Future growth expectations in earnings/operating earnings/profits/EPS?

FY’27 guidance expects EBITDA to comfortably surpass INR 300 crores, implying a 3-year EBITDA CAGR of approximately 21% from FY’24 to FY’27. EPS is expected to comfortably surpass INR 100 crores in FY’27. EBITDA split expectations for FY’27 are approximately: Research 55%, Education 35%, Corporate 10%. Research segment expected to continue compounding due to scale and profitability. Education is on a growth trajectory, helped by the acquisition of Unbound. Corporate Learning business is turning around with stronger FY’27 prospects due to investment in digital and AI-enabled solutions

Any current/future new fundraising through debt or equity?

No immediate fundraising through debt or equity explicitly mentioned. The Unbound Medicine acquisition has mostly been paid for, with minor closing amounts remaining. The company has a highly active and expanding M&A pipeline with about 35 companies under consideration; 5 are advanced, 5 live, and 2 at advanced stages. Focus remains on disciplined acquisitions with sensible valuations and clear strategic fit. Capital allocation principle: capital must earn its keep within 12 months or be returned to shareholders. No final dividend recommended for FY’26 due to capital deployed in acquisitions a

Any current/future capex/capital investment/strategic investment?

Capital allocation principle: capital must earn its keep within 12 months or be returned to shareholders. Over FY’19 to FY’25, more than INR 650 crores of cumulative cash returned to shareholders. FY’26 Board chose not to recommend a final dividend due to capital deployment in Unbound Medicine acquisition and active M&A pipeline. Current focus on active M&A pipeline with 35 companies, 5 advanced, 5 live, 2 at advanced stages fitting existing segments. Strategic acquisitions underway, including a Higher Ed and Online Learning carve-out in Western markets and a cross-border asset. Emphasis on di

Future growth expectations in sales/revenue/volumes?

FY’27 EBITDA guidance over INR 300 crores, implying a top line of INR 900 crores to INR 1,000 crores organically. Research segment expected to contribute ~55% of EBITDA, continuing its growth and high profitability. Education segment (~35% of EBITDA) on a growth trajectory, boosted by AI-enabled content, accessibility services, and the Unbound acquisition expanding customer base. Corporate Learning (~10% of EBITDA) turning around with investments in digital multimedia, AI-led simulations, and higher value offerings leading to stickier and longer engagements. Expansion in new geographies like C

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MPS LtdQ1 FY26Printing & Publication

MPS Ltd Q1 FY26 Earnings Call Analysis

Q: Current/ Expected Orderbook/ Pending Orders?

Q4 FY'26 closed with the strongest order book of the year. Added new entrants across top customer relationships. AI-led wins continue to anchor the new pipeline. Deliberate integration into a unified global structure is on plan. Focus for FY’27: sustain Q4 exit margin, scale AI-led delivery, and complete integration of legacy entities into Liberate Global. Operating plan for FY'27 is already in flight with Unbound integration and growth in Research and Corporate Learning segments. Pipeline for acquisitions has 35 companies under consideration; 5 fairly advanced, 5 live, and 2 at an advanced st

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹1,815P/E: 17.3Market Cap: ₹2.8K CrSector: Printing & Publication

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

N/A

Order

Yes

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 2

→FY’27 EBITDA guidance over INR 300 crores, implying a top line of INR 900 crores to INR 1,000 crores organically.
→Research segment expected to contribute ~55% of EBITDA, continuing its growth and high profitability.
→Education segment (~35% of EBITDA) on a growth trajectory, boosted by AI-enabled content, accessibility services, and the Unbound acquisition expanding customer base.
→Corporate Learning (~10% of EBITDA) turning around with investments in digital multimedia, AI-led simulations, and higher value offerings leading to stickier and longer engagements.
→Expansion in new geographies like China, Japan, and broader APAC, leveraging platform partnerships and local collaborations.
→AI-driven productivity and workflow transformation driving growth and margin improvement across segments.
→High renewal rates and broadening customer base, especially from Unbound acquisition, creating predictable revenue growth.
→Future growth supported by integrated platforms and 200+ AI engineers at MPS Labs enabling scalable capabilities.

Margin guidance

Category 3

→FY’27 guidance expects EBITDA to comfortably surpass INR 300 crores, implying a 3-year EBITDA CAGR of approximately 21% from FY’24 to FY’27.
→EPS is expected to comfortably surpass INR 100 crores in FY’27.
→EBITDA split expectations for FY’27 are approximately: Research 55%, Education 35%, Corporate 10%.
→Research segment expected to continue compounding due to scale and profitability.
→Education is on a growth trajectory, helped by the acquisition of Unbound.
→Corporate Learning business is turning around with stronger FY’27 prospects due to investment in digital and AI-enabled solutions.
→EBITDA margin guidance for FY’27 is estimated in the range of 30%-35%, with margins typically expanding as revenue grows.
→The company aims to achieve INR 1,500 crores top-line by FY’28, supporting continued earnings growth.
→Focus remains on organic growth and disciplined inorganic acquisitions to drive earnings expansion.

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Fundraise plans

→No immediate fundraising through debt or equity explicitly mentioned.
→The Unbound Medicine acquisition has mostly been paid for, with minor closing amounts remaining.
→The company has a highly active and expanding M&A pipeline with about 35 companies under consideration; 5 are advanced, 5 live, and 2 at advanced stages.
→Focus remains on disciplined acquisitions with sensible valuations and clear strategic fit.
→Capital allocation principle: capital must earn its keep within 12 months or be returned to shareholders.
→No final dividend recommended for FY’26 due to capital deployed in acquisitions and an active deployment cycle.
→Distribution (dividends) will resume once the deployment cycle closes.
→The company prioritizes organic growth and selective inorganic opportunities without announcing any immediate fundraising plans.

Order book

Yes

- Q4 FY'26 closed with the strongest order book of the year. - Added new entrants across top customer relationships. - AI-led wins continue to anchor the new pipeline. - Deliberate integration into a unified global structure is on plan. - Focus for FY’27: sustain Q4 exit margin, scale AI-led delivery, and complete integration of legacy entities into Liberate Global. - Operating plan for FY'27 is already in flight with Unbound integration and growth in Research and Corporate Learning segments. - Pipeline for acquisitions has 35 companies under consideration; 5 fairly advanced, 5 live, and 2 at an advanced stage fitting existing segments. (Source: Pages 6, 7, 15, and 16 of the document)

Capex plans

Yes

→Capital allocation principle: capital must earn its keep within 12 months or be returned to shareholders.
→Over FY’19 to FY’25, more than INR 650 crores of cumulative cash returned to shareholders.
→FY’26 Board chose not to recommend a final dividend due to capital deployment in Unbound Medicine acquisition and active M&A pipeline.
→Current focus on active M&A pipeline with 35 companies, 5 advanced, 5 live, 2 at advanced stages fitting existing segments.
→Strategic acquisitions underway, including a Higher Ed and Online Learning carve-out in Western markets and a cross-border asset.
→Emphasis on disciplined capital deployment on defensible growth assets with clear capabilities and customer fit.
→Current investments focus on integrating Unbound Medicine and expanding AI-first knowledge solutions infrastructure.
→Future capital distribution will resume post completion of deployment cycle.

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