MPS Ltd

- MPS Limited has raised INR 42 crores of debt related to the Unbound acquisition. - The company is comfortable with this level of debt given their improved DSO (45 days). - Rahul Arora mentioned that INR 100 to INR 200 crores of debt does not bother them. - They do not believe in sitting on excess cash; any surplus capital not required for deployment in the next 6 to 12 months will be distributed via dividends or buybacks. - No mention of any immediate future equity fundraising. - Capital distribution decisions, including dividends and buybacks, will be discussed and decided at the board level. - The current debt level is not viewed as a blocker for continuing capital distributions.

- MPS Limited expects significant capital outflow over the next 6 to 12 months related to current investments and acquisitions. - The company shows an appetite for growth through acquisitions, with about 60% of its growth strategy relying on inorganic growth. - Recent acquisitions like Unbound Medicine involve investments planned to grow the business significantly, including geographic expansion. - MPS raised INR 42 crores of debt for the Unbound Medicine acquisition but remains comfortable with this debt level. - Capital distribution through dividends or buybacks will continue if there is surplus capital and depending on board decisions, considering expected capital outflows. - The company is focused on continued strategic investments in AI and technology to enhance product offerings, especially in Unbound, with ongoing AI infrastructure development and integration. - Discussions on capital redistribution (dividends and buybacks) will continue at the board level in light of shareholder feedback.

- Unbound's revenues currently have over 60% contribution from North America; future growth will come predominantly from markets outside North America, with North America growing at single digits. - The company aims to double Unbound's revenue over the next few years by expanding into new geographies such as Southeast Asia, the Middle East, Europe, and Australia. - The global healthcare AI and knowledge management market is projected to grow significantly, with the AI-driven knowledge management subsector expected to expand from $3 billion to $102 billion by 2034 at a 42% CAGR. - MPS targets an overall growth rate of 20%-25% year-on-year, blending organic and inorganic routes, with acquisitions comprising about 60% of growth strategy. - The revenue mix is expected to evolve to roughly 40% Research, 40% Education, and 20% Corporate Learning in the coming years. - New cross-selling opportunities between MPS and Unbound customers are expected to accelerate revenue growth.

- MPS aims for 20%-25% year-on-year growth; PBT CAGR of 21% since FY’21. - Target revenue of INR 1500 crores at similar margins within a few years. - Growth driven by a blend of organic and inorganic strategies; acquisitions constitute ~60% of growth plan. - Segment revenue expected to evolve to approx. 40% Research, 40% Education, 20% Corporate Learning. - Unbound EBITDA margin expected to increase from 14% to early 20% in Q2 FY’27, then approach MPS average of ~30% by end of FY’27. - Cross-selling and geographic expansion (outside North America) anticipated to drive revenue acceleration. - Margin expansion through shared infrastructure and operational efficiencies. - Dividend payout and capital distribution (dividends/buybacks) to continue as per Board’s discretion, factoring upcoming capital outflows and comfort with current debt levels.

The transcript provided on pages 1 to 18 of the MPS Limited conference call dated February 18, 2026, does not explicitly mention the current or expected order book or pending orders. The discussion primarily focuses on: - The acquisition of Unbound Medicine, Inc., USA. - Synergies and growth strategy after acquisition. - EBITDA margins and revenue projections for Unbound. - Dividend and capital distribution policies. - Market expansion and cross-selling opportunities. - AI capabilities and product offerings. No specific details or figures related to existing order books or pending orders are shared in the transcript.