Mphasis Limited (MPHASIS)

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Mphasis Limited (MPHASIS) · mywealthgrid

About

Mphasis is a mid-cap IT services firm (₹48.6k Cr market cap) in software consulting. Maintains 18.75% OPM and 18.29% ROE, positioned as established player in India's IT services sector.

Founded: 2000
Face value: ₹10

Market cap

₹42,956 Cr

P/E

22.5×

P/B

4.0×

Dividend yield

5.3%

ROE

18.3%

ROCE

24.7%

Debt / equity

0.17

OPM

18.8%

EPS (TTM)

₹100.1

Book value

₹563.0

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

PE 25.43 elevated vs OPM 18.75%; verify if premium reflects structural growth drivers or near-term momentum pricing.

1-year return -5.83% despite profitability; verify if underperformance reflects sector cyclicality, execution issues, or market repricing.

Quarterly OPM swings 18–23%, EPS volatility ₹17.81–₹26.73; verify causes and sustainability of this inconsistency.

IT services sector typically faces pricing pressure and client concentration risk; verify top-customer concentration and contract renewal stability.

Generated analysis · source review pending

Growth drivers

Sustained 18–23% OPM range indicates operational efficiency; verify if service-mix or automation investments can expand margins.

Net profit ₹339–₹509 Cr per quarter creates reinvestment capacity; verify capex and M&A pipeline to convert to revenue growth.

Low leverage D/E 0.17 provides headroom for acquisitions or geographic expansion; verify management's capital allocation priorities.

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹2,250.2+4.4%1Y

Quick read

rule-based

Pros

+Strong return on equity of 18.5% (3-yr avg)
+High return on capital employed of 24.1%
+Comfortable interest coverage of 13.5×
+Dividend yield of 5.3%

Cons

−Promoter holding fell 9.6 pts over the last year

Research score

Structured signal from quality, growth, valuation and momentum.

57/100

Business quality: 69
Growth: 38
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MIDCAP 150 NIFTY 200 NIFTY MIDSMALLCAP 400 NIFTY 500 NIFTY TOTAL MARKET

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Persistent Systems LimitedPERSISTENTPERSISTENT	₹84,691 Cr	₹84,691 Cr	₹15,718 Cr	₹2,881 Cr	19%	₹1,923 Cr	12.7%	34.2%	26.3%	48
Coforge LimitedCOFORGECOFORGE	₹80,837 Cr	₹81,237 Cr	₹18,152 Cr	₹3,397 Cr	17.9%	₹1,717 Cr	10.6%	22.2%	19.7%	88
Mphasis LimitedMPHASISMPHASIS	₹42,956 Cr	₹44,749 Cr	₹16,531 Cr	₹3,071 Cr	18.8%	₹1,910 Cr	11.7%	24.7%	18.3%	58
Hexaware Technologies LimitedHEXTHEXT	₹29,966 Cr	₹29,966 Cr	₹14,420 Cr	₹2,155 Cr	14.2%	₹1,344 Cr	10.2%	—	—	—
Tata Elxsi LimitedTATAELXSITATAELXSI	₹19,268 Cr	₹19,268 Cr	₹3,886 Cr	₹876 Cr	22.5%	₹655 Cr	16.7%	29.9%	21.3%	-54
Fractal Analytics LimitedFRACTALFRACTAL	₹12,510 Cr	₹12,796 Cr	₹3,300 Cr	₹508 Cr	15.4%	₹292 Cr	8.7%	15.3%	11.8%	61
Rategain Travel Technologies LimitedRATEGAINRATEGAIN	₹9,953 Cr	₹10,875 Cr	₹2,336 Cr	₹459 Cr	18.5%	₹242 Cr	10.7%	13.8%	10.5%	36
Zensar Technologies LimitedZENSARTECHZENSARTECH	₹9,881 Cr	₹9,881 Cr	₹5,811 Cr	₹926 Cr	16.1%	₹776 Cr	13.6%	23%	17.6%	31
ASM Technologies LtdASMTECASMTEC	₹9,641 Cr	₹9,754 Cr	₹529 Cr	₹101 Cr	19.1%	₹26 Cr	11.5%	33.3%	25.7%	202
Intellect Design Arena LimitedINTELLECTINTELLECT	₹8,566 Cr	₹8,566 Cr	₹3,182 Cr	₹603 Cr	19.1%	₹351 Cr	11.3%	15.6%	11.6%	46
Birlasoft LimitedBSOFTBSOFT	₹7,542 Cr	₹7,551 Cr	₹5,404 Cr	₹930 Cr	16.3%	₹573 Cr	9.8%	21.2%	13.7%	63
Sonata Software LimitedSONATSOFTWSONATSOFTW	₹7,124 Cr	₹7,692 Cr	₹11,015 Cr	₹752 Cr	6.9%	₹463 Cr	4.3%	32.4%	25.7%	-19

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	6,546	7,731	8,844	9,722	11,961	13,799	13,279	14,230	15,880
	5,483	6,407	7,193	7,919	9,844	11,365	10,857	11,583	12,901
	1,062	1,324	1,650	1,803	2,118	2,434	2,422	2,647	2,978
OPM %	16.2%	17.1%	18.7%	18.5%	17.7%	17.6%	18.2%	18.6%	18.8%
Depreciation	71	76	232	242	291	325	411	476	555
Interest	13	17	81	63	74	97	161	166	204
	149	177	178	133	160	162	218	255	290
Profit before tax	1,128	1,407	1,515	1,631	1,913	2,173	2,068	2,260	2,509
Tax	290	334	331	414	482	535	514	558	647
Tax %	25.7%	23.7%	21.8%	25.4%	25.2%	24.6%	24.8%	24.7%	25.8%
	838	1,073	1,185	1,217	1,431	1,638	1,555	1,702	1,863
PAT margin %	12.8%	13.9%	13.4%	12.5%	12%	11.9%	11.7%	12%	11.7%
EPS (₹)	42.7	56.1	63.6	65.2	76.4	87.1	82.4	89.9	97.8
EPS adjusted (₹)	—	—	63.5	65.1	76.2	86.9	82.3	89.6	97.6
	46.9%	48.2%	55.1%	99.7%	60.2%	57.4%	66.7%	63.4%	63.4%
Annual report	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2016	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	210	187	187	188	188	189	190	191
Reserves	6,083	—	6,340	6,755	7,746	8,606	9,438	10,553
Minority interest	—	—	—	—	—	—	0	—
	311	—	513	527	198	1,544	1,116	1,793
	1,305	—	2,359	3,286	3,476	3,792	4,162	5,245
Total equity & liabilities	7,909	—	9,399	10,756	11,609	14,130	14,907	17,782
	117	873	3,020	3,774	4,060	5,533	5,781	5,737
CWIP	—	—	3	11	5	14	0	0
Investments	2,112	—	1,846	1,813	1,753	3,090	2,208	1,737
	5,680	—	4,530	5,159	5,792	5,494	6,917	10,308
Total assets	7,909	—	9,399	10,756	11,609	14,130	14,907	17,782

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities
Banking and Financial Services	8,378.61	2,689.08	0	0
Technology Media and Telecom	2,869.64	615.23	0	0
Insurance	2,344.38

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—	—	—	—	—
EBITDA margin %	17.1%	18.7%	18.5%	17.7%	17.6%	18.2%	18.6%	18.8%
EBIT margin %	16.1%	16%	16.1%	15.3%	15.3%	15.1%	15.3%	15.3%
PAT margin %	13.9%	13.4%	12.5%	12%	11.9%	11.7%	12%	11.7%
Working capital
Receivable days	—	—	35	30	67	67	73	96
Inventory days	—	—	0	0	0	0	0	0
Payable days	—	—	27	32	28	27	31	38
NWC days	—	—	7	-2	39	40	42	58
Leverage
Current ratio	—	—	2.4	1.96	2.13	1.58	1.57	1.38
Debt to EBITDA	—	—	0.28	0.25	0.08	0.64	0.42	0.6
Debt to equity	—	—	0.08	0.08	0.03	0.18	0.12	0.17
Interest coverage	82	19.7	26.7	26.7	23.3	13.9	14.7	13.5
Asset turnover	—	—	1.03	1.11	1.19	0.94	0.95	0.89
Return ratios
Return on assets %	—	—	12.9%	13.3%	14.1%	11%	11.4%	10.5%
Return on capital employed %	—	—	23.3%	26.3%	27.3%	23.8%	23.8%	24.7%
Return on equity %	—	—	18.6%	20.6%	20.6%	17.7%	17.7%	17.3%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	55.57%	55.52%	55.45%	40.35%	40.32%	40.23%	40.14%	40.1%	40.1%	30.59%	30.55%	30.54%
	16.6%	15.71%	14.84%	18.32%	18.25%	20.78%	20.61%	19%	18.52%	19.79%	19.5%	19.5%
	22.66%	23.8%	24.74%	35.94%	36.97%	34.62%	34.91%	36.5%	37.07%	45.25%	45.65%	45.31%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	5.17%	4.97%	4.96%	5.39%	4.43%	4.37%	4.34%	4.39%	4.31%	4.36%	4.3%	4.65%
No. of shareholders	—	—	—	—	—	—	—	—	1,45,611	1,40,263	1,32,916	1,31,941

Promoter holding down 25.03 percentage points since Sep 2023.

2 disclosures

Person	Deal	Shares	Value	Holding	Filed
GAURAV GUPTAEmployees/Designated Employees	SellMarket Sale	425	₹12.39 L	0.00% → 0.00%	3 Sept 20257(2)
Eric WinstonEmployees/Designated Employees	SellMarket Sale	6,000	₹1.76 cr

38 deals · 30 Nov 2021 – 18 Nov 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
18 Nov 2025	BCP TOPCO IX PTE. LTD.	Bulk	BSE	Sell	1,80,00,000	₹2,625.59	₹4,726.06 Cr
18 Nov 2025	ICICI PRUDENTIAL MUTUAL FUND	Bulk	BSE	Buy	16,63,625	₹2,625.00	₹436.70 Cr
18 Nov 2025	HDFC MUTUAL FUND	Bulk	BSE	Buy	12,57,231	₹2,625.00	₹330.02 Cr
18 Nov 2025	KOTAK MAHINDRA MUTUAL FUND	Bulk	BSE	Buy	11,77,215	₹2,625.00	₹309.02 Cr
18 Nov 2025	IRAGE BROKING SERVICES LLP	Bulk	NSE	Sell	11,27,887	₹2,642.84	₹298.08 Cr
18 Nov 2025	IRAGE BROKING SERVICES LLP	Bulk	BSE	Buy	11,17,646	₹2,640.25	₹295.09 Cr
18 Nov 2025	ICICI PRUDENTIAL MUTUAL FUND	Bulk	BSE	Buy	9,98,176	₹2,625.00	₹262.02 Cr
18 Nov 2025	KOTAK MAHINDRA MUTUAL FUND	Bulk	BSE	Buy	9,81,013	₹2,625.00	₹257.52 Cr
18 Nov 2025	IRAGE BROKING SERVICES LLP	Bulk	NSE	Buy	44,819	₹2,659.01	₹11.92 Cr
18 Nov 2025	IRAGE BROKING SERVICES LLP	Bulk	BSE	Sell	33,431	₹2,659.04	₹8.89 Cr

1–10 of 38

1 / 4

Mr. Girish Srikrishna ParanjpeNon-Executive - Independent Director-Chairperson
Mr. Nitin RakeshExecutive Director-CEO-MD
Susanto BanerjeeHead - Business Finance & CFO
Ms. Maureen Anne ErasmusNon-Executive - Independent Director
Mr. Sunil Kumar GulatiNon-Executive - Independent Director
Mr. Punit SoodNon-Executive - Independent Director
Mr. David Lawrence JohnsonNon-Executive - Non Independent Director
Mr. Marshall Jan LuxNon-Executive - Non Independent Director
Mr. Amit DixitNon-Executive - Non Independent Director
Mr. Amit DalmiaNon-Executive - Non Independent Director
Mr. Kabir MathurNon-Executive - Non Independent Director

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F&O

Current futures and options contracts with compact option-chain pages.

End of day 30 Sept 2026 · underlying ₹2,154.4 · volume and open interest in contracts

3

Expiry	Close	Chg	% Chg	Settlement	Open interest	Change in OI	Volume	Lot size
27 Oct 2026	₹2,171.6	-24.4	-1.1%	₹2,171.6	21,580	+558	2,622	275
23 Nov 2026	₹2,180.8	-27.7	-1.3%	₹2,180.8	117	+12	26	275
29 Dec 2026	₹2,208.5	+22.1	+1%	₹2,188.4	1	+1	1	275

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

111

across 16 fund houses

Held by these funds

18.07%

of the company's equity

All mutual funds

30.53%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

111 schemes · 16 fund houses

		Shares
Portfolio of Kotak Mid Cap FundNEW	Kotak Mahindra Mutual Fund	79.39 L	1,927.23	2.7%	4.159%	—
Focused FundNEW	ICICI Prudential Mutual Fund	39.47 L	958.04	5.34%	2.067%	—
Technology Fund	ICICI Prudential Mutual Fund	25.5 L	618.94	4.53%	1.336%	-0
Portfolio of Kotak Large & Mid Cap FundNEW	Kotak Mahindra Mutual Fund	22 L	534.03	1.65%	1.152%	—
Value Fund	ICICI Prudential Mutual Fund	15.27 L	370.71	0.62%	0.8%	-0
Mid Cap Fund	DSP Mutual Fund	14.52 L	352.49	1.68%	0.761%	-0
Growth Mid Cap FundNEW	Nippon India Mutual Fund	11.76 L	285.38	0.55%	0.616%	—
Midcap Fund	Axis Mutual Fund	10.25 L	248.89	0.7%	0.537%	-0

1–8 of 111

1 / 14

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

37 announcementsExport CSV

7 Sept 2026, 8:41 pmCompany Update

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

Allotment of ESOP / ESPS PDF

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	—	—	—	—	—	—	—
EBITDA margin %	17.1%	18.7%	18.5%	17.7%	17.6%	18.2%	18.6%	18.8%
EBIT margin %	16.1%	16%	16.1%	15.3%	15.3%	15.1%	15.3%	15.3%
PAT margin %	13.9%	13.4%	12.5%	12%	11.9%	11.7%	12%	11.7%
Working capital
Receivable days	—	—	35	30	67	67	73	96
Inventory days	—	—	0	0	0	0	0	0
Payable days	—	—	27	32	28	27	31	38
NWC days	—	—	7	-2	39	40	42	58
Leverage
Current ratio	—	—	2.4	1.96	2.13	1.58	1.57	1.38
Debt to EBITDA	—	—	0.28	0.25	0.08	0.64	0.42	0.6
Debt to equity	—	—	0.08	0.08	0.03	0.18	0.12	0.17
Interest coverage	82	19.7	26.7	26.7	23.3	13.9	14.7	13.5
Asset turnover	—	—	1.03	1.11	1.19	0.94	0.95	0.89
Return ratios
Return on assets %	—	—	12.9%	13.3%	14.1%	11%	11.4%	10.5%
Return on capital employed %	—	—	23.3%	26.3%	27.3%	23.8%	23.8%	24.7%
Return on equity %	—	—	18.6%	20.6%	20.6%	17.7%	17.7%	17.3%

20

27 Oct 2026 23 Nov 2026 29 Dec 2026

Calls				Strike	Puts
OI	Chg OI	Volume	LTP	—	LTP	Volume	Chg OI	OI
0	0	0	₹0.0	1,800	₹4.1	18	+7	7
0	0	0	₹0.0	1,900	₹8.6	229	+67	76
0	0	0	₹0.0	1,950	₹14.5	46	+12	12
0	0	0	₹0.0	2,000	₹22.1	586	-1	320
0	0	0	₹0.0	2,050	₹33.8	312	+105	112
2	0	0	₹147.1	2,100	₹48.6	1,260	+354	464
39	+23	89	₹95.5	2,150	₹67.9	131	+13	157
388	+308	1,965	₹70.5	2,200	₹95.2	805	+107	254

Shaded cells are in the money against the underlying close. Green and red mark the move against the previous close — on the premium for LTP, on the position for change in OI. Settlement prices are the exchange's, not the last trade.

Date	Category	Subject	Filing
7 Sept 2026, 8:41 pm	Company Update Allotment of ESOP / ESPS	Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS	PDF
3 Sept 2026, 9:59 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
3 Sept 2026, 1:51 pm	Company Update General	Intimation Of ESG Rating By NSE Sustainability Ratings And Analytics Limited	PDF
2 Sept 2026, 6:42 am	Company Update Press Release / Media Release	Announcement under Regulation 30 (LODR)-Press Release / Media Release	PDF
21 Aug 2026, 9:32 pm	Company Update Allotment of ESOP / ESPS	Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS	PDF
21 Aug 2026, 9:06 pm	Company Update Allotment of ESOP / ESPS	Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS	PDF
19 Aug 2026, 2:26 pm	Company Update General	Submission Of Newspaper Publication	PDF
14 Aug 2026, 9:53 pm	Company Update General	Intimation Of ESG Rating By SES ESG Research Private Limited	PDF

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	741	402	723	950	1,321	1,455	1,716	1,462	2,180	1,905	1,253
	-158	360	493	289	141	-822	-282	182	-2,482	44	-211
	-568	-640	-1,380	-1,342	-825	-861	-1,389	-1,440	77	-1,756	-943
Net cash flow	5	120	-164	-103	637	-229	45	204	-225	194	99
Free cash flow	614	338	691	865	1,195	1,328	1,596	1,349	2,086	1,843	935
CFO / Operating profit %	—	—	68.1%	71.7%	80%	80.7%	81%	60.1%	90%	72%	42.1%

Mphasis Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

3

Fund holders

Documents

Announcements

Events

Announcements

Announcements

3

Annual reports

Investor Presentation and earnings call

1

22

2

20

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Banking and Capital Market · revenue

Mphasis Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Insider dealing

Bulk & block deals

Board and management

F&O

Futures3

Fund holders

Documents

Announcements

Events

Announcements

Ratio timeline

Quarterly record

Insider dealing

Bulk & block deals

Board and management

Announcements

Futures3

Annual reports

Investor Presentation and earnings call

Upcoming and recent1

Dividends22

Board meetings2

Option chain20

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Banking and Capital Market · revenue

3

3

1

22

2

20