MPHASIS · Information Technology
MphasiS Ltd. reported revenue of ₹3,902 cr for July to September 2025, +10.4% on the year and +4.6% on the quarter. It is the highest quarterly revenue in the last 10 quarters on record. Over the last four quarters revenue comes to ₹14,905 cr, +8.7% on the four before.
Operating profit (EBITDA) was ₹722 cr, a margin of 18.5%, +18 bps on the year and −33 bps on the quarter. Over the last 8 quarters the margin has ranged from 18.0% to 19.0%, averaging 18.6%. Operating costs grew +10.1%, broadly with revenue, so operating profit kept pace with sales.
Net profit was ₹469 cr, +10.9% on the year and +6.1% on the quarter, with earnings per share of ₹24.65. Profit before other income, one-offs and tax grew 9.1%, so the profit growth came from the business itself. The tax rate of 25% is in line with its recent average. Profit over the last four quarters totals ₹1,785 cr, +11.9% on the four before.
On earnings per share of ₹93.92 over the last four quarters, the stock at ₹2,455.00 trades at 26.1 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹3,276 cr | ₹3,338 cr | ₹3,412 cr | ₹3,422 cr | ₹3,536 cr | ₹3,561 cr | ₹3,710 cr | ₹3,732 cr | ₹3,902 cr | ₹4,003 cr | ₹4,243 cr | ₹4,384 cr |
| YoY | — | — | — | +5% | +8% | +7% | +9% | +9% | +10% | +12% | +14% | +17% |
| EBITDA margin | 18.2% | 18.0% | 18.7% | 18.1% | 18.3% | 19.0% | 18.9% | 18.8% | 18.5% | 18.7% | 18.9% | 18.1% |
| Other income, % of PBT | 9% | 11% | 12% | 14% | 10% | 11% | 10% | 13% | 12% | 5% | 16% | 12% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 25% | 25% | 25% | 25% | 25% | 25% | 24% | 28% | 25% | 25% | 25% | 28% |
| Net profit | ₹392 cr | ₹374 cr | ₹393 cr | ₹405 cr | ₹423 cr | ₹428 cr | ₹446 cr | ₹442 cr | ₹469 cr | ₹442 cr | ₹510 cr | ₹490 cr |
| YoY | — | — | — | +2% | +8% | +14% | +13% | +9% | +11% | +3% | +14% | +11% |
| Core profit YoY | — | — | — | −3% | +7% | +14% | +16% | +14% | +9% | +12% | +8% | +13% |
| EPS | ₹20.78 | ₹19.79 | ₹20.81 | ₹21.39 | ₹22.37 | ₹22.56 | ₹23.49 | ₹23.22 | ₹24.65 | ₹23.21 | ₹26.71 | ₹25.65 |
| Flags | · | · | · | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
MphasiS Ltd. reported revenue of ₹3,902 cr (+10.4% on the year) and net profit of ₹469 cr (+10.9% on the year) for July to September 2025.
Profit before other income, exceptional items and tax moved +9.1% on the year, against +10.9% for reported profit.
None of the 7 checks that could run raised a question.
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