MPSLTD

MPS share price & financials

Outsourced content, platform, and AI services for scholarly publishing, education, and corporate learning.

Price: ₹1,812.1
Market cap: ₹4.6k Cr
Sector: Media, Entertainment & Publication
Calls analysed: 8

Latest concall · Q1 FY27 · call held 22 Jul 2026

MPS Q1 FY27

Revenue ₹224.24 cr +20%EBITDA ₹76.96 cr +53%EBITDA Margin 34.3% Profit After Tax ₹50.39 cr +43%

What went well

Reported revenue for Q1 FY27 was INR 224.24 crores, up 20.4% over the same quarter last year.
EBITDA was INR 76.96 crores, up 53.0%, with the EBITDA margin expanding to 34.3% from 27.0% a year ago.
Profit after tax grew 43.0% to INR 50.39 crores, and basic EPS came in at INR 29.70, an all-time Q1 high, up from INR 20.78.

What to watch

AJE (Author Solutions) revenue is deliberately smaller due to a resetting by design, though it is now more profitable and higher in quality.
Client count decreased from 906 to 841 quarter-on-quarter, primarily due to pruning in the AJE business.

Read the full call →

What MPS does

MPS provides outsourced editorial, production, platform, and AI-enabled services across three market-facing segments: Research Solutions (scholarly/STM journal production, peer-review workflow outsourcing, research-integrity screening, and author services), Education Solutions (K-12 and higher-education content and adaptive-learning platforms, plus healthcare/nursing education via Unbound Medicine), and Corporate Learning (custom and immersive eLearning, AI-driven roleplay/simulation training, and managed learning services for enterprises). It earns fees by running end-to-end content and technology workflows for publishers, universities, scholarly societies, and enterprise learning-and-development teams, delivered mainly from India-based delivery centers to a client base concentrated in North America and Europe. Originally a Macmillan-owned Indian publishing-services unit, the company has expanded its platform and geographic footprint largely through acquisitions, including HighWire Press, AJE, Liberate Learning, and, most recently, Unbound Medicine.

Segments

Research Solutions
Education Solutions
Corporate Learning

Employees: 3,251
Countries of operation: 10
Delivery centers in India: 5, plus offices in the US, UK/Europe, Singapore, Australia, and China
Clients billed (FY26): 1,101
Marquee customers: 750+
PhDs on staff: 250+

Founded 1970Headquarters Chennai, Tamil Nadu, IndiaEmployees 3,251 (Q4 FY26 (31 March 2026)) Company website

Guidance record · Q1 FY27

what the last two calls moved 25 tracked 2 delivered 5 missed 18 open

FY26 EPS delivered said Q3 FY26 Promised: surpass INR 100 Q1 FY27: Target period has passed. No new information.
Overall Earnings Growth (FY25) went quiet said Q1 FY25 Promised: over 25% for FY25 Q1 FY27: Target period has passed. No new information.
Overall Revenue on track said Q1 FY25 Promised: north of 1,500 crores by ~FY29 Q1 FY27: Reaffirmed in Q1 FY27 call: 'for FY'28, the targets are approximately INR 1,500 crores in revenue'.

All 25 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 24.0%, net profit up 41.4% against the same quarter last year.

₹ Cr · quarterly

Line item	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26	Q3 FY26	Q4 FY26	Q1 FY27
Revenue	87	90	94	100	111 +28%	108 +20%	119 +27%	124 +24%
Expenses	51	56	59	65	67	67	71	70
EBITDA	35	34	35	34	44 +26%	41 +21%	48 +37%	54 +59%
Margin	41%	38%	37%	34%	39%	38%	41%	44%
Other income	4	6	5	7	1	-4	12	6
Interest	0	0	0	0	0	0	1	1
Depreciation	3	3	3	3	3	3	3	3
Profit before tax	36	37	36	38	42 +17%	34 −8%	56 +56%	56 +47%
Tax rate	26%	23%	24%	24%	28%	26%	22%	27%
Net profit	27	29	27	29	30 +11%	25 −14%	44 +63%	41 +41%
EPS	15.74	16.67	16.03	16.81	17.66	14.44	25.49	23.95

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 +18.4% 1Y

1Y: ₹2,203 on 10 Sept 2025 → ₹2,608.5. High ₹2,931.2 (7 Aug 2026), low ₹1,366.7 (9 Mar 2026).

How the price took the results

close before → close after

Q1 FY27: +20.0%; 22 Jul
Q4 FY26: −1.5%; 18 May
Q3 FY26: −1.7%; 2 Feb
Q2 FY26: +3.0%; 12 Nov

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 1.0% a year over 3 years, FY23 to FY26. Operating margin widened to 38.1%.

Year ending	FY23	FY24	FY25	FY26
Revenue	₹451 Cr	₹327 Cr	₹352 Cr	₹438 Cr
Operating profit	₹146 Cr	₹140 Cr	₹136 Cr	₹167 Cr
Operating margin	32.4%	42.8%	38.6%	38.1%
Interest	₹0 Cr	₹0 Cr	₹0 Cr	₹1 Cr
Depreciation	₹18 Cr	₹12 Cr	₹12 Cr	₹12 Cr
Net profit	₹103 Cr	₹107 Cr	₹110 Cr	₹128 Cr
Net margin	22.8%	32.7%	31.3%	29.2%
Cash from operations	₹75 Cr	₹82 Cr	₹78 Cr	₹139 Cr
Free cash flow	₹72 Cr	₹77 Cr	₹70 Cr	₹131 Cr
ROCE	34.0%	39.0%	39.0%	43.0%

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 ending	FY21	FY22	FY23	FY24	FY25	FY26
Equity capital	₹18 Cr	₹17 Cr	₹17 Cr	₹17 Cr	₹17 Cr	₹17 Cr
Reserves	₹341 Cr	₹309 Cr	₹335 Cr	₹354 Cr	₹473 Cr	₹381 Cr
Borrowings	₹12 Cr	₹11 Cr	₹7 Cr	₹4 Cr	₹10 Cr	₹57 Cr
Other liabilities	₹67 Cr	₹63 Cr	₹47 Cr	₹34 Cr	₹204 Cr	₹63 Cr
Total liabilities	₹438 Cr	₹400 Cr	₹406 Cr	₹408 Cr	₹704 Cr	₹518 Cr
Fixed assets	₹83 Cr	₹80 Cr	₹74 Cr	₹69 Cr	₹352 Cr	₹90 Cr
Capital work in progress	₹0 Cr	₹0 Cr	₹0 Cr	₹1 Cr	₹0 Cr	₹0 Cr
Investments	₹130 Cr	₹122 Cr	₹131 Cr	₹148 Cr	₹30 Cr	₹223 Cr
Other assets	₹225 Cr	₹198 Cr	₹201 Cr	₹190 Cr	₹322 Cr	₹206 Cr
Total assets	₹438 Cr	₹400 Cr	₹406 Cr	₹408 Cr	₹704 Cr	₹518 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.

What the price assumes

Growth trap

To justify its price of ₹2608, this stock must grow earnings at 23% every year for 7 years. Our analysis caps realistic growth at ~5%. At that growth it is worth ₹1040 — downside of 60%.

Growth the price implies: 22.6% a year; for 7 years, fading to 4%
It has actually compounded at: 4.9% a year; net profit, FY23–FY26 · EPS 5.1%
The gap: 0.2 pp; -60% downside if it only repeats history

Price today ₹2,608.5 Value at the reference growth ₹1,039.7

Change the assumptions yourself →

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse MPS

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