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Mphasis INR

Mphasis is an IT services company providing cloud, cognitive, and digital solutions, with a focus on banking, financial services, insurance, logistics, and technology sectors. It offers application development, cybersecurity, data analytics, and enterprise automation services to clients globally.

At a glance: strengths & risks
✓Revenue growing (+17% y/y, Q1 2026)✓Profit growing (+11% y/y, Q1 2026)✓Low leverage (0.2x EBITDA)

Sector: IT services

IN_MPHASIS

Price chart

2 500 INRDay 2.66%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
2 500 INR · 2.66%
Market cap
477.4 bn INR

Growth

Δ revenue y/y
17.5%
Δ EBITDA y/y
13.1%

Multiples

P/E (LTM)
25.0x
3y avg: 26.5x
P/B (FY)
4.4x
P/E (ann.)
24.4x
EV/EBITDA (LTM)
15.7x
3y avg: 17.5x
EV/EBITDA (ann.)
15.2x

Cash return

Dividend yield
2.5%
FCF yield (LTM)
2.3%

Value creation

fundamental value/yr, % of market cap
Value created / year
+7.9%
↓ details

Liquidity

Daily turnover (listing)
3.2 bln INR

Shares: connector/market_inputs

Amounts: USD (converted) · As reported
Converted modes use NBK / ECB-linked rates: balance sheet date for BS items, period average for P&L and cash flow (see filing row evidence). As reported keeps each row in its filing currency.

Financial results

Monetary columns are in B INR, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB INROperating profitB INRD&AB INREBITDAB INRNet profitB INROperating CFB INRCapex + M&AB INRAssetsB INREquityB INRROE (annualized)Net debtB INRSource
2026-06-30Q2 2026 (3M)OK43.8
y/y 17.5%
6.5
y/y 13.5%
1.5
y/y 11.5%
8.0
y/y 13.1%
4.9
y/y 10.8%
3.7-0.1182.7
y/y 11.6%
113.4
y/y 11.2%
17.7%5.7Yahoo Finance
2026-03-31Q1 2026 (3M)OK42.4
y/y 14.4%
6.5
y/y 15.0%
1.5
y/y 12.9%
8.1
y/y 14.6%
5.1
y/y 14.1%
2.0-1.1177.8
y/y 19.3%
107.4
y/y 11.6%
17.8%6.7Yahoo Finance
2025-12-31Q4 2025 (3M)OK40.0
y/y 12.4%
6.1
y/y 11.6%
1.4
y/y 7.9%
7.5
y/y 10.9%
4.4
y/y 3.4%
3.9-1.6171.7
y/y 21.1%
101.7
y/y 12.0%
6.0%-1.2Yahoo Finance
2025-09-30Q3 2025 (3M)OK39.0
y/y 10.3%
6.0
y/y 9.5%
1.3
y/y 23.3%
7.2
y/y 11.7%
4.7
y/y 10.8%
4.8-0.4162.7
y/y 19.8%
96.2
y/y 11.0%
18.9%-4.0stockanalysis.com
2025-06-30Q2 2025 (3M)OK37.3
y/y 9.1%
5.7
y/y 11.2%
1.3
y/y 25.6%
7.0
y/y 13.6%
4.4
y/y 9.2%
1.9-0.1163.6
y/y 13.0%
101.9
y/y 10.4%
17.8%-4.4Yahoo Finance
2025-03-31Q1 2025 (3M)OK37.1
y/y —
5.7
y/y —
1.4
y/y —
7.0
y/y —
4.5
y/y —
4.2-0.1149.1
y/y 5.5%
96.3
y/y 9.5%
18.2%1.3Yahoo Finance
2024-12-31Q4 2024 (3M)OK35.6
y/y 6.7%
5.5
y/y 9.7%
1.3
y/y 28.0%
6.8
y/y 12.9%
4.3
y/y 14.5%
5.20.0141.8
y/y —
90.7
y/y —
6.4%0.2stockanalysis.com
2024-09-30Q3 2024 (3M)OK35.4
y/y 7.9%
5.4
y/y 7.4%
1.0
y/y 16.4%
6.5
y/y 8.8%
4.2
y/y 8.0%
4.6-0.2135.8
y/y 10.3%
86.7
y/y 9.6%
18.9%-0.7stockanalysis.com
2024-06-30Q2 2024 (3M)OK34.2
y/y —
5.1
y/y —
1.1
y/y —
6.2
y/y —
4.0
y/y —
5.0-0.3144.8
y/y —
92.4
y/y —
17.9%5.7stockanalysis.com
2024-03-31FY 2024 (12M)OK—
y/y -3.8%
—
y/y -12.3%
—
y/y 26.2%
—
y/y -7.2%
—
y/y -5.1%
——141.3
y/y 21.7%
87.9
y/y 10.8%
—7.4Yahoo Finance
2023-12-31Q4 2023 (3M)PARTIAL33.4
y/y —
5.0
y/y —
1.0
y/y —
6.0
y/y —
3.7
y/y —
5.9-0.2—
y/y —
—
y/y —
—≈ -4.0stockanalysis.com
2023-09-30Q3 2023 (3M)OK32.8
y/y —
5.1
y/y —
0.9
y/y —
6.0
y/y —
3.9
y/y —
7.7-0.2123.1
y/y —
79.1
y/y —
19.8%-4.0stockanalysis.com
2023-03-31FY 2023 (12M)OK138.0
y/y —
21.1
y/y —
3.3
y/y —
24.3
y/y —
16.4
y/y —
14.6-1.1116.1
y/y —
79.3
y/y —
—-1.6Yahoo Finance

Revenue & EBITDA

RevenueEBITDA

Quarterly values (INR mln)

010 00020 00030 00040 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

0%20%40%60%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF (INR mln)

-5 00005 00010 00015 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash (INR mln)

-5 000-2 50002 5005 0007 5002024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q4

Profit and cash

Worth a look
In a typical year of 2022–2026 operating cash flow came to 1.12x of reported net profit; after capex, 1.08x.
year20222023202420252026
cash flow / profit1.20x0.89x1.40x1.12x0.67x
accruals, % of assets—1.5%-4.4%-1.4%3.4%
Last twelve months (to 2026-06-30): 0.75x of profit came back as operating cash flow.
net debt / EBITDA 0.2x · capex 0.3x of depreciation
● Capex is 35% of depreciation - the asset base is being consumed faster than replaced.
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: +7.9%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-06-30 vs 2025-06-30)
= (7 952 − 7 029) × 3.87
3 570
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (477 366 + 5 690) ÷ 30 757
15.7x
3. Target multiple
(Current EV/EBITDA + 11) ÷ 2
= (15.7 + 11) ÷ 2
13.4x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= -10 044 + 0 + 0 − 0
-10 044
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (3 570 × 13.4 + -10 044) ÷ 477 366
+7.9%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

  • dividends/buybacks not in data - balance cash flow uses net-debt change only

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +12% vs +7% the year before — a +4.4 pp move. 3-year CAGR +5%.
revenue growth by year: 2024 -4% · 2025 +7% · 2026 +12%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

Peer comparison

Group: IT services. Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
InfosysIndia49.610.3x
WiproIndia19.210.5x
Tata Consultancy ServicesIndia93.812.1x
Tech MahindraIndia18.316.8x
CoforgeIndia8.622.8x
HCL TechnologiesIndia39.426.0x
Persistent SystemsIndia9.531.0x
Group median16.8x
Group average18.5x
This companyIndia5.015.7x

Group median 16.8x; this company 15.7x — a 7% discount.

Group average 18.5x; against the average this company is at a 15% discount.

At the adjusted group median the market cap would be +7% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 21.9x, Russia 4.0x, South Africa 5.1x, Kazakhstan 6.4x, India 18.7x, Indonesia 4.6x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-16; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-07-0862 INREx-dividend: 62 INR per sharePaidYahoo Finance (ex-div)
2025-07-0957 INREx-dividend: 57 INR per sharePaidYahoo Finance (ex-div)
2024-07-1055 INREx-dividend: 55 INR per sharePaidYahoo Finance (ex-div)
2023-07-0550 INREx-dividend: 50 INR per sharePaidYahoo Finance (ex-div)
2022-07-0546 INREx-dividend: 46 INR per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Mphasis — from primary filings.

Frequently asked questions

What is Mphasis's P/E ratio?
Mphasis trades at a P/E of 25.0x (price to trailing 12-month earnings).
What is Mphasis's EV/EBITDA?
Mphasis trades at 15.7x EV/EBITDA.
What is Mphasis's P/B ratio?
Mphasis trades at a P/B of 4.4x.
What is Mphasis's dividend yield?
Mphasis's trailing 12-month dividend yield is 2.5%.
What is Mphasis's return on equity (ROE)?
Mphasis's ROE is 17.7%.
What is Mphasis's market capitalization?
Mphasis's market cap is 477.4 bn INR.

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