MphasiS Limited (MPHASIS)

Mid Cap

IT stocks · Mid cap · NSE

Mphasis is an AI-led, platform-driven company with human-in-the-loop intelligence, helping global enterprises modernize, infuse AI, and scale with agility. It uses its proprietary NeoIP platform and Front2Back transformation framework to deliver hyper-personalized digital experiences and pivot to cloud-first operating models.

₹2,500

+0.00 · +0.00%

Market cap ₹47,737 Cr

IndicesNifty 500

ThemesAI / IT Manufacturing

Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm IST

Details

Quote19 Oct, 03:31 pm IST

Base fundamentals20 Oct 2026 · screener

Latest result24 Jul, 05:24 am IST

Score20 Oct, 05:15 am IST · v4.3-runtime-valuation

Tags02 May 2026

Coverage14/14 · 100%

Valuation2026-07-20 · Rf 6.8% · IT P/E 21.4 (n=204)

Technical timing lens

Trend score and candlestick chart

73Bullish

SMA20 -3.0% / mo · MACD + · sector +14.5pp vs Nifty 500 (3M)

Stock trend: 55

Sector RS: 100

Sector 3M: +8.9% vs Nifty 500 -5.6%

IT FPI tailwindNot confirmed

Latest mapped FPI equity flow was not positive. View sector evidence

Compare peers →

Technical chart

MPHASISD candles · FIT view+14.9%

Latest close ₹2500.00 on 2026-10-19

Bar

-0.6%

RSI

MACD hist

30.88

52W pos

51%

2026-10-19O ₹2515.80H ₹2515.80L ₹2453.00C ₹2500.00Vol 7.7L sh

Up bar

Down bar

EMA 20

EMA 50

Volume + 20D avg

Result date

RSI(14)

MACD / signal

Market context

Relative performance and chart statistics

Adjusted completed-session prices, rebased to 100

MPHASISNifty ITNifty 500

MPHASIS: +3.6%
Nifty 500: -5.6%
Nifty IT: +8.1%
Vs Nifty 500: +9.2 pp

Chart stats

19 Oct 2026

From 52W high: -16.0%
52W range position: 51%
ATR (14): 2.9%
Volume vs 20D: 1.31x
Avg traded value: ₹138 Cr
20D price channel: ₹2,144.8 - ₹2,521.7

Quarter ended 30 Jun 2026

Average · 42

margin compression · Rev +17% YoY · PAT +11% YoY

Revenue: ₹4,384 Cr; YoY +17.5%
PAT: ₹490 Cr; YoY +10.9%
Operating margin: 18.0%; QoQ -100 bps
PAT margin: 11.2%; QoQ -84 bps

Filed 23 Jul 2026Full result & history →

Current-quarter concall

Transcript not linked yet

No source-linked earnings-call transcript is available for this company in the active results quarter.

Search Concall Intelligence

Technical snapshot

Positioning and participation

Stage 2 Uptrend

Current trend context ranked against the Nifty 500. It describes the chart; it is not a buy or sell signal.

RS percentile: 59; +23 ranks over 20D
Stage 2 entry: 19 Oct 2026; 1 trading sessions · new
Sector rotation: #2; leading · 27 stocks
Industry rotation: #5; leading · 24 stocks

Trend structure

Above 20-DMAAbove 50-DMAAbove 200-DMA

RSI (14)

Positive momentum

MACD

Above signal

Histogram +30.88

Volume participation

1.3x average

Versus 20-session average

20-session position

94% of range

₹2,144.8 low · ₹2,521.7 high

Relative performance

vs Nifty 500

1M: +12.2 pp; stock +8.7%
3M: +9.2 pp; stock +3.6%
6M: +7.0 pp; stock +3.4%
1Y: -1.9 pp; stock -9.0%

From 52W high

-16.0%

High ₹2,975

52W range position

51%

₹2,013 - ₹2,975

ATR (14)

2.9%

₹71.62

Avg traded value

₹138 Cr

20-session average

Current setup

New Stage 2

Entered 19 Oct 2026 · 1 sessions

Open detailed technicals →

Research snapshot

What the evidence says now

Weak fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.

Weak U-Score but strong trend: momentum may be ahead of fundamentals.

Suggested next step

Momentum only

Trend is strong but fundamentals do not support a clean investment thesis.

U-Score

Legacy · WATCHLIST

Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.

Financials

Fundamentals, quarterly history, margins, returns and balance-sheet evidence

Quarter ended 30 Jun 2026

Average · 42/100

margin compression · Rev +17% YoY · PAT +11% YoY

Filed 23 Jul 2026

Open results browser →

Metric	This quarter	YoY	QoQ
Revenue	₹4,384 Cr	+17.5%	+3.3%
EBITDA	₹795 Cr	+13.1%	-1.1%
Operating margin	18.0%	-100 bps	-100 bps
PAT	₹490 Cr	+10.9%	-3.9%
PAT margin	11.2%	-66 bps	-84 bps

NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.

Fundamentals

Valuation

P/E: 24.70
P/B: 4.44
EV/EBITDA: 13.83
Market Cap: 47737.00Cr

Profitability

ROE: 18.50%
ROCE: 22.10%
ROA: 10.58%
Dividend Y: 2.63%

Growth (CAGR)

Revenue 5Y: 10.00%
EPS 5Y: 9.00%
Revenue 3Y: 5.00%
EPS 3Y: 5.00%

Balance Sheet

Debt/Equity: 0.24
Interest Coverage: 14.55×
Altman Z: 6.74
Book Value: 563.00

Cash Flow

FCF Yield: 2.69%
FCF Positive Y: 10/5
OCF: 1253.00 Cr
EPS TTM: 100.22

Shareholding

Promoter Hold: 30.53%
Promoter Pledge: 100.00%
Momentum 52W: 50%

Financial History

Updated 20/10/2026

Revenue

₹ Cr

Latest: 4,384+3.3% vs prev

Net Profit

₹ Cr

Latest: 490-3.9% vs prev

ROE is shown only in the Annual view — quarterly equity data isn't published.

Technicals

Trend interpretation, Stage 2, relative strength, volume and indicator evidence

Daily technical trend read

Mixed signals

Signals are conflicting — long-term uptrend intact. RSI 67. Wait for confirmation.

Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
SMA20 falling (~3.1% over last month) — short-term momentum negative.
RSI(14) at 67 — rising, no extreme reading.
MACD above signal, histogram expanding — bullish momentum building.
16% off 52W high · 24% above 52W low.

Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.

Nifty 500 leadership

Relative Strength & Trend Stage

RS percentile

Stage 2 UptrendNew S2

1M return

+8.7%

3M return

+3.6%

6M return

+7.3%

1Y return

-11.7%

RS 1D

RS 20D

+23

Sector rank

Industry rank

Stage evidence

Price is 8.2% above the 30-week proxy.
The 50-DMA is above the 30-week proxy and its slope is rising +0.6%.
Both 3-month and 6-month returns are positive.

50-DMA

price above

200-DMA

price above

S2 entered

19 Oct 2026

S2 age

1 trading session

Sector

leading

Industry

leading

Relative-strength line vs Nifty 500 (base 100)

262 observations

19 Oct 2026Value 97.49+1.04%

RS vs Nifty 50097

Valuation & peers

U-Score 38 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies

WATCHLIST

Fundamental score breakdown

U band · WATCHLIST

Valuation0/30

Growth9/25

Quality12/20

Balance Sheet6/15

Cash Flow6/10

Piotroski

8/9 (+5)

Penalties

Raw sum

Why this score?

Top U-Score contributors and drags from the latest stored fundamentals.

38/100 · legacy band WATCHLIST

Positive drivers

Piotroski is strong at 8/9.
Quality contributes 12/20 to the score.
Cash flow contributes 6/10 to the score.

Main drags

Promoter pledge is 100.0%.
Fair-value margin of safety is negative at -3.5%.
Valuation is weaker at 0/30; verify the latest quarterly trend.

Sector valuation model

IT valuation: PE and EV/EBITDA against growth and margins

Asset-light IT companies deserve valuation support only when growth, margins, and cash conversion hold up.

IT PE/EVEBITDA

Primary lens

PE and EV/EBITDA relative to revenue growth, margins, and cash conversion.

Secondary checks

Deal pipeline, attrition, dollar revenue growth, FCF yield.

Main risk check

Low PE can reflect weak growth or margin pressure.

24.7

4.4

EV/EBITDA

13.8

ROE

18.5%

ROCE

22.1%

FCF Yield

2.7%

Debt/Equity

0.2

MoS

-3.5%

Score movement

Stored run vs live recompute

This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.

Stored run: 20 Oct 2026

v4.3-runtime-valuation

Final score

Previous: 38

Legacy U-Score band

WATCHLIST

Previous: WATCHLIST

Margin of safety

-3.5%

Previous: -3.5%

Score history

12 stored score snapshots. Latest stored move: +1 points.

20 Oct 2026

v4.3-runtime-valuation

Factor attribution

No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.

Modelled fair value

Graham Number

₹1,126.74

-121.9% MoS

Growth-justified P/E

24.1

Growth-justified Value

₹2,415.3

-3.5% MoS

PEG

3.34

Comparable companies

Peers

Business-comparable peers in IT — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.

Compare all ↗

Ticker

Name

Why peer

Score

ROE

MoS

Verdict

KPITTECH

Mid

KPIT Technologies Limited

IT Services / Digital

IT Services / Digital

Hexaware Technologies Limited

IT Services / Digital

Persistent Systems Limited

IT Services / Digital

SIGMA ADVANCED SYSTEMS LIMITED

IT Services / Digital

Business, management & trust

Growth engines, risks, management commitments and evidence-backed delivery

Business and thesis

Where growth can come from, and what can break the case

Thesis intactReviewed 2026-06-03T19:32:07.792Z

Management commentary snapshot

Mphasis reports strong Q4FY26 with Direct revenue up 9.2% YoY and 3.3% QoQ in CC, driven by BFS and Insurance. FY26 saw record TCV wins of $2.1Bn+, with 69% of pipeline AI-led, outperforming growth expectations and maintaining stable margins.

The company delivered strong Q4 and FY26 results, exceeding growth expectations with significant AI-led deal momentum. Record TCV wins and a broadened client pyramid suggest continued demand. Stable margins and strong cash flow generation are positives, despite macro uncertainties.

Growth engines

AI-led Modernization Deals

AI-led deals underpin strong pipeline expansion (69% of pipeline AI-led) and drive APPS YoY growth.

NeoIPTM Platform Differentiation

Mphasis’ NeoIPTM platform provides differentiation, winning through IP-led capabilities and orchestrating AI solutions.

Banking & Financial Services (BFS)

BFS Direct grew 6.4% QoQ and 17.4% YoY, driven by wallet share gains and growth in New Wins/Accounts.

Broadened Client Pyramid

Significant strengthening of client pyramid with additions in $20Mn+, $50Mn+, $75Mn+, $100Mn+ bands.

Tailwinds

Customer Demand for Efficiency & Modernization

Clients prioritize structural efficiencies, modernization of complex tech estates, and operationalizing AI at scale.

AI Momentum

AI momentum continues, with AI-led pipeline doubling 2.6x from FY24 to FY26.

Strong Deal Wins

Highest ever annual net new TCV of $2.1Bn+ in FY26, with 68% growth YoY.

Headwinds

Uncertain Macro Environment

Management expects to deliver high single digit to low double-digit growth despite the uncertain macro environment.

Project Ends in TMT

TMT vertical had a few project ends in Q4FY26, impacting its sequential performance.

Risk radar

Fluctuations in Earnings & FX Rates

Risks include fluctuations in earnings, revenue, profits, and foreign exchange rates.

Intense Competition & Wage Increases

Intense competition in IT services and wage increases in India pose risks.

Client Concentration (US)

Revenues are highly dependent on clients in the United States of America.

Reduced Demand for Technology

Reduced demand for technology in key focus areas could impact growth.

Management accountability

What management said, and what results must prove

Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.

Nov 2025

Analyst reading lens

Compare BOTH

QoQ comparison is crucial for IT services to assess sequential momentum, deal ramp-ups, and project execution. YoY is important to gauge underlying growth trends and normalize for seasonality, especially in a dynamic macro environment.

Sector KPIs management disclosed

Q4FY26 Direct Revenue Growth (CC)

Direct QoQ growth of 3.3%, YoY growth of 9.2%.

FY26 Revenue Growth (CC)

FY26 revenue grew +6.7% YoY in constant currency.

Q4FY26 TCV Wins (Net New)

TCV (net new) for the quarter at $407 Mn. TTM TCV at $2.1Bn+.

FY26 AI-led Pipeline

69% of FY26 pipeline is AI-led, representing 38% growth and highest pipeline ever.

Management forward view

Accelerate Competitive Differentiation

Accelerate competitive differentiation through Neo platform investments, aided by TAP acquisition.

Sustaining Pipeline Momentum

Sustaining pipeline momentum and deal wins, building on record TCV of FY26 for FY27.

FY27 Growth Outlook

Deliver between high single digit to low double-digit growth in FY27, despite uncertain macro.

Stable Margins & Cash Flow

Disciplined execution with stable margins in 14.75%-15.75% band and 80% OCF to Net income conversion.

Thesis monitor

Numbers and claims to verify in the next filings

Checkpoint	Current evidence	What to verify next
FY27 Revenue Growth (CC)	FY26: +6.7% YoY	Achieving high single digit to low double-digit growth in FY27.
Operating Margin	Q4FY26: 15.4%	Maintaining margins within the 14.75%-15.75% target band.
AI-led Pipeline Contribution	69% of FY26 pipeline	Continued growth and conversion of AI-led deals in the pipeline.
TCV Wins	TTM: $2.1Bn+	Sustaining pipeline momentum and deal wins.

Verification checkpoints are IndiaPulse research interpretation, not investment advice.

Show extracted source claims

operational efficiencynot yet verifiable

DSO is expected to normalize over the course of the next three to four quarters.

Timeframe: next three to four quartersDirection: normalizationConfidence: do expect

"We do expect normalization over the course of next three to four quarters."

revenue outlookdelivered

The pace of revenue and deal conversion is expected to remain strong, propelled by the Savings-Led TransformationTM theme.

Direction: remain strongConfidence: expect

"We expect the pace of revenue and deal conversion to remain strong"

Outcome check: Revenue YoY averaged 13.4% across 2 later quarter(s).

revenue outlookdelivered

The Logistics and Transportation vertical is expected to start delivering sequential growth from Q3.

Timeframe: from Q3Direction: growthConfidence: expect

"We expect the Logistics and Transportation vertical to start delivering sequential growth from Q3."

Outcome check: Revenue YoY averaged 13.4% across 2 later quarter(s).

revenue outlookcontradicted

Mphasis will be laser focused on building pipeline, closing deals, and sustaining growth in the Healthcare vertical in the coming quarters, leveraging the Mphasis Javelina® healthcare platform.

Timeframe: coming quartersDirection: sustaining growthConfidence: strong commitment

"we will be laser focused on building pipeline, closing deals and sustaining growth in the coming quarters"

Outcome check: Revenue YoY averaged 13.4% across 2 later quarter(s).

Trust Score

63Mixed Trust · medium confidenceClaim-tested Trust

Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.

Mixed Trust: Management has 67% delivered/partly-delivered outcomes on 3 checked claims, with 1 adverse claim outcome. It ranks around the 38th percentile of the scored universe and 36th percentile within IT. Main check: promoter alignment is weak at 35/100.

Healthy Trust: 3/4 extracted management claims have outcome checks; 67% were fully delivered and 0 were partially delivered. 1 claim(s) were contradicted or failed. Key concern: Promoters have pledged 100% of holding.

Computed 20 Oct 2026

management-trust-v1

53 extracted concalls · 3/4 claims matched

Score band

Mixed Trust

Usable, but needs evidence. Treat guidance with a margin of safety.

Relative rank

38th percentile

overall median 67 · IT: 36th pctile, median 69 · Mid: 21st pctile, median 76

Evidence depth

Early sample

3/4 claims checked. Use as directional, not final.

Claim delivery

67% delivered or partly delivered

3/4 claims checked · 1 contradicted/failed claim

How to read this Trust Score

Mixed Trust · medium confidence

What it measures

Reliability of management and financial delivery, using management claims matched with later outcomes.

Confidence

Useful directional evidence exists, but still verify the latest filings.

Investor use

Acceptable, but check the weakest sub-score before increasing exposure.

Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.

Forensic breakdown

Read low sub-scores as due-diligence warnings, not automatic sell signals.

Promoter

weak · holding, pledge, alignment

Cash flow

strong · profit to cash conversion

Balance sheet

strong · leverage and solvency

Discipline

strong · capital discipline

Results

strong · quarterly consistency

Trust positives

▸FCF yield is positive at 2.7%.
▸10 years of positive FCF.
▸ROCE is 22.1%.
▸4/4 latest quarters had positive YoY revenue growth.

Trust risks

▸Promoters have pledged 100% of holding.

Compare IT stocks Browse Indian stocks starting with M Explore fundamental stock screeners Browse Indian investment themes

Related companies

KPIT Technologies Limited (KPITTECH)Coforge Limited (COFORGE)Hexaware Technologies Limited (HEXT)Persistent Systems Limited (PERSISTENT)SIGMA ADVANCED SYSTEMS LIMITED (SIGMAADV)

Important announcements & filings

Latest exchange and company disclosures found within the past two years.

Source: Bse

Open source ↗

Verify on:NSE India ↗

All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.

MphasiS Limited (MPHASIS)

Trend score and candlestick chart

Technical chart

Relative performance and chart statistics

What the evidence says now

Financials

Quarter ended 30 Jun 2026

Fundamentals

Valuation

Profitability

Growth (CAGR)

Balance Sheet

Cash Flow

Shareholding

Revenue

Net Profit

Technicals

Daily technical trend read

Relative Strength & Trend Stage

Valuation & peers

Fundamental score breakdown

Why this score?

Positive drivers

Main drags

IT valuation: PE and EV/EBITDA against growth and margins

Stored run vs live recompute

Score history

Factor attribution

Modelled fair value

Comparable companies

Business, management & trust

Where growth can come from, and what can break the case

AI-led Modernization Deals

NeoIPTM Platform Differentiation

Banking & Financial Services (BFS)

Broadened Client Pyramid

Customer Demand for Efficiency & Modernization

AI Momentum

Strong Deal Wins

Uncertain Macro Environment

Project Ends in TMT

Fluctuations in Earnings & FX Rates

Intense Competition & Wage Increases

Client Concentration (US)

Reduced Demand for Technology

What management said, and what results must prove

Q4FY26 Direct Revenue Growth (CC)

FY26 Revenue Growth (CC)

Q4FY26 TCV Wins (Net New)

FY26 AI-led Pipeline

Accelerate Competitive Differentiation

Sustaining Pipeline Momentum

FY27 Growth Outlook

Stable Margins & Cash Flow

Numbers and claims to verify in the next filings

How to read this Trust Score

Forensic breakdown

Trust positives

Trust risks

Continue researching MphasiS Limited

Important announcements & filings

Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 10 Oct - Grant of 64434 Employees Stock Options and 43144 Restricted Stock Units

Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 8 Oct - Grant of 325460 Employees Stock Options and 163040 Restricted Stock Units

Announcement under Regulation 30 (LODR)-Press Release / Media Release 6 Oct

Announcement under Regulation 30 (LODR)-Press Release / Media Release 22 Sep

Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 16 Sep

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 16 Sep

Announcement under Regulation 30 (LODR)-Press Release / Media Release 15 Sep

Announcement under Regulation 30 (LODR)-Press Release / Media Release 11 Sep

Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 7 Sep

Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 7 Sep - Cancellation of Grant of 415060 Employees Stock Options and 92400 Restricted Stock Units and Grant of 101030 Employees Stock Options and 22510 Restricted Stock Units

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 3 Sep

Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 21 Aug - Grant of 415,060 Stock Options and 92,400 Restricted Stock Units