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MPS Q2 FY27 results: net profit down 6.0% to ₹52.10 crore, revenue up 15.4%
MPS Limited reported Q2 FY27 consolidated revenue of ₹224.29 crore, up 15.4% from a year earlier, and EBITDA of ₹77.03 crore with a 34.3% margin. Profit for the period was ₹52.10 crore, down 6.0% from Q2 FY26 because the year-ago quarter included an exceptional gain of ₹12.81 crore. Against Q1 FY27, revenue was broadly unchanged while profit rose 3.4%.
Key points
- Q2 FY27 consolidated revenue was ₹224.29 crore, up 15.4% from ₹194.44 crore in Q2 FY26 and nearly flat against ₹224.24 crore in Q1 FY27.
- EBITDA was ₹77.03 crore, up 27.4% year on year, with margin at 34.3% against 31.1% in Q2 FY26 and unchanged from Q1 FY27.
- Profit for the period was ₹52.10 crore, down 6.0% from ₹55.44 crore in Q2 FY26, which included an exceptional gain of ₹12.81 crore; basic EPS was ₹30.7.
- On a standalone basis, revenue was ₹126.36 crore, up 13.6%, and profit before tax was ₹37.59 crore against ₹30.21 crore a year earlier.
- MPS filed a re-appointment of Divya Verma as a non-executive independent director for a second term of five years from 24 January 2027, subject to shareholder approval.
How did MPS perform in Q2 FY27?
MPS Limited reported consolidated revenue of ₹224.29 crore for Q2 FY27, the July–September 2026 quarter, up 15.4% from ₹194.44 crore in Q2 FY26. Against Q1 FY27, revenue was ₹224.24 crore, so the sequential change was ₹0.05 crore. Total income was ₹226.53 crore, up 15.2% year on year and down ₹0.62 crore from ₹227.15 crore in the previous quarter.
EBITDA was ₹77.03 crore in Q2 FY27, up 27.4% from ₹60.47 crore in Q2 FY26, and the EBITDA margin was 34.3% against 31.1% a year earlier, a rise of 3.2 percentage points. Sequential EBITDA was ₹76.96 crore in Q1 FY27, with the margin unchanged at 34.3%.
Profit before tax was ₹69.40 crore against ₹69.17 crore in Q2 FY26 and ₹69.83 crore in Q1 FY27. Profit for the period was ₹52.10 crore, down 6.0% from ₹55.44 crore a year earlier but up 3.4% from ₹50.39 crore in the previous quarter, and basic EPS was ₹30.7 against ₹32.67 and ₹29.7 respectively. On a standalone basis, revenue was ₹126.36 crore, up 13.6%, and profit before tax was ₹37.59 crore against ₹30.21 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 224.29 | 224.24 | 194.44 | +15.4% | +0.0% |
| Other income | 2.24 | 2.91 | 2.28 | −1.8% | −23.0% |
| Total expenses | 157.13 | 157.32 | 140.36 | +11.9% | −0.1% |
| EBITDA | 77.03 | 76.96 | 60.47 | +27.4% | +0.1% |
| EBITDA margin | 34.3% | 34.3% | 31.1% | +3.2 pp | +0.0 pp |
| Profit before tax | 69.40 | 69.83 | 69.17 | +0.3% | −0.6% |
| Tax | 17.30 | 19.44 | 13.73 | +26.0% | −11.0% |
| Net profit | 52.10 | 50.39 | 55.44 | −6.0% | +3.4% |
| EPS (₹) | 30.70 | 29.70 | 32.67 | −6.0% | +3.4% |
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 MPS's costs and profit?
Total expenses were ₹157.13 crore in Q2 FY27, up ₹16.77 crore or 11.9% from ₹140.36 crore in Q2 FY26. Employee cost rose ₹6.86 crore or 8.6% to ₹86.43 crore, other expenses rose ₹6.43 crore or 11.8% to ₹60.83 crore, and depreciation and amortisation rose ₹3.13 crore or 51.3% to ₹9.23 crore. Finance costs were ₹0.64 crore against ₹0.29 crore, and cost of materials was unchanged at ₹0 crore.
Other income was ₹2.24 crore, down ₹0.04 crore or 1.8% from ₹2.28 crore in Q2 FY26. The year-ago quarter included an exceptional gain of ₹12.81 crore, described in the earnings presentation as a liability write-back on the 100% acquisition of Liberate Group, while Q2 FY27 had no exceptional item. Tax expense was ₹17.30 crore, up ₹3.57 crore or 26.0% from ₹13.73 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 0 | 0 | 0 | |
| Employee cost | 86.43 | 79.57 | +6.86 | +8.6% |
| Finance costs | 0.64 | 0.29 | +0.35 | +120.7% |
| Depreciation | 9.23 | 6.10 | +3.13 | +51.3% |
| Other expenses | 60.83 | 54.40 | +6.43 | +11.8% |
| Total expenses | 157.13 | 140.36 | +16.77 | +11.9% |
| Other income | 2.24 | 2.28 | −0.04 | −1.8% |
| Tax | 17.30 | 13.73 | +3.57 | +26.0% |
| Exceptional items | none | +12.81 (gain) |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For the first half of FY27, MPS reported consolidated revenue of ₹448.53 crore, up 17.8% from ₹380.72 crore in H1 FY26. Total income was ₹453.68 crore against ₹387.65 crore, and profit before tax was ₹139.23 crore against ₹118.67 crore.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 448.53 | 380.72 | +17.8% |
| Profit before tax | 139.23 | 118.67 | +17.3% |
| Net profit | 102.49 | 90.68 | +13.0% |
| EPS (₹) | 60.40 | 53.45 | +13.0% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets were ₹967.46 crore as on 30 September 2026, against ₹941.91 crore as on 31 March 2026, and total equity rose to ₹703.50 crore from ₹596.33 crore. Borrowings fell to ₹0 from ₹40.25 crore, and cash rose to ₹95.18 crore from ₹76.55 crore. Trade receivables were ₹110.85 crore against ₹133.48 crore, and trade payables were ₹46.04 crore against ₹42.65 crore.
In the first half, cash flow from operating activities was ₹113.15 crore against ₹104.77 crore a year earlier. Investing cash flow was negative ₹50.10 crore against negative ₹16.01 crore, financing cash flow was negative ₹44.36 crore against negative ₹88.07 crore, and capital expenditure was ₹7.29 crore against ₹3.81 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 967.46 | 941.91 |
| Total equity | 703.50 | 596.33 |
| Borrowings | 0 | 40.25 |
| Cash and equivalents | 95.18 | 76.55 |
| Inventories | 0 | 0 |
| Trade receivables | 110.85 | 133.48 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 113.15 | 104.77 |
| Cash from investing | −50.10 | −16.01 |
| Cash from financing | −44.36 | −88.07 |
| Capital expenditure | 7.29 | 3.81 |
Source: Company's results filing (XBRL).
How has MPS done over the last 8 quarters?
Revenue has risen year on year in each of the last three quarters, and the company reported revenue of ₹224.29 crore in Q2 FY27, the highest of the eight quarters shown. Revenue was ₹205.16 crore in Q4 FY26 and ₹182.49 crore in Q3 FY26.
The EBITDA margin reached 34.3% in Q2 FY27, the highest in the series shown and unchanged from Q1 FY27. It was 27.0% in Q1 FY26, the lowest point of the last eight quarters, and 32.9% in Q4 FY26.
Profit for the period was ₹52.10 crore in Q2 FY27, above ₹47.04 crore in Q4 FY26 and ₹50.39 crore in Q1 FY27, but below ₹55.44 crore in Q2 FY26, which included the exceptional gain.
Which businesses drove the quarter?
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Research Solutions | 129.82 | +8.6% | 59.39 | 45.7% |
| Education Solutions | 68.68 | +30.0% | 16.54 | 24.1% |
| Corporate Learning | 25.79 | +17.0% | 4.71 | 18.3% |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
The board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026 and took on record the limited review reports of the statutory auditors. It also approved amendments to the Code of Conduct to Regulate, Monitor and Report Trading in Securities and the Code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive Information.
The board approved the re-appointment of Divya Verma as a non-executive independent director for a second term of five consecutive years, from 24 January 2027 to 23 January 2032, not liable to retire by rotation, and approved the notice of a postal ballot seeking shareholder approval by special resolution. The same-day investor presentation reported a Q2 FY27 EBITDA margin of 34.3% and FY27 EBITDA seen above ₹300 crore.
What did MPS's management say?
Management identified the timing of new mandates billing from November-December, the need to hold research margins while teams are hired ahead of mandates and Unbound scales, the lower margin of Unbound's royalty-based model, an exchange rate assumption well below current levels for FY27 planning, and valuation discipline on the next deal as risks. Chairman and CEO Rahul Arora said, "I would rather miss a deal than overpay," and CFO Pratna Agarwal said, "We began the year expecting to comfortably cross INR three hundred crores of EBITDA. We are now raising the floor, and we expect FY27 EBITDA to be at least INR three hundred and ten crores."
How did MPS shares react?
The filing came after market hours. From the price when the filing appeared, the stock fell 6.8% within five minutes, 5.8% within 15 minutes and 4.8% within 30 minutes. On the reaction day, the stock closed 2.5% below the previous close of ₹2,360.0, and by the next day's close it was down 3.0% from that pre-results close.
The Printing & Publication industry's other stocks had a median move of negative 0.9% on the reaction day and negative 0.4% by the next day's close, so MPS underperformed the sector median by 1.5 percentage points on the reaction day and by 2.6 percentage points on the next day. The Nifty Microcap 250 rose 2.2% on the reaction day.
Past results-day moves were mixed: the stock rose 19.8% on 21 July 2026 and 8.7% on 15 May 2026, fell 5.2% on 2 February 2026, rose 1.7% on 12 November 2025, rose 9.2% on 23 January 2025, fell 2.6% on 29 October 2024, rose 12.5% on 8 August 2024 and fell 0.3% on 21 May 2024.
| After the filing | Stock | Printing & Publication median |
|---|---|---|
| 5 minutes | −6.8% | |
| 15 minutes | −5.8% | |
| 30 minutes | −4.8% | |
| Reaction day | −2.5% | −0.9% |
| Next day | −3.0% | −0.4% |
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 |
|---|---|
| 21 July 2026 | +19.8% |
| 15 May 2026 | +8.7% |
| 2 February 2026 | −5.2% |
| 12 November 2025 | +1.7% |
| 23 January 2025 | +9.2% |
| 29 October 2024 | −2.6% |
| 8 August 2024 | +12.5% |
| 21 May 2024 | −0.3% |
Source: MarketPing price-reaction measurement.
Quick answers
What was MPS's revenue in Q2 FY27?
Revenue from operations was ₹224.29 crore, up 15.4% from ₹194.44 crore in Q2 FY26 (consolidated).
Did MPS make a profit in Q2 FY27?
Yes. Net profit was ₹52.10 crore, against a net profit of ₹55.44 crore in Q2 FY26.
What was MPS's EPS in Q2 FY27?
Basic earnings per share were ₹30.70, against ₹32.67 in Q2 FY26.
How did MPS shares react to the Q2 FY27 results?
On the reaction day the stock moved −2.5% from the previous close; the median Printing & Publication stock moved −0.9%.
When did MPS announce its Q2 FY27 results?
On 3 November 2026, in a filing to the NSE.
Sources
- Board Meeting Intimation for Consideration And Approval For The Unaudited Financial Results (Standalone And Consolidated) Of The Company For The Quarter And Half Year Ended 30 September 2026. (BSE, 27 October 2026) · PDF
- Outcome of Board Meeting (NSE, 3 November 2026) · PDF
- The earnings call (4 November 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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