MPS Ltd (MPSLTD)
🎯 Key Takeaways
- MPS Ltd is in a phase of strategic consolidation and operational scaling, marked by leadership changes in governance and the approval of a key amalgamation. The company maintains strong profitability metrics with high ROE and ROCE, and a debt-free balance sheet, but operates in a niche segment with modest revenue growth.
- Revenue grew 9.3% QoQ to ₹224 in Q1FY27.
- ⚠️ Integration risk from the ADI BPO Services Limited amalgamation, which must be executed without disrupting ongoing operations.
- Market Cap
- ₹4,503
- P/E Ratio
- 23.7
- P/B Ratio
- 7.55
- ROE
- 31.6%
- ROCE
- 38.4%
- Debt/Equity
- 0.10
- Promoter
- 68.3%
📖 The Story
MPS Ltd is in a phase of strategic consolidation and operational scaling, marked by leadership changes in governance and the approval of a key amalgamation. The company maintains strong profitability metrics with high ROE and ROCE, and a debt-free balance sheet, but operates in a niche segment with modest revenue growth. Recent developments suggest a focus on structural transformation rather than organic expansion.
📰 What's Happening
In August 2026, MPS Ltd appointed Piyush Jain as Company Secretary & Compliance Officer and Nodal Officer, effective 29 August 2026, following the resignation of Raman Sapra. This leadership change in compliance oversight was formalized by the Board on 25 August 2026. Concurrently, shareholders and unsecured creditors approved the Scheme of Amalgamation with ADI BPO Services Limited via e-voting on 22 August 2026, satisfying statutory requirements under SEBI and NCLT directives. The merger is now cleared for implementation, signaling a strategic shift toward consolidation in the BPO and IT services space.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Revenue | 194 | 182 | 205 | 224 |
| Operating Profit | 54 | 51 | 59 | 68 |
| OPM % | 28.0% | 28.1% | 28.8% | 30.4% |
| Net Profit | 55 | 36 | 47 | 50 |
| EPS | ₹32.67 | ₹20.93 | ₹27.72 | ₹29.70 |
Revenue has grown steadily from ₹182 crore in December 2025 to ₹224 crore in June 2026, reflecting sequential momentum. Operating margins have held firm around 28-30%, indicating stable execution despite scale-up. Net profit and EPS have risen consistently, with June 2026 showing the highest profitability in recent quarters. This upward trend aligns with management’s focus on operational efficiency and integration readiness ahead of the amalgamation, suggesting improved execution in core IT services.
🔮 Management Outlook & What's Next
Management has not provided explicit forward guidance on revenue or margins in the latest filings. However, the approval of the amalgamation with ADI BPO Services Limited implies an intent to scale through consolidation rather than organic growth. The appointments in compliance and governance underscore a focus on regulatory readiness and operational discipline. Without formal projections, the outlook hinges on successful integration and execution post-merger.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 17 | 17 | 17 | 17 |
| Reserves | 461 | 428 | 579 | 473 |
| Borrowings | 0 | 6 | 61 | 10 |
| Total Liabilities | 695 | 682 | 942 | 704 |
| Fixed Assets | 345 | 28 | 46 | 34 |
| Investments | 22 | 7 | 25 | 30 |
| Total Assets | 695 | 682 | 942 | 704 |
The balance sheet remains exceptionally conservative, with zero net debt and minimal borrowings of ₹61 crore as of March 2026, down from ₹10 crore in the prior quarter. Equity and reserves have remained stable at ₹17 crore and ₹579 crore respectively, indicating no capital raising or major distributions. This suggests a strategy of internal funding and financial stability, with no aggressive reinvestment or deleveraging signaled yet.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2025 |
|---|---|
| Operating | +101 |
| Investing | -6 |
| Financing | -140 |
| Net Cash Flow | -45 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 68.3% | 68.3% | 68.3% | 68.3% |
| FII | 1.5% | 1.6% | 1.5% | 1.4% |
| DII | 0.5% | 1.2% | 2.0% | 2.1% |
| Public | 22.8% | 22.7% | 22.4% | 22.3% |
| # Shareholders | 29,852 | 29,778 | 25,010 | 25,565 |
Promoter holding remains stable at 68.34% across all recent quarters, indicating confidence and continuity. Foreign institutional interest has fluctuated slightly, peaking at 1.62% in Q3FY26 before declining to 1.38% in Q1FY27, while Domestic Institutional Investors (DII) rose from 0.47% to 2.14% over the same period. The growing DII presence may reflect increasing institutional confidence, though overall foreign participation remains low. The shareholder base is highly dispersed, with over 25,000 public shareholders, suggesting retail interest but limited institutional depth.
⚖️ Peer Comparison — IT - Software
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| TCS | 7.50 L Cr | 15.1 | 63.2% | — | 0.00 |
| INFY | 4.07 L Cr | 13.5 | 44.9% | — | 0.00 |
| HCLTECH | 3.40 L Cr | 19.5 | 31.6% | — | 0.00 |
| WIPRO | 1.60 L Cr | 12.8 | 18.1% | — | 0.19 |
| TECHM | 1.51 L Cr | 26.6 | 24.8% | — | 0.00 |
| LTM | 1.21 L Cr | 23.2 | 30.5% | — | 0.00 |
| OFSS | 94,385 | 27.6 | 60.3% | — | 0.00 |
| PERSISTENT | 83,939 | 43.2 | 32.7% | — | 0.00 |
| COFORGE | 78,489 | 36.0 | 25.6% | — | 0.04 |
| MPHASIS | 42,582 | 22.3 | 22.3% | — | 0.17 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1. Integration risk from the ADI BPO Services Limited amalgamation, which must be executed without disrupting ongoing operations. 2. Concentration in niche IT services segments that may face pricing pressure or client consolidation. 3. Limited foreign institutional interest despite strong profitability, potentially signaling governance or transparency concerns. 4. High promoter ownership with a fragmented public float may lead to governance scrutiny or liquidity volatility during market stress.
📋 Recent Filings
- Announcement2026-09-25MPS Limited announces that its trading window closes on 1 October 2026 for all designated persons and immediate relatives, remaining shut until 48 hou…
- 🔴 Corporate Action2026-09-19MPS Limited announced that the National Company Law Tribunal approved the scheme of amalgamation between ADI BPO Services Limited and MPS Limited on 1…
- 🟡 voting results2026-09-07MPS Ltd shareholders approved all resolutions at the 56th AGM on 4 September 2026, including adoption of audited financials for FY2026, re-appointment…
- 🟡 Board Meeting2026-09-05MPS Limited made its 56th Annual General Meeting video recording available on its website on 5 September 2026, accessible at the provided URL for inve…
- 🔴 Announcement2026-09-04MPS Limited received an unsolicited ESG rating of 'CRISIL ESG 64 (Strong)' from CRISIL ESG on September 4, 2026, based on public disclosures for FY202…
- 🟡 Board Meeting2026-09-04MPS Limited held its 56th AGM on 04 September 2026 via video conferencing, with directors and key managerial personnel present remotely. Chairman Rahu…
- 🟡 Board Meeting2026-08-25MPS Limited announced the appointment of Piyush Jain as Company Secretary & Compliance Officer and Nodal Officer effective 29 August 2026, following t…
- 🟡 Board Meeting2026-08-25MPS Limited announced the appointment of Piyush Jain as Company Secretary and Compliance Officer effective 29 August 2026, following the resignation o…
- 🔴 Corporate Action2026-08-22MPS Limited announced that its unsecured creditors approved the Scheme of Amalgamation with ADI BPO Services Limited via remote e-voting and e-voting …
- 🔴 Corporate Action2026-08-22MPS Limited announced that shareholders approved the Scheme of Amalgamation with ADI BPO Services Limited via remote e-voting and meeting on August 22…
🧠 Analyst's Read
MPS Ltd demonstrates solid profitability and financial discipline, but its strategic direction remains anchored in consolidation rather than organic growth. Investors should monitor integration progress of the ADI BPO merger and any shifts in management’s capital allocation or growth strategy post-implementation.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-29.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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