We initiate coverage on C.E Info Systems (MapmyIndia/MMI), a premier and indigenous location platform provider, with an ACCUMULATE rating and TP of Rs1,625. MMI's near-monopoly in India is driven by its accurate mapping technique; our conversations with stakeholders have highlighted that accuracy is critical when choosing a mapping partner. MMI's comprehensive solutions, flexible pricing policy, asset-light model coupled with favorable macro factors have helped it stand out in a new-age tech space. Our conviction is further bolstered by its robust financials i.e. best in class operating margins (40%+), debtfree status, healthy balance sheet, and high return ratios, while 3.3x growth in...