MPS Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript MPS Ltd filed with BSE on 25 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
MPS Limited reported FY26 group revenue of INR 768 crores, up 5.7% year-on-year, with EBITDA of INR 236 crores and profit after tax of INR 173 crores, both records for the company. Q4 FY26 revenue grew 12.7% year-on-year to INR 205 crores with EBITDA margin expanding to 32.9%. Management guided to crossing INR 300 crores in EBITDA for FY27 and discussed progress in the Research, Education, and Corporate Learning segments along with the recently closed Unbound Medicine acquisition.
Numbers mentioned
Group revenue: INR 768 crores (FY26)
p. 3
“Group revenue for the year was INR 768 crores, up by 5.7% over FY’25.”
Prarthana Agarwal, page 3 of the filed PDF · View the filing
EBITDA: INR 236 crores (FY26)
p. 3
“EBITDA was INR 236 crores, up by 11.8%, with the EBITDA margin expanding to 30.7%.”
Prarthana Agarwal, page 3 of the filed PDF · View the filing
Profit after tax: INR 173 crores (FY26)
p. 3
“Profit after tax grew 16.3% to INR 173 crores, and the basic EPS came in at INR 102.11, a Company record up 16.3% year-on-year.”
Prarthana Agarwal, page 3 of the filed PDF · View the filing
Q4 revenue: INR 205 crores (Q4 FY26)
p. 3
“Revenue grew 12.7% year-over-year to INR 205 crores.”
Prarthana Agarwal, page 3 of the filed PDF · View the filing
Q4 EBITDA: INR 67.5 crores (Q4 FY26)
p. 3
“EBITDA grew 20.5% to INR 67.5 crores with the margins expanding to 32.9%, indicating operating leverage at work as revenue growth converted to margin expansion.”
Prarthana Agarwal, page 3 of the filed PDF · View the filing
Q4 PAT: INR 47 crores (Q4 FY26)
p. 3
“PAT of Q4 was INR 47 crores, sequentially up 32.5%, and Q4 EPS was INR 27.72.”
Prarthana Agarwal, page 3 of the filed PDF · View the filing
Cash and cash equivalents: INR 113.75 crores (as of 31 March 2026)
p. 4
“total cash and cash equivalents stood at INR 113.75 crores as of 31 March 26, with borrowings of INR 40.25 crores relating to the facility drawn for the acquisition of Unbound Medicine.”
Prarthana Agarwal, page 4 of the filed PDF · View the filing
Return on capital employed: 38.2% (FY26)
p. 4
“Return on capital employed for FY’26 was 38.2%, broadly in line with our historical capital efficiency profile, even after taking the full balance sheet impact of Unbound.”
Prarthana Agarwal, page 4 of the filed PDF · View the filing
Research Solutions Q4 revenue: INR 120 crores (Q4 FY26)
p. 4
“Q4 reported revenue was INR 120 crores, up 7.6% year-over-year.”
Sukhwant Singh, page 4 of the filed PDF · View the filing
Research Solutions FY26 revenue: INR 464 crores (FY26)
p. 4
“For the full year, Research Solutions delivered INR 464 crores of revenue with EBITDA margin expanding 330 basis points to 39.9%, as Prarthana described.”
Sukhwant Singh, page 4 of the filed PDF · View the filing
Education Q4 revenue: INR 60 crores (Q4 FY26)
p. 5
“Q4 revenue reached INR 60 crores, up 30.5% year-over-year.”
David Goodman, page 5 of the filed PDF · View the filing
Education FY26 revenue: INR 209 crores (FY26)
p. 5
“For the full year, Education revenue was INR 209 crores, up 36.3% excluding the unbound contribution; organic education revenue still grew 28.6%.”
David Goodman, page 5 of the filed PDF · View the filing
Unbound Medicine first-50-days revenue: INR 11.78 crores (Q4 FY26 (partial quarter))
p. 6
“The first 50 days in our group delivered INR 11.78 crores of revenue, approximately 19.6% of Q4 Education Solutions on a partial quarter basis.”
David Goodman, page 6 of the filed PDF · View the filing
Corporate Learning Q4 revenue: INR 25.5 crores (Q4 FY26)
p. 6
“Q4 revenue grew 2.4% year-over-year to INR 25.5 crores, the first positive print of the year.”
Soma Bhaduri, page 6 of the filed PDF · View the filing
Corporate Learning FY26 revenue: INR 96 crores (FY26)
p. 6
“FY’26 revenue closed at INR 96 crores, down 16.5% versus FY’25.”
Soma Bhaduri, page 6 of the filed PDF · View the filing
Cumulative cash return to shareholders: more than INR 650 crores (FY19 to FY25)
p. 8
“That principle has produced more than INR 650 crores of cumulative cash return to shareholders between FY’19 and FY’25 and a payout ratio that has been among the highest in our industry.”
Rahul Arora, page 8 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
EBITDA — comfortably cross INR 300 crores · FY27
stated firmly by Prarthana Agarwal
p. 4
“the Company is expected to comfortably cross INR 300 crores in EBITDA in FY’27.”
Prarthana Agarwal, page 4 of the filed PDF · View the filing
Revenue — approximately INR 1,500 crores · FY28
stated as an aspiration by Rahul Arora
p. 9
“So the INR 300 crores plus EBITDA mark for FY’27 is an operating commitment that Prarthana talked about, if you remember in the opening remarks, it's built bottom up.”
Rahul Arora, page 9 of the filed PDF · View the filing
EBITDA margin — 30% to 35% · FY27
stated conditionally by Rahul Arora
p. 11
“So at this point, all we can share is that it will be in the 30% to 35% range. And of course, as revenue grows, our margins typically expand.”
Rahul Arora, page 11 of the filed PDF · View the filing
Unbound Medicine monthly revenue run rate — USD 750,000 to USD 950,000 a month · FY27
stated firmly by Rahul Arora
p. 11
“We're expecting to go to USD 750,000 to USD 950,000 a month in FY’27, depending on the month; there is some seasonality.”
Rahul Arora, page 11 of the filed PDF · View the filing
Unbound Medicine EBITDA margin — 25% to 30% · FY27 exit
stated as an aspiration by Rahul Arora
p. 11
“We start at USD 750,000 to USD 950,000 in revenue and at around 15% EBITDA margin and exit at an EBITDA margin of 25% to 30%.”
Rahul Arora, page 11 of the filed PDF · View the filing
FY28 guidance — end of Q3 FY27 or end of Q4 FY27
stated firmly by Rahul Arora
p. 10
“we'll share a tighter guidance on FY’28 either at the end of Q3 or the end of Q4, as we've done right now.”
Rahul Arora, page 10 of the filed PDF · View the filing
Segment EBITDA contribution mix — Research ~55%, Education ~35%, Corporate ~10% · FY27
stated conditionally by Rahul Arora
p. 17
“So what I would say is Research would be about 55%, Education about 35%, and Corporate about 10%.”
Rahul Arora, page 17 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management outlined its AI-first positioning, integrated platform stack, MPS Labs infrastructure, and deep customer relationships as sources of competitive advantage.
Answered by Rahul Arora
Asked by Navid Virani: Whether MPS is positioned to capture the market opportunity given its small market share, and what capabilities support this.
p. 9
“This integrated portfolio has very few competitors that can match it.”
Rahul Arora, page 9 of the filed PDF · View the filing
Management confirmed the target remains intact and is a combination of organic growth and disciplined inorganic activity.
Answered by Rahul Arora
Asked by Navid Virani: Whether the earlier target of approximately INR 1,500 crores revenue by FY28 is still achievable.
p. 9
“It is intact and in absolute line of sight.”
Rahul Arora, page 9 of the filed PDF · View the filing
Management said Unbound is largely paid for and the M&A pipeline includes 35 companies at various stages, including advanced opportunities in Higher Ed and cross-border assets.
Answered by Rahul Arora
Asked by Ravi Naredi: Whether more acquisitions are planned and status of payments for prior acquisitions.
p. 10
“Today, out of the overall pipeline of 35 companies, I would say 5 are fairly advanced, 5 are live, and 2 are at an advanced stage and would fit very well in the existing segments.”
Rahul Arora, page 10 of the filed PDF · View the filing
Management shared revenue and margin ranges for the 50-day consolidation period and projected monthly run rate and margin trajectory for FY27.
Answered by Prarthana Agarwal
Asked by Arjun Goyal: What were Unbound Medicine's FY26 financial numbers and expectations for FY27.
p. 11
“So, the revenue was in the range of INR 11 crores to INR 12 crores, and the EBITDA margin was around, I think, 18.5% to 19%.”
Prarthana Agarwal, page 11 of the filed PDF · View the filing
Management described a bifurcation where commoditized production work faces pricing pressure while trusted, high-stakes AI deployment work sees rising demand, positioning MPS favorably in the latter.
Answered by Rahul Arora
Asked by Arjun Goyal: Whether rapid AI developments pose a risk to MPS's business model.
p. 12
“The market for us is not shrinking. The way I see it, the market is splitting into two parts.”
Rahul Arora, page 12 of the filed PDF · View the filing
Management attributed headcount changes to offshoring of AJE roles and anticipatory hiring in research, said the AJE pruning is complete, and outlined growth drivers across segments.
Answered by Rahul Arora
Asked by Sarath Jutur: Reasons for EBITDA margin softness and headcount increase ex-AJE, status of AJE rundown, and drivers for FY28 target given below-average FY26 growth.
p. 13
“The AJE headcount has been moved offshore, while research headcount has increased in anticipation of growth, and that is why, ex-AJE, there's some sluggishness in the Q4 margin profile.”
Rahul Arora, page 13 of the filed PDF · View the filing
Christine Miranda said pruning is behind them and outlined growth from B2B pre-acceptance services, premium author services, and cross-selling to publishers including in China.
Answered by Christine Miranda
Asked by Sarath Jutur: Growth levers for AJE and pre-acceptance business following the pruning.
p. 13
“As Rahul mentioned, the pruning is essentially behind us, and we are now set up for growth in FY’27.”
Christine Miranda, page 13 of the filed PDF · View the filing
Soma Bhaduri explained the shift from low-margin compliance content to higher-value, technology-embedded learning experiences including Bridge AI, AI role-plays, and AR/VR programs.
Answered by Soma Bhaduri
Asked by Shreyash Limbachiya: What kind of investment and change in work profile is behind the Corporate Learning digital multimedia investment.
p. 15
“Bridge AI is in active deployment for multilingual translation at enterprise scale, one of our, I would say, flagship products.”
Soma Bhaduri, page 15 of the filed PDF · View the filing
Rahul Arora said the decline in per-customer revenue is arithmetic from adding many smaller Unbound accounts, not a sign of degradation, and that customer concentration has improved.
Answered by Rahul Arora
Asked by Shreyash Limbachiya: Whether there has been an increase in clients billed alongside a drop in per-client revenue, related to Unbound.
p. 16
“So, when you average across our overall combined base, per customer revenue declines. So, in my view, that is arithmetic, it is not degradation.”
Rahul Arora, page 16 of the filed PDF · View the filing
Rahul Arora gave an approximate segment split and said MPS faces no unique risks beyond broader geopolitical and macroeconomic factors.
Answered by Rahul Arora
Asked by Gunit Singh: Which segment or geography will drive the largest share of the EBITDA delta to reach INR 300 crores, and what is the biggest risk to the target.
p. 17
“I do not think MPS is facing any unique risks that would pertain to MPS alone.”
Rahul Arora, page 17 of the filed PDF · View the filing
Risks flagged
Broader geopolitical and macroeconomic risks affecting the industry generally.
p. 17
“There are broader geopolitical and macroeconomic risks, such as those we saw during the pandemic.”
Rahul Arora, page 17 of the filed PDF · View the filing
Potential government policy changes regarding work-from-home arrangements.
p. 17
“Recently, there have also been reports and internal memos regarding work-fromhome policies and other government-related guidance.”
Rahul Arora, page 17 of the filed PDF · View the filing
AI-driven pricing pressure and business relevance risk for commoditized production work.
p. 12
“Anyone whose business is hyper-concentrated there. and has not got their act together, like we have done at MPS with MPS Labs, is going to feel severe pricing pressure, but also severe business relevance.”
Rahul Arora, page 12 of the filed PDF · View the filing
Risk of standing still while the market splits between commoditized and trusted AI work.
p. 13
“The risk for us is not that AI will displace us. The risk would be standing while the market splits, and we're not standing still.”
Rahul Arora, page 13 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.