NSE: MPHASIS · BSE: 526299
MPHASIS LIMITED
Provides IT and consulting services to enterprise clients across six industry verticals. Banking and Financial Services is the largest at ₹8,378.605 crore (52.8% of segment revenue), followed by Technology Media and Telecom at ₹2,869.639 crore (18.1%) and Insurance at ₹2,344.381 crore (14.8%). Logistics and Transportation contributes 5.5% at ₹871.876 crore, with 'Others' at 9.7% and a hedge allocation of -0.8%. An AI-led go-to-market is built around the NeoIP and Tria platforms, and AI-led deals grew from 12% to 70% of the pipeline. Revenue is delivered almost entirely direct to clients rather than through intermediaries. Employee compensation is the dominant cost at 56.2% of FY26 revenue, alongside other operating expenses at 25.1%, depreciation at 3.5% and capex at 2.0%; materials cost is essentially nil. FY27 guidance points to high single-digit to low double-digit constant currency growth and EBIT margin within 14.75%-15.75%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Banking and Financial Services (53%), Technology Media and Telecom (18%), Insurance (15%), Others (10%), Logistics and Transportation (6%), Unallocated - hedge ((1)%). People-heavy, asset-light IT services business with an AI-led strategy
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 11,961 | 13,798 | 13,279 | 14,230 | 15,880 |
| EBITDA (ex other income) | 2,118 | 2,434 | 2,422 | 2,647 | 2,943 |
| margin % | 17.7 | 17.6 | 18.2 | 18.6 | 18.5 |
| Owners' profit | 1,431 | 1,638 | 1,555 | 1,702 | 1,863 |
| EPS, as reported (₹) | 76.38 | 87.05 | 82.42 | 89.87 | 97.82 |
| ROE % · ROCE % | 20.6 · 25.3 | 20.6 · 25.8 | 17.7 · 22.5 | 17.7 · 23.2 | 17.3 · 23.0 |
| Debt / equity (x) | 0.08 | 0.03 | 0.18 | 0.12 | 0.17 |
| Cash from operations | 1,716 | 1,462 | 2,180 | 1,905 | 1,253 |
| Capex | (120) | (113) | (94) | (62) | (319) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3,536 | 3,561 | 3,710 | 3,732 | 3,902 | 4,003 | 4,243 | 4,384 |
| Profit before tax | 563 | 569 | 591 | 610 | 625 | 593 | 681 | 683 |
| Net profit | 423 | 428 | 446 | 442 | 469 | 442 | 510 | 490 |
| EPS (₹) | 22.38 | 22.58 | 23.51 | 23.22 | 24.65 | 23.22 | 26.73 | 25.65 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Banking and Financial Services | 8,379 | 52.8 |
| Logistics and Transportation | 872 | 5.5 |
| Technology Media and Telecom | 2,870 | 18.1 |
| Insurance | 2,344 | 14.8 |
| Others | 1,546 | 9.7 |
| Total, before eliminations | 16,010 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| TATA CONSULTANCY SERV LT | 8,87,298 | 17.8 | 8.18 | 12.2 | 45.6 | 53.9 | 10.2 | 26.9 |
| INFOSYS LIMITED | 4,55,550 | 15.2 | 4.88 | 9.6 | 31.6 | 38.6 | 12.2 | 25.7 |
| HCL TECHNOLOGIES LTD | 3,78,281 | 21.6 | 5.03 | 13.6 | 22.1 | 26.2 | 11.5 | 20.9 |
| WIPRO LTD | 1,82,720 | 14.6 | 2.07 | 8.7 | 15.0 | 17.1 | 8.4 | 22.9 |
| TECH MAHINDRA LIMITED | 1,74,293 | 30.7 | 5.79 | 19.5 | 16.0 | 18.8 | 8.5 | 16.8 |
| LTM LIMITED | 1,21,357 | 23.2 | 5.03 | 14.7 | 20.7 | 24.8 | 27.9 | 20.0 |
| PERSISTENT SYSTEMS LTD | 91,811 | 47.3 | 11.71 | 31.4 | 23.8 | 28.5 | 28.6 | 17.8 |
| COFORGE LIMITED | 86,606 | 39.8 | 8.95 | 30.9 | 18.0 | 17.2 | 28.6 | 18.6 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 25.0 | 15.0 | 42 of 65 | 36% |
| P/B | 4.5 | 2.6 | 43 of 65 | 34% |
| ROCE | 21.3 | 14.2 | 20 of 76 | 75% |
| ROE | 17.3 | 11.5 | 17 of 64 | 75% |
| Debt / Equity | 0.2 | 0.0 | 45 of 65 | 31% |
| EBITDA margin | 20.0 | 18.4 | 26 of 65 | 61% |
| Revenue growth | 17.5 | 10.6 | 23 of 63 | 65% |
| Profit growth | 10.8 | 6.7 | 29 of 62 | 54% |
| Market cap | 47758 | 419 | 9 of 76 | 89% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Oct 2026 · Mphasis gets SBTi validation for emissions reduction targets | compliance | low | — | — |
| 14 Oct 2026 · Mphasis income tax demand revised up to Rs 2,417.80 cr on interest | regulatory legal | high | — | — |
| 14 Oct 2026 · Routine share transfer compliance certificate for Sep 2026 quarter | compliance | minimal | — | — |
| 13 Oct 2026 · HDFC Mutual Fund raises stake in MphasiS to 7.06 percent | ownership changes | medium | — | — |
| 10 Oct 2026 · Mphasis grants 64,434 stock options and 43,144 RSUs to employees | general | low | — | — |
| 9 Oct 2026 · Mphasis schedules Q2 FY27 earnings call for November 6, 2026 | board shareholder meetings | low | — | — |
| 8 Oct 2026 · Mphasis grants 325460 ESOPs and 163040 RSUs to employees | general | low | — | — |
| 8 Oct 2026 · Kotak Mutual Fund trims stake in Mphasis by 0.06% | ownership changes | high | — | — |
| 6 Oct 2026 · Mphasis wins about 35.4 million pound contract with Social Security Scotland | business updates | medium | — | — |
| 22 Sept 2026 · Mphasis and Copa Airlines host global quantum computing challenge | compliance | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.