Q4 2026 MPS Ltd Earnings Call Transcript
Key Points
- MPS Ltd (BOM:532440) reported its most profitable year in FY26, with group revenue reaching INR768 crores, a 5.7% increase over FY25.
- EBITDA for FY26 was INR236 crores, up 11.8%, with the EBITDA margin expanding to 30.7%.
- The Research segment's EBITDA margin expanded by 330 basis points to 39.9%, and Education delivered EBITDA growth of 42.6% year-over-year.
- The company expects to comfortably cross INR300 crores in EBITDA in FY27, implying a 3-year EBITDA CAGR of approximately 21% from FY24 to '27.
- MPS Ltd's AI-first approach is positioning the company in high-stakes knowledge workflows, where AI cannot afford to be wrong, providing a competitive edge.
- Corporate Learning segment faced stress in FY26, with revenue down 16.5% versus FY25, although it showed signs of recovery in Q4.
- The company did not recommend a final dividend for FY26 due to capital deployment into acquisitions and a hyperactive M&A pipeline.
- There is a risk of AI advancements potentially impacting the company's business model, although MPS Ltd is positioning itself in areas where AI accuracy is critical.
- The company faces geopolitical and macroeconomic risks that could impact its business, similar to other global companies.
- Despite the positive outlook, the company acknowledges that achieving its ambitious FY28 revenue target will require both organic growth and selective acquisitions.
Ladies and gentlemen, good day, and welcome to the Q4 FY26 Earnings Call of MPS Limited. (Operator Instructions) Please note that this conference is being recorded. I now hand the conference over to Mr. Rahul Arora, Chairman and CEO. Thank you, and over to you.
Thank you so much. Good evening from Singapore, and a warm welcome to our Q4 and FY26 earnings call. Today on the call, I have with me Prarthana Agarwal, CFO of MPS; Sukhwant Singh, our Chief Delivery Officer for the Research Content business; David Goodman, our Chief Growth Officer; Soma Bhaduri, Senior Vice President and Business Head of Liberate Global, which is our Corporate Learning division. Prarthana joins us from our corporate office in Noida, Sukhwant from Noida as well; David from Austin, Texas; and Soma from Bangalore.
Prarthana will kick us off with a review of our financial performance and also share the robust outlook for FY27. Sukhwant will then update you on Research Solutions. David will follow up on education
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