M

Mphasis Ltd

Q2 FY26

Mphasis Q2 FY26 earnings call: Revenue & Margins

Q2 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹2,500

Market cap₹47.7K Cr

P/E24.7

Updated16 Oct 2026

Read4 min read

The short version

Revenue for Q2 FY26 was $445Mn, the highest quarterly revenue recorded, growing 2% sequentially and 6% YoY in constant currency. Mphasis expects growth to be greater than 2x the industry growth, driven by strong pipeline and steady conversion of large TCV wins to revenue.

From Mphasis Ltd's Q2 FY26 earnings-call transcript · updated 16 Oct 2026.

Revenue & Sales Performance

Revenue for Q2 FY26 was $445Mn, the highest quarterly revenue recorded, growing 2% sequentially and 6% YoY in constant currency.
Pipeline is at record levels, growing 9% sequentially and 97% YoY, with 69% of the pipeline being AI-led.
Strong deal wins with second-quarter TCV at $528Mn and over $2Bn TCV in the last 12 months.
Expect growth to be greater than 2x industry growth backed by strong pipeline conversion.
BFSI vertical showed 13.8% YoY growth; Insurance and TMT both grew 25%+ YoY.
Logistics and Transportation vertical expected to see sequential growth from Q3.
Continued ramp-up of integrated build plus run deals fueling ITO service line growth (18% YoY).

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Profitability & Margins

Mphasis expects growth to be greater than 2x the industry growth, driven by strong pipeline and steady conversion of large TCV wins to revenue.
Operating EBIT margin is targeted in the band of 14.75% to 15.75%, maintaining stable margins while investing for growth.
EPS grew 10.2% YoY in Q2 FY26, with highest ever quarterly revenue recorded, indicating positive momentum.
The company anticipates sequential revenue growth continuing in H2 FY26, supported by ramp-up of large deals and deal conversions.
Pipeline at record levels, growing 9% sequentially and 97% YoY with 69% of pipeline AI-led, signaling strong future business opportunities.

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Capital Expenditure Plans

Mphasis is making early investments in emerging technologies like quantum computing as part of their strategic innovation initiatives.
The company is investing in AI-driven growth, including launching the unified AI platform NeoIPTM and embedding AI tools into their service offerings.
Investments also include strengthening IP platforms, embedding AI in client solutions, and running multiple MVPs with customers to validate propositions.
Transformation-related investments include platform hardening to meet cybersecurity and certification standards (e.g., recent ISO certifications).
Some client-specific transformational capability investments were made, for example, in the Logistics vertical, which were timely and expected to return to normal levels soon.
The approach includes embedding software plus people into services, focusing on scalable "Savings-Led TransformationTM" engagements.

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Fundraising & Capital Structure

The transcript provided does not mention any current or future plans for fundraising through debt or equity by Mphasis Limited. Key points related to this are: - No explicit discussion or announcement of new debt or equity fundraising during the call. - Focus is on scaling AI platforms (NeoIPTM), deal wins, pipeline growth, and operational execution. - Emphasis on managing margins, investments in AI, and delivering growth without highlighting capital raising.

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Order Book & Pipeline

Mphasis reported a strong deal pipeline at record levels, growing 9% sequentially and 97% YoY, with 69% of the pipeline being AI-led.
Total Contract Value (TCV) wins for H1 FY26 exceeded the full-year TCV wins of FY25, with last 12 months TCV crossing $2 billion.
Q2 FY26 alone saw TCV wins of $528 million, including one deal over $100 million and two over $50 million.
The company continues to focus on converting pipeline to TCV and TCV to revenue, expecting strong revenue ramp-up from large deals in upcoming quarters.

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Mphasis Ltd — Quarterly revenue & net profit

Revenue Net profit

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Reported quarterly figures (₹ Cr). Latest: revenue ₹4.2K Cr, net profit ₹510 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

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What Mphasis Ltd's management said in earlier quarters

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Frequently Asked Questions

What were Mphasis Ltd Q2 FY26 results?

Revenue for Q2 FY26 was $445Mn, the highest quarterly revenue recorded, growing 2% sequentially and 6% YoY in constant currency. Mphasis expects growth to be greater than 2x the industry growth, driven by strong pipeline and steady conversion of large TCV wins to revenue.

What is Mphasis Ltd share price analysis?

Mphasis Ltd currently shows a neutral. The stock trades at a P/E of 24.6 with a market cap of ₹47,737 Cr. Investors should review the full earnings analysis for detailed insights.

Is Mphasis Ltd planning capital expenditure?

Mphasis is making early investments in emerging technologies like quantum computing as part of their strategic innovation initiatives.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.