Indian navigation giant MapmyIndia's stock price soared 104% as it competes with Google Maps.

According to the Zhongtong Finance APP, the stock price of MapmyIndia, an Indian navigation company favored by Mark Mobius, has doubled in the past six months, thanks to the increasing popularity of its map services in India and its competition with Alphabet Inc.'s Google Maps. Some analysts and investors are now divided on whether the upward trend will continue.

MapmyIndia, formally known as CE Info Systems Ltd., has seen its stock price rise by about 104% since the end of March, with the demand for its consumer application Mappls increasing its market value by about $675 million. Some analysts and investors are betting on the company's domestic growth opportunities, while others see its high valuation as a barrier.

Piyush Pandey, a technical analyst at Yes Securities India Ltd., said, "The valuation does look too high now. I expect the stock to enter a consolidation phase."

MapmyIndia was founded by the husband and wife team of akesh and Rashmi Verma, who decided to create digital maps of India long before Google revolutionized web mapping. The Verma couple painstakingly walked through the major cities of India, meticulously drawing street and landmark maps. Their son, Rohan Verma, graduated from Stanford University with a degree in electrical engineering and is now the CEO of the company.

Most of the company's revenue comes from providing map services to other businesses, such as Apple, BMW, and Amazon.

Mobius listed the company as one of his preferred stocks in India in June, stating that the company would "benefit from India's digitization." According to data, his company, Mobius Capital Partners LLP, holds a 0.74% stake in the company. The company initially invested in January and increased its stake over the next four months.

After the stock price soared, the stock's price-to-earnings ratio is now about 65 times, while the price-to-earnings ratio of the S&P BSE 500 index is about 21 times. The stock has fallen 8.5% from its all-time high on October 6.

Nevertheless, Shobit Singhal, Chief Analyst for Internet Stocks at Anand Rathi Institutional Broking Ltd., remains optimistic. He expects the company's sales to grow by 35%-40% annually for at least the next 3-5 years. He also points out that the business has no listed peers in such a huge domestic market. Such growth, combined with a strong management team, deserves a premium valuation.

CEO Rohan Verma said in a phone interview that the company is investing in internal drone technology and is seeking to acquire drone businesses. MapmyIndia is also expanding internationally based on customer demand, with most of its customers being multinational companies.Rohan Verma said, "We want to become a full-stack drone provider. We have expertise in navigation technology, and now it's time to expand its application."