WatchTalking point
Profit and cash flow diverged
Reported profit rose 9.4% but operating cash flow fell 34.2% — worth investigating whether the profit is being collected.
Importance 69 / 95 · cash quality
Mphasis Limited · Research view
Mphasis Limited
NSE: MPHASISBSE: 526299ISIN INE356A01018Face value ₹10consolidated
₹2,255
+4.45% · 2026-10-01 · 52-wk ₹2,047–₹2,954
Financials to FY2026 · 8 years of history · prices to 2026-10-01consolidatedstandalone
Section 02 · Synthesis
What stands out?
The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.
StrengthConcernWatchContext
WatchTalking point
Growing, but light on cash
Revenue grew 11.6% but only 0.67× of reported profit came through as operating cash.
Importance 62 / 95 · cash quality
Watch
Receivables stretching
Receivable days rose from 73 to 96 — collections are slower.
Importance 50 / 95 · anomaly
Section 03 · The company
Who is this company?
Classified by the exchange under Information Technology › Information Technology › IT - Software › Computers - Software & Consulting.
- Market cap
- ₹43,031 cr
- FY2026 revenue
- ₹15,880 cr
- FY2026 net profit
- ₹1,863 cr
- Net worth
- ₹10,744 cr
- Total debt
- ₹1,793 cr
- EPS (basic)
- ₹97.82
- Listed
- NSE · BSE
- Reporting
- Ind-ASApr–Mar
Peer set used on this page: 9 computers - software & consulting.
Section 04 · Business performance
Is the business growing?
RevenueNet profit
Context
Revenue has compounded at 10.8% a year over 7 years (₹7,731 → ₹15,880) — steady rather than rapid.
Rule REVENUE_COMPOUNDED_MODERATE
- Revenue growth per year
- +10.8%over 7 years
- Revenue growth
- +11.6%vs last year
- Net profit growth
- +9.4%vs last year
- Change in net profit since FY19
- +74%
Section 05 · Recent activity
What changed recently?
Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.
Strength
Q1 FY27 revenue was ₹4,384 cr, up 17.5% from ₹3,732 cr in Q1 FY26 a year earlier.
Rule QTR_REVENUE_GROWTH_YOY
Strength
Q1 FY27 net profit was ₹490 cr, up 10.8% from ₹442 cr a year earlier.
Rule QTR_PROFIT_GROWTH_YOY
Strength
Q1 FY27 revenue of ₹4,384 cr is the highest of the 16 quarters on record for this company.
Rule QTR_REVENUE_AT_RECORD
A. Quarterly results
RevenueNet profit
| Quarter | Revenue | YoY | Net profit | YoY | Net margin |
|---|---|---|---|---|---|
| Q2 FY25 | 3,536 | — | 423 | — | 12.0% |
| Q3 FY25 | 3,561 | +6.7% | 428 | +14.5% | 12.0% |
| Q4 FY25 | 3,710 | +8.7% | 446 | +13.5% | 12.0% |
| Q1 FY26 | 3,732 | +9.1% | 442 | +9.2% | 11.8% |
| Q2 FY26 | 3,902 | +10.3% | 469 | +10.8% | 12.0% |
| Q3 FY26 | 4,003 | +12.4% | 442 | +3.4% | 11.0% |
| Q4 FY26 | 4,243 | +14.4% | 510 | +14.1% | 12.0% |
| Q1 FY27 | 4,384 | +17.5% | 490 | +10.8% | 11.2% |
B. TTM snapshot
Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters
- Revenue
- ₹16,531 crTTM
- EBITDA
- ₹3,399 crTTM
- EBIT
- ₹2,828 crTTM
- PBT
- ₹2,582 crTTM
- Net profit
- ₹1,910 crTTM
C. Corporate actions
8 Jul 2026DividendFinal Dividend - Rs. - 62.0000 — ₹62.00/share
9 Jul 2025DividendDividend - Rs. - 57.0000 — ₹57.00/share
10 Jul 2024DividendFinal Dividend - Rs. - 55.0000 — ₹55.00/share
5 Jul 2023DividendFinal Dividend - Rs. - 50.0000 — ₹50.00/share
5 Jul 2022DividendDividend - Rs. - 46.0000 — ₹46.00/share
13 Sept 2021DividendSpecial Dividend - Rs. - 27.0000 — ₹27.00/share
13 Sept 2021DividendFinal Dividend - Rs. - 38.0000 — ₹38.00/share
2 Jul 2020DividendFinal Dividend - Rs. - 35.0000 — ₹35.00/share
11 Jul 2019DividendFinal Dividend - Rs. - 27.0000 — ₹27.00/share
24 Oct 2018BuybackBuy Back of Shares
26 Jul 2018DividendDividend - Rs. - 20.0000 — ₹20.00/share
13 Jul 2017DividendDividend - Rs. - 17.0000 — ₹17.00/share
30 Mar 2017BuybackBuy Back of Shares
19 Oct 2016DividendDividend - Rs. - 20.0000 — ₹20.00/share
25 Aug 2015DividendDividend - Rs. - 16.0000 — ₹16.00/share
16 Jul 2014DividendDividend - Rs. - 7.0000 — ₹7.00/share
22 Jan 2014DividendFinal Dividend - Rs. - 17.0000 — ₹17.00/share
17 Jan 2013DividendFinal Dividend - Rs. - 17.0000 — ₹17.00/share
15 Feb 2012DividendFinal Dividend - Rs. - 6.5000 — ₹6.50/share
10 Feb 2011DividendFinal Dividend - Rs. - 4.0000 — ₹4.00/share
10 Feb 2010DividendDividend - Rs. - 3.5000 — ₹3.50/share
22 Jan 2009DividendDividend - Rs. - 2.0000 — ₹2.00/share
16 Jul 2008DividendDividend - Rs. - 3.3000 — ₹3.30/share
7 Sept 2007DividendFinal Dividend - Rs. - 3.0000 — ₹3.00/share
14 Aug 2001DividendDividend - Rs. - 1.0000 — ₹1.00/share
Section 06 · Business performance
Is it becoming more profitable?
EBITDA marginNet margin
Margin and return trends are shown above.
- EBITDA margin now
- 20.8%
- 8-year range
- 18.8–20.8%
- ROE FY2026
- 18.3%
- ROCE FY2026
- 23.6%
Section 07 · Financial health
Is financial health improving?
Net worth (shareholders' funds)
Watch
Reported profit rose 9.4% but operating cash flow fell 34.2% — worth investigating whether the profit is being collected.
Rule PROFIT_UP_CASH_DOWN
Operating cash flowNet profit
- Total debt
- ₹1,793 cr
- Operating cash flow ÷ net profit
- 0.67×FY2026
- Free cash flow
- ₹937 cr
- Current ratio
- 1.38×
Revenue grew 11.6% but only 0.67× of reported profit came through as operating cash.
Operating cash flow was only 0.67× reported profit (FY2026).
Free cash flow has been positive in 6 of the last 6 years.
Section 08 · Relative position
How does it compare with peers?
Ranked against 9 computers - software & consulting (FY2026, consolidated). No peer-relative rule fired for this company.
Revenue growth
MPHASIS · 3rd of 9 · set median 11.2%
EBITDA margin
MPHASIS · 5th of 9 · set median 20.8%
Return on equity
MPHASIS · 7th of 9 · set median 21.3%
P/E ratio
MPHASIS · 5th of 9 · set median 22.5×
- P / E
- 22.5×TTM to Jun 26
- P / B
- 4.0×latest book
- P / S
- 2.6×TTM sales
- Earnings yield
- 4.4%TTM to Jun 26
On the trailing twelve months. Last full year: P/E 23.1× · P/S 2.7× · ROE 18.3%.
Section 09 · The stock
How has the stock performed?
Long-term price performance is shown above.
- 1-year return
- −16.2%
- 3-year return
- −5.1%
- 5-year return
- −25.5%
- From 52-wk high
- −23.7%
Section 10 · Technical data
What does the technical data say?
Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.
- vs 50-day avg
- Below₹2,378
- vs 200-day avg
- Below₹2,411
- RSI (14)
- 43.6neutral
- MACD histogram
- -8.3
- From 52-wk high
- −23.7%
- From 52-wk low
- +10.1%
- 30-day volatility
- 26.2%ann.
- 6-month return
- +9.8%
Section 11 · Open questions
What should I investigate further?
Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.
- WatchProfit and cash flow divergedReported profit rose 9.4% but operating cash flow fell 34.2% — worth investigating whether the profit is being collected.PROFIT_UP_CASH_DOWN · conviction 69
- WatchGrowing, but light on cashRevenue grew 11.6% but only 0.67× of reported profit came through as operating cash.GROWTH_WITH_WEAK_CASH · conviction 62
- WatchReceivables stretchingReceivable days rose from 73 to 96 — collections are slower.RECEIVABLE_DAYS_JUMP · conviction 50
- ConcernWeak cash conversionOperating cash flow was only 0.67× reported profit (FY2026).WEAK_CASH_CONVERSION · conviction 50
- Cash-flow-statement facts are unavailable for FY2019, FY2020 — those filings predate SEBI's Cash Flow Statement disclosure requirement. All other loaded years carry full P&L, balance sheet and cash-flow data.
Section 12 · Reference
The numbers
The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.
| Metric | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 7,731 | 8,844 | 9,722 | 11,961 | 13,798 | 13,279 | 14,230 | 15,880 |
| Total income | 7,908 | 9,021 | 9,855 | 12,122 | 13,960 | 13,496 | 14,485 | 16,206 |
| EBITDA | 1,501 | 1,828 | 1,936 | 2,278 | 2,596 | 2,640 | 2,902 | 3,304 |
| Profit before tax | 1,407 | 1,515 | 1,631 | 1,913 | 2,173 | 2,068 | 2,260 | 2,509 |
| Net profit | 1,073 | 1,185 | 1,217 | 1,431 | 1,638 | 1,555 | 1,702 | 1,863 |
| EPS (₹) | 56.1 | 63.6 | 65.2 | 76.4 | 87.0 | 82.4 | 89.9 | 97.8 |
| Net worth | 5,250 | 5,830 | 6,527 | 6,943 | 7,935 | 8,795 | 9,628 | 10,744 |
| Total debt | 543 | 571 | 513 | 527 | 198 | 1,544 | 1,116 | 1,793 |
| Operating cash flow | — | — | 1,455 | 1,716 | 1,462 | 2,180 | 1,905 | 1,253 |
| Free cash flow | — | — | 1,328 | 1,597 | 1,351 | 2,088 | 1,845 | 937 |
| Ratio | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| Growth | ||||||||
| Revenue growth YoY | — | 14.4 | 9.9 | 23.0 | 15.4 | -3.8 | 7.2 | 11.6 |
| Profit growth YoY | — | 10.4 | 2.7 | 17.6 | 14.5 | -5.1 | 9.5 | 9.4 |
| Profitability | ||||||||
| EBITDA margin % | 19.4 | 20.7 | 19.9 | 19.0 | 18.8 | 19.9 | 20.4 | 20.8 |
| Net margin % | 13.6 | 13.1 | 12.3 | 11.8 | 11.7 | 11.5 | 11.8 | 11.5 |
| Return on equity % | 20.4 | 21.4 | 19.7 | 21.2 | 22.0 | 18.6 | 18.5 | 18.3 |
| Return on capital % | 24.6 | 26.2 | 25.2 | 27.4 | 29.1 | 24.1 | 23.0 | 23.6 |
| Leverage & cash | ||||||||
| Debt to equity | 0.10 | 0.10 | 0.08 | 0.08 | 0.03 | 0.18 | 0.12 | 0.17 |
| Cash flow ÷ profit | — | — | 1.20 | 1.20 | 0.89 | 1.40 | 1.12 | 0.67 |
| Current ratio | 2.06 | 2.04 | 2.40 | 1.96 | 2.13 | 1.58 | 1.57 | 1.38 |