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Mphasis Q4 FY26 results: net profit up 14.1% to ₹509.64 crore, revenue up 14.4%
Mphasis Limited reported consolidated Q4 FY26 revenue of ₹4,243 crore and a net profit of ₹509.64 crore. Revenue rose 14.4% year on year and 6.0% sequentially, while basic EPS was ₹26.73 and EBITDA margin was 18.9%.
Key points
- Q4 FY26 consolidated revenue was ₹4,243 crore, up 14.4% from ₹3,710 crore in Q4 FY25.
- Q4 FY26 EBITDA was ₹803.53 crore, up 14.4% year on year, with EBITDA margin unchanged at 18.9%.
- Net profit was ₹509.64 crore, compared with ₹446.49 crore in Q4 FY25, while basic EPS rose to ₹26.73 from ₹23.51.
- For FY26, revenue was ₹15,879.65 crore, total income was ₹16,205.54 crore and net profit was ₹1,862.6 crore.
- The board recommended a final dividend of ₹62 per equity share, subject to shareholder approval.
How did Mphasis perform in Q4 FY26?
Mphasis reported consolidated revenue of ₹4,243 crore for Q4 FY26, up 14.4% from ₹3,710 crore in Q4 FY25 and 6.0% from ₹4,003 crore in Q3 FY26. EBITDA was ₹803.53 crore, compared with ₹702.56 crore and ₹750.17 crore in the respective comparatives, while EBITDA margin was 18.9%, unchanged year on year and up 0.2 percentage points sequentially.
Profit before tax was ₹681.32 crore, up from ₹591.10 crore in Q4 FY25 and ₹593.10 crore in Q3 FY26. Net profit was ₹509.64 crore, against ₹446.49 crore and ₹442.19 crore, respectively, while basic EPS was ₹26.73, compared with ₹23.51 and ₹23.22. On the standalone basis, revenue was ₹2,454.14 crore and net profit was ₹371.94 crore.
| ₹ crore | Q4 FY26 | Q3 FY26 | Q4 FY25 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 4,243 | 4,003 | 3,710 | +14.4% | +6.0% |
| Other income | 107.92 | 62.38 | 59.95 | +80.0% | +73.0% |
| Total expenses | 3,669 | 3,436 | 3,179 | +15.4% | +6.8% |
| EBITDA | 803.53 | 750.17 | 702.56 | +14.4% | +7.1% |
| EBITDA margin | 18.9% | 18.7% | 18.9% | +0.0 pp | +0.2 pp |
| Profit before tax | 681.32 | 593.10 | 591.10 | +15.3% | +14.9% |
| Tax | 171.68 | 150.91 | 144.61 | +18.7% | +13.8% |
| Net profit | 509.64 | 442.19 | 446.49 | +14.1% | +15.3% |
| EPS (₹) | 26.73 | 23.22 | 23.51 | +13.7% | +15.1% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Mphasis' costs and profit?
Total expenses were ₹3,669 crore in Q4 FY26, up 15.4% from ₹3,179 crore in Q4 FY25. Employee cost increased by ₹199.99 crore to ₹2,308 crore, other expenses rose by ₹231.66 crore to ₹1,132 crore, finance costs increased by ₹41.27 crore to ₹77.34 crore and depreciation rose by ₹17.45 crore to ₹152.80 crore. Cost of materials was unchanged.
Other income increased by ₹47.97 crore to ₹107.92 crore from ₹59.95 crore in Q4 FY25. There was no exceptional item in either Q4 FY26 or Q4 FY25. Tax expense was ₹171.68 crore, up ₹27.07 crore from ₹144.61 crore, while profit before tax increased by ₹90.22 crore to ₹681.32 crore.
Against Q3 FY26, total expenses rose by ₹232.88 crore to ₹3,669 crore, including ₹83.70 crore more employee cost, ₹103.02 crore more other expenses and ₹36.21 crore more finance costs. Other income increased by ₹45.54 crore to ₹107.92 crore. Q3 FY26 included an exceptional charge of ₹35.48 crore, while Q4 FY26 had no exceptional item, and tax expense increased by ₹20.77 crore to ₹171.68 crore.
| ₹ crore | Q4 FY26 | Q4 FY25 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 0 | 0 | 0 | |
| Employee cost | 2,308 | 2,108 | +199.99 | +9.5% |
| Finance costs | 77.34 | 36.07 | +41.27 | +114.4% |
| Depreciation | 152.80 | 135.35 | +17.45 | +12.9% |
| Other expenses | 1,132 | 899.86 | +231.66 | +25.7% |
| Total expenses | 3,669 | 3,179 | +490.38 | +15.4% |
| Other income | 107.92 | 59.95 | +47.97 | +80.0% |
| Tax | 171.68 | 144.61 | +27.07 | +18.7% |
Source: Company's results filing (XBRL).
How did Mphasis do in FY26 as a whole?
For FY26, Mphasis reported revenue of ₹15,879.65 crore, up 11.6% from ₹14,229.99 crore in FY25. Total income rose 11.9% to ₹16,205.54 crore from ₹14,484.99 crore, while profit before tax increased 11.0% to ₹2,509.26 crore from ₹2,260.14 crore.
FY26 net profit was ₹1,862.6 crore, up 9.4% from ₹1,702.14 crore in FY25. Basic EPS increased to ₹97.82 from ₹89.87, a rise of 8.8%. Total income exceeded revenue by ₹3,258.90 crore in FY26, compared with ₹2,550.01 crore in FY25.
| ₹ crore | FY26 | FY25 | Change |
|---|---|---|---|
| Revenue from operations | 15,880 | 14,230 | +11.6% |
| Profit before tax | 2,509 | 2,260 | +11.0% |
| Net profit | 1,863 | 1,702 | +9.4% |
| EPS (₹) | 97.82 | 89.87 | +8.8% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 31 March 2026, total assets were ₹17,781.92 crore, compared with ₹16,273.0 crore at 30 September 2025. Total equity was ₹10,743.71 crore, up from ₹9,622.41 crore; borrowings were ₹1,792.88 crore, compared with ₹1,220.58 crore; and cash was ₹1,122.92 crore, compared with ₹1,099.62 crore. Trade receivables rose to ₹4,192.72 crore from ₹3,123.18 crore, while trade payables increased to ₹1,356.78 crore from ₹1,188.68 crore.
FY26 operating cash flow was ₹1,253.28 crore, compared with ₹1,905.2 crore in FY25. Investing cash flow was negative ₹210.66 crore, against positive ₹44.06 crore, and financing cash flow was negative ₹943.25 crore, compared with negative ₹1,755.71 crore. Capital expenditure was ₹318.5 crore in FY26, compared with ₹61.84 crore in FY25.
| ₹ crore | As of 31 March 2026 | As of 30 September 2025 |
|---|---|---|
| Total assets | 17,782 | 16,273 |
| Total equity | 10,744 | 9,622 |
| Borrowings | 1,793 | 1,221 |
| Cash and equivalents | 1,123 | 1,100 |
| Inventories | 0 | 0 |
| Trade receivables | 4,193 | 3,123 |
Source: Company's results filing (XBRL).
| ₹ crore | FY26 | FY25 |
|---|---|---|
| Cash from operations | 1,253 | 1,905 |
| Cash from investing | −210.66 | 44.06 |
| Cash from financing | −943.25 | −1,756 |
| Capital expenditure | 318.50 | 61.84 |
Source: Company's results filing (XBRL).
How has Mphasis done over the last 8 quarters?
Revenue increased in each of the last eight quarters and reached ₹4,242.67 crore in Q4 FY26, the highest point in the period shown. It had bottomed at ₹3,422.46 crore in Q1 FY25. Profit also rose year on year in each of the last eight quarters, reaching ₹509.64 crore in Q4 FY26 after a low of ₹404.51 crore in Q1 FY25.
EBITDA margin peaked at 19.0% in Q3 FY25 and bottomed at 18.1% in Q1 FY25. It was 18.9% in Q4 FY26, compared with 18.7% in the preceding quarter. Revenue and profit both ended the eight-quarter period at their highest reported levels.
Which businesses drove the quarter?
Banking and Financial Services generated revenue of ₹2,303.29 crore, up 23.9% from ₹1,858.95 crore in Q4 FY25, with EBIT of ₹785.22 crore compared with ₹543.27 crore and an EBIT margin of 34.1%. Insurance revenue rose 60.2% to ₹679.1 crore from ₹423.8 crore, while EBIT increased to ₹185.7 crore from ₹127.53 crore; its EBIT margin was 27.3%.
Logistics and Transportation revenue fell 46.3% to ₹218.15 crore from ₹406.07 crore, and EBIT declined to ₹34.12 crore from ₹150.5 crore, with an EBIT margin of 15.6%. Technology Media and Telecom revenue rose 4.5% to ₹689.37 crore from ₹659.97 crore, but EBIT fell to ₹116.88 crore from ₹136.68 crore; the segment EBIT margin was 17.0%.
Others recorded revenue of ₹416.9 crore, up 13.1% from ₹368.69 crore, and EBIT of ₹142.85 crore against ₹114.39 crore, with an EBIT margin of 34.3%. Unallocated hedge revenue and EBIT were negative ₹64.14 crore, compared with negative ₹7.45 crore in Q4 FY25.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Banking and Financial Services | 2,303 | +23.9% | 785.22 | 34.1% |
| Banking and Financial Services | 2,303 | +23.9% | 785.22 | 34.1% |
| Logistics and Transportation | 218.15 | −46.3% | 34.12 | 15.6% |
| Logistics and Transportation | 218.15 | −46.3% | 34.12 | 15.6% |
| Technology Media and Telecom | 689.37 | +4.5% | 116.88 | 17.0% |
| Technology Media and Telecom | 689.37 | +4.5% | 116.88 | 17.0% |
| Insurance | 679.10 | +60.2% | 185.70 | 27.3% |
| Insurance | 679.10 | +60.2% | 185.70 | 27.3% |
| Others | 416.90 | +13.1% | 142.85 | 34.3% |
| Others | 416.90 | +13.1% | 142.85 | 34.3% |
| Unallocated - hedge | −64.14 | −64.14 | ||
| Unallocated - hedge | −64.14 | −64.14 |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
The board approved the audited standalone and consolidated results for the quarter and year ended 31 March 2026, and recorded unmodified audit opinions from B S R & Co. LLP. It also released an investor presentation for the results and scheduled an investor and analyst call for 30 April 2026.
The board recommended a final dividend of ₹62 per equity share of face value ₹10 each for FY26, subject to shareholder approval. The record date is 8 July 2026, and the dividend, if declared, is to be paid within 30 days of the AGM. Nitin Rakesh was approved for reappointment as CEO and Managing Director for five years from 1 October 2026, while Maureen Anne Erasmus was approved for a second and final five-year term as Independent Director from 20 December 2026, subject to shareholder approval. The 35th AGM is scheduled for 23 July 2026.
What did Mphasis' management say?
Management maintained FY27 guidance for high single-digit to low double-digit revenue growth and an EBIT margin band of 14.75% to 15.75%. It lowered the operating cash flow-to-net-income conversion guidance to approximately 80%, compared with a historical conversion of 100%+, and said working-capital investment would create a transition period.
Management reported record net new TCV of $2.12 Bn for FY26, up 68% year on year, and Q4 net new TCV of $407 Mn with 64% AI-led wins. It said 69% of the pipeline was AI-led and had reached 2.6x since the Mphasis.ai launch. Direct revenue was $456 Mn in Q4, up 9.2% year on year in constant currency, and the annualised run rate exceeded $1.8 Bn.
CEO Nitin Rakesh said: “AI does not primarily create value by upgrading systems — it creates value by upgrading work. It transforms how decisions are made, how customers are served, how revenue is generated, and how costs are managed.” He also said nearly 80% of AI-driven transformation will occur outside the IT function. Management identified macro and geopolitical uncertainty, TMT softness, higher working-capital intensity, hedge losses and Logistics stabilisation as risks.
CFO Aravind Viswanathan said: “As we pivoted to a lot more annuity, large deals with savings that we are passing on to clients, that has necessitated certain amount of investments from a working capital standpoint, where customers ask for year one savings. And therefore, there is a transition period where you have to make that investment.” No analyst questions were recorded.
How did Mphasis shares react?
The filing appeared after market hours. From the price when the results were published, the stock fell 2.4% after 5 minutes, 2.3% after 15 minutes and 1.5% after 30 minutes. On the reaction day, it closed 1.5% above its pre-results close; by the next day's close, it was also up 1.5% from that pre-results close, and by the fifth session it was down 1.4%.
The industry median was unchanged on the reaction day, down 0.2% by the next day's close and up 1.6% by the fifth session. Mphasis therefore outperformed the industry by 1.5 percentage points on the reaction day and 1.7 percentage points by the next day's close, before trailing by 3.0 percentage points over five sessions. Previous results-day moves were negative 2.0% on 22 January 2026, negative 4.7% on 31 October 2025 and negative 0.9% on 24 July 2025.
| After the filing | Stock | Computers - Software & Consulting median |
|---|---|---|
| 5 minutes | −2.4% | |
| 15 minutes | −2.3% | |
| 30 minutes | −1.5% | |
| Reaction day | +1.5% | +0.0% |
| Next day | +1.5% | −0.2% |
| 5 days | −1.4% | +1.6% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 22 January 2026 | −2.0% |
| 31 October 2025 | −4.7% |
| 24 July 2025 | −0.9% |
| 23 January 2025 | +3.4% |
| 16 October 2024 | +5.9% |
| 1 July 2024 | +0.5% |
| 25 April 2024 | +3.0% |
Source: MarketPing price-reaction measurement.
How did other Computers - Software & Consulting companies do?
A total of 65 Computers - Software & Consulting companies were compared for this quarter. Their median revenue growth was 6.7%, against Mphasis’s 14.4% revenue growth. Among the other companies, 43 grew more slowly than Mphasis and 21 grew faster than Mphasis.
Profit was compared across 64 peers, of which 40 reported higher profit. The peer data was recorded as of 5 November 2026.
| Mphasis revenue growth (YoY) | +14.4% |
|---|---|
| Median of 65 other Computers - Software & Consulting companies | +6.7% |
| Companies with slower revenue growth than Mphasis | 43 of 65 |
| Companies with faster revenue growth than Mphasis | 21 of 65 |
| Companies whose net profit rose | 40 of 64 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Mphasis' revenue in Q4 FY26?
Revenue from operations was ₹4,243 crore, up 14.4% from ₹3,710 crore in Q4 FY25 (consolidated).
Did Mphasis make a profit in Q4 FY26?
Yes. Net profit was ₹509.64 crore, against a net profit of ₹446.49 crore in Q4 FY25.
What was Mphasis' EPS in Q4 FY26?
Basic earnings per share were ₹26.73, against ₹23.51 in Q4 FY25.
How did Mphasis shares react to the Q4 FY26 results?
On the reaction day the stock moved +1.5% from the previous close; the median Computers - Software & Consulting stock moved +0.0%.
When did Mphasis announce its Q4 FY26 results?
On 29 April 2026, in a filing to the NSE.
Sources
- Outcome of Board Meeting (NSE, 29 April 2026) · PDF
- Change in Management (NSE, 29 April 2026) · PDF
- Press Release (NSE, 30 April 2026) · PDF
- The earnings call (4 May 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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