MPS financials and balance sheet

NSE: MPSLTDBSE: 532440Printing & PublicationSmall Cap

Formerly Macmillan India

₹2,334.00₹20.20 (0.87%)BSE ₹2,333.85

Share price at the NSE close on 23 Oct 2026. Previous close ₹2,313.80.

52-week range of traded prices to 23 Oct 2026

₹1,336.10Low, 9 Mar 2026₹2,979.00High, 10 Aug 2026

Under NSE's long-term additional surveillance, stage I, on the list for 23 Oct 2026. The exchange puts a share here when its price has moved unusually, and trading in it carries extra conditions.

Market cap: ₹3,992 Cr987th largest listed
P/E: 21.2
P/B: 6.7
Dividend yield: Nonein the last 12 months
ROE: 35.1%
ROCE: 36.6%
Debt to equity: 0.07
Volume, NSE: 19,40957.2% delivered

10 years at a glance

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

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹768 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 7.7% 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

Revenue768
Employee costs−320
Other expenses−213
Operating profit236
Depreciation−28
Other income+16
One-off items+7.6
Finance costs−2.0
Profit before tax229
Tax−56
Net profit173

What the company owns

Plant, investments and other assets₹689 Cr
Receivables₹133 Cr
Cash and bank₹95 Cr
Current investments₹25 Cr

What pays for it: net worth and liabilities

Net worth₹596 Cr
Other liabilities₹263 Cr
Owed to suppliers₹43 Cr
Borrowings₹40 Cr

MPS 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.MPS segment results by quarter

Revenue by segment

₹768 CrTotal

Research Solutions₹464 Cr60.3% of total
Education Solutions₹209 Cr27.2% of total
Corporate Learning₹96 Cr12.5% of total

Profit by segment

Research Solutions₹170 Cr65.8% of total
Education Solutions₹77 Cr29.8% of total
Corporate Learning₹11 Cr4.4% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Research Solutions
Revenue, ₹ crore
464
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
170
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Education Solutions
Revenue, ₹ crore
209
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
77
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Corporate Learning
Revenue, ₹ crore
96
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
11
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	363	332	423	449	501	545	727	768
Company revenue, as in its results	363	332	423	449	501	545	727	768
Revenue	–	–	–	–	–	–	–	464
Profit	–	–	–	–	–	–	–	170
Margin	–	–	–	–	–	–	–	36.7%
Revenue	–	–	–	–	–	–	–	209
Profit	–	–	–	–	–	–	–	77
Margin	–	–	–	–	–	–	–	37.0%
Revenue	–	–	–	–	–	–	–	96
Profit	–	–	–	–	–	–	–	11
Margin	–	–	–	–	–	–	–	11.8%
Revenue	233	203	228	242	261	288	387	–
Revenue growth	–	−12.6%	11.9%	6.4%	8.0%	10.2%	34.4%	–
Profit	86	65	75	77	103	112	139	–
Profit growth	–	−25.1%	16.1%	2.3%	33.9%	9.0%	24.3%	–
Margin	37.0%	31.7%	32.9%	31.6%	39.2%	38.8%	35.9%	–
Revenue	70	75	57	83	126	134	133	–
Revenue growth	–	7.2%	−23.6%	45.4%	51.4%	6.0%	−0.5%	–
Profit	−3	7	−2	11	28	22	23	–
Profit growth	–	–	–	–	147.4%	−21.5%	1.5%	–
Margin	−3.9%	8.7%	−4.2%	13.7%	22.4%	16.6%	16.9%	–
Revenue	60	53	138	123	113	123	207	–
Revenue growth	–	−11.0%	158.8%	−10.4%	−8.1%	8.9%	67.4%	–
Profit	23	16	35	41	39	51	67	–
Profit growth	–	−29.2%	117.3%	17.0%	−3.6%	30.4%	30.2%	–
Margin	37.8%	30.1%	25.2%	32.9%	34.6%	41.4%	32.2%	–

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

Profit and loss

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

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 20 May	Mar 2020Filed 21 May	Mar 2021Filed 28 May	Mar 2022Filed 21 May	Mar 2023Filed 23 May	Mar 2024Filed 5 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 15 May
Revenue from operations	289	267	363	332	423	449	501	545	727	768
	196	180	269	253	316	323	344	375	516	533
Materials and goods bought	–	–	0	0	0	202	0	0	0	0
Employee costs	122	111	164	166	203	0	213	243	328	320
Other expenses	74	68	105	87	113	121	131	132	188	213
Operating profit before depreciation	93	87	93	79	107	126	157	170	211	236
Operating margin	32.2%	32.6%	25.7%	23.8%	25.3%	28.1%	31.3%	31.2%	29.0%	30.7%
Materials, % of revenue	–	–	0.0%	0.0%	0.0%	44.9%	0.0%	0.0%	0.0%	0.0%
Employee costs, % of revenue	42.2%	41.8%	45.4%	49.9%	47.9%	0.0%	42.5%	44.6%	45.1%	41.6%
Other expenses, % of revenue	25.5%	25.6%	28.9%	26.3%	26.8%	27.0%	26.2%	24.2%	25.9%	27.7%
Depreciation and amortisation	7	8	11	15	21	21	19	20	27	28
Operating profit after depreciation	86	79	82	64	86	105	137	150	183	208
Other income	20	23	25	20	10	14	11	12	13	16
Finance costs	0	0	0	2	2	2	1	1	1	2
Profit before one-off items and tax	106	102	107	81	93	118	147	161	195	222
One-off items	−4	0	0	0	0	0	0	0	6	8
Profit before tax	102	102	107	81	93	118	147	161	201	229
	32	32	31	22	35	31	38	42	52	56
Current tax	–	–	31	24	29	29	37	42	49	57
Deferred tax	–	–	0	−3	6	2	1	0	3	−1
Net profit	70	70	76	60	59	87	109	119	149	173
Other comprehensive income	–	–	3	6	−2	4	12	2	4	30
Total comprehensive income	–	–	79	66	56	91	121	121	153	203
Net margin	24.2%	26.3%	21.0%	18.0%	13.9%	19.4%	21.8%	21.8%	20.5%	22.5%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 20 May	Mar 2020Filed 21 May	Mar 2021Filed 28 May	Mar 2022Filed 21 May	Mar 2023Filed 23 May	Mar 2024Filed 5 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 15 May
	471	367	381	367	424	460	478	596
Share capital	19	19	18	17	17	17	17	17
Reserves	453	348	363	350	407	443	461	579
	0	0	0	0	0	0	0	40
Repayable after a year	0	0	0	0	0	0	0	30
Repayable within a year	0	0	0	0	0	0	0	11
	59	59	101	109	106	208	158	250
Trade payables	13	12	22	18	20	24	25	43
Other financial liabilities	7	14	16	12	11	35	15	38
Other liabilities	35	29	56	76	72	137	108	134
Provisions	3	2	3	1	1	9	7	14
Tax owed	1	3	4	2	2	3	3	10
	7	17	25	20	22	68	58	96
Other financial liabilities	–	0	13	7	4	28	22	21
Other liabilities	–	13	1	0	–	0	0	–
Provisions	0	1	0	0	0	1	1	1
Deferred tax	7	4	11	13	17	39	35	44
Total assets	537	444	507	497	552	737	695	942
	121	130	238	200	196	402	383	581
Plant in use, after depreciation	21	20	22	20	19	21	22	24
Plant being built	0	0	–	1	0	0	0	0
Intangible assets	20	32	46	25	37	97	76	139
Goodwill	60	62	85	87	115	269	244	376
Intangible assets being developed	–	–	–	–	0	1	3	0
Property held to earn rent	1	1	1	0	1	1	1	1
Investments	0	0	4	0	0	0	0	0
Loans given	2	2	2	0	0	0	0	0
Other financial assets	0	1	70	48	12	2	2	8
Deferred tax	1	0	1	–	1	1	31	30
Other assets	14	13	7	19	10	9	4	3
	416	313	269	296	356	335	312	361
Trade receivables	69	62	91	86	87	101	117	133
Cash and cash equivalents	48	82	67	82	58	108	63	77
Other bank balances	29	13	36	51	100	7	21	18
Current investments	212	86	8	6	28	30	21	25
Loans given	0	1	2	0	0	0	0	0
Other financial assets	4	2	5	7	8	4	2	5
Tax paid in advance	0	0	0	0	0	1	0	4
Other assets	54	68	61	65	77	84	87	99
Net debt	−289	−180	−111	−139	−185	−145	−106	−79

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 28 May	Mar 2022Filed 21 May	Mar 2023Filed 23 May	Mar 2024Filed 5 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 15 May
	99	114	113	118	101	197
	119	149	148	159	150	243
	7	15	−16	−17	−64	1
Receivables	−9	0	3	6	−15	−12
Inventories	0	5	0	0	0	0
Payables	−3	−4	1	−6	0	1
Other working capital	20	14	−20	−17	−50	12
Tax paid	−19	−35	−35	−41	−50	−47
Capital spending	6	4	4	4	6	8
Free cash flow	94	110	109	114	95	189
	−59	15	−65	25	−6	−133
Plant and property sold	0	0	0	0	0	0
Companies bought	−44	0	−33	−75	0	0
Interest received	1	3	4	7	1	1
	−53	−116	−70	−93	−140	−52
Borrowings raised	0	0	0	0	0	42
Borrowings repaid	0	0	0	0	0	−2
Interest paid	0	0	0	−1	−1	−2
Lease payments	0	−10	0	0	−4	−4
Dividends paid	0	0	51	86	134	87
Shares bought back	–	106	0	3	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	−13	14	−22	50	−45	12

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. Shares bought back is left blank for the year to Mar 2021: the cash-flow statement states no buyback, while the company bought back shares in a tender offer that closed in the period, so the line is not given.

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

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 20 May	Mar 2020Filed 21 May	Mar 2021Filed 28 May	Mar 2022Filed 21 May	Mar 2023Filed 23 May	Mar 2024Filed 5 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 15 May
Earnings per share	₹37.58	₹37.71	₹40.83	₹32.15	–	₹48.61	₹63.87	₹70.01	₹87.80	₹102.11
Diluted earnings per share	₹37.58	₹37.71	₹40.83	₹32.15	–	₹48.61	₹63.87	₹69.96	₹87.73	₹102.06
Dividend per share	–	₹12.00	₹25.00	₹50.00	–	₹30.00	₹20.00	₹75.00	₹83.00	–
Book value per share	–	–	₹253.04	₹197.05	₹211.14	₹214.42	₹247.63	₹268.74	₹279.63	₹348.53
Dividend payout	–	31.8%	61.2%	155.5%	–	58.9%	31.3%	108.0%	95.4%	–
Shareholder yield	–	–	–	–	–	10.5%	2.8%	3.4%	2.8%	3.4%
Market cap at the year end (₹ crore)	1,282	923	888	390	836	1,009	1,816	2,623	4,873	2,551

Earnings per share is left blank for the year to Mar 2021: the earnings per share stated does not match any profit the filing states over the shares in issue, and the share count barely moved during the period. Shareholder yield is left blank for the year to Mar 2021: the cash-flow statement states no buyback, while the company bought back shares in a tender offer that closed in the period, so the line is not given.

Ratios

Consolidated, years to March.MPS PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 20 May	Mar 2020Filed 21 May	Mar 2021Filed 28 May	Mar 2022Filed 21 May	Mar 2023Filed 23 May	Mar 2024Filed 5 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 15 May
Revenue growth	12.2%	−7.5%	35.8%	−8.5%	27.4%	6.2%	11.6%	8.8%	33.3%	5.7%
Operating profit growth	–	−6.5%	7.2%	−15.4%	35.2%	18.0%	24.4%	8.4%	24.1%	11.8%
Net profit growth	−1.8%	0.4%	8.3%	−21.3%	−2.2%	48.8%	25.3%	8.8%	25.4%	16.3%
Earnings per share growth	−1.8%	0.3%	8.3%	−21.3%	–	–	31.4%	9.6%	25.4%	16.3%
	–	–	16.1%	14.3%	15.7%	23.3%	27.6%	26.9%	31.7%	32.2%
	–	–	–	−1.9 pts	1.4 pts	7.6 pts	4.3 pts	−0.7 pts	4.9 pts	0.5 pts
From the net margin	–	–	–	−2.2 pts	−3.3 pts	6.3 pts	2.9 pts	0.0 pts	−1.6 pts	3.2 pts
From asset turnover	–	–	–	0.0 pts	3.5 pts	0.1 pts	1.8 pts	−3.2 pts	5.0 pts	−2.6 pts
From borrowing	–	–	–	0.4 pts	1.2 pts	1.2 pts	−0.3 pts	2.4 pts	1.4 pts	−0.1 pts
Return on capital employed	–	–	17.5%	17.3%	22.4%	28.7%	32.4%	32.6%	38.4%	32.7%
Cash conversion	–	–	–	–	169.7%	131.2%	103.3%	99.4%	67.8%	113.6%
Interest cover	508.2	607.8	433.1	29.6	41.9	68.4	123.7	174.3	235.2	103.5
Debt to equity	–	–	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.07
Receivable days	–	–	69	69	78	70	63	67	59	63
Inventory days	–	–	–	–	–	0	–	–	–	–
Payable days	–	–	–	–	–	33	–	–	–	–
Cash conversion cycle, days	–	–	–	–	–	37	–	–	–	–
Working capital days	–	–	69	81	49	39	47	−13	24	1
Asset turnover	–	–	0.67	0.68	0.89	0.89	0.96	0.85	1.02	0.94
Assets per rupee of net worth	–	–	1.14	1.17	1.27	1.34	1.33	1.46	1.53	1.52
Sales per rupee of plant	–	–	16.96	16.60	19.60	22.18	25.77	26.24	33.31	32.59
Capital spending to depreciation	–	–	–	–	0.28	0.20	0.22	0.19	0.23	0.28
Plant being built, % of plant in use	–	–	0.8%	0.2%	–	5.0%	0.0%	0.0%	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: 21.2%
Cash from operations against operating profit: 83.4%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	11.6%	12.7%	15.3%
Profit growth, yearly rate	9.3%	24.2%	16.6%
Return on equity, average	–	28.4%	30.3%
Return on capital employed, average	–	33.0%	34.5%
Operating margin, average	29.0%	30.0%	30.3%
Net margin, average	20.9%	21.2%	21.6%
Asset turnover, average	–	0.93	0.93
Interest cover, average	232.6	141.0	171.0
Debt to equity, average	–	0.01	0.02

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	643	416	197
Cash from investing	−163	−114	−133
Cash from financing	−471	−285	−52
Capital spending	26	18	8
Dividends paid	358	307	87
Shares bought back	109	3	0
Shares issued for cash	0	0	0
Borrowings raised	42	42	42
Borrowings repaid	2	2	2

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	–	–	–	–	6	6	8	3	4	6
Altman Z-scorePublished threshold 1.1	–	–	15.92	12.60	8.94	9.35	10.66	6.31	7.88	6.24
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.38	−2.33	−3.00	−2.24	−1.93	−2.52
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	3.89	−8.48	11.66	−3.79	7.51	13.35
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.28	1.10	0.88	0.94
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−0.84	17.97	−11.58	−10.57	7.43	−17.51	8.79
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	3.29	−0.89	1.35	2.43	0.84	0.09	2.50
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.00	–	0.05	0.00	0.00	0.00	0.00
Effective tax ratePublished threshold 17.16 per cent	31.63	31.07	29.18	26.48	37.30	26.14	25.69	26.35	25.96	24.45
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−3.10	1.60	0.64	1.33	4.10

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