MphasiS financials and balance sheet

NSE: MPHASISBSE: 526299IT - SoftwareMid Cap

Formerly Mphasis BFL

₹2,480.00₹19.50 (0.78%)BSE ₹2,494.90

Share price at the NSE close on 23 Oct 2026. Previous close ₹2,499.50.

52-week range of traded prices to 23 Oct 2026

₹2,013.00Low, 30 Mar 2026₹2,975.00High, 3 Feb 2026

Next results date: the board meets on 5 Nov 2026 to consider: financial results.

Market cap: ₹47,356 Cr206th largest listed
P/E: 24.8
P/B: 4.4
Dividend yield: 2.50%
ROE: 18.8%
ROCE: 19.9%
Debt to equity: 0.17
Volume, NSE: 10,86,48949.9% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.MphasiS annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹15,880 Cr, year to Mar 2026

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 7.4% of operating profit in the first full year.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue15,880
Employee costs−8,919
Other expenses−3,983
Operating profit2,978
Depreciation−555
Other income+326
One-off items−35
Finance costs−204
Profit before tax2,509
Tax−647
Net profit1,863

What the company owns

Plant, investments and other assets₹10,515 Cr
Receivables₹4,193 Cr
Cash and bank₹1,753 Cr
Current investments₹1,321 Cr

What pays for it: net worth and liabilities

Net worth₹10,744 Cr
Other liabilities₹3,889 Cr
Borrowings₹1,793 Cr
Owed to suppliers₹1,357 Cr

MphasiS business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.MphasiS segment results by quarter

Revenue by segment

₹16,010 CrTotal

Banking and Financial Services₹8,379 Cr52.3% of total
Technology Media and Telecom₹2,870 Cr17.9% of total
Insurance₹2,344 Cr14.6% of total
Others₹1,546 Cr9.7% of total
Logistics and Transportation₹872 Cr5.4% of total

Profit by segment

Banking and Financial Services₹2,689 Cr58.0% of total
Technology Media and Telecom₹615 Cr13.3% of total
Insurance₹720 Cr15.5% of total
Others₹543 Cr11.7% of total
Logistics and Transportation₹67 Cr1.5% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Banking and Financial Services
Revenue, ₹ crore
3,543
4,008
4,986
6,376
7,419
6,342
6,909
8,379
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
934
991
1,220
1,555
1,998
1,631
1,889
2,689
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Technology Media and Telecom
Revenue, ₹ crore
1,336
1,397
1,292
1,574
1,798
2,130
2,394
2,870
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
316
273
263
315
406
575
557
615
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Insurance
Revenue, ₹ crore
907
1,005
951
1,077
1,145
1,457
1,623
2,344
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
249
266
313
291
313
405
515
720
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
1,194
1,279
1,673
1,576
1,526
1,546
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
423
467
544
552
499
543
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Logistics and Transportation
Revenue, ₹ crore
1,268
1,555
1,808
1,829
1,772
872
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
512
549
534
576
611
67
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	7,819	8,824	9,692	11,861	13,843	13,334	14,223	16,010
Company revenue, as in its results	7,731	8,844	9,722	11,961	13,798	13,279	14,230	15,880
Revenue	3,543	4,008	4,986	6,376	7,419	6,342	6,909	8,379
Revenue growth	–	–	24.4%	27.9%	16.4%	−14.5%	8.9%	21.3%
Profit	934	991	1,220	1,555	1,998	1,631	1,889	2,689
Profit growth	–	–	23.1%	27.4%	28.5%	−18.4%	15.9%	42.3%
Margin	26.4%	24.7%	24.5%	24.4%	26.9%	25.7%	27.3%	32.1%
Revenue	1,336	1,397	1,292	1,574	1,798	2,130	2,394	2,870
Revenue growth	–	–	−7.5%	21.8%	14.2%	18.5%	12.4%	19.9%
Profit	316	273	263	315	406	575	557	615
Profit growth	–	–	−3.7%	19.8%	29.1%	41.6%	−3.3%	10.6%
Margin	23.7%	19.5%	20.3%	20.0%	22.6%	27.0%	23.2%	21.4%
Revenue	907	1,005	951	1,077	1,145	1,457	1,623	2,344
Revenue growth	–	–	−5.4%	13.3%	6.3%	27.3%	11.4%	44.5%
Profit	249	266	313	291	313	405	515	720
Profit growth	–	–	17.5%	−6.9%	7.5%	29.5%	27.1%	39.7%
Margin	27.5%	26.5%	32.9%	27.1%	27.3%	27.8%	31.7%	30.7%
Revenue	–	–	1,194	1,279	1,673	1,576	1,526	1,546
Revenue growth	–	–	–	7.1%	30.8%	−5.8%	−3.2%	1.3%
Profit	–	–	423	467	544	552	499	543
Profit growth	–	–	–	10.6%	16.5%	1.4%	−9.5%	8.8%
Margin	–	–	35.4%	36.5%	32.5%	35.0%	32.7%	35.2%
Revenue	–	–	1,268	1,555	1,808	1,829	1,772	872
Revenue growth	–	–	–	22.6%	16.2%	1.2%	−3.1%	−50.8%
Profit	–	–	512	549	534	576	611	67
Profit growth	–	–	–	7.3%	−2.8%	7.8%	6.1%	−89.0%
Margin	–	–	40.4%	35.3%	29.6%	31.5%	34.5%	7.7%
Revenue	2,033	2,413	–	–	–	–	–	–
Profit	677	784	–	–	–	–	–	–
Margin	33.3%	32.5%	–	–	–	–	–	–
Revenue	−88	20	30	100	−44	−55	7	−130
Profit	−88	20	30	100	−44	−55	7	−130
Assets	0	0	0	0	0	0	0	0
Liabilities	0	0	0	0	0	0	0	0

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.MphasiS quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 29 May	Mar 2020Filed 14 May	Mar 2021Filed 14 May	Mar 2022Filed 30 Apr	Mar 2023Filed 9 May	Mar 2024Filed 27 Apr	Mar 2025Filed 10 Jun	Mar 2026Filed 29 Apr
Revenue from operations	6,076	6,546	7,731	8,844	9,722	11,961	13,798	13,279	14,230	15,880
	5,108	5,483	6,407	7,193	7,919	9,844	11,365	10,857	11,583	12,901
Materials and goods bought	4	–	0	0	0	0	0	0	0	0
Employee costs	3,710	3,818	4,299	4,923	5,630	7,035	8,076	7,925	8,145	8,919
Other expenses	1,394	1,666	2,108	2,271	2,290	2,809	3,289	2,931	3,438	3,983
Operating profit before depreciation	969	1,062	1,324	1,650	1,803	2,118	2,434	2,422	2,647	2,978
Operating margin	15.9%	16.2%	17.1%	18.7%	18.5%	17.7%	17.6%	18.2%	18.6%	18.8%
Materials, % of revenue	0.1%	–	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Employee costs, % of revenue	61.0%	58.3%	55.6%	55.7%	57.9%	58.8%	58.5%	59.7%	57.2%	56.2%
Other expenses, % of revenue	22.9%	25.4%	27.3%	25.7%	23.6%	23.5%	23.8%	22.1%	24.2%	25.1%
Depreciation and amortisation	79	71	76	232	242	291	325	410	476	555
Operating profit after depreciation	890	992	1,248	1,419	1,561	1,827	2,109	2,011	2,171	2,423
Other income	239	162	177	178	133	160	162	218	255	326
Finance costs	14	13	17	81	63	74	97	161	166	204
Profit before one-off items and tax	1,114	1,141	1,407	1,515	1,631	1,913	2,173	2,068	2,260	2,545
One-off items	−15	−13	0	0	0	0	0	0	0	−35
Profit before tax	1,099	1,128	1,407	1,515	1,631	1,913	2,173	2,068	2,260	2,509
	308	290	334	331	414	482	535	514	558	647
Current tax	286	316	319	350	409	486	508	578	554	643
Deferred tax	22	−26	15	−19	4	−4	27	−64	4	4
Net profit	792	837	1,073	1,185	1,217	1,431	1,638	1,555	1,702	1,863
Other comprehensive income	–	–	123	74	96	94	63	130	57	214
Total comprehensive income	–	–	1,196	1,259	1,313	1,525	1,701	1,684	1,759	2,077
Net margin	13.0%	12.8%	13.9%	13.4%	12.5%	12.0%	11.9%	11.7%	12.0%	11.7%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the year to Mar 2018 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 29 May	Mar 2020Filed 14 May	Mar 2021Filed 14 May	Mar 2022Filed 30 Apr	Mar 2023Filed 9 May	Mar 2024Filed 27 Apr	Mar 2025Filed 10 Jun	Mar 2026Filed 29 Apr
	5,250	5,830	6,527	6,943	7,935	8,795	9,628	10,744
Share capital	186	187	187	188	188	189	190	191
Reserves	5,064	5,643	6,340	6,755	7,746	8,606	9,438	10,553
Borrowings	543	571	513	527	198	1,544	1,116	1,793
	1,994	2,167	2,144	2,910	2,798	4,205	4,449	6,010
Trade payables	785	667	596	850	864	798	978	1,357
Other financial liabilities	279	556	455	754	1,029	1,002	1,507	1,989
Other liabilities	178	238	277	296	243	308	262	302
Provisions	73	79	147	227	242	279	311	282
Tax owed	137	57	155	256	221	273	274	287
	128	757	729	903	877	1,131	830	1,029
Other financial liabilities	4	648	541	690	714	917	614	770
Other liabilities	13	26	80	23	22	15	0	–
Provisions	78	70	73	118	38	69	53	86
Deferred tax	33	14	34	72	103	130	162	173
Total assets	7,371	8,753	9,399	10,756	11,609	14,130	14,907	17,782
	3,268	4,340	4,259	5,040	5,656	7,498	7,921	9,515
Plant in use, after depreciation	120	170	212	869	972	922	822	193
Plant being built	2	7	3	11	5	14	0	0
Intangible assets	91	703	675	170	129	432	669	776
Goodwill	1,958	2,140	2,133	2,735	2,959	4,179	4,291	4,768
Intangible assets being developed	1	9	0	0	27	48	0	0
Investments	259	348	311	378	385	497	424	415
Loans given	71	64	55	0	0	0	0	0
Other financial assets	64	16	93	100	72	71	175	212
Deferred tax	81	216	126	162	242	286	325	435
Trade receivables	1	0	0	0	133	277	320	279
Other assets	619	666	651	616	732	773	896	2,437
	4,103	4,413	5,140	5,716	5,953	6,632	6,986	8,267
Trade receivables	1,849	835	929	968	2,521	2,426	2,841	4,193
Cash and cash equivalents	352	990	771	827	1,044	805	986	1,123
Other bank balances	290	136	291	123	9	9	626	630
Current investments	1,070	978	1,535	1,435	1,368	2,593	1,784	1,321
Loans given	126	141	147	32	29	34	39	11
Other financial assets	66	989	1,049	1,523	144	172	160	148
Other assets	351	344	418	809	839	594	550	841
Net debt	−1,169	−1,532	−2,083	−1,857	−2,223	−1,864	−2,281	−1,281

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 14 May	Mar 2022Filed 30 Apr	Mar 2023Filed 9 May	Mar 2024Filed 27 Apr	Mar 2025Filed 10 Jun	Mar 2026Filed 29 Apr
	1,455	1,716	1,462	2,180	1,905	1,253
	1,799	2,084	2,054	2,770	2,616	1,953
	−54	−150	−578	242	−121	−919
Receivables	−82	−312	−371	37	−523	−905
Payables	−92	240	−33	−99	165	279
Other working capital	120	−78	−174	304	236	−292
Tax paid	−345	−369	−593	−590	−711	−700
Capital spending	126	120	113	94	62	319
Free cash flow	1,328	1,596	1,349	2,086	1,843	935
	−822	−282	182	−2,482	44	−211
Plant and property sold	1	1	2	2	2	2
Companies bought	0	0	0	−1,233	−280	−432
Interest received	20	32	29	33	46	97
	−861	−1,389	−1,440	77	−1,756	−943
Borrowings raised	1,215	1,664	1,023	2,639	1,638	1,659
Borrowings repaid	−1,256	−1,661	−1,379	−1,342	−2,084	−1,161
Interest paid	−62	−74	−97	−140	−152	−185
Lease payments	−133	−144	−149	−167	−176	−206
Dividends paid	653	1,218	865	943	1,040	1,084
Shares bought back	0	0	0	0	0	0
Shares issued	27	44	27	30	58	34
Net change in cash	−229	45	204	−225	194	99

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.MphasiS dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 29 May	Mar 2020Filed 14 May	Mar 2021Filed 14 May	Mar 2022Filed 30 Apr	Mar 2023Filed 9 May	Mar 2024Filed 27 Apr	Mar 2025Filed 10 Jun	Mar 2026Filed 29 Apr
Earnings per share	₹37.69	₹42.66	₹56.05	₹63.57	₹65.18	₹76.38	₹87.05	₹82.42	₹89.87	₹97.82
Diluted earnings per share	₹37.63	₹42.59	₹55.50	₹63.09	₹64.43	₹75.61	₹86.37	₹81.83	₹89.36	₹97.54
Dividend per share	₹17.00	₹20.00	₹27.00	₹35.00	₹65.00	₹46.00	₹50.00	₹55.00	₹57.00	₹62.00
Book value per share	–	–	₹281.91	₹312.51	₹348.93	₹369.66	₹421.15	₹465.31	₹506.53	₹563.01
Dividend payout	45.2%	46.2%	46.8%	55.1%	99.9%	60.4%	57.5%	66.9%	63.7%	63.5%
Shareholder yield	–	–	–	–	1.9%	1.9%	2.5%	2.0%	2.1%	2.7%
Market cap at the year end (₹ crore)	12,200	16,184	18,444	12,389	33,173	63,306	33,818	45,078	47,418	39,122

Ratios

Consolidated, years to March.MphasiS PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 29 May	Mar 2020Filed 14 May	Mar 2021Filed 14 May	Mar 2022Filed 30 Apr	Mar 2023Filed 9 May	Mar 2024Filed 27 Apr	Mar 2025Filed 10 Jun	Mar 2026Filed 29 Apr
Revenue growth	−0.2%	7.7%	18.1%	14.4%	9.9%	23.0%	15.4%	−3.8%	7.2%	11.6%
Operating profit growth	8.1%	9.7%	24.6%	24.7%	9.2%	17.5%	14.9%	−0.5%	9.3%	12.5%
Net profit growth	18.3%	5.8%	28.2%	10.4%	2.7%	17.6%	14.5%	−5.1%	9.5%	9.4%
Earnings per share growth	18.3%	13.2%	31.4%	13.4%	2.5%	17.2%	14.0%	−5.3%	9.0%	8.8%
	–	–	20.4%	21.4%	19.7%	21.2%	22.0%	18.6%	18.5%	18.3%
	–	–	–	0.9 pts	−1.7 pts	1.6 pts	0.8 pts	−3.4 pts	−0.1 pts	−0.2 pts
From the net margin	–	–	–	−0.7 pts	−1.4 pts	−0.9 pts	−0.2 pts	−0.3 pts	0.4 pts	−0.4 pts
From asset turnover	–	–	–	0.9 pts	−0.5 pts	2.0 pts	0.8 pts	−3.6 pts	−1.0 pts	−0.2 pts
From borrowing	–	–	–	0.8 pts	0.2 pts	0.4 pts	0.1 pts	0.4 pts	0.4 pts	0.3 pts
Return on capital employed	–	–	21.5%	22.2%	22.2%	24.5%	25.9%	19.5%	20.2%	19.3%
Cash conversion	–	–	–	–	119.5%	119.9%	89.2%	140.2%	111.9%	67.3%
Interest cover	64.1	76.3	71.9	17.5	24.6	24.6	21.7	12.5	13.1	11.9
Debt to equity	–	–	0.10	0.10	0.08	0.08	0.03	0.18	0.12	0.17
Receivable days	–	–	87	34	35	30	67	67	73	96
Working capital days	–	–	44	29	34	29	25	16	7	22
Asset turnover	–	–	1.05	1.10	1.07	1.19	1.23	1.03	0.98	0.97
Assets per rupee of net worth	–	–	1.40	1.46	1.47	1.50	1.50	1.54	1.58	1.60
Sales per rupee of plant	–	–	64.32	52.03	45.91	13.76	14.20	14.41	17.32	82.17
Capital spending to depreciation	–	–	–	–	0.52	0.41	0.35	0.23	0.13	0.57
Plant being built, % of plant in use	–	–	1.3%	4.3%	1.5%	1.3%	0.6%	1.5%	0.0%	0.0%

No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 11.4%
Cash from operations against operating profit: 42.1%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	10.1%	10.3%	4.8%
Profit growth, yearly rate	10.8%	8.9%	4.4%
Return on equity, average	–	19.7%	18.5%
Return on capital employed, average	–	21.9%	19.7%
Operating margin, average	17.7%	18.2%	18.5%
Net margin, average	12.5%	11.8%	11.8%
Asset turnover, average	–	1.08	0.99
Interest cover, average	33.8	16.7	12.5
Debt to equity, average	–	0.11	0.15

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	8,516	5,338	1,253
Cash from investing	−2,748	−2,649	−211
Cash from financing	−5,451	−2,622	−943
Capital spending	707	474	319
Dividends paid	5,150	3,067	1,084
Shares bought back	0	0	0
Shares issued for cash	193	122	34
Borrowings raised	8,622	5,935	1,659
Borrowings repaid	7,626	4,587	1,161

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	4	5	5	3	3	4
Altman Z-scorePublished threshold 1.1	–	–	8.01	7.10	7.89	6.91	7.54	5.90	6.19	5.40
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.49	−2.50	−1.03	−2.86	−2.37	−1.99
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	6.44	−0.03	−0.06	14.43	−1.70	5.02
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.08	1.16	1.13	1.04
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−69.21	1.34	−18.87	145.00	0.00	9.95	36.00
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	10.36	1.37	7.23	−9.78	−1.63	−0.39	1.76
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.03	0.01	0.01	0.01	0.04	0.00	–
Effective tax ratePublished threshold 17.16 per cent	27.99	25.73	23.73	21.81	25.38	25.20	24.63	24.83	24.69	25.77
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	5.93	−2.65	−3.71	−6.77	−2.12

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
26 Feb 2026	ICRA Limited (opens in a new tab)	Fund-based/Non-fund based-Others	[ICRA]AA+ /[ICRA]A1+Review, Re-affirm	Stable	1,600

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.