Following the upgrade, shares of MapmyIndia hit a record high of Rs 2,401.90 today.
The broker report highlighted MapmyIndia is well-poised to benefit from an early leadership position in fast-growth end-markets. The company enjoys a dominant market share, exceeding 80%, in auto OEM navigation software.
The report forecast a robust 38% CAGR in revenue for MapmyIndia from FY24 to FY27, with a steady EBITDA margin ranging between 38% and 41%.
However, the report also acknowledged potential risks to MapmyIndia's future performance. These include potential margin dilution due to hardware-related costs, competition from open-source mapping solutions, and challenges related to M&A integration.
MapmyIndia provides digital map data, GPS navigation and location-based services, sof...
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