MPS Limited (MPSLTD)
₹2,497.90 -0.34% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, MPS's revenue was ₹224 Cr (+20.4% year on year, +9.3% on the previous quarter), and net profit ₹50.4 Cr (+44.0% year on year); the operating margin was 34.3%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹224 | +20.4% | +9.3% |
| Operating profit | ₹77.0 | +54.6% | +14.0% |
| Net profit | ₹50.4 | +44.0% | +7.1% |
| EPS (₹) | 29.70 | +44.2% | +7.1% |
| Operating margin | 34.3% | — | — |
MPSLTD delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 54.98% of the MPSLTD shares traded on NSE were taken to delivery, against the stock's own 20-session average of 54.52%. That is close to its usual level.
Delivery in the last 5 sessions: 51.7% · 53.6% · 59.3% · 63.8% · 55.0%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
MPS Limited announced that its Artificial Intelligence Management System (AIMS) has achieved ISO/IEC 42001:2023 certification, audited and awarded by DNV Business Assurance. The certification is valid from August 25, 2026, through August 24, 2029, covering key delivery centers across Chennai, Noida, Dehradun, and Bangalore. The compliance standard validates MPS's AI governance, risk controls, and data integrity, aiding client acquisition in regulated regions like Europe (under the EU AI Act). The company reported TTM revenue of Rs 806 Cr with a 32.0% operating margin, serving 1,100+ customers globally.
- Certified under ISO/IEC 42001:2023 standard by DNV Business Assurance.
- Certification validity spans August 25, 2026, through August 24, 2029.
- Covers operations across 4 delivery centers: Chennai, Noida, Dehradun, and Bangalore.
- Supports MPS's base of 1,100+ customers and in-house team of 200+ AI engineers.
MPS Limited announced that the NCLT Chennai Bench passed an order on September 16, 2026, regarding the Second Motion Petition for the Scheme of Amalgamation of ADI BPO Services Limited into MPS Limited. The Tribunal recorded shareholder and unsecured creditor approvals obtained on August 22, 2026. The NCLT directed notices to statutory authorities (RD, RoC, IT, OL) with a 30-day window for representations. The matter is scheduled for its next hearing on November 4, 2026.
- NCLT Chennai Division Bench passed order dated 16 September 2026 in CP(CAA)/76(CHE)/2026
- Shareholder and unsecured creditor approval reports from 22 August 2026 placed on record
- Statutory authorities given 30 days from receipt of notice to file representations, if any
- Next NCLT hearing fixed for 04 November 2026
MPS Limited announced the voting results and scrutinizer's report for its 56th Annual General Meeting held on September 4, 2026. All five ordinary and special resolutions were approved by shareholders with over 99.95% votes in favour. Key items passed include the adoption of FY26 financial statements, re-appointment of statutory auditors M/s. Walker Chandiok & Co LLP for five years, and appointments of board directors. Total votes cast stood at 12,277,517 shares, representing 71.77% of total voting capital.
- All 5 resolutions approved with >99.95% votes in favour
- Total votes polled stood at 12,277,517 shares (71.77% of outstanding capital)
- Walker Chandiok & Co LLP re-appointed as Statutory Auditors for a 5-year term
- Total shareholder base stood at 27,511 as of cut-off date August 28, 2026
MPS Limited has informed the exchanges that the video recording of its 56th Annual General Meeting (AGM) is now available on the company website. The AGM was conducted on Friday, September 04, 2026, at 5:00 PM IST via video conferencing and audio-visual means. This is a standard regulatory compliance filing under SEBI LODR Regulations without any new financial disclosures.
- 56th Annual General Meeting concluded on Friday, September 04, 2026
- AGM held at 05:00 P.M. (IST) via Video Conferencing / Other Audio-Visual Means
- Full video recording hosted on the company's official website
MPS Limited has informed stock exchanges that CRISIL ESG Ratings & Analytics assigned the company an unsolicited rating of 'CRISIL ESG 64 (Strong)'. The rating was independently computed based on public domain data and disclosures for the financial year ended 31 March 2026. The company confirmed it did not solicit or engage CRISIL ESG for this assessment.
- CRISIL ESG Ratings assigned an unsolicited score of 'CRISIL ESG 64 (Strong)'
- Assessment based on company disclosures for FY ended 31 March 2026 and public domain data
- Rating intimation received by the company on 04 September 2026 without prior commercial engagement
MPS Limited conducted its 56th Annual General Meeting on 04 September 2026 via video conferencing. During the address, the Chairman highlighted FY26 performance with EBITDA of approximately ₹236 crore (30.7% margin) and PAT growth of 16.3%. The company reiterated its capital allocation strategy, noting no final dividend for FY26 due to capital deployment towards the Unbound Medicine acquisition and pending pipeline opportunities. Key resolutions including director appointments and the 5-year re-appointment of statutory auditors were put to vote.
- 56th AGM concluded with voting on 5 ordinary and special resolutions
- Chairman highlighted FY26 EBITDA of ~₹236 crore (30.7% margin) and ROCE of 38.2%
- Research business grew ~17% and Education grew ~29% in FY26
- Capital allocated to the Unbound Medicine acquisition and evaluated M&A deals in lieu of FY26 final dividend
- Re-appointment of M/s. Walker Chandiok & Co LLP as statutory auditors for a 5-year term put to shareholder vote
MPS Limited announced the appointment of Mr. Piyush Jain as Company Secretary, Compliance Officer, and Nodal Officer effective 29 August 2026. This follows the resignation of Mr. Raman Sapra, effective 28 August 2026. The company also updated its list of Key Managerial Personnel authorized under SEBI Regulation 30(5) for determining materiality and making stock exchange disclosures, designating Chairman & CEO Rahul Arora, CFO Prarthana Agarwal, and Mr. Jain.
- Appointment of Mr. Piyush Jain as Company Secretary & Compliance Officer effective 29 August 2026
- Resignation of outgoing Company Secretary Mr. Raman Sapra effective close of business 28 August 2026
- Updated SEBI Reg 30(5) authorized KMPs including Chairman & CEO Rahul Arora and CFO Prarthana Agarwal
- Board meeting approving the appointment concluded at 09:15 hours on 25 August 2026
MPS Limited has appointed Mr. Piyush Jain as Company Secretary, Compliance Officer, and Nodal Officer effective 29 August 2026. This follows the resignation of Mr. Raman Sapra, effective 28 August 2026. Mr. Jain brings over a decade of corporate law and compliance experience from previous roles at R Systems International and DLF Limited. The appointment was approved at the Board meeting held on 25 August 2026 following NRC recommendation on 06 July 2026.
- Appointment of Mr. Piyush Jain as CS & Compliance Officer effective 29 August 2026
- Cessation of outgoing CS Mr. Raman Sapra effective close of business hours on 28 August 2026
- Mr. Jain brings over 10 years of experience in corporate governance, FEMA, and securities regulations
- Board meeting approving the change was held on 25 August 2026 between 08:00 and 09:15 hours
Unsecured creditors of MPS Limited have unanimously approved the Scheme of Amalgamation with ADI BPO Services Limited at an NCLT-convened meeting held on August 22, 2026. A total of 13 unsecured creditors representing ₹71,06,680 in value voted 100% in favour of the resolution, with zero votes against or invalid. The merger represents a key procedural milestone under Sections 230-232 of the Companies Act, 2013, towards integrating ADI BPO Services into MPS Limited.
- 100% approval by unsecured creditors for the Scheme of Amalgamation with ADI BPO Services Limited
- Total valid votes cast in favour represented ₹71,06,680 across 13 creditors
- Zero votes cast against the resolution and zero invalid votes recorded
- Meeting was convened pursuant to the NCLT Chennai Bench order dated July 02, 2026
MPS Limited conducted its NCLT-convened Equity Shareholders Meeting on 22 August 2026 to approve the Scheme of Amalgamation of its holding company, ADI BPO Services Limited, with MPS Limited. A total of 36 shareholders attended the virtual meeting out of 27,109 eligible shareholders as of the record date of 17 August 2026. Remote e-voting was held from 19 August to 21 August 2026, alongside e-voting during the meeting. The formal voting results and scrutinizer's report will be declared separately.
- Meeting convened on 22 August 2026 pursuant to NCLT Chennai order dated 02 July 2026
- Scheme involves amalgamation of holding company ADI BPO Services Limited into MPS Limited
- Total eligible shareholders as of record date (17 August 2026) stood at 27,109
- 36 shareholders attended the virtual meeting; voting results to be submitted separately
MPS Limited conducted an NCLT-convened meeting of its unsecured creditors on 22 August 2026 regarding the Scheme of Amalgamation of its holding company, ADI BPO Services Limited, into MPS Limited. Out of 39 unsecured creditors as on the cut-off date of 15 March 2026, 14 attended the meeting to vote on the resolution under Sections 230 to 232 of the Companies Act, 2013. The meeting followed remote e-voting held between 19 and 21 August 2026, with the scrutinizer's voting report to be submitted separately.
- NCLT-directed Unsecured Creditors meeting held on 22 August 2026 via video conferencing
- 14 out of 39 eligible unsecured creditors (cut-off date 15 March 2026) attended the meeting
- E-voting conducted from 19 to 21 August 2026 and extended 30 minutes post-meeting
- Scheme involves amalgamation of holding entity ADI BPO Services Limited with MPS Limited
MPS Limited conducted its NCLT-convened equity shareholder meeting on 22 August 2026 to approve the Scheme of Amalgamation of its holding company, ADI BPO Services Limited, into MPS Limited. Out of 27,109 total shareholders on the 17 August 2026 record date, 36 attended the virtual meeting. The amalgamation aims to consolidate group operations and drive administrative efficiencies. Formal voting results and the Scrutinizer's Report will be submitted separately to stock exchanges and the NCLT.
- NCLT-convened equity shareholder meeting held on 22 August 2026 pursuant to NCLT Chennai order dated 02 July 2026
- Scheme involves amalgamation of holding entity ADI BPO Services Limited with MPS Limited
- 27,109 total eligible shareholders on record date of 17 August 2026, with 36 attending via video conference
- Remote e-voting window was open from 19 August 2026 to 21 August 2026; scrutinizer report pending
MPS Limited has announced its 56th Annual General Meeting (AGM) to be held on September 4, 2026, via video conferencing. The company has dispatched physical letters containing QR codes and weblinks to shareholders whose email addresses are not registered, providing access to the FY 2025-26 Annual Report. The cut-off date for determining e-voting eligibility is August 28, 2026, with the voting window open from September 1 to September 3, 2026. This is a standard procedural filing following the conclusion of the fiscal year.
- 56th Annual General Meeting scheduled for September 4, 2026, at 05:00 P.M. IST
- Cut-off date for e-voting eligibility is Friday, August 28, 2026
- Remote e-voting period starts September 1, 2026 (09:00 A.M.) and ends September 3, 2026 (05:00 P.M.)
- Annual Report for FY 2025-26 made accessible via QR code and weblink for non-registered email holders
- Company reported TTM revenue of ₹768 Cr and PAT of ₹173 Cr for the period ending March 2026
MPS Limited has scheduled its 56th Annual General Meeting (AGM) for September 04, 2026, to be held via video conferencing. The primary agenda includes the formal adoption of FY26 audited financial statements, where the company reported a consolidated revenue of ₹768.37 Cr and a PAT of ₹172.54 Cr. Shareholders will vote on the re-appointment of Walker Chandiok & Co LLP as Statutory Auditors for a five-year term ending in 2031. Additionally, the board seeks approval for the appointment of Mr. Atul Vohra as a Non-Executive Director and a second five-year term for Independent Director Mr. Karthik Bhat Khandige.
- AGM scheduled for September 04, 2026, at 05:00 P.M. IST via Video Conferencing.
- Cut-off date for determining e-voting eligibility is set for August 28, 2026.
- Proposed re-appointment of Statutory Auditors for a 5-year block from the 56th to the 61st AGM.
- Mr. Karthik Bhat Khandige proposed for a second term of 5 years as Independent Director (2026-2031).
- Adoption of FY26 financial results showing a 30.1% Operating Profit Margin.
MPS Limited has approved an amendment to the Share Subscription and Shareholders Agreement (SSSHA) dated October 10, 2025, involving its material subsidiary, MPS Interactive Systems Limited (MPSi). The amendment allows minority shareholder Mr. Rodney Charles Beach to transfer his equity stake in MPSi to the Beach Trust, an Australian entity where he is the sole trustee and beneficiary. This is a procedural change with no fresh issuance of shares or monetary consideration involved. The company maintains that this will not impact the management or control of MPSi or MPS Limited.
- Amendment to the original Share Subscription and Shareholders Agreement dated 10 October 2025
- Permits transfer of shares to Beach Trust, established under the laws of Victoria, Australia
- Mr. Beach remains the sole trustee, sole appointor, and sole primary beneficiary of the trust
- Zero fresh issuance of shares or monetary consideration involved in this amendment
- MPS Interactive Systems Limited (MPSi) remains a material subsidiary of MPS Limited
Financial Performance
Revenue Growth by Segment
H1 FY26 consolidated revenue grew 6.22% YoY to INR 38,072 lakh. Research Solutions achieved 18.32% YoY organic growth in Q2 FY26, contributing 61.5% of total revenue. Education Solutions showed strong growth, while Corporate Learning contribution moderated.
Geographic Revenue Split
Not disclosed in available documents, though the company maintains global operations with leadership in Switzerland and Singapore.
Profitability Margins
PAT margin for H1 FY26 was 24.49%, up from 19.07% in H1 FY25. PBT margin expanded to 32.55% from 25.92% YoY, aided by higher operating leverage and exceptional income.
EBITDA Margin
EBITDA margin for H1 FY26 expanded by 271 bps YoY to 29.09%. Q2 FY26 EBITDA margin stood at 31.10%, a 99 bps YoY increase.
Capital Expenditure
The company has an enabling resolution for equity financing to deploy approximately INR 600 Cr for back-to-back acquisitions to reach its Vision 2027 revenue target of INR 1,500 Cr.
Credit Rating & Borrowing
The company maintains a debt-free balance sheet with zero debt as of 30 September 2025.
Operational Drivers
Raw Materials
As a service-based business, primary costs are personnel-related; headcount stood at 3,071 as of H1 FY26, an 11.51% increase YoY.
Capacity Expansion
Current capacity is driven by a global workforce of 3,071 employees. Expansion is planned through a robust M&A pipeline of 25-35 active targets.
Raw Material Costs
Not applicable; however, operational efficiency gains and cost management initiatives improved EBITDA by 17.14% YoY to INR 11,076 lakh in H1 FY26.
Manufacturing Efficiency
Operational efficiency gains contributed to a 43.92% increase in Q2 FY26 performance.
Strategic Growth
Expected Growth Rate
25-30%
Growth Strategy
The company aims to reach INR 1,500 Cr in revenue by FY27/28 through a combination of organic growth in Research Solutions (18.32% current organic growth) and an aggressive M&A strategy involving 5 back-to-back deals supported by an INR 600 Cr equity financing resolution. Strategic focus includes high-value opportunities like Experience Centers, with one project value recently scaling from $850,000 to $1.1 million.
Products & Services
Research Solutions, Education Solutions, Corporate Learning services, and Experience Centers.
Brand Portfolio
MPS Limited, MPS Interactive Systems Limited (MPSi).
New Products/Services
Expansion of Experience Centers (e.g., a $1.1 million project) and scaling strategic engagements in Research and Education segments.
Market Expansion
Targeting global markets through integrated leadership and specialist capabilities, with a focus on non-STAR clients.
Market Share & Ranking
Research Solutions maintains a dominant position in the portfolio, contributing 61.5% of total revenue.
External Factors
Industry Trends
The industry is seeing strong growth in Research and Education segments, while Corporate Learning has moderated. MPS is positioning itself as a cost-efficient global delivery partner with integrated specialist capabilities.
Competitive Landscape
The company competes in the global research, education, and corporate learning sectors, focusing on organic growth and aggressive M&A to gain market share.
Competitive Moat
Moat is built on a dominant position in Research Solutions (61.5% revenue share) and a consolidated, cost-efficient global delivery model that focuses on high-value, repeatable opportunities.
Macro Economic Sensitivity
Sensitivity to general regulatory and economic conditions affecting the industry.
Consumer Behavior
Shift toward high-value strategic engagements and experience-based learning solutions.
Regulatory & Governance
Industry Regulations
Compliance with Ind AS 110 (Consolidated Financial Statements), Ind AS 108 (Operating Segments), and Section 133 of the Companies Act, 2013.
Taxation Policy Impact
Effective tax rate for H1 FY26 was approximately 24.7% based on PAT of INR 7,712 lakh and PBT of INR 10,251 lakh.
Legal Contingencies
No instances of significant fraud reported; unmodified review reports issued by statutory auditors Walker Chandiok & Co LLP.
Risk Analysis
Key Uncertainties
Materialization of unknown risks or inaccurate underlying assumptions in the M&A strategy could impact the Vision 2027 revenue target of INR 1,500 Cr.
Geographic Concentration Risk
Not disclosed, but operations are spread across India, Singapore, and Switzerland.
Technology Obsolescence Risk
The company is mitigating technology risks by investing in Experience Centers and specialist global capabilities.
Credit & Counterparty Risk
Receivables quality is managed through tighter working capital management, with DSO at 58 days.
