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MPHASIS - Mphasis

📊 NSE: MPHASIS 🏢 Computers - Software - Large 📅 Last Updated: 12/14/2025 10:02

📢 Recent Corporate Announcements

Mphasis Limited Releases Audio Recording of Q4 and FY2026 Earnings Call

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 30 Apr 2026, 09:12 PM

Mphasis Limited has officially released the audio recording of its investor and analyst conference call held on April 30, 2026. The call focused on the company's financial performance for the fourth quarter and the full fiscal year ending March 31, 2026. This disclosure ensures transparency and provides stakeholders with direct access to management's discussion on business strategy and financial health. The recording is accessible via the company's investor relations portal as per SEBI regulations.

Audio recording for Q4 and FY2026 earnings call made available on April 30, 2026.
The disclosure is compliant with Regulation 30 of SEBI (LODR) Regulations, 2015.
The recording covers management commentary on the financial year ended March 31, 2026.
Direct link to the MP3 file provided on the official Mphasis website for public access.

💡 Investors should review the call recording to understand management's outlook on deal wins and margin guidance for the upcoming fiscal year. This is a routine procedural update and does not require immediate portfolio changes.

Mphasis FY26 Net Profit Rises 9.4% to ₹18,626 Million; Recommends ₹62 Final Dividend

🟢 POSITIVE ⭐ 9/10

EARNINGS 📅 30 Apr 2026, 12:01 AM

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.

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.

💡 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.

Mphasis FY26 Net Profit Rises 9.4% to ₹18,626M; Recommends ₹62 Final Dividend

🟢 POSITIVE ⭐ 9/10

EARNINGS 📅 29 Apr 2026, 11:55 PM

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.

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.

💡 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.

Mphasis FY26 Net New TCV Hits Record $2.1Bn; Q4 Revenue Up 7.1% YoY in CC

🟢 POSITIVE ⭐ 9/10

EARNINGS 📅 29 Apr 2026, 11:39 PM

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.

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.

💡 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.

Mphasis FY26 PAT Grows 9.4% to ₹18,626M; Recommends ₹62 Dividend and CEO Re-appointment

🟢 POSITIVE ⭐ 9/10

EARNINGS 📅 29 Apr 2026, 11:38 PM

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.

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

💡 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.

Mphasis Appoints Richard Miller as Global Head of Insurance Business

🟢 POSITIVE ⭐ 7/10

MANAGEMENT 📅 28 Apr 2026, 08:30 AM

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.

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

💡 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.

Mphasis Appoints Dr. Rogayeh Tabrizi as EVP - CPG and Head of Decision AI

🟢 POSITIVE ⭐ 7/10

MANAGEMENT 📅 21 Apr 2026, 09:12 PM

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.

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

💡 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.

Mphasis Acquires Canada's Theory and Practice for up to CAD 30 Million to Strengthen AI

🟢 POSITIVE ⭐ 8/10

M&A 📅 21 Apr 2026, 09:02 PM

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.

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.

💡 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.

Mphasis Grants 5,000 Stock Options Under ESOP 2016 at ₹2,140 Exercise Price

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 10 Apr 2026, 03:03 PM

Mphasis Limited has approved the grant of 5,000 stock options to identified employees under its Employee Stock Option Plan 2016. The grant was finalized on April 9, 2026, with an exercise price set at ₹2,140 per share. These options will vest over a five-year period in equal annual proportions. This is a routine administrative action aimed at employee retention and alignment with shareholder interests.

Grant of 5,000 stock options to identified employees under ESOP 2016.
Exercise price fixed at ₹2,140 per option.
Vesting period of 5 years from the date of grant in equal proportions.
Exercise period extends to 60 calendar months from the respective dates of vesting.
Each option entitles the holder to one equity share of ₹10 face value.

💡 No action is required as this is a routine grant of a small number of options that will not significantly dilute equity. It reflects standard human resource practices for IT services firms.

Mphasis Submits Share Capital Audit Report for Quarter Ended March 31, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 08 Apr 2026, 05:47 PM

Mphasis Limited has filed its Reconciliation of Share Capital Audit Report for the quarter ended March 31, 2026, as per SEBI regulations. This report, certified by a Practicing Company Secretary, confirms that the company's total issued capital matches the shares held in dematerialized form with NSDL and CDSL, as well as those in physical form. This is a standard regulatory compliance procedure required under Regulation 76 of the SEBI (Depositories and Participants) Regulations, 2018. The filing indicates that the company's share registry and capital structure are in order.

Submission of Reconciliation of Share Capital Audit Report for Q4 FY2026.
Compliance with Regulation 76 of SEBI (Depositories and Participants) Regulations, 2018.
Report verified and signed by a Practicing Company Secretary.
Confirms reconciliation between issued capital and shares held in NSDL, CDSL, and physical formats.

💡 No action is required as this is a routine administrative filing. Investors should continue to monitor the company's upcoming quarterly financial results for fundamental performance indicators.

Mphasis Receives ₹151.73 Crore Income Tax Demand for AY 2020-21

🔵 WATCH ⭐ 6/10

REGULATORY 📅 30 Mar 2026, 10:03 PM

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.

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.

💡 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.

Mphasis Completes Phase 1 Tech Modernization for Flagstar Bank, Consolidating 6 Data Centers

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 30 Mar 2026, 08:51 PM

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.

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

💡 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.

Mphasis Responds to ₹1.05 Lakh Fine by BSE & NSE for Board Composition Non-Compliance

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 28 Mar 2026, 08:14 AM

Mphasis Limited has received notices from BSE and NSE regarding non-compliance with SEBI Regulation 17(1) for the quarter ended December 31, 2025. The exchanges levied a fine of ₹1,05,000 (plus GST) each for a 21-day delay in the appointment of a regular Non-Executive Chairperson. The company clarified that no board meetings occurred during the transition period and a new Chairperson was appointed on January 7, 2026. Mphasis has filed a waiver application with the exchanges, arguing that governance operations remained unaffected during the interim period.

BSE and NSE levied a fine of ₹1,05,000 each for non-compliance with Regulation 17(1) regarding board composition.
The alleged non-compliance lasted for 21 days during the quarter ended December 31, 2025.
Mphasis appointed a regular Non-Executive Chairperson on January 7, 2026, resolving the vacancy.
The company filed a formal waiver application on March 13, 2026, and the outcome is currently awaited.
The Board maintains that governance was not impaired as no meetings were held between December 11, 2025, and January 6, 2026.

💡 This is a minor procedural regulatory matter with an immaterial financial impact. No action is required as the company has already rectified the board composition and is seeking a waiver for the fine.

Mphasis Receives Income Tax Demand Notice of Rs 2,286.86 Crore for AY 2023-24

🔵 WATCH ⭐ 7/10

LEGAL 📅 26 Mar 2026, 07:21 PM

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.

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.

💡 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.

Mphasis to Close Trading Window from March 23, 2026, Ahead of Q4 and FY26 Results

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 21 Mar 2026, 11:20 AM

Mphasis Limited has announced the closure of its trading window for designated persons starting March 23, 2026, in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015. This closure is a standard procedure preceding the announcement of financial results for the quarter and full year ending March 31, 2026. The window will remain closed until 48 hours after the results are officially declared to the exchanges. The specific date for the board meeting to approve these results will be communicated by the company at a later date.

Trading window closure for designated persons begins on March 23, 2026.
Closure is related to the upcoming financial results for the quarter and year ending March 31, 2026.
The window will reopen 48 hours after the public declaration of the financial results.
The board meeting date for result approval is yet to be announced separately.

💡 This is a routine regulatory filing with no direct impact on stock valuation. Investors should monitor for the upcoming board meeting date to prepare for the Q4 and FY26 earnings release.

View All MPHASIS Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Mphasis reported a revenue decline of 3.8% YoY in FY2024 to INR 13,278.5 Cr, primarily due to a slowdown in the mortgage and banking segments which account for over 50% of annual revenues. However, H1 FY2025 saw a recovery with 6.6% YoY growth driven by the banking and insurance verticals. The company achieved a record TCV of $1.3 billion in H1 FY2026, surpassing the total TCV of FY2025.

Geographic Revenue Split

The company exhibits high geographical concentration with the US market contributing 81% of total revenues in FY2024 (down slightly from 82% in FY2023). Other regions including Europe and India contribute the remaining 19%. This concentration makes earnings highly vulnerable to US-specific macroeconomic shifts and regulatory changes.

Profitability Margins

Operating margins remained healthy at 18.2% in FY2024, supported by cost optimization and easing wage inflation. The company targets a long-term operating EBIT margin band of 14.75% to 15.75%. Net margins are susceptible to pricing pressures in the intensely competitive IT services industry and fluctuations in the mortgage segment.

EBITDA Margin

EBITDA margins have remained relatively stable despite revenue volatility. In FY2022, the company maintained robust debt protection with an interest coverage ratio of 28.5x and TD/OPBITDA of 0.6x. Margin stability is supported by a shift toward high-value digital and AI-led services which now comprise one-third of the order book.

Capital Expenditure

While specific annual CAPEX figures are not fully detailed, the company maintains a strong liquidity position with cash and liquid investments of INR 2,982.6 Cr as of September 30, 2024, to fund ongoing digital transformations and potential acquisitions like Silverline.

Credit Rating & Borrowing

ICRA reaffirmed ratings at [ICRA]AA+ (Stable) and [ICRA]A1+. The company maintains a negative net debt position with a gearing of 0.2x as of March 2022, indicating very low reliance on external borrowing and high financial flexibility.

⚙️ Operational Drivers

Raw Materials

As an IT services firm, the primary 'raw material' is human capital (skilled workforce), which accounts for the largest portion of operating costs. Wage costs and talent acquisition expenses are the critical cost drivers.

Import Sources

Not applicable for IT services; however, talent is primarily sourced from India, the US, and Europe.

Key Suppliers

Not applicable in a traditional manufacturing sense; however, the company leverages the Blackstone Group's ecosystem for client acquisition and strategic partnerships with firms like Kore.ai.

Capacity Expansion

Capacity is measured by headcount and TCV wins. The company closed over $2 billion in TCV on a last 12-month basis as of Q2 FY2026, indicating a significant expansion in service delivery capacity.

Raw Material Costs

Employee benefit expenses and wage inflation are the primary cost factors. Attrition rates have moderated in FY2024, aligning with industry averages, which helps in stabilizing the cost-to-revenue ratio.

Manufacturing Efficiency

Efficiency is tracked through TCV-to-revenue conversion pace and utilization of the NeoIP suite of agents to automate service delivery.

Logistics & Distribution

Distribution is digital; costs are related to global delivery center maintenance and cloud infrastructure.

📈 Strategic Growth

Expected Growth Rate

12-15%

Growth Strategy

Growth is driven by an AI-first strategy, leveraging the NeoIP suite (NeoCrux, NeoZeta) and gaining access to the investment portfolios of Blackstone, ADIA, and UC Investments. The company aims for growth at >2x the industry average by converting its $1.3 billion H1 FY2026 TCV into revenue.

Products & Services

IT services, BPO services, Cloud transformation, AI-led solutions (NeoCrux, NeoZeta), and mortgage processing services.

Brand Portfolio

Mphasis, Silverline (Sonnick Partners LLC), NeoCrux, NeoZeta, NeoIP.

New Products/Services

Launched AI products NeoCrux and NeoZeta; AI-driven deals now represent approximately 33% of the total order book.

Market Expansion

Expanding footprint in the US and Europe through the acquisition of Silverline (Salesforce partner) and eBECS to deepen presence in cloud and digital segments.

Market Share & Ranking

Positioned as a leading mid-tier IT services player; serves 6 of the top global banks and 11 of the top 15 US mortgage lenders.

Strategic Alliances

Strategic alliance with Kore.ai for conversational AI and deep integration with Blackstone Group's portfolio companies for captive-to-direct business conversion.

🌍 External Factors

Industry Trends

The industry is shifting toward AI and cloud-based discretionary spending. Mphasis is positioning itself to capture this by ensuring 1/3 of its TCV is AI-led, moving away from traditional legacy maintenance.

Competitive Landscape

Faces intense competition from Tier-1 Indian IT firms (TCS, Infosys) and global consultants (Accenture), which limits its ability to hike prices significantly.

Competitive Moat

Moat is built on deep domain expertise in Banking and Capital Markets (BCM) and a unique 'Blackstone advantage' providing a steady pipeline of captive deals. This is sustainable due to long-term (10+ year) relationships with top-tier global banks.

Macro Economic Sensitivity

Highly sensitive to US GDP growth and interest rate cycles; a 1% change in US interest rates significantly impacts the mortgage servicing business volume.

Consumer Behavior

Clients are shifting from large multi-year legacy contracts to shorter, transformation-heavy AI and digital deals.

Geopolitical Risks

Exposure to US and European regulatory changes regarding data residency and H1-B visa policies which could increase operational costs.

⚖️ Regulatory & Governance

Industry Regulations

Subject to international data protection laws (GDPR) and US financial service regulations. Compliance is critical as a breach could lead to significant penalties and loss of marquee banking clients.

Environmental Compliance

Direct environmental risk is low due to the service nature of the business; ESG focus is primarily on data security and social governance.

Taxation Policy Impact

The company faces ongoing scrutiny regarding income tax-related matters, which are categorized as contingent liabilities.

Legal Contingencies

Sizeable contingent liabilities exist, primarily related to income tax matters. Materialization of these could impact the INR 2,982.6 Cr liquidity position.

⚠️ Risk Analysis

Key Uncertainties

US macroeconomic uncertainty and potential reduction in discretionary IT spend pose a 5-10% risk to revenue growth targets.

Geographic Concentration Risk

81% of revenue is derived from the US market, creating a high-risk profile for region-specific economic downturns.

Third Party Dependencies

High dependency on the Blackstone Group for deal flow; any change in Blackstone's stake or investment strategy could impact the 'Direct' business growth.