MPHASIS

MphasiS share price & financials

Price
₹2,394.2
Market cap
₹46.1k Cr
Sector
Information Technology
Calls analysed
6
Latest concall · Q1 FY27 · call held 24 Jul 2026

MphasiS Limited Q1 FY27

Revenue 471 million +8%EPS ₹25.6

What went well

  • Revenue of $471 million, growing 8.3% YoY in constant currency, reflecting strong deal conversion and expanding platform momentum.
  • Net new TCV for Q1 was $461 million, the fifth consecutive quarter above $400 million, indicating a higher baseline for deal closures.
  • Closed three large deals in Q1, including one over $100 million, demonstrating strong deal-winning capability.

What to watch

  • Q1 FY27 EBIT margin was down 60 bps sequentially, impacted by ramp-up costs of new deal wins and TAP acquisition costs.
  • EPS decreased 4% sequentially to INR 25.6.
Read the full call →

What MphasiS Limited does

Mphasis is a Bengaluru-headquartered, AI-led IT services and digital transformation company that helps global enterprises modernize legacy technology, infuse AI, and scale operations with agility. It earns revenue through application development and engineering (APPS), IT infrastructure/cloud outsourcing (ITO), and business process outsourcing (BPO), delivered to clients mainly across the Americas, EMEA and rest-of-world geographies. Its client base is concentrated in banking and financial services, insurance, technology/media/telecom (TMT), and logistics & transportation verticals. Client engagements are delivered through proprietary platforms such as Mphasis NeoIP and Mphasis Tria that embed AI, knowledge graphs and agentic automation into the enterprise technology and process stack.

Segments

  • APPS (Applications)
  • ITO (IT Outsourcing)
  • BPO (Business Process Outsourcing)
Industry verticals served
Banking & Financial Services, Insurance, Technology/Media/Telecom, Logistics & Transportation, and other sectors
Client geographies served
Americas, EMEA and Rest of World (ROW)
AI-capability acquisition
Acquired Theory and Practice Business Intelligence Inc. (TAP) to strengthen agentic AI and enterprise-intelligence capabilities
Green-certified facilities
23% of facilities LEED Platinum-certified; 3 facilities rated 5-Star by India's Bureau of Energy Efficiency
Founded 1992Headquarters Bengaluru, Karnataka, India Company website

Guidance record · Q1 FY27

what the last two calls moved 14 tracked 3 delivered 2 missed 9 open
  • DSO at risk said Q3 FY26 Promised: Trend progressively down over the course of 2026 calendar year Q1 FY27: DSO increased to 95 days from 90 days in the previous quarter. This is contrary to the guidance of a progressive downward trend for CY2026. Management now expects improvement through the remainder of the fiscal year.
  • FY26 EBIT Margin delivered said Q1 FY26 Promised: Maintain EBIT margin within the band of 14.75% to 15.75% Q4 FY26: Full-year FY26 EBIT margin was 15.3%, which is within the guided band of 14.75% to 15.75%.
  • Logistics & Transportation Vertical Revenue missed said Q1 FY26 Promised: Gradual recovery through the remainder of the year Q4 FY26: The vertical stabilized in H2 FY26 but did not recover as hoped. Management now expects a gradual recovery through FY27, contingent on large deal wins.

All 14 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 20.7%, net profit up 54.0% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue2,355 2,350 2,248 2,237 2,367 +1%2,409 +3%2,454 +9%2,701 +21%
EBITDA527 538 469 403 531 +1%511 −5%522 +11%628 +56%
Net profit372 376 369 298 393 +6%339 −10%372 +1%459 +54%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −22.7% 1Y

₹2.0k₹2.2k₹2.4k₹2.6k₹2.8k₹3.0kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q3 FY26 — 22 Jan 2026Q4 FY26 — 30 Apr 2026Q1 FY27 — 24 Jul 2026

1Y: ₹2,968.4 on 10 Sept 2025 → ₹2,295. High ₹3,000.6 (18 Sept 2025), low ₹2,047.4 (19 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
+2.5%
24 Jul
Q4 FY26
+1.2%
30 Apr
Q3 FY26
+0.4%
22 Jan

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue fell 9.7% a year over 3 years, FY23 to FY26. Operating margin widened to 20.8%.

Year endingFY23FY24FY25FY26
Revenue₹12.8k Cr₹9.1k Cr₹9.3k Cr₹9.5k Cr
Operating profit₹2.4k Cr₹2.2k Cr₹2.1k Cr₹2.0k Cr
Operating margin18.5%23.8%22.6%20.8%
Interest₹92 Cr₹67 Cr₹74 Cr₹60 Cr
Depreciation₹288 Cr₹192 Cr₹189 Cr₹182 Cr
Net profit₹1.6k Cr₹1.4k Cr₹1.5k Cr₹1.4k Cr
Net margin12.5%15.9%16.5%14.8%
ROCE39.0%38.0%33.0%28.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹187 Cr₹188 Cr₹188 Cr₹189 Cr₹190 Cr₹191 Cr
Reserves₹4.1k Cr₹4.3k Cr₹4.8k Cr₹5.5k Cr₹9.4k Cr₹6.3k Cr
Borrowings₹267 Cr₹435 Cr₹214 Cr₹115 Cr₹2.0k Cr₹584 Cr
Other liabilities₹1.4k Cr₹2.0k Cr₹2.0k Cr₹1.8k Cr₹4.7k Cr₹1.9k Cr
Total liabilities₹5.9k Cr₹6.9k Cr₹7.2k Cr₹7.6k Cr₹16.3k Cr₹9.0k Cr
Fixed assets₹596 Cr₹583 Cr₹675 Cr₹682 Cr₹6.1k Cr₹617 Cr
Capital work in progress₹1 Cr₹0 Cr₹4 Cr₹14 Cr₹1 Cr₹0 Cr
Investments₹2.4k Cr₹2.3k Cr₹2.1k Cr₹3.2k Cr₹1.5k Cr₹3.1k Cr
Other assets₹3.0k Cr₹4.0k Cr₹4.5k Cr₹3.7k Cr₹8.7k Cr₹5.2k Cr
Total assets₹5.9k Cr₹6.9k Cr₹7.2k Cr₹7.6k Cr₹16.3k Cr₹9.0k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, promoters trimmed −9.56 pp while DIIs added +8.80 pp. The shareholder count shrank 14% to 1,31,941.

Promoters
30.5%
FIIs
19.5%
DIIs
45.3%
Public
4.7%

Since Jun 2025

  • Promoters −9.56 pp
  • DIIs +8.80 pp
  • FIIs +0.51 pp

How it drifted, 12 quarters

Over this window promoters fell from 55.6% to 30.5% — −25.0 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 55.6%, FIIs 16.6%, DIIs 22.6%, Public 5.3%.Dec '23: Promoters 55.5%, FIIs 15.7%, DIIs 23.7%, Public 5.1%.Mar '24: Promoters 55.5%, FIIs 14.8%, DIIs 24.6%, Public 5.1%, Others 0.0%.Jun '24: Promoters 40.4%, FIIs 18.3%, DIIs 35.8%, Public 5.5%.Sep '24: Promoters 40.3%, FIIs 18.3%, DIIs 36.9%, Public 4.5%, Others 0.0%.Dec '24: Promoters 40.2%, FIIs 20.8%, DIIs 34.6%, Public 4.4%.Mar '25: Promoters 40.1%, FIIs 20.6%, DIIs 34.9%, Public 4.3%.Jun '25: Promoters 40.1%, FIIs 19.0%, DIIs 36.5%, Public 4.4%.Sep '25: Promoters 40.1%, FIIs 18.5%, DIIs 37.1%, Public 4.3%.Dec '25: Promoters 30.6%, FIIs 19.8%, DIIs 45.3%, Public 4.4%.Mar '26: Promoters 30.6%, FIIs 19.5%, DIIs 45.6%, Public 4.3%.Jun '26: Promoters 30.5%, FIIs 19.5%, DIIs 45.3%, Public 4.7%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 4 holders trimming and 1 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of MphasiS Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Bcp Topco Ix Pte. Ltd. 30.54%unchanged
KOTAK EMERGING EQUITY SCHEME (including other Kotak mutual funds consolidated based on PAN) Mutual fund8.64%+0.05 pp
LIFE INSURANCE CORPORATION OF INDIA (including other LIC funds consolidated based on PAN) Insurer6.94%unchanged
HDFC MUTUAL FUND - HDFC MID-CAP OPPORTUNITIES FUND (including other HDFC mutual funds consolidated based on PAN) Mutual fund6.13%+0.59 pp
ICICI PRUDENTIAL MUTUAL FUND (including other ICICI Prudential mutual funds consolidated based on PAN) Mutual fund5.32%−0.23 pp
HDFC LIFE INSURANCE COMPANY LIMITED (including other HDFC funds consolidated based on PAN) Insurer1.86%+0.09 pp
SBI Life Insurance Co. Ltd Insurer1.79%+0.39 pp
Government Pension Fund Global Sovereign1.51%+0.16 pp
DSP LARGE AND MIDCAP FUND (including other DSP LARGE AND MIDCAP FUND consolidated based on PAN) Mutual fund1.22%−0.06 pp
NIPPON LIFE INDIA TRUSTEE LTD (including other Nippon mutual funds consolidated based on PAN) Mutual fund1.21%unchanged
UTI Value fund (including other UTI mutual funds consolidated based on PAN) Mutual fund1.15%−0.17 pp
FRANKLIN INDIA PRIMA FUND(including other Franklin India Prima Fund consolidated based on PAN) Mutual fund1.06%−0.31 pp

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in MPHASIS

Filings to Aug 2026

0 new, 11 added, 4 trimmed, 0 sold out — net +2.67 L shares (+3.5%).

Held by funds
₹1.9k Cr
25 schemes
Biggest holder
HDFC Large and Mid Cap Fund
₹360 Cr · 1.2% of that fund
SchemeHoldingLast month
HDFC Large and Mid Cap Fund HDFC Mutual Fund₹360 Crheld
HDFC Balanced Advantage Fund HDFC Mutual Fund₹294 Crheld
Nippon India Growth Mid Cap Fund Nippon India Mutual Fund₹285 Crheld
HDFC Multi Cap Fund HDFC Mutual Fund₹183 Cr+0.76 L
HDFC ELSS Tax saver HDFC Mutual Fund₹164 Crheld
Nippon India ETF Nifty IT Nippon India Mutual Fund₹124 Cr−0.15 L
Nippon India Vision Large & Mid Cap Fund Nippon India Mutual Fund₹97 Cr+2.00 L
HDFC Technology Fund HDFC Mutual Fund₹75 Crheld

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

11 added, 4 trimmed — net +2.67 L shares (+3.5%)

Funds are sitting on
-4%
vs est. average cost
Held by funds
₹1.9k Cr
25 schemes · ≈ 4.1% of the company
Biggest holder
HDFC Large and Mid Cap Fund
₹360 Cr · 1.2% of that fund
Longest holder
Nippon India ETF Nifty IT
6y 3m · since Jun '20

Shares held by these funds +266%

Aug '23 76.77 L shares Jul '26

What the price assumes

Growth trap

To justify its price of ₹2295, this stock must grow earnings at 19% every year for 7 years. Our analysis caps realistic growth at ~-5%. At that growth it is worth ₹622 — downside of 73%.

Growth the price implies
19.4% a year
for 7 years, fading to 4%
It has actually compounded at
-4.5% a year
net profit, FY23–FY26 · EPS -4.8%
The gap
0.2 pp
-73% downside if it only repeats history
Price today ₹2,295 Value at the reference growth ₹621.78

Change the assumptions yourself →

All earnings calls (4)

Read the Q1 FY27 call →

Learn to analyse MphasiS Limited

Guides on how to read this kind of business and the numbers that matter.