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Mphasis FY26 Net Profit Rises 9.4% to ₹18,626 Million; Recommends ₹62 Final Dividend
Mphasis Limited reported a steady financial performance for the fiscal year ended March 31, 2026, with consolidated revenue growing 11.6% YoY to ₹158,796 million. Net profit for the full year increased to ₹18,626 million, supported by strong growth in the Banking and Financial Services and Insurance segments. The Board has recommended a substantial final dividend of ₹62 per share, highlighting strong cash flow generation. Leadership continuity is secured with the re-appointment of Nitin Rakesh as CEO and MD for a further five-year term starting October 2026.
Key Highlights
FY26 Consolidated Revenue increased 11.6% YoY to ₹158,796.47 million compared to ₹142,299.87 million in FY25.
Full-year Net Profit grew to ₹18,626.02 million, up from ₹17,021.39 million in the previous fiscal year.
Recommended a final dividend of ₹62 per equity share (face value ₹10), with a record date of July 8, 2026.
Banking and Financial Services segment revenue grew significantly to ₹83,786.05 million from ₹69,088.58 million YoY.
CEO and MD Nitin Rakesh re-appointed for a 5-year term effective October 1, 2026, subject to shareholder approval.
💼 Action for Investors
The steady earnings growth combined with a high dividend payout makes Mphasis an attractive pick for income-seeking investors. Leadership stability through the CEO's re-appointment provides further confidence in the company's long-term strategic execution.
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Mphasis FY26 Net Profit Rises 9.4% to ₹18,626M; Recommends ₹62 Final Dividend
Mphasis reported a steady financial performance for FY26, with consolidated revenue growing 11.6% YoY to ₹158,796 million. The company's annual net profit increased by 9.4% to ₹18,626 million, while Q4 FY26 profit saw a stronger 14.1% YoY growth. A substantial final dividend of ₹62 per share was recommended, and the board ensured leadership continuity by re-appointing Nitin Rakesh as CEO and MD for a further five-year term. The Banking and Financial Services segment remains the primary growth driver, contributing over 52% of total revenue.
Key Highlights
Consolidated FY26 revenue increased 11.6% YoY to ₹158,796.47 million.
Full-year net profit rose to ₹18,626.02 million compared to ₹17,021.39 million in FY25.
Recommended a final dividend of ₹62 per equity share with a record date of July 8, 2026.
CEO Nitin Rakesh re-appointed for a 5-year term effective October 1, 2026.
Banking and Financial Services segment revenue grew significantly to ₹83,786.05 million for the year.
💼 Action for Investors
Investors should find confidence in the leadership continuity and the healthy dividend payout of ₹62 per share. The steady growth in the core BFSI vertical suggests the company is well-positioned to navigate global macroeconomic shifts.
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Mphasis FY26 Net New TCV Hits Record $2.1Bn; Q4 Revenue Up 7.1% YoY in CC
Mphasis delivered a strong performance for FY26, with annual revenue reaching $1,796 million, representing a 6.7% growth in constant currency. The company achieved its highest-ever annual net new TCV of over $2.1 billion, a 68% YoY increase, driven significantly by AI-led deals which now constitute 69% of the pipeline. Operating margins remained stable at 15.3% for the full year, comfortably within the management's guided range of 14.75%-15.75%. For FY27, the company has provided a growth guidance of high single-digit to low double-digits, signaling confidence despite macro uncertainties.
Key Highlights
Record annual net new TCV of $2.1 billion+, representing a 68% increase compared to the previous year.
FY26 EPS grew 10.4% YoY to INR 99.2, with Q4 operating margins at 15.4%.
AI-led deals represent 69% of the total pipeline, with 64% of Q4 TCV wins being AI-led.
Direct BFS and Insurance verticals showed robust growth of 17.4% and 46.5% YoY respectively in Q4.
Client pyramid strengthened with the addition of one $100Mn+ client and four $20Mn+ clients during the year.
💼 Action for Investors
Investors should take note of the record TCV and the high percentage of AI-led deals, which provide strong revenue visibility for FY27. The company's ability to maintain margins while guiding for double-digit growth makes it a strong contender in the mid-cap IT space.
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Mphasis FY26 PAT Grows 9.4% to ₹18,626M; Recommends ₹62 Dividend and CEO Re-appointment
Mphasis Limited reported a steady financial performance for FY26, with consolidated revenue increasing 11.6% YoY to ₹158,796 million. Full-year net profit rose 9.4% to ₹18,626 million, driven by strong growth in the Banking and Financial Services (BFS) and Insurance segments. The board has recommended a final dividend of ₹62 per share, maintaining a robust payout policy. Leadership continuity is secured with the re-appointment of CEO Nitin Rakesh for a further five-year term starting October 2026.
Key Highlights
Consolidated FY26 Revenue grew 11.6% YoY to ₹158,796.47 million
Net Profit for Q4 FY26 increased 14.1% YoY to ₹5,096.40 million
Recommended a final dividend of ₹62 per equity share (620% of face value)
BFS segment revenue surged 21.3% YoY to ₹83,786.05 million in FY26
CEO Nitin Rakesh re-appointed for a 5-year term effective October 1, 2026
💼 Action for Investors
The results demonstrate resilient growth in core verticals and leadership stability, making it a strong hold for long-term investors. Income-focused investors should note the July 8, 2026 record date for the ₹62 dividend.
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Mphasis Appoints Richard Miller as Global Head of Insurance Business
Mphasis has appointed Richard Miller as Executive Vice President and Global Head of Insurance Business, effective April 27, 2026. Miller brings over 35 years of experience in enterprise transformation for Fortune 500 companies, including a long tenure as Senior Managing Director at Accenture. His track record includes scaling an international business unit 10x in two years during a previous leadership role at NaviSys. This appointment is strategically aimed at accelerating AI-led transformation within the insurance vertical, a key growth driver for the company.
Key Highlights
Richard Miller appointed as EVP and Global Head of Insurance Business starting April 27, 2026
Brings 35+ years of experience in financial services and enterprise transformation
Previously served as Senior Managing Director at Accenture and CEO of REMVENTION.AI
Successfully scaled a business unit 10x in two years in a prior role at NaviSys
Focus will be on driving AI-led delivery and modernization for global insurance carriers
💼 Action for Investors
This is a strong leadership addition to a critical business vertical; investors should monitor for improved deal flow and revenue growth in the Insurance segment over the next 2-4 quarters.
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Mphasis Appoints Dr. Rogayeh Tabrizi as EVP - CPG and Head of Decision AI
Mphasis has appointed Dr. Rogayeh Tabrizi as Executive Vice President (EVP) for Consumer Packaged Goods (CPG) and Head of Decision AI, effective April 21, 2026. Dr. Tabrizi brings over 20 years of experience in data-driven insights and AI, having previously founded Theory and Practice Business Intelligence Inc. (TAP). Her expertise spans experimental particle physics and economics, with a focus on combining AI with behavioral economics to improve business decision-making. This strategic hire is intended to strengthen Mphasis's capabilities in the high-growth AI and CPG sectors.
Key Highlights
Appointment of Dr. Rogayeh Tabrizi as EVP – CPG and Head of Decision AI effective April 21, 2026
Over 20 years of experience across financial services, retail, logistics, and research institutions
Founder of TAP and developer of the Continuum AI Decision Intelligence platform
Academic credentials include a PhD in Economics and MSc in Experimental Particle Physics with research at CERN
Author of 'Behavioral AI: Unleash Decision Making with Data' published in 2025
💼 Action for Investors
Investors should view this as a positive step in Mphasis's strategy to lead in AI-driven services. Monitor for increased deal wins in the CPG vertical and higher-margin AI consulting projects over the coming quarters.
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Mphasis Acquires Canada's Theory and Practice for up to CAD 30 Million to Strengthen AI
Mphasis has acquired 100% of Theory and Practice Business Intelligence Inc. (TAP), a Canadian AI firm, for an upfront CAD 10 million and up to CAD 20 million in contingent payments. TAP specializes in 'Continuum AI,' a decision intelligence platform that combines AI with behavioral economics for the Retail and CPG sectors. The acquisition aims to bolster Mphasis' NeoIP platform and its 'Decisioning Intelligence' capabilities. Despite a revenue dip to CAD 1.71 million in FY25, the move is a strategic play for high-end AI talent and proprietary technology.
Key Highlights
100% acquisition of Vancouver-based Theory and Practice (TAP) for an upfront CAD 10 million.
Potential earn-outs of up to CAD 20 million based on multi-year performance milestones.
TAP's revenue stood at CAD 1.71 million in FY25, compared to CAD 3.13 million in FY24.
Acquisition brings in the 'Continuum AI' platform to enhance Mphasis' NeoIP ecosystem.
Founder Dr. Rogayeh Tabrizi joins Mphasis as EVP and Head of Decision AI.
💼 Action for Investors
The acquisition is small relative to Mphasis' size but strategically sound for its AI-first positioning. Long-term investors should view this as a positive step toward high-margin, platform-led services.
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Mphasis Receives ₹151.73 Crore Income Tax Demand for AY 2020-21
Mphasis Limited has received an order from the Income Tax Department demanding ₹151.73 crores for the assessment year 2020-21. The demand primarily concerns Tax Deducted at Source (TDS) on overseas payments made to foreign associated enterprises for subcontracting charges. The company maintains that these claims are not maintainable and intends to file an appeal. Management expects no material financial impact, citing favorable industry precedents for similar cases in previous years.
Key Highlights
Received a tax demand notice of ₹151.73 crores under section 156 of the Income Tax Act.
The demand pertains to Assessment Year 2020-21 and involves sections 201 and 201(1A).
Issues relate to TDS on subcontracting charges paid to overseas subsidiaries and associated enterprises.
Management states that there is no material financial impact expected as they seek legal remedies.
Company plans to file an appeal, noting favorable precedents for similar issues in the IT industry.
💼 Action for Investors
Investors should monitor the legal proceedings of the appeal, though tax demands of this nature are relatively common in the IT sector and often contested successfully. No immediate action is required as the company is following standard legal recourse.
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Mphasis Completes Phase 1 Tech Modernization for Flagstar Bank, Consolidating 6 Data Centers
Mphasis has successfully completed the first phase of a major technology modernization program for Flagstar Bank, N.A., a significant U.S. regional bank with $87.5 billion in assets. Over a 12-month period, Mphasis consolidated six legacy data centers into two modern facilities and migrated hundreds of critical applications with zero downtime. This milestone demonstrates Mphasis's strong execution capabilities in the BFSI vertical, which is a key revenue driver. The partnership is now set to enter a second phase focusing on AI-led application modernization and operational efficiency.
Key Highlights
Consolidated 6 legacy data centers into 2 modern, co-sourced data centers within a 12-month timeline
Successfully migrated hundreds of business-critical applications with zero downtime
Flagstar Bank reported $87.5 billion in assets and $66.0 billion in deposits as of December 31, 2025
Partnership moves to next phase focusing on AI and next-generation technology for application modernization
💼 Action for Investors
Investors should view this as a positive validation of Mphasis's ability to execute large-scale digital transformation projects for major US financial institutions. This successful delivery strengthens the company's positioning for future AI-led contracts within its core BFSI vertical.
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Mphasis Receives Income Tax Demand Notice of Rs 2,286.86 Crore for AY 2023-24
Mphasis Limited has received an assessment order and a notice of demand for Rs 2,286.86 crore from the Income Tax Department for the Assessment Year 2023-24. The demand stems from additions to taxable income concerning ESOP expenses, subcontractor payments to overseas entities without TDS, and GST turnover discrepancies. Management believes there is no material financial impact as several issues are recurring and have favorable precedents in the High Court or are pending in the Supreme Court. The company plans to file a rectification petition for computational errors and a formal appeal against the order.
Key Highlights
Received a tax demand notice of Rs 2,286.86 crore for the Assessment Year 2023-24.
Key additions include ESOP expense claims and subcontractor payments to overseas associated enterprises.
Company identifies specific infirmities in the computation order and will file a rectification petition.
Management maintains that the issues have favorable jurisdictional High Court precedents.
No immediate penalty or restriction has been imposed along with the assessment order.
💼 Action for Investors
Investors should monitor the outcome of the rectification petition and the subsequent appeal process, as the demand amount is significant. While the company is confident in its legal position, any adverse final ruling could impact future cash flows.
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Mphasis Q3 FY26: Revenue Hits $451Mn with Record $2.1Bn LTM TCV and Strong AI Pipeline
Mphasis reported Q3 FY26 revenue of $451 million, reflecting a 7.4% YoY growth in constant currency. A key highlight is the LTM TCV, which has doubled over the last four quarters to reach a record $2.1 billion, supported by $428 million in new wins this quarter. The company's deal pipeline is at an all-time high, growing 66% YoY, with 69% of opportunities now being AI-led via their NeoIP platform. Growth was particularly robust in the Insurance vertical, which surged 36.6% YoY, and Direct BFS, which grew 18% YoY.
Key Highlights
Q3 revenue reached $451 million, up 1.5% QoQ and 7.4% YoY in constant currency terms.
LTM TCV doubled over the last four quarters to $2.1 billion, with 4 large deal wins in Q3.
The total deal pipeline grew 66% YoY, driven by a 98% YoY increase in the BFS pipeline.
Direct Business revenue grew 9.6% YoY in CC, now contributing 98% of total revenue.
Insurance vertical delivered stellar growth of 36.6% YoY, while Enterprise Apps grew 3.7% QoQ.
💼 Action for Investors
Investors should take confidence in the doubling of the LTM TCV and the record AI-led pipeline as leading indicators for future growth. The company's successful deployment of the NeoIP platform is effectively 'supersizing' deal values and driving wallet share in core BFSI accounts.
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Mphasis Q3 FY26: Direct Revenue Up 9.6% YoY, LTM TCV Doubles to $2.1 Billion
Mphasis reported a steady Q3 FY26 with direct revenue growing 9.6% YoY to $451 million, led by strong performance in the BFSI segment. The company's AI-led strategy is gaining significant traction, with 69% of the pipeline now AI-driven and LTM TCV doubling to $2.1 billion. Operating margins remained stable at 15.2%, within the management's guided range of 14.75%-15.75%. Management maintains an optimistic outlook, expecting growth at twice the industry average driven by large deal ramp-ups.
Key Highlights
Direct revenue grew 1.9% QoQ and 9.6% YoY in constant currency, reaching $451 million.
LTM TCV reached $2.1 billion, doubling year-on-year, with $428 million in new wins this quarter.
AI-led initiatives dominate the outlook, with 69% of the total pipeline being AI-driven and a 91% YoY increase in large deal pipeline.
Banking and Financial Services (BFS) direct revenue grew 18.2% YoY, while Insurance saw a robust 8.1% QoQ growth.
Operating (EBIT) margins held steady at 15.2%, consistent with the long-term target band of 14.75%-15.75%.
💼 Action for Investors
Investors should monitor the conversion of the record TCV into revenue over the next few quarters. The company's ability to maintain margins while outperforming industry growth rates makes it a strong pick in the mid-cap IT space.
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Mphasis Q3 FY26 Revenue Grows 12.4% YoY to ₹40,026 Mn; PAT Impacted by Exceptional Item
Mphasis reported a steady revenue growth of 2.6% QoQ and 12.4% YoY, reaching ₹40,026 million for the quarter ended December 2025. Consolidated Profit After Tax (PAT) stood at ₹4,422 million, showing a sequential decline of 5.7% primarily due to a one-time exceptional charge of ₹355 million related to the implementation of new Indian labour laws. The Banking and Financial Services (BFS) segment remains the primary growth driver, contributing over 52% of total revenue. While net margins were slightly pressured by the regulatory charge, the company continues to expand its capabilities through strategic acquisitions in cybersecurity and digital transformation.
Key Highlights
Consolidated revenue from operations grew 12.4% YoY and 2.6% QoQ to ₹40,025.79 million.
Profit After Tax (PAT) stood at ₹4,421.85 million, up 3.4% YoY but down from ₹4,690.74 million in the previous quarter.
A one-time exceptional expense of ₹354.77 million was recorded due to the impact of change in Indian labour laws.
Banking and Financial Services (BFS) revenue increased to ₹20,912.49 million, accounting for 52.2% of total revenue.
Insurance segment revenue showed significant growth, rising 45.4% YoY to ₹6,039.93 million.
💼 Action for Investors
Investors should look past the one-time PAT decline caused by the non-recurring labour law provision and focus on the healthy 12.4% YoY revenue growth. The continued strength in the BFS and Insurance verticals suggests a stable demand environment for the company's core services.
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Mphasis Q3 Revenue Rises 12.4% YoY to ₹40,026 Mn; PAT Impacted by One-time Labour Law Charge
Mphasis reported a steady 12.4% YoY growth in consolidated revenue for Q3 FY26, reaching ₹40,025.79 million. However, Profit After Tax (PAT) saw a sequential decline of 5.7% to ₹4,421.85 million, primarily due to a one-time exceptional charge of ₹354.77 million related to the notification of new Indian labour codes. The Banking and Financial Services (BFS) segment remained the strongest performer, contributing over 52% of total revenue. Despite the one-time hit, the company continues its inorganic growth strategy with multiple small-scale acquisitions in cybersecurity and digital transformation.
Key Highlights
Consolidated Revenue grew 2.6% QoQ and 12.4% YoY to ₹40,025.79 million
Net Profit (PAT) stood at ₹4,421.85 million, up 3.4% YoY but down 5.7% QoQ due to exceptional items
Recognized a one-time exceptional cost of ₹354.77 million for compliance with New Labour Codes
BFS segment revenue grew to ₹20,912.49 million, while Logistics and Transportation revenue halved YoY to ₹2,182.49 million
Basic EPS for the quarter was ₹23.22, down from ₹24.65 in the preceding quarter
💼 Action for Investors
Investors should look past the one-time regulatory impact and focus on the steady growth in BFS and Insurance verticals. Monitor the recovery in the Logistics segment and the margin impact of recent acquisitions like Locate Software and EDZ Systems.
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Mphasis Acquires Remaining 49% Stake in UK-based Mrald Limited for Full Ownership
Mphasis Consulting Limited, a UK subsidiary, has exercised its call option to acquire the remaining 49% stake in its joint venture, Mrald Limited, from Ardonagh Services Limited. Mrald Limited, which provides digital transformation services for the insurance sector, reported a turnover of Rs. 83.99 crore in FY25, up from Rs. 16.76 crore in FY23. Although Mphasis already held 100% beneficial interest and operating control, this move formalizes full legal ownership as the venture has reached sufficient scale. The acquisition was completed at face value in cash, and the partnership with Ardonagh as a customer remains intact.
Key Highlights
Acquisition of 49% stake in Mrald Limited, UK, making it a 100% step-down subsidiary.
Mrald's turnover grew significantly from Rs. 16.76 Cr in FY23 to Rs. 83.99 Cr in FY25.
The transaction was executed at face value for 49 Ordinary Shares via cash consideration.
Move follows the exercise of a call option five years after the initial joint venture formation.
Mphasis retains Ardonagh Services Limited as a valued customer with all existing agreements unchanged.
💼 Action for Investors
Investors should view this as a positive consolidation of a high-growth niche unit specializing in insurance digital transformation. The formalization of ownership at a nominal cost reflects a well-timed strategic execution of a pre-existing joint venture agreement.
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Girish Srikrishna Paranjpe Appointed as Chairperson of Mphasis Board
Mphasis has appointed Girish Srikrishna Paranjpe as the new Chairperson of the Board, effective January 7, 2026. Mr. Paranjpe, who has served as an Independent Director since October 2024, succeeds Jan Kathleen Hier following the conclusion of her term on December 10, 2025. He brings extensive industry experience as a Co-promoter of Exfinity Venture Partners and holds board positions at Axis Bank and CRISIL. This transition is expected to support the company's ongoing AI-led, platform-driven technology strategy.
Key Highlights
Appointment of Girish Srikrishna Paranjpe as Chairperson effective January 7, 2026
Succeeds Jan Kathleen Hier, whose term as Independent Director and Chairperson ended December 10, 2025
Mr. Paranjpe has been an Independent Director on the Mphasis board since October 2024
New Chairperson holds concurrent board roles at Axis Bank Limited and CRISIL Limited
💼 Action for Investors
Investors should view this as a routine leadership succession; monitor if the new Chairperson introduces any shifts in the company's AI-first strategic roadmap.