NSE: MPSLTD · BSE: 532440
MPS LIMITED
Operates three content and learning service businesses for global publishing and enterprise clients. Research Solutions, 60.3% of FY26 segment revenue at 463.51 crore, supplies scholarly publishers with pre-submission peer review (now #2 globally by volume), manuscript editing (52% manuscript acceptance rate versus an industry baseline near 32%), and AI-integrated publishing platforms HighWire, DigiCore Pro and THINK365, and includes the AJE peer-review subsidiary. Education Solutions, 27.2% at 208.9 crore, provides content production, AI-driven quality-check of instructional content and clinical-learning products to educational publishers, with the Unbound Medicine acquisition contributing and lifting client count from 404 to 841. Corporate Learning, 12.5% at 95.96 crore, delivers enterprise capability enablement through Liberate Global using AI and immersive solutions. In Q1 FY27, revenue rose 20.4% to 224.24 crore while headcount rose less than 3%, pushing EBITDA up 53% to 76.96 crore at a 34.3% margin. The cost base is dominated by employee cost at 41.6% of revenue with nil materials and capex of 1.0% of revenue, making it asset-light and people-driven. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Research Solutions (60%), Education Solutions (27%), Corporate Learning (13%). Asset-light, people-intensive content services with high operating leverage (Q1 FY27 revenue +20% on headcount +<3%).
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 449 | 501 | 545 | 727 | 768 |
| EBITDA (ex other income) | 126 | 157 | 170 | 217 | 243 |
| margin % | 28.1 | 31.3 | 31.2 | 29.8 | 31.7 |
| Owners' profit | 87 | 109 | 0 | 0 | 0 |
| EPS, as reported (₹) | 48.61 | 63.87 | 70.01 | 87.80 | 102.11 |
| ROE % · ROCE % | 23.7 · 30.9 | 25.8 · 33.2 | 25.8 · 30.7 | 31.1 · 37.6 | 29.0 · 33.4 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.07 |
| Cash from operations | 114 | 113 | 118 | 101 | 197 |
| Capex | (4) | (4) | (4) | (6) | (8) |
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 | 178 | 186 | 182 | 186 | 194 | 182 | 205 | 224 |
| Profit before tax | 48 | 55 | 62 | 50 | 69 | 46 | 65 | 70 |
| Net profit | 35 | 41 | 47 | 35 | 55 | 36 | 47 | 50 |
| EPS (₹) | 20.77 | 24.00 | 27.76 | 20.78 | 32.67 | 20.93 | 27.72 | 29.70 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Research Solutions | 355 | 46.2 |
| Education Solutions | 157 | 20.5 |
| Corporate Learning | 96 | 12.5 |
| Research solutions | 109 | 14.2 |
| Education solutions | 52 | 6.7 |
| Total, before eliminations | 768 | 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. % |
|---|---|---|---|---|---|---|---|---|
| MPS LIMITED ◆ | 4,016 | 21.1 | 6.73 | 15.4 | 29.0 | 33.1 | 12.7 | 35.6 |
| S CHAND AND COMPANY LTD | 458 | 6.4 | 0.44 | 2.8 | 7.0 | 8.9 | 13.4 | (5.0) |
| REPRO INDIA LIMITED | 443 | 4.7 | 1.27 | 27.4 | (9.5) | (4.8) | 29.0 | 123.4 |
| Dachepalli Publishers Limited | 135 | 7.3 | — | — | — | 18.2 | — | — |
| INLAND PRINTERS LTD. | 29 | — | 20.73 | — | (25.8) | (25.8) | — | — |
| INFOMEDIA PRESS LIMITED | 27 | — | — | — | 4.9 | (22.9) | — | — |
| Unick Fix-A- Form and Printers | 25 | 19.8 | 0.72 | — | 2.4 | 2.7 | — | 16.0 |
| SHAKTI PRESS LTD. | 3 | 1.7 | 0.11 | — | 6.3 | 7.3 | — | 2.3 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 21.1 | 6.8 | 6 of 6 | 0% |
| P/B | 6.7 | 1.0 | 5 of 6 | 20% |
| ROCE | 33.1 | 7.3 | 1 of 7 | 100% |
| ROE | 29.1 | 4.4 | 1 of 6 | 100% |
| Debt / Equity | 0.1 | 0.5 | 1 of 6 | 100% |
| EBITDA margin | 35.6 | 16.0 | 2 of 5 | 75% |
| Revenue growth | 20.4 | 20.1 | 2 of 5 | 75% |
| Profit growth | 43.0 | 9.8 | 3 of 7 | 67% |
| Market cap | 4016 | 82 | 1 of 8 | 100% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Board meeting set for November 3 to approve quarterly results | results | low | — | — |
| 15 Oct 2026 · MPS Limited publishes newspaper reminder for physical securities dematerialisation window | compliance | minimal | — | — |
| 7 Oct 2026 · Compliance certificate under SEBI Regulation 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 30 Sept 2026 · MPS Limited receives ISO/IEC 42001:2023 AI Management System certification | business updates | medium | — | — |
| 29 Sept 2026 · MPS Limited: Newspaper publication of amalgamation petition notice | compliance | minimal | — | — |
| 25 Sept 2026 · MPS Limited trading window closes from 1 October 2026 | compliance | minimal | — | — |
| 19 Sept 2026 · NCLT update on ADI BPO Services and MPS amalgamation scheme | regulatory legal | high | — | — |
| 18 Sept 2026 · MPS Limited notifies transfer of unclaimed FY2019-20 dividend and shares to IEPF | compliance | minimal | — | — |
| 7 Sept 2026 · MPS Limited AGM 2026: All 5 resolutions passed with over 99.9 percent approval | compliance | minimal | — | — |
| 5 Sept 2026 · AGM video recording now available on company website | investor communications | 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.