Mps Limited · NSE:MPSLTD
Mps — Q2 FY27 Earnings Presentation
25 slides from Mps's earnings presentation, Nov 3, 2026
Slide 1: Stock exchange filing cover letter
Ref: MPSL/SE/79/2026-27 Date: 03 November 2026 National Stock Exchange of India Limited BSE Limited Exchange Plaza, 5th Floor, Plot no. C/1, Department of Corporate Services G Block, Bandra – Kurla Complex, Bandra Phiroze Jeejeebhoy Towers ሺEastሻ, Mumbai - 400 051, India Dalal Street, Mumbai- 400001
Slide 2: Earnings Presentation Q2 & H1 FY27
Earnings Presentation Q2 & H1 FY27 Quarter and half year ended 30 September 2026. Build the future of how the world discovers and learns. www.mpslimited.com
Slide 3: Disclaimer
Disclaimer This presentation contains forward-looking statements, inter-alia, to enable investors to comprehend Company’s prospects and take informed investment decisions. This report and other statements, written and oral, that we periodically make, contain forward-looking statements that set out a
Slide 4: Earnings growing faster than revenue
Earnings growing faster than revenue Over six quarters, revenue grew 20% and EBITDA 53%, with margin above 34% for two straight quarters. QUARTERLY REVENUE AND EBITDA (INR CR) WITH EBITDA MARGIN SIX-QUARTER GROWTH Q1 FY26 to Q2 FY27 Revenue (INR Cr) EBITDA (INR Cr) EBITDA margin (%) 350 Revenue EBIT
Slide 5: Financial Performance Q2 FY27
FINANCIALPERFORMANCE Q2 FY27
Slide 6: Q2 FY27 highlights: earnings compounding
Q2 FY27 highlights: earnings compounding Revenue up 15.35% and EBITDA up 27.39% YoY, at the highest margin in MPS history: 34.34%. REPORTED REVENUE EBITDA Q2 FY27, YoY Q2 FY27, YoY +15.35% +27.39% INR 22,429 Lakhs vs INR 19,444 Lakhs in Q2 FY26 INR 7,703 Lakhs vs INR 6,047 Lakhs; margin 34.34% vs 31
Slide 7: Q2 FY27 performance: record EBITDA
Q2 FY27 performance: record EBITDA Metrics Q2 FY27 Q2 FY26 YoY Var% Q1 FY27 QoQ Var% Reported Revenue (INR Lakhs) 22,429 19,444 15.35% 22,424 0.02% EBITDA (INR Lakhs) 7,703 6,047 27.39% 7,696 0.09% EBITDA (%) 34.34% 31.10% 3.24% 34.32% 0.02% PBT excl. exceptional items (INR Lakhs) 6,940 5,636 23.14%
Slide 8: Excluding AJE: core momentum continues
Excluding AJE: core momentum continues Faster growth with expanded margins Metrics Q2 FY27 Q2 FY26 Variance YoY Reported Revenue (INR Lakhs) 19,847 16,031 23.80% EBITDA (INR Lakhs) 6,572 5,016 31.02% EBITDA (%) 33.11% 31.29% 1.82% Headcount 3,456 3,071 12.54% CORE MOMENTUM Excluding AJE, which is re
Slide 9: Research financials: margin compounding at scale
Research financials: margin compounding at scale Robust revenue growth with a sharp expansion in segment margin Q2 FY27 Q2 FY26 Variance YoY Metrics With AJE Excl. AJE With AJE Excl. AJE With AJE Excl. AJE Reported Revenue (INR Lakhs) 12,982 10,400 11,958 8,545 8.56% 21.71% EBITDA (INR Lakhs) 6,253
Slide 10: AI is widening our margins as volumes grow
AI is widening our margins as volumes grow Research work is priced on output, so the productivity AI brings shows up in margin RESEARCH SOLUTIONS EBITDA MARGIN EBITDA PER EMPLOYEE Q2 FY27 vs Q2 FY26 Q2 FY27, YoY 48.17% +14.6% Up 6.42 points YoY while segment revenue grew 8.56%; 49.25% INR 2.17 Lakhs
Slide 11: Education financials: scale with Unbound Medicine
Education financials: scale with Unbound Medicine Metrics Q2 FY27 Q2 FY26 Variance YoY Reported Revenue (INR Lakhs) 6,868 5,282 30.03% EBITDA (INR Lakhs) 2,089 2,225 -6.11% EBITDA (%) 30.42% 42.12% -11.71% Headcount 755 773 -2.33% SECOND GROWTH PILLAR UNBOUND MEDICINE NEXT ADOPTION CYCLE Revenue gre
Slide 12: Corporate Learning: leaner base, stronger returns
Corporate Learning: leaner base, stronger returns Metrics Q2 FY27 Q2 FY26 Variance YoY Reported Revenue (INR Lakhs) 2,579 2,204 17.01% Segment EBITDA (INR Lakhs) 638 322 98.14% EBITDA (%) 24.74% 14.61% 10.13% Headcount 136 168 -19.05% GROWTH BROADENING LEANER BASE Revenue up 17.01% YoY to INR 2,579
Slide 13: Revenue mix: diversification through growth
Revenue mix: diversification through growth Education contributes 30.6% of revenue, up from 27.2% a year ago Research Education Corporate Learning EDUCATION Education at 30.6% of Q2 revenue (Q2 FY26: 11.3% 12.4% 12.4% 12.3% 11.5% 27.2%), supported by Unbound Medicine's recurring, high-renewal revenu
Slide 14: Diversification: a sustained strategic focus
Diversification: a sustained strategic focus Balanced geographic mix and a structurally broader client base Metrics Q2 FY27 Q2 FY26 Q1 FY27 Revenue by Geography North America 47% 47% 49% Europe 36% 35% 33% Rest of the World 17% 18% 18% Debtors DSO (Days) 38 37 45 Client Diversification No. of client
Slide 15: Financial Performance H1 FY27
FINANCIALPERFORMANCE H1FY27
Slide 16: H1 FY27 highlights
H1 FY27 highlights H1 FY27 revenue up 17.81% and EBITDA up 39.03% year on year, with EBITDA margin at 34.33%. REPORTED REVENUE EBITDA H1 FY27, YoY H1 FY27, YoY +17.81% +39.03% INR 44,853 Lakhs (H1 FY27) vs INR 38,072 Lakhs (H1 FY26) INR 15,399 Lakhs (H1 FY27) vs INR 11,076 Lakhs (H1 FY26) PBT EXCL.
Slide 17: H1 FY27 performance
H1 FY27 performance Metrics H1 FY27 H1 FY26 YoY Var% Reported Revenue (INR Lakhs) 44,853 38,072 17.81% EBITDA (INR Lakhs) 15,399 11,076 39.03% EBITDA (%) 34.33% 29.09% 5.24% PBT excl. exceptional items (INR Lakhs) 13,923 10,401 33.86% PAT (INR Lakhs)* 10,248 9,068 13.01% PAT (%)* 22.85% 23.82% -0.97
Slide 18: Excluding AJE: H1 growth with expanded margins
Excluding AJE: H1 growth with expanded margins Metrics H1 FY27 H1 FY26 Variance YoY Reported Revenue (INR Lakhs) 39,694 31,490 26.05% EBITDA (INR Lakhs) 13,267 9,293 42.76% EBITDA (%) 33.42% 29.51% 3.91% Headcount 3,456 3,071 12.54% CORE MOMENTUM Excluding AJE, which is resetting by design, H1 reven
Slide 19: H1 FY27: Research financial performance
H1 FY27: Research financial performance H1 FY27 H1 FY26 Variance YoY Metrics With AJE Excl. AJE With AJE Excl. AJE With AJE Excl. AJE Reported Revenue (INR Lakhs) 25,305 20,146 22,842 16,260 10.78% 23.90% EBITDA (INR Lakhs) 11,807 9,675 8,993 7,210 31.29% 34.19% EBITDA (%) 46.66% 48.02% 39.37% 44.34
Slide 20: H1 FY27: Education financial performance
H1 FY27: Education financial performance Metrics H1 FY27 H1 FY26 Variance YoY Reported Revenue (INR Lakhs) 14,209 10,444 36.05% EBITDA (INR Lakhs) 4,664 4,075 14.45% EBITDA (%) 32.82% 39.02% -6.19% Headcount 755 773 -2.33% SECOND GROWTH PILLAR UNBOUND MEDICINE HEADCOUNT H1 Education revenue grew 36.
Slide 21: H1 FY27: Corporate Learning financial performance
H1 FY27: Corporate Learning financial performance Metrics H1 FY27 H1 FY26 Variance YoY Reported Revenue (INR Lakhs) 5,339 4,786 11.55% Segment EBITDA (INR Lakhs) 1,337 757 76.62% Segment EBITDA (%) 25.04% 15.82% 9.22% Headcount 136 168 -19.05% GROWTH BROADENING LEANER BASE H1 revenue up 11.55% YoY t
Slide 22: Diversification: a sustained strategic focus
Diversification: a sustained strategic focus Balanced geographic mix and a structurally broader client base Metrics H1 FY27 H1 FY26 Revenue by Geography North America 48% 50% Europe 35% 31% Rest of the World 17% 19% Debtors DSO (Days) 38 37 Client Diversification No. of clients billed* 933 490 Top 5
Slide 23: FY27 outlook: tracking to cross INR 300 Cr EBITDA
FY27 outlook: tracking to cross INR 300 Cr EBITDA H1 EBITDA of INR 154 Cr puts FY27 ahead of a straight-line path to the INR 300 Cr+ guidance. EBITDA EBITDA MARGIN H1 FY27 vs FY27 guidance of INR 300 Cr+ H1 FY27 INR 154 Cr 34.33% More than half the full-year mark in the first half. We remain positio
Slide 24: Corporate social responsibility update
Corporate social responsibility update Total consolidated CSR spend was INR 64 Lakhs in Q2 FY27 and INR 184 Lakhs in H1 FY27 Girls’ Education Project: We partner with IIMPACT to run learning centres that provide quality primary education to girls from marginalised and underprivileged communities.
Slide 25: An AI-first knowledge company
An AI-first knowledge company www.mpslimited.com