Quick Ratios
Quarterly Results
Profit & Loss
Balance Sheet
Cash Flow
Ratios
Mkt Cap
Market Capitalization
₹42,169Cr
Rev Gr TTM
Revenue Growth TTM
10.16%
| Quarter | Mar 2023 | Jun 2023 | Sep 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Mar 2025 | Jun 2025 | Sep 2025 |
|---|
|
Growth YoY Revenue Growth YoY% | 2.5 | -4.7 | -6.9 | -4.8 | 1.5 | 5.2 | 7.9 | 6.7 | 8.7 | 9.1 | 10.3 | 12.4 |
| 2,763 | 2,665 | 2,681 | 2,737 | 2,773 | 2,804 | 2,888 | 2,883 | 3,007 | 3,030 | 3,178 | 3,251 |
Operating Profit Operating ProfitCr |
| 17.8 | 18.1 | 18.2 | 18.0 | 18.7 | 18.1 | 18.3 | 19.0 | 18.9 | 18.8 | 18.5 | 18.8 |
Other Income Other IncomeCr | 43 | 50 | 49 | 54 | 64 | 74 | 59 | 63 | 60 | 81 | 73 | 25 |
Interest Expense Interest ExpenseCr | 24 | 24 | 34 | 53 | 50 | 50 | 40 | 39 | 36 | 42 | 44 | 41 |
Depreciation DepreciationCr | 83 | 87 | 89 | 103 | 131 | 105 | 104 | 132 | 135 | 132 | 128 | 143 |
| 534 | 526 | 522 | 499 | 522 | 537 | 563 | 569 | 591 | 610 | 625 | 593 |
| 129 | 130 | 130 | 125 | 129 | 133 | 139 | 141 | 145 | 168 | 156 | 151 |
|
Growth YoY PAT Growth YoY% | 3.4 | -1.4 | -6.3 | -9.4 | -3.0 | 2.1 | 8.0 | 14.5 | 13.6 | 9.2 | 10.8 | 3.4 |
| 12.1 | 12.2 | 12.0 | 11.2 | 11.5 | 11.8 | 12.0 | 12.0 | 12.0 | 11.8 | 12.0 | 11.1 |
| 21.5 | 21.0 | 20.8 | 19.8 | 20.8 | 21.4 | 22.4 | 22.6 | 23.5 | 23.2 | 24.6 | 23.2 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|
|
| | 4.9 | -0.1 | 7.7 | 18.1 | 14.4 | 9.9 | 23.0 | 15.4 | -3.8 | 7.2 | 7.8 |
| 4,925 | 5,182 | 5,108 | 5,483 | 6,407 | 7,193 | 7,919 | 9,844 | 11,365 | 10,857 | 11,583 | 12,466 |
Operating Profit Operating ProfitCr |
| 15.0 | 14.8 | 15.9 | 16.2 | 17.1 | 18.7 | 18.5 | 17.7 | 17.6 | 18.2 | 18.6 | 18.8 |
Other Income Other IncomeCr | 194 | 136 | 223 | 149 | 177 | 178 | 133 | 160 | 162 | 218 | 255 | 239 |
Interest Expense Interest ExpenseCr | 28 | 24 | 14 | 13 | 17 | 81 | 63 | 74 | 97 | 161 | 166 | 163 |
Depreciation DepreciationCr | 98 | 121 | 79 | 71 | 76 | 232 | 242 | 291 | 325 | 411 | 476 | 538 |
| 938 | 890 | 1,099 | 1,128 | 1,407 | 1,515 | 1,631 | 1,913 | 2,173 | 2,068 | 2,260 | 2,419 |
| 263 | 258 | 308 | 290 | 334 | 331 | 414 | 482 | 535 | 514 | 558 | 620 |
|
| | -6.4 | 25.4 | 5.8 | 28.2 | 10.4 | 2.7 | 17.6 | 14.5 | -5.1 | 9.5 | 5.7 |
| 11.6 | 10.4 | 13.0 | 12.8 | 13.9 | 13.4 | 12.5 | 12.0 | 11.9 | 11.7 | 12.0 | 11.7 |
| 32.1 | 30.1 | 37.7 | 43.3 | 56.0 | 63.6 | 65.2 | 76.4 | 87.0 | 82.4 | 89.9 | 94.6 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 |
|---|
Equity Capital Equity CapitalCr | 210 | 210 | 210 | 193 | 186 | 187 | 187 | 188 | 188 | 189 | 190 | 190 |
| 5,270 | 5,661 | 5,942 | 5,289 | 5,064 | 5,643 | 6,340 | 6,755 | 7,746 | 8,606 | 9,438 | 9,432 |
Current Liabilities Current LiabilitiesCr | 1,517 | 1,294 | 1,089 | 1,402 | 1,994 | 2,167 | 2,144 | 2,910 | 2,798 | 4,205 | 4,449 | 5,821 |
Non Current Liabilities Non Current LiabilitiesCr | 420 | 268 | 76 | 102 | 128 | 757 | 729 | 903 | 877 | 1,131 | 830 | 829 |
Total Liabilities Total LiabilitiesCr |
Current Assets Current AssetsCr | 3,948 | 4,226 | 4,449 | 3,946 | 4,103 | 4,413 | 5,140 | 5,716 | 5,953 | 6,632 | 6,986 | 7,028 |
Non Current Assets Non Current AssetsCr | 3,469 | 3,191 | 2,868 | 3,039 | 3,268 | 4,340 | 4,259 | 5,040 | 5,656 | 7,498 | 7,921 | 9,245 |
Total Assets Total AssetsCr |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Operating Cash Flow Operating Cash FlowCr | 616 | 731 | 664 | 723 | 950 | 1,321 | 1,455 | 1,716 | 1,462 | 2,180 | 1,905 |
Investing Cash Flow Investing Cash FlowCr | -366 | -158 | 268 | 493 | 289 | 141 | -822 | -282 | 182 | -2,482 | 44 |
Financing Cash Flow Financing Cash FlowCr | -186 | -568 | -710 | -1,380 | -1,342 | -825 | -861 | -1,389 | -1,440 | 77 | -1,756 |
|
Free Cash Flow Free Cash FlowCr | 559 | 609 | 549 | 692 | 868 | 1,197 | 1,329 | 1,597 | 1,351 | 2,088 | 1,845 |
| 91.4 | 115.7 | 83.9 | 86.4 | 88.5 | 111.5 | 119.5 | 119.9 | 89.3 | 140.2 | 111.9 |
CFO To EBITDA CFO To EBITDA% | 70.8 | 81.3 | 68.5 | 68.1 | 71.7 | 80.0 | 80.7 | 81.0 | 60.1 | 90.0 | 72.0 |
| Financial Year | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|
Valuation Ratios Valuation Ratios |
Market Cap Market CapitalizationCr | 8,033 | 10,295 | 12,159 | 16,305 | 18,414 | 12,395 | 33,358 | 63,418 | 33,845 | 45,137 | 47,533 |
Price To Earnings Price To Earnings | 13.3 | 16.3 | 15.4 | 19.5 | 17.2 | 10.5 | 27.4 | 44.3 | 20.7 | 29.0 | 27.9 |
Price To Sales Price To Sales | 1.4 | 1.7 | 2.0 | 2.5 | 2.4 | 1.4 | 3.4 | 5.3 | 2.5 | 3.4 | 3.3 |
Price To Book Price To Book | 1.5 | 1.8 | 2.0 | 3.0 | 3.5 | 2.1 | 5.1 | 9.1 | 4.3 | 5.1 | 4.9 |
| 8.2 | 10.8 | 12.2 | 15.1 | 13.8 | 7.2 | 18.2 | 29.8 | 13.6 | 18.9 | 17.8 |
Profitability Ratios Profitability Ratios |
| 100.0 | 99.4 | 99.9 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 |
| 15.0 | 14.8 | 15.9 | 16.2 | 17.1 | 18.7 | 18.5 | 17.7 | 17.6 | 18.2 | 18.6 |
| 11.6 | 10.4 | 13.0 | 12.8 | 13.9 | 13.4 | 12.5 | 12.0 | 11.9 | 11.7 | 12.0 |
| 16.3 | 14.8 | 17.4 | 19.4 | 24.6 | 24.9 | 24.1 | 26.6 | 27.9 | 21.6 | 22.6 |
| 12.3 | 10.8 | 12.9 | 15.3 | 20.4 | 20.3 | 18.6 | 20.6 | 20.6 | 17.7 | 17.7 |
| 9.1 | 8.5 | 10.8 | 12.0 | 14.6 | 13.5 | 12.9 | 13.3 | 14.1 | 11.0 | 11.4 |
Operational Ratios Operational Ratios |
Solvency Ratios Solvency Ratios |
Liquidity Ratios Liquidity Ratios |
### **Overview**
Mphasis Limited is a global information technology services and solutions provider positioned at the forefront of enterprise digital transformation. Headquartered in Bangalore, India, and a subsidiary of the NSE-listed BSE 30 company Birlasoft, Mphasis operates as an “AI-led, platform-driven” organization focused on enabling large enterprises—especially in Banking, Financial Services (BFS), Insurance, Healthcare, TMT, and Logistics—to modernize legacy systems, accelerate innovation, and scale with agility.
With a strategic focus on cloud, cognitive technologies, artificial intelligence (AI), and quantum computing, Mphasis delivers end-to-end transformation through proprietary frameworks such as **Front2Back™**, **Savings-led Transformation™**, and its flagship **NeoIP™ platform**. The company serves marquee clients across North America, Europe, and the Asia-Pacific, including 13 of the top 15 U.S. retail banks and 7 of the top 10 global insurers.
---
### **Strategic Positioning & Core Philosophy**
Mphasis brands itself as the **“Driver in the Driverless Car”**—a strategic enabler for enterprises navigating complex digital transitions without compromising business continuity. Its client-centric philosophy emphasizes:
- **Hyper-personalized digital experiences**
- **Zero-cost or self-funded transformation**
- **Seamless integration of human + AI intelligence**
- **Sustainability and ethical innovation**
The company’s go-to-market strategy combines domain expertise, cloud-native engineering, and a “tribes and squads” agile delivery model, ensuring rapid, repeatable, and scalable execution of large transformation programs.
---
### **Artificial Intelligence Leadership (AI-Led Transformation)**
#### **Mphasis.ai: Dedicated AI Business Unit**
Since 2023, Mphasis has operated **Mphasis.ai**, one of the industry’s first dedicated AI units, to embed generative and agentic AI into client ecosystems. This unit integrates R&D from **NEXT Labs**, AI models, and strategic partnerships to deliver tailored, domain-specific AI solutions.
- In Q1 FY26 (Jul–Sep 2025), **68% of new contract wins were AI-led**, up from 25% in Q4 FY24, reflecting strong market demand.
- Over **55% of the deal pipeline** is AI-driven, with significant traction in BFS, Insurance, and Technology, Media & Telecom (TMT).
- As of FY25, **$1.27 billion in Total Contract Value (TCV)** was secured in AI-led deals.
#### **Proprietary AI Platforms – The Neo Series**
Mphasis has developed a suite of proprietary AI platforms under the **Neo** brand, designed to transform enterprise engineering, operations, and decision-making:
| Platform | Function |
|--------|--------|
| **NeoIP™** | AI orchestration platform powered by **Ontosphere** (dynamic knowledge graph); enables end-to-end transformation across IT and business operations via AI agent orchestration. |
| **NeoZeta™** | Enterprise modernization agent that reduces COBOL/Java relearning time by **>50%**, achieving **60–70% faster execution** and **$16M+ in cost savings** for insurers. |
| **NeoCrux™** | Unified engineer experience platform; boosts **developer productivity by 40%** through AI-assisted coding, automated builds, and testing. |
| **NeoSaba™** | Agile business analyst agent that auto-generates user stories and requirements from business logic; accelerates product development. |
| **NeoRigal™** | AI governance and orchestration layer ensuring compliance, risk management, and ethical AI deployment. |
#### **AI Deployment & Impact**
- **AI-led deals are delivering measurable efficiency gains**:
- **60% improvement** in development and modernization efficiency.
- **50% reduction** in mean time to detect and resolve IT incidents.
- **3–5 hours of predictive warning** for critical system outages using anomaly detection.
- For a major fintech, a **COBOL-to-cloud transformation** achieved **<30ms latency** and **<10 minutes downtime in 5 years**.
- The **AI Superhighway initiative** accelerates AI adoption by moving models from PoC to production, improving deployment efficiency by **50–60%**.
---
### **Digital Transformation Frameworks**
#### **Front2Back™**
Leverages cloud and cognitive technologies to deliver hyper-personalized digital experiences by transforming front-end customer interfaces to back-end core systems. It enables:
- Legacy modernization
- API-driven integration
- Real-time, event-based architectures (e.g., 1.4B accounts processed with **<40ms latency**)
- BIAN and ISO 20022 standards compliance
#### **Savings-led Transformation™**
A self-funding model that reduces operational costs and reinvests savings into digital initiatives. Clients achieve:
- **10% immediate cost clawback** for reinvestment
- **40% cost savings over 7 years**
- Proven results: **$35.5M saved** for a global insurance broker; **30% operations cost reduction** for a top IT provider
---
### **Quantum Computing & Emerging Tech Leadership**
Mphasis is a pioneer in **enterprise quantum adoption**, launching two industry-first quantum-enabled solutions in FY25:
#### **qCryptsec**
- Quantum-safe cybersecurity solution
- Identifies crypto-vulnerable assets and enables transition to **post-quantum cryptography (PQC)** and **Quantum Key Distribution (QKD)**
- Prepares organizations for **quantum threat readiness** across supply chains
#### **QOptiDecision**
- Hybrid quantum-classical optimization engine
- Solves complex enterprise problems in **logistics routing, wealth management, and airline operations**
- Delivers faster, more accurate decisions without increasing runtime
These solutions stem from investments in:
- **Centre of Excellence for Quantum Technologies (London)**
- **Global Centre of Excellence for Advanced Computing (Hyderabad)**
- U.S. patent for **“System and Method for Optimized Processing of Information on Quantum Systems”**
---
### **Strategic Partnerships & Ecosystem**
Mphasis maintains deep alliances with hyperscalers and AI innovators:
- **AWS**: Gen AI Foundry, Application Development Specialization, Industry Partner of the Year (Travel & Hospitality)
- **Microsoft**: Jumpstart Copilot Program, Business Applications Solution Partner, GenAI blueprint on Azure
- **Google Cloud**: Managed Partner, Gemini-powered agentic engineering, Pega integration
- **Specialists**: Kore.ai (conversational AI), WorkFusion (digital workers), Classiq (quantum), AgentSync (insurance compliance), Sixfold (AI underwriting)
It has also commercialized **over 250 patented AI/ML models** on AWS, Azure, and Google Cloud marketplaces.
---
### **Innovation Infrastructure**
#### **Centers of Excellence (CoEs)**
- **Buenos Aires, Argentina**: Financial Services CoE for LATAM and North American clients; initial 50 hires, scaling to 200+.
- **Hyderabad, India**: Global CoE for Advanced Computing (AI, quantum, GenAI)
- **Bangalore, India**: 24/7 **Cyber Fusion Center** with AI-driven threat detection and response
- **London, UK**: Quantum Tech CoE; planned 3-year headcount doubling
#### **NEXT Labs & Sparkle Innovation Program**
- R&D arm focused on AI, quantum, and disruptive tech
- Recognized as leader in Hugging Face’s DABStep benchmark (multi-step data reasoning)
- Hosts **Sparkle** innovation ecosystem with **50+ startups**, academic partners, and co-development programs
- Launched **Alta**: B2B payments innovation for trade finance
---
### **Client Growth & Key Engagements (2025)**
- Won a **transformation deal with a top U.S. airline** for managed cloud, AI Ops, and application rationalization.
- Engaged by a **major hi-tech manufacturer** to transform its R&D Engineering Platform using AI.
- Selected by a **leading U.S. wireless provider** for Salesforce development to streamline contract management.
- Secured a **North American life insurer** to consolidate application and data management (ADMS) via Neo Suite platforms.
- Partnering with **Flagstar Bank** to build a new data center and modernize infrastructure.
- Launched **Mphasis qCryptsec and QOptiDecision** with early enterprise adopters in BFS and Logistics.
---
### **Geographic & Vertical Expansion**
- **LATAM Growth**: Strategic investments in Argentina with hubs in Buenos Aires, Córdoba, and Mendoza; focused on financial services and cloud.
- **Nearshore Delivery Expansion**: Increased capacity in **Canada, Mexico, Taiwan, Poland, Ecuador, and Costa Rica** to support global clients.
- **Revenue Diversification**:
- Emerging verticals (Healthcare, TMT, Insurance, Logistics) now account for **52% of revenue**.
- **Healthcare segment grew at 53% YoY in FY23**, now a key growth vector.
---
### **Workforce & Talent Development**
- **TalentNext**: AI-powered learning platform for upskilling in AI, cloud, and quantum.
- Transition to **skill-based talent model** to enable cross-functional agility.
- Launched **GenAI training programs** for Microsoft Copilot, GitHub Copilot, and Gemini.
- Hired **>5,500 freshers in FY22**, with continued focus on AI and digital talent.
---
### **Recent Achievements & Recognitions**
- **NASSCOM AI Gamechangers Award 2025** (Healthcare & Pharma – Enterprise)
- **Cybersecurity Excellence Award 2025** (Identity and Access Management)
- **2025 S&P Global DJSI Top 6% (94th percentile)** in corporate sustainability
- **U.S. patents** granted for **Autocode.AI** and **quantum machine learning systems**
- Recognized by **Everest Group**, **ISG**, and **AWS** for leadership in cloud, DevSecOps, and AI
---
### **Summary: Mphasis Today (Nov 2025)**
| **Metric** | **Status** |
|-----------|----------|
| **AI-Led TCV Share** | 68% of new wins |
| **Core Platforms** | NeoIP™, NeoZeta™, NeoCrux™, Ontosphere, qCryptsec, QOptiDecision |
| **Key Verticals** | BFS, Insurance, Healthcare, TMT, Logistics, Hi-Tech |
| **AI Deployment** | 250+ models on hyperscaler marketplaces |
| **Quantum Leadership** | Industry-first enterprise solutions |
| **Innovation Hubs** | London, Hyderabad, Bangalore, Buenos Aires |
| **Strategic Alliances** | AWS, Microsoft, Google Cloud, Classiq, AgentSync |
| **Differentiator** | AI orchestration + human-in-the-loop + self-funding transformation |