR 65 crores as top line for FY27, representing a YoY growth of near about 60-65%.
Long-term Revenue Target
Targeting INR 500 crores within the next five years with a CAGR of 50%, driven by growth strategy and infrastructure platforms.
Future Monetization Strategy
Future monetization will come from value-added services, enterprise-level applications, SaaS-based applications, and multi-site service agreements.
R&D Focus Areas
Investing in R&D for autonomous drone operations, infrastructure IoT platforms, special AI, generative AI for engineering/inspection, and robotic/underwater drones.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Trade Receivables Days | 180-200 days | Reduction to 100-120 days, as anticipated by management due to government payment improvements. |
| Export Revenue Contribution | ~25% (FY26) | Increase to 25-30% in FY27 and sustained growth from new international clients in Africa, Middle East, Southeast Asia, and Australia. |
| IPO Fund Utilization | 50% (approx. INR 20 Cr) unspent, held in FDR | Deployment of funds into new drone technologies and payloads within the next three months, as planned. |
| Platform Business Monetization | Primarily one-time sales with repeat orders | Shift towards SaaS-based recurring revenue models and enterprise-level applications, particularly with CRIS and mining companies. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
51NeutralSMA20 +18.3% / mo · MACD −
Technical chart
MGSLdaily · 1Y · AUTO-5.4%Daily history is available from 2025-09-30; the requested 1Y window is partially covered.
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 46.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 rising (~15.5% over last month) — short-term momentum positive.
- RSI(14) at 46 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 39% off 52W high · 29% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & score drivers
U-Score 67 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 67 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Fair-value margin of safety is positive at 68.4%.
- Growth contributes 24/25 to the score.
- Valuation contributes 23/30 to the score.
Main drags
- Penalty bucket subtracts 8 points.
- Cash flow is weaker at 1/10; verify the latest quarterly trend.
- Balance sheet is weaker at 10/15; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +5 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 56th percentile of the scored universe and 50th percentile within IT. Main check: cash conversion is weak at 40/100.
Healthy Trust Lite: Promoter holding is 67.3%. Key concern: Operating cash flow is negative at ₹-11 Cr.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · IT: 50th pctile, median 69 · SME: 70th pctile, median 64
1 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 67.3%.
- ▸Promoter pledge is zero.
- ▸Debt/equity is 0.03.
- ▸ROCE is 30.5%.
Trust risks
- ▸Operating cash flow is negative at ₹-11 Cr.
- ▸ROCE trend is -8.5%.
- ▸OPM spread across recent quarters is 18%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 13.20
- P/B
- 2.03
- EV/EBITDA
- 9.64
- Market Cap
- 133.00Cr
Profitability
- ROE
- 23.00%
- ROCE
- 30.50%
- ROA
- 12.99%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 26.00%
- EPS 5Y
- 26.00%
- Revenue 3Y
- 66.00%
- EPS 3Y
- 65.00%
Balance Sheet
- Debt/Equity
- 0.03
- Interest Coverage
- —
- Altman Z
- 8.31
- Book Value
- 44.90
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 2/5
- OCF
- -11.00 Cr
- EPS TTM
- 6.90
Shareholding
- Promoter Hold
- 67.26%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 54%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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Peers
Business-comparable peers in IT — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.