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IT services company focused on banking and financial services clients, providing cloud, digital and application services.
IT services company focused on banking and financial services clients, providing cloud, digital and application services.
Bills banks and other clients mainly for consultants' time or on fixed-price projects delivered from India, so profit depends on staff utilisation, pay costs and the rupee. Financial-services clients carry the business, with the US the largest market. Blackstone bought control in 2016 from Hewlett Packard Enterprise, the former parent, and remains the main shareholder.
In one line: A mid-sized, BFSI-focused Cognizant.
Moat: narrow (switching costs, process know-how). Long-term BFSI client relationships and embedded systems create high switching costs.
Headquarters: Bengaluru, India · Founded: 1998 · Employees: 24,088
Size Mphasis (MPHASIS.NS) is an India Information Technology company (Packaged Software) with a market value of $5.15B, the 204th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹2,520 on 6 Nov 2026.
Performance Over six months the shares gained 14.9%, against +18.3% for the median peer and 0.0% for the India market (cap-weighted) — 9th lowest of 18 in its peer set.
Growth Revenue grew 13.7% over the last twelve months (peer median +14.5%); the operating margin is 15.2% (peer median 16.8%).
Valuation It trades at 22.4× forward earnings against a peer median of 23.3× (8th cheapest of 18).
Price implies For today's price to make sense, revenue must grow about 29% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is +18 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 1.0 points above its cost of capital (16.4% WACC).
Next results Next results expected around 21 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹165B | ₹160B | ₹142B | ₹133B | ₹138B |
| Revenue growth | — | +13% | +7% | -4% | — |
| Gross profit | ₹25.1B | ₹36.8B | ₹32.1B | ₹28.4B | ₹30.1B |
| EBITDA | ₹30.8B | ₹31.6B | ₹26.9B | ₹23.0B | ₹25.1B |
| Net income | ₹19.1B | ₹18.6B | ₹17.0B | ₹15.5B | ₹16.4B |
| Free cash flow | n/a | ₹9.00B | ₹17.9B | ₹20.4B | ₹13.3B |
| Capital expenditure | n/a | ₹3.19B | ₹618M | ₹937M | ₹1.13B |
| Total debt | n/a | ₹26.2B | ₹18.9B | ₹23.9B | ₹10.5B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Mphasis MPHASIS.NS | $5.15B | +15% | +14% | 15% | 22.4× | 28.7% |
| Infosys Limited Sponsored ADR INFY | $48.5B | -3% | -1% | 21% | 15.4× | -2.0% |
| Wipro WIPRO.NS | $20.7B | 0% | +8% | 16% | 14.9× | 9.0% |
| Hexaware Technologies HEXT.NS | $3.26B | +9% | +13% | 12% | 21.7× | 15.4% |
| Coforge COFORGE.NS | $9.71B | +62% | +41% | 16% | 35.2× | 34.6% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MPHASIS.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +10.1% | +3.1% | 7th highest of 21 |
| 6-month return | +14.9% | +18.3% | 9th lowest of 18 |
| Distance from 52-week high | -15.3% | -28.8% | 6th highest of 21 |
| Revenue growth (TTM) | +13.7% | +14.5% | 10th lowest of 21 |
| Operating margin | 15.2% | 16.8% | 10th lowest of 21 |
| Forward P/E | 22.4× | 23.3× | 8th cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | 28.7% | 11.5% | 3rd most demanding of 15 |
| Growth delivered (Del g) | +10.6% | +16.1% | 6th lowest of 15 |
| Hurdle (Req g minus delivered) | +18.1 pp | -8.6 pp | 2nd most demanding of 15 |
| ROIC minus cost of capital | +1.0 pp | +0.7 pp | 9th highest of 19 |
| EV / EBITDA | 15.8× | 17.2× | 5th cheapest of 11 |
| Net debt / EBITDA | -0.2× | -0.6× | 6th most indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Mphasis MPHASIS.NS | India | $5.15B | +15% | +14% | 15% | 22.4× | 28.7% | +10.6% |
| Lumine LMN.V | Canada | $5.14B | +38% | +15% | 21% | 18.1× | 15.6% | +36.8% |
| BlackBerry BB.TO | Canada | $5.16B | +48% | +14% | 16% | 40.8× | 33.6% | -8.6% |
| iSoftStone Information Technology (Group) 301236.SZ | China | $5.13B | -16% | +13% | 0% | 105.2× | n/a | n/a |
| AutoStore AUTO.OL | Norway | $5.20B | +8% | +17% | 33% | 27.4× | 18.5% | +27.0% |
| Baige Online Digital Technology 2672.HK | Hong Kong | $5.07B | n/a | +34% | -3% | n/a | n/a | n/a |
| Sezzle SEZL | United States | $5.05B | +146% | +43% | 40% | 22.4× | 28.8% | +50.3% |
| 37 Interactive Entertainment Network Technology 002555.SZ | China | $5.29B | -24% | -10% | 14% | 14.2× | 5.0% | +2.1% |
| Beijing HyperStrong Technology 688411.SS | China | $4.99B | -29% | +38% | 12% | 16.7× | n/a | n/a |
| Trend Micro 4704.T | Japan | $5.39B | +18% | +7% | 18% | 27.4× | -4.1% | +9.7% |
| Waystar WAY | United States | $5.45B | +33% | +21% | 24% | 15.8× | 7.5% | +16.0% |
| Asseco Poland ACP.WA | Poland | $4.85B | +31% | +2% | 11% | 23.5× | 4.0% | +6.6% |
| Kingnet Network 002517.SZ | China | $5.47B | -4% | +62% | 29% | 13.7× | 6.3% | +28.1% |
| Shanghai Stonehill Technology 002195.SZ | China | $4.77B | -34% | +11% | -25% | 284.5× | n/a | n/a |
| OBIC Business Consultants 4733.T | Japan | $4.74B | +62% | +12% | 47% | 36.1× | 3.2% | +11.9% |
| Octave Intelligence OCTV | United States | $5.60B | n/a | +1% | 20% | 14.7× | 17.0% | +1.3% |
| Giant Network 002558.SZ | China | $5.61B | -35% | +105% | 48% | 10.0× | -2.1% | +17.9% |
| Yonyou Network Technology 600588.SS | China | $4.72B | -21% | +4% | -16% | n/a | n/a | n/a |
| Varonis Systems VRNS | United States | $5.63B | +71% | +18% | -25% | 138.0× | 23.0% | +16.3% |
| Beijing DeepZero Technology 2723.HK | Hong Kong | $4.58B | n/a | +31% | 1% | n/a | n/a | n/a |
| Doximity DOCS | United States | $5.79B | +25% | +11% | 31% | 23.3× | 16.3% | +25.5% |