Tata Consultancy Services Ltd.
NSE: TCS
Technology · Information Technology Services
₹2,530.00 last close on 23 Oct 2026 +0.92%
Research updated
Mphasis Ltd.
NSE: MPHASISTechnologyInformation Technology Services
- Last close
- ₹2,480.00
- Day change
- −₹19.50 (−0.78%)vs
- Market cap
- ₹47,074 crIndian rupees
- Research updated
- 1 report
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About Mphasis
Mphasis Ltd. is a prominent global IT services company, specializing in providing cloud and cognitive services to a diverse range of industries. Its primary function is to offer innovative solutions that incorporate digital transformation and high-tech integration, assisting businesses in enhancing operations and achieving strategic objectives. Mphasis has a strong foothold in sectors like banking, financial services, insurance, and logistics, offering customizable services that include application management, infrastructure technology, and business process outsourcing. The company places significant emphasis on next-generation technologies such as artificial intelligence and cyber security to drive its service offerings. Headquartered in Bangalore, India, Mphasis is a key contributor to the IT services market, playing a vital role in facilitating enterprises' ability to leverage technical innovations for growth and efficiency. It collaborates with clients across the globe to deliver IT strategies that are both competitive and future-ready, reflecting its commitment to excellence and customer-centric solutions.
- Sector
- Technology
- Industry
- Information Technology Services
- Listing
- NSE: MPHASIS
- Next results
- Chief executive
- Mr. Nitin Omprakash Rakesh
- Employees
- 23,452
- Headquarters
- Bengaluru, India
- ISIN
- INE356A01018
- Website
- mphasis.com
Public research · Report of
Business model & financial foundation
Mphasis (NSE: MPHASIS), IT services and business process services: revenue of ₹15,880 crore in FY26 (+11.6% on FY25), an EBITDA margin of 18.8%, net profit of ₹1,863 crore and net cash of ₹454.2 crore.
- Revenue, FY26 (₹ crore)
- 15,880
- consolidated
- Revenue growth, FY26
- +11.6%
- on FY25
- EBITDA margin, FY26
- 18.8%
- EBITDA (Earnings before interest tax depreciation and amortisation) / revenue
- Net profit, FY26 (₹ crore)
- 1,863
- to owners
- Return on equity, FY26
- 18.3%
- on average equity
- Net debt, FY26 (₹ crore)
- -454.2
- Net debt including leases and current investments
- Market capitalisation (₹ crore)
- 43,106
- at the close of 14 Oct 2026
Company profile
Mphasis provides application modernization, cloud, data, AI and business-process services to global enterprises. Banking and financial services dominate its customer mix, with insurance and technology as additional growth engines. Revenue depends on client transformation budgets, deal conversion and delivery capacity; profitability depends on utilization, wage and subcontractor costs, and platform investment.
| Item | Value |
|---|---|
| Legal name | Mphasis Limited |
| Exchange and ticker | NSE: MPHASIS; BSE: 526299 |
| ISIN | INE356A01018 |
| Sector | Technology |
| Industry | IT services and business process services |
| Headquarters | Bengaluru, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | B S R & Co. LLP (since 2018) |
| Market capitalisation | ₹43,106 crore (14 Oct 2026) |
| Shares outstanding | 19.04 crore shares (FY26) |
| Price | ₹2,466 (close, 14 Oct 2026) |
| 52-week range | ₹2,013 - ₹2,975 (to 14 Oct 2026) |
| Website | https://www.mphasis.com |
Corporate structure and shareholding
Parent: BCP Topco IX Pte Ltd.
| Entity | Holding | Business |
|---|---|---|
| Mphasis Corporation | 100% | US technology services |
| Mphasis Consulting Ltd | 100% | UK technology consulting |
| Digital Risk LLC | 100% | Mortgage fulfilment and risk services |
| Blink Interactive Inc | 100% | User-experience research and design |
| Stelligent Systems LLC | 100% | Cloud DevOps and DevSecOps |
| Datalytyx Ltd | 100% | Data engineering and DataOps |
Holdings at 31 March 2026; TAP and OKIN acquired in April 2026, not FY26. Red Oak customer-contract closing unverified.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 30.59% | 30.55% | 30.54% | 30.53% |
| Promoter holding pledged | 0.00% | 0.00% | 30.54% | 30.53% |
| Foreign institutions | 19.79% | 19.50% | 19.50% | 19.39% |
| Domestic institutions | 45.25% | 45.65% | 45.31% | 45.85% |
| of which mutual funds | 30.66% | 30.95% | 30.53% | 31.12% |
| Retail | 4.37% | 4.29% | 4.65% | 4.23% |
| Other | 0.00% | 0.00% | 0.00% | 0.00% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Mphasis sells enterprise transformation, applications, business-process and infrastructure services, predominantly to US financial-services clients. Front2Back, NeoIP and Tria support outcome-oriented delivery; revenue still depends on staff, utilisation, pricing/mix and deal execution. At Q1FY27 grossUSD471mn, applications356mn, BPO74mn, ITO41mn; Americas402mn, EMEA38mn, ROW32mn (rounded geography sums differ by1mn). BFS248mn, insurance70mn, TMT86mn, logistics20mn, others47mn. Top10 clients56%, top1 13%; concentration offsets diversification claims. Group scope includes the US and UK delivery chains; intercompany eliminations matter. Parent BCP Topco IX holds30.53% at30Sep2026, not majority equity ownership.
| Peer | Why the dossier compares them |
|---|---|
| Coforge (COFORGE) | Mid-tier digital services and BFS exposure |
| Persistent Systems (PERSISTENT) | Cloud, digital and software engineering growth comparator |
| LTIMindtree (LTM) | BFS-led diversified IT services; current listing resolved as LTM |
| Hexaware Technologies (HEXT) | Mid-tier cloud and business-process services |
| Birlasoft (BSOFT) | Enterprise application and mid-tier IT services |
| Tech Mahindra (TECHM) | Technology/telecom and margin-recovery comparator |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 11,961 | 13,799 | 13,279 | 14,230 | 15,880 |
| Cost of revenue (vendor classification) * | 8,588 | 9,885 | 9,408 | 9,896 | 11,117 |
| Other operating costs (vendor classification) * | 678.3 | 780.1 | 951.4 | 998.5 | 1,068 |
| EBITDA (vendor classification) * | 2,202 | 2,520 | 2,332 | 2,747 | 3,209 |
| EBIT * | 1,987 | 2,270 | 2,229 | 2,426 | 2,713 |
| Finance costs | 74.4 | 97.3 | 160.9 | 165.5 | 204.1 |
| Profit before tax | 1,913 | 2,173 | 2,068 | 2,260 | 2,509 |
| Total tax expense | 482.0 | 535.1 | 513.5 | 558.0 | 646.7 |
| Profit for the period | 1,431 | 1,638 | 1,555 | 1,702 | 1,863 |
| Diluted earnings per share (₹) | 75.61 | 86.37 | 81.83 | 89.36 | 97.54 |
| Cost of materials and traded goods | n.a. | n.a. | n.a. | ||
| Employee benefits expense | 7,925 | 8,145 | 8,919 | ||
| Other expenses | 2,931 | 3,438 | 3,978 | ||
| Earnings before interest tax depreciation and amortisation | 2,422 | 2,647 | 2,983 | ||
| Other income | 217.8 | 255.0 | 325.9 | ||
| Depreciation and amortisation expense | 410.5 | 476.3 | 555.3 | ||
| Exceptional expense | 0.00 | 0.00 | -35.5 | ||
| Profit attributable to non-controlling interests | 0.00 | 0.00 | 0.00 | ||
| Share of profit or loss of equity accounted investees | 0.00 | 0.00 | -5.20 | ||
| Profit attributable to owners | 1,555 | 1,702 | 1,863 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity | 6,943 | 7,935 | 8,795 | 9,628 | 10,744 |
| Borrowings excluding lease liabilities | 1,252 | 1,053 | 1,544 | 1,116 | 1,793 |
| Cash and cash equivalents plus other bank balances | 826.9 | 1,044 | 814.4 | 1,613 | 1,753 |
| Billed trade receivables net of allowances | 968.2 | 1,126 | 1,183 | 1,088 | 977.1 |
| Total trade payables | 849.6 | 864.0 | 798.3 | 978.5 | 1,357 |
| Net property, plant and equipment * | 1.85 | 0.24 | 921.5 | 821.6 | 110.2 |
| Capital work in progress * | 60.3 | 74.7 | 79.3 | 66.1 | 80.8 |
| Total assets * | 10,756 | 11,609 | 14,130 | 14,907 | 17,782 |
| Current and non-current lease liabilities | 845.0 | 772.3 | 826.8 | ||
| Current investments | 2,593 | 1,784 | 1,321 | ||
| Non-current investments | 497.1 | 423.8 | 415.4 | ||
| Unbilled trade receivables net of allowances | 1,520 | 2,073 | 3,495 | ||
| Contract assets net of loss allowance | 14.3 | 68.4 | 118.1 | ||
| Current and non-current trade receivables including unbilled | 2,703 | 3,160 | 4,472 | ||
| Goodwill | 4,179 | 4,291 | 4,768 | ||
| Net debt including leases and current investments | -1,019 | -1,509 | -454.2 | ||
| Receivables including unbilled less payables | 1,904 | 2,182 | 3,115 | ||
| Cash and cash equivalents only | 1,123 | ||||
| Net current bank balances other than cash equivalents | 629.8 | ||||
| Earmarked bank balances for unclaimed dividends | 2.80 | ||||
| Lien-restricted bank deposits in other financial assets | 49.6 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash generated from operating activities | 1,527 | 1,894 | 2,180 | 1,905 | 1,253 |
| Free cash flow (vendor definition) * | 1,596 | 1,349 | 2,086 | 1,843 | 934.8 |
| Dividends paid | -1,218 | -865.2 | -942.7 | -1,040 | -1,084 |
| Purchase of property plant equipment and intangible assets | -119.2 | -111.2 | -93.7 | -61.8 | -318.5 |
| Cash consideration for business acquisitions | -1,233 | -280.0 | -431.9 | ||
| Repayment of lease liabilities | -206.0 | ||||
| Interest on repayment of lease liabilities | -52.4 | ||||
| Repayment of lease liabilities including interest | -258.4 | ||||
| Total cash outflows for all leases | -279.5 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 18.73 | 18.82 | 18.87 | 18.94 | 19.04 |
| Implied diluted weighted-average shares (crore shares) | 19.00 | 19.05 | 19.10 | ||
| Liquidity less identified restrictions within broad cash | 3,071 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 3,536 | 3,561 | 3,710 | 3,732 | 3,902 | 4,003 | 4,243 | 4,384 |
| Cost of revenue (vendor classification) * | 2,014 | 1,989 | 2,108 | 2,144 | 2,224 | 2,308 | 2,409 | |
| Other operating costs (vendor classification) * | 874.3 | 894.3 | 899.9 | 885.1 | 1,027 | 1,130 | 1,180 | |
| EBITDA (vendor classification) * | 706.6 | 740.8 | 762.5 | 783.8 | 812.6 | 911.5 | 878.4 | |
| EBIT * | 603.1 | 608.3 | 627.2 | 651.9 | 634.2 | 758.7 | 731.3 | |
| Finance costs | 40.5 | 39.2 | 36.1 | 41.8 | 43.8 | 41.1 | 77.3 | 48.5 |
| Profit before tax | 562.6 | 569.2 | 591.1 | 610.1 | 624.8 | 593.1 | 681.3 | 682.8 |
| Total tax expense | 139.2 | 141.3 | 144.6 | 168.4 | 155.7 | 150.9 | 171.7 | 193.3 |
| Profit for the period | 423.3 | 427.8 | 446.5 | 441.7 | 469.1 | 442.2 | 509.6 | 489.5 |
| Diluted earnings per share (₹) | 22.18 | 22.41 | 23.41 | 23.14 | 24.54 | 23.13 | 26.68 | 25.61 |
| Employee benefits expense | 2,014 | 1,989 | 2,108 | 2,144 | 2,243 | 2,224 | 2,308 | 2,409 |
| Other expenses | 874.3 | 894.3 | 899.9 | 885.1 | 935.6 | 1,027 | 1,130 | 1,180 |
| Earnings before interest tax depreciation and amortisation | 647.9 | 678.0 | 702.6 | 702.9 | 723.6 | 751.7 | 805.3 | 795.2 |
| Other income | 58.8 | 62.8 | 60.0 | 80.9 | 74.6 | 62.4 | 107.9 | 82.9 |
| Depreciation and amortisation expense | 103.6 | 132.4 | 135.3 | 131.9 | 127.7 | 142.9 | 152.8 | 147.1 |
| Cost of materials and traded goods | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. |
| Exceptional expense | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -35.5 | 0.00 | 0.00 |
| Profit attributable to non-controlling interests | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Share of profit or loss of equity accounted investees | 0.00 | 0.00 | 0.00 | 0.00 | -1.97 | -1.51 | -1.72 | 0.33 |
| Profit attributable to owners | 423.3 | 427.8 | 446.5 | 441.7 | 469.1 | 442.2 | 509.6 | 489.5 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 23.0% | 15.4% | -3.8% | 7.2% | 11.6% |
| EBITDA margin | 18.2% | 18.6% | 18.8% | ||
| Net margin | 11.7% | 12.0% | 11.7% | ||
| Return on equity | 18.6% | 18.5% | 18.3% | ||
| Return on capital employed | 25.0% | 26.4% | 23.1% | 23.0% | 23.3% |
| Return on assets | 12.1% | 11.7% | 11.4% | ||
| Net debt (₹ crore) | -1,019 | -1,509 | -454.2 | ||
| Net debt / EBITDA | -0.42x | -0.57x | -0.15x | ||
| Interest cover | 26.7x | 23.3x | 13.9x | 14.7x | 13.3x |
| Asset turnover | 1.19x | 1.23x | 1.03x | 0.98x | 0.97x |
| Receivable days | 30 | 30 | 33 | 28 | 22 |
| Payable days (on revenue) | 26 | 23 | 22 | 25 | 31 |
| Cash conversion | 1.40x | 1.12x | 0.67x | ||
| Capex intensity | 1.0% | 0.8% | 0.7% | 0.4% | 2.0% |
| Free cash flow (₹ crore) | 1,408 | 1,783 | 2,086 | 1,843 | 934.8 |
| Dividend payout | 60.6% | 61.1% | 58.2% | ||
| EPS, diluted (₹) | 75.61 | 86.37 | 81.83 | 89.36 | 97.54 |
| Book value per share (₹) | 370.6 | 421.7 | 466.2 | 508.4 | 564.2 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Earnings before interest tax depreciation and amortisation) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt including leases and current investments; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Earnings before interest tax depreciation and amortisation).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted earnings per share).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 14 Oct 2026); market data at the close of 14 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Mphasis includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
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- The 3-month view
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- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 14 Oct 2026; page updated 25 Oct 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.