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Q3 FY26IT - Software

Mphasis Q3 FY26 earnings call: Revenue & Margins

Q3 FY26 earnings call: what management said on revenue, margins and capex.

Price₹2,430
Market cap₹46.4K Cr
P/E24.0
Updated23 Aug 2026
Read4 min read

The short version

FY26 is expected to be better than FY25 despite headwinds, providing confidence for FY27 growth. Mphasis expects growth momentum to continue driven by strong deal wins and pipeline conversion, especially in AI-led modernization.

From Mphasis's Q3 FY26 earnings-call transcript · updated 23 Aug 2026.

Revenue & Sales Performance

  • FY26 is expected to be better than FY25 despite headwinds, providing confidence for FY27 growth.
  • Growth model and framework indicate direct business trending toward double-digit growth in Q3, setting a template for future growth.
  • Strong deal wins and pipeline, with net new TCV wins at $428Mn and an LTM TCV of $2.1Bn, support sustained growth momentum.
  • AI-led pipeline has grown 66% YoY, comprising 69% of total pipeline; BFS pipeline up 98% YoY, and large deal pipeline up 91% YoY.
  • Anticipate continued ramp-up and conversion of large deals, with Q4 likely being the strongest sequential growth quarter for FY26.
  • BFS and Insurance verticals showing robust sequential and YoY growth, contributing significantly to revenue.

2 more points from Mphasis's call on revenue

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Profitability & Margins

See what Mphasis said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

  • Mphasis is investing in AI platforms centered on orchestrating multiple third-party systems, integrating large language models (LLMs), proprietary solutions, and third-party assets.
  • A significant portion of this AI platform development runs through operating expenses (OpEx), while some investments, such as third-party platform integrations, are capitalized.
  • Between March 2025 and December 2025, there was noticeable growth in intangibles under development (related to AI platform launch) and other assets due to investments and upfront payments in large deals.
  • There have been capital expenditures (CapEx) related to platform development, with portions already paid out and some ongoing.

2 more points from Mphasis's call on capex

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Top-ranked in IT - Software

Ranked on what management guided this quarter

Guidance-ranked
1Workmates Core2
Rev 1Mar 1
2Virtual Galaxy
Rev 1Mar 3
3
Rev 2Mar 1
4
Rev 2Mar 1
5
Rev 2Mar 2
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Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.

Fundraising & Capital Structure

See what Mphasis said on fundraising & capital structure — free account, 30 seconds.

Order Book & Pipeline

  • The pipeline has grown 66% YoY, with 69% of it being AI-led.
  • BFS pipeline is up 98% YoY, non-BFS pipeline up 44% YoY.
  • Large deal pipeline is up 91% YoY.
  • Net new TCV wins for the quarter were $428 million.
  • LTM TCV has doubled to $2.1 billion.
  • Strong conversion of TCV to revenue has been maintained.

2 more points from Mphasis's call on order book

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Mphasis — Quarterly revenue & net profit

Revenue Net profit
Dec 2024Q3 FY25
Mar 2025Q4 FY25
Jun 2025Q1 FY26
Sep 2025Q2 FY26
Dec 2025Q3 FY26
Mar 2026Q4 FY26

Reported quarterly figures (₹ Cr). Latest (Q4 FY26): revenue ₹4.2K Cr, net profit ₹510 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

Full financials →

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What Mphasis's management said in earlier quarters

Others in IT - Software this season

  • XT Global Infot. (Q3 FY26)

    Q3 FY26 Consolidated Revenue: ₹92.5 Cr, down 2.0% year-on-year (YoY) as per page 14. Key investor presentation takeaways from XT Global Infotech's Q3 FY26 inves

  • 3i Infotech Ltd (Q3 FY26)

    Q3 FY26 consolidated operating revenue: ₹172.1 crore, a 1.6% decrease QoQ (Page 3, Page 22). Key investor presentation takeaways from 3i Infotech Ltd's Q3 FY26

  • Xelpmoc Design and Tech Ltd (Q3 FY26)

    Operating Revenue for Q3 FY26: Rs 11.2 million, up 34.5% year-on-year (Q3 FY25: Rs 8.3 million). Key investor presentation takeaways from Xelpmoc Design's Q3 FY

  • Cybertech Systems & Software Ltd (Q3 FY26)

    Q3FY26 Operating Revenue: ₹578.4 million, down 1.3% YoY (from ₹585.7 million in Q3FY25). Key investor presentation takeaways from Cybertech Systems & Software L

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Frequently Asked Questions

What were Mphasis Q3 FY26 results?

FY26 is expected to be better than FY25 despite headwinds, providing confidence for FY27 growth. Mphasis expects growth momentum to continue driven by strong deal wins and pipeline conversion, especially in AI-led modernization.

What is Mphasis share price analysis?

Mphasis currently shows a neutral. The stock trades at a P/E of 24.0 with a market cap of ₹46,383 Cr. Investors should review the full earnings analysis for detailed insights.

Is Mphasis planning capital expenditure?

Mphasis is investing in AI platforms centered on orchestrating multiple third-party systems, integrating large language models (LLMs), proprietary solutions, and third-party assets.

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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.