Detailed Narrative
Strong Financial Performance in FY26 and Q4
MPS achieved its most profitable year in FY26, with Group revenue reaching INR 768 crores, a 5.7% increase over FY25. EBITDA grew 11.8% to INR 236 crores, expanding the margin to 30.7%. Profit after tax increased by 16.3% to INR 173 crores, and basic EPS hit a record INR 102.11, up 16.3% YoY. Q4 FY26 was particularly strong, with revenue of INR 205 crores (up 12.7% YoY) and EBITDA of INR 67.5 crores (up 20.5%), resulting in a 32.9% EBITDA margin.
Segmental Growth and Margin Expansion
Excluding AJE, FY26 revenue grew 15.4% to INR 646 crores. The Research segment's EBITDA margin expanded by 330 basis points to 39.9% for the year, with Q4 revenue at INR 120 crores and EBITDA at INR 50 crores (41.6% margin). Education revenue for FY26 reached INR 209 crores, up 36.3% (excluding Unbound), with organic growth of 28.6% and EBITDA growth of 42.6% to INR 82 crores (39.2% margin). The Corporate Learning segment, after a challenging FY25, showed an inflection in Q4 with revenue up 2.4% YoY to INR 25.5 crores and EBITDA up 55% sequentially to INR 6.7 crores (26.3% margin).
AI-First Knowledge Solutions Strategy
MPS is positioning itself as an AI-first knowledge solutions company, focusing on areas where AI cannot afford to be wrong. This strategy is implemented across all segments: Research (DigiCore, Research Integrity Check, AJE Digital), Education (Unbound Intelligence, AI Personal Solutions), and Corporate Learning (BridgeAI, AI-enabled chatbots, roleplays, simulations). The company emphasizes that its AI tools are integrated into workflows, providing measurable revenue lines and structural moats, rather than just marketing claims.
Unbound Medicine Acquisition and Integration
The acquisition of Unbound Medicine, closed on February 9, 2026, contributed INR 11.78 crores in revenue during its first 50 days in Q4 FY26. Historically, Unbound had a monthly revenue run rate of USD 700,000-800,000 with an EBITDA margin of 18.5-19%. For FY27, MPS expects Unbound's monthly revenue to be USD 750,000-950,000, with a goal to exit Q2 or Q3 FY27 at an EBITDA margin of 25-30%. The integration is proceeding smoothly, and the acquisition provides a strong institutional foothold in medicine and nursing with recurring revenue and cross-sell opportunities.
FY27 Outlook and Growth Drivers
MPS expects to comfortably cross INR 300 crores in EBITDA for FY27, implying a 3-year EBITDA CAGR of approximately 21% from FY24 to FY27. The combined EBITDA margin is projected to be in the 30-35% range. This growth is driven by sustained operating leverage, scaling of AI-led delivery, and the full-year contribution of Unbound Medicine. The company's Vision 2027 target of approximately INR 1,500 crores in top line by FY28 remains intact and in sight.
Capital Allocation and Shareholder Returns
As of March 31, 2026, MPS had cash and cash equivalents of INR 113.75 crores and borrowings of INR 40.25 crores related to the Unbound acquisition. The Return on Capital Employed for FY26 was 38.2%. The Board did not recommend a final dividend for FY26, citing capital deployment into the Unbound acquisition and an active M&A pipeline. The company maintains its principle of capital earning its keep within 12 months or being returned to shareholders, having returned over INR 650 crores cumulatively between FY19 and FY25.