{"id":183371,"date":"2026-05-18T08:04:24","date_gmt":"2026-05-18T12:04:24","guid":{"rendered":"https:\/\/alphastreet.com\/india\/mps-limited-mpsltd-q4-2026-earnings-call-transcript\/"},"modified":"2026-05-18T09:34:12","modified_gmt":"2026-05-18T13:34:12","slug":"mps-limited-mpsltd-q4-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/mps-limited-mpsltd-q4-2026-earnings-call-transcript\/","title":{"rendered":"MPS Limited (MPSLTD) Q4 2026 Earnings Call Transcript"},"content":{"rendered":"

MPS Limited (NSE: MPSLTD) Q4 2026 Earnings Call dated May. 18, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Rahul Arora<\/strong> \u2014 Chairman, Chief Executive Officer & Managing Director<\/em><\/p>\n

Prarthana Agarwal<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Sukhwant Singh<\/strong> \u2014 Chief Delivery Officer<\/em><\/p>\n

David Goodman<\/strong> \u2014 Chief Growth Officer<\/em><\/p>\n

Soma Bhaduri<\/strong> \u2014 Senior Vice President & Business Head, Liberate Global<\/em><\/p>\n

Christine Miranda<\/strong> \u2014 Senior Vice President, Research Solutions<\/em><\/p>\n

Analysts:<\/h2>\n

Navid Virani<\/strong> \u2014 Analyst<\/em><\/p>\n

Ravi Naredi<\/strong> \u2014 Analyst<\/em><\/p>\n

Arjun Goel<\/strong> \u2014 Analyst<\/em><\/p>\n

Sharath Jutur<\/strong> \u2014 Analyst<\/em><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Gunit Singh Narang<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, good day and welcome to the Q4FY26 earnings call of MPS Limited. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference is being recorded.<\/p>\n

I now hand the conference over to Mr. Rahul Arora, Chairman and CEO. Thank you. And over to you.<\/p>\n

Rahul Arora<\/strong> \u2014 Chairman, Chief Executive Officer & Managing Director<\/em><\/p>\n

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.<\/p>\n

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 which has become an increasingly important pillar of our overall story. Soma will then discuss the progress in corporate learning. I will come back at the end of the opening section to share a few strategic remarks before we open the call to questions. Let’s get going. Over to you, Prarthana.<\/p>\n

Prarthana Agarwal<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Thank you, Rahul. Good evening everyone.<\/p>\n

FY26 closed as the most profitable year in our company’s history. Group revenue for the year was 768 crores, up 5.7% over FY25. EBITDA was rupees 236 crores, up 11.8% with the EBITDA margin expanding to 30.7%. Profit after tax grew 16.3% to Rs. 173 crores. And the basic EPS came in at 102.1 rupees. A company record up 16.3% year on year. Looking at the composition excluding age, FY26 revenue grew 15.4% to 646 crores. The research segment EBITDA margin expanded 330 basis points to 39.9% for the year.<\/p>\n

And education delivered EBITDA growth of 42.6% year over year. Q4 specifically was the strongest quarter for FY26 Revenue grew 12.7% year over year To 205 crores. EBITDA grew 20.5% to 67.5 crores with the margin expanding to 32.9% indicating operating leverage at work as revenue growth converted to margin expansion. PAT of Q4 was 47 crores sequentially up 32.5% and Q4 EPS was Rs 27.72. On exceptional items, FY26 saw a positive contribution of 7.64 crores. The details are in the financial results released on Friday and the items do not impact the underlying earnings trajectory on the balance sheet. Total cash and cash equivalents stood at 113.75 crores as of 31st March 26th with borrowings of rupees 40.25 crores from the facility drawn for the acquisition of Unbound Medicine.<\/p>\n

Return on Capital employed for FY26 was 38.2%, broadly in line with our historical capital efficiency profile even after taking the full balance sheet impact of Unbound. Looking ahead, based on our current run rate and operating plan, the company is expected to comfortably cross 300 crores in EBITDA in FY27. This implies a 3 year EBITDA CAGR of approximately 21% from FY24 to 27 And this is built bottom up From the operating plans of each business segment. The guidance also reflects that we are already in flight and this is not a step change we are asking you to believe.<\/p>\n

I would now hand it over to Sukhwant to discuss the developments in our Research Solutions business.<\/p>\n

Sukhwant Singh<\/strong> \u2014 Chief Delivery Officer<\/em><\/p>\n

Thank you Prarthana. So Research Solutions anchored our portfolio in Q4 contributing 58.3% of total Q4 revenue. Q4 reported revenue was Rupees 120 crore up 7.6% year over year. Excluding AJE, the organic core of Research Solutions grew 23% year on year. Q4 EBITDA was 50 crore at a 41.6% margin with EBITDA growing 24% year over year. For the full year, research solution delivered 464 crore of revenue with EBITDA margin expanding 330 basis points to 39.9%. As Prarthana described. Excluding AJE, organic research revenue grew 17% in FY26.<\/p>\n

I want to walk you through the segment the way we now think about it not as a services business but as an AI first knowledge solution company serving the research economy. Our business has now four integrated product layers each with measurable progress in the quarter. The first layer is the Trust and Integrity Layer Digicore, our AI enabled production ecosystem is now deployed at scale and across our top tier knowledge clients Research Integrity Check RIC as we call it was named as a top innovator at the STM AI innovation day in 2025.<\/p>\n

RIC delivers AI led detection of paper mills, identity fraud and image manipulation and is integrated with leading third party tools across the integrity workflow. The bottleneck in research today is no longer generation, it is verification. This positions us directly in the fastest growing control points in the scholarly workflow. The second product layer is AI. Author Services, AJ Digital and Rubrik have cumulatively processed over a million manuscripts. Our control trial work shows a 52% manuscript acceptance lift versus the industry baseline of approximately 32%.<\/p>\n

This is a measurable AI attached revenue line, not just a marketing claim. The third is the pre acceptance JEO Office. This is now the standout margin business inside research solution with FY26 revenue growing meaningfully on the back of three large knowledge organization engagement. EBITDA Margin in this line is well above the segment average scholar finder and and manuscript expert. Our internal AI tools are how the team has scaled volume without proportional headcount growth. The fourth layer is the platform stack and MPS Labs, Highwire and Digicore Pro together form the hosting and the production backbone for our largest knowledge clients.<\/p>\n

Think365 the platform we have spent two years building is now in live production and gaining commercial traction. MPS labs, our 200 engineer AI R&D engine continues to create reusable capabilities that Compound across all four layers at zero marginal cost. Heading into FY27. Our priorities are sustaining the Q4 operating leverage as new transitions reach steady state, scaling Digicore Pro and RIC adoption across the Renewal cohort and continuing the JEO Office trajectory through a comprehensive retention plan we have put in place. The thread across all of this is same. We are positioning MPS where AI cannot afford to be wrong.<\/p>\n

I want to hand it over now to David to discuss our Education Solution business.<\/p>\n

David Goodman<\/strong> \u2014 Chief Growth Officer<\/em><\/p>\n

Thank you Sukhwant. Hello everyone.<\/p>\n

Education was the segment that delivered scale in FY26. Q4 revenue reached 60 crores up 30.5% year over year. For the full year education revenue was 209 crores up 36.3% excluding the unbound contribution. Organic education revenue still grew 28.6%. EBITDA for FY26 was 82 crores at a 39.2% margin with EBITDA growth of 42.6% year over year on a reported basis and 38.6% organically. The thread underneath these numbers is the same one the quant just described in research AI first, knowledge solutions applied here to the education and healthcare ecosystems resources drove education growth in FY26.<\/p>\n

First, our AI enabled content and production work. We expanded engagements with several of the largest US based knowledge organizations across K12 and higher education, converting earlier programs into multi year multi product engagements. Manpower efficiency improved through the year as AI assisted production moved from pilot to core delivery. Second, our accessibility and learning services line. The work we do here AI assisted accessibility production at scale, including more than 30 million auto generated accessible media assets delivered annually has become a meaningful high margin business.<\/p>\n

FY26 revenue roughly tripled versus the prior year anchored by two large new accessibility engagements with leading global knowledge organizations. Third, the Unbound Medicine acquisition which closed on February 9, 2026. The first 50 days in our group delivered 11.78 crores of revenue, approximately 19.6% of Q4 education solutions on a partial quarter basis. Headcount transitioned cleanly into the consolidated entity. The integration thesis is intact. Unbound gives us an institutional foothold in medicine and nursing, a recurring revenue platform with strong renewal economics and a natural cross sell counterparty for existing clients.<\/p>\n

The platform brings what we call unbound intelligence, a knowledge engineering layer that turns trusted medical IP into AI products that do not hallucinate. It is exactly the kind of AI economics we are building toward across the company. Heading into FY27 we have a strong pipeline across our largest customer relationships with a particular focus on extending into international knowledge organizations and continuing to scale the accessibility business. The combination of organic growth, the unbound integration and a healthy forward pipeline gives us conviction underneath the FY27 guidance Parthena shared.<\/p>\n

I would like to now hand it over to Soma to discuss the corporate learning business.<\/p>\n

Soma Bhaduri<\/strong> \u2014 Senior Vice President & Business Head, Liberate Global<\/em><\/p>\n

Thank you David Good evening everyone. I appreciate the opportunity to join the call today.<\/p>\n

Corporate learning was the segment that absorbed the Most stress in FY26 and is the segment most clearly turning a corner. Q4 revenue grew 2.4% year over year to 25.5 crores. The first positive print of the year Q4 EBITDA was 6.7 crores at a 26.3 margin up 55%. Sequentially, FY26 revenue closed at 96 crores down 16.5% versus FY25. I want to name that honestly, the year was a reset. Q4 was the inflection. The trend through the quarters is what matters.<\/p>\n

The sharp sequential recovery in EBITDA, a leaner cost base and a clearer commercial focus across the segment. The work to get here was deliberate and here are the three structural levers we executed through the year. First, portfolio rationalization. We walked away from low margin compliance work that was diluting both the mix and the brand. Average price point and gross margin both saw a healthy improvement as the legacy book tapered down. Second, a Core plus Flex talent model that scales cost with revenue rather than ahead of it.<\/p>\n

Headcount in the segment is down approximately 32% year on year on a much sharper cost base. Third, a deliberate shift towards higher value AI, AR VR and simulation LED builds Bridge AI, our multilingual translation engine is now in active deployment with enterprise customers. AI enabled chatbots, role play and simulation LED experiences are now scaling rapidly as core learning enablers. This is where the segment is moving and it is where future value creation and margin expansion will increasingly reside.<\/p>\n

Q4 closed with the strongest order book of FY26. We added new entrants across our top customer relationships and AI LED wins continue to answer the new pipeline. Deliberate integration into our unified global structure is on plan and the segment is entering FY27 with a clearer cost base and a sharper commercial focus. Heading into FY27 our focus is sustaining the Q4 exit margin into the run rate, scaling AI LED delivery as the dominant mix and completing the integration of the three legacy entities into one unified liberate global brand. The base is ready.<\/p>\n

With that I would like to now hand it over to Rahul to conclude this opening section.<\/p>\n

Rahul Arora<\/strong> \u2014 Chairman, Chief Executive Officer & Managing Director<\/em><\/p>\n

Thank you Soma and thank you for the rich updates team.<\/p>\n

FY26 has closed as the most profitable year in our company’s history. 236 crores of EBITDA, 102.11 of EPS. Both records, both delivered while we acquired unbound medicine, consolidated three legacy entities into Liberate Global and absorbed a one time regulatory charge through the PNL. Q4 alone delivered 67.5 crores of EBITDA at a 32.9% margin. These are not numbers you arrive at by accident. They are what happens when an operating system that was reset back in Q3 has been given two quarters to compound.<\/p>\n

I want to step back and frame three thoughts before we move to the question section. First on AI. We are running NPS on the principle that AI in our products should show up in revenue, not in slides. Digicore and Research Integrity Check are deployed at scale across our knowledge clients. AJE Digital and Rubrik have processed over a million manuscripts with a measured acceptance lift well above the industry baseline. The unbound intelligence platform is the knowledge engineering layer that turns trusted medical IP into AI products that do not hallucinate inside corporate learning Bridge.<\/p>\n

AI is scaling multilingual translation across enterprise clients and our AI roleplay and simulation work is delivering the thread across all three segments is the same. We sit at the layer where AI cannot afford to be wrong, where every fact must be sourceable, every recommendation defensible and every output trusted. That is the structural position of MPS now an AI first knowledge management company and that is where the FY27 numbers come from. Second, on FY27 itself. Prarthana has shared the guidance and I won’t repeat it.<\/p>\n

What I want to add is the conviction underneath the number. The 300 plus crore EBITDA mark is not a stretch target, it is a number we have built our operating plan around. The work to get there is not in front of us. It’s already in flight unbound integrating into a full operating year research compounding on the operating leverage you just heard about from Sukhwant corporate learning. Continuing the turn of the Q4 exit margin, Soman described education building on a year where the organic business grew 28.6% even before the bolt on of Unbound that David described.<\/p>\n

Finally, on capital allocation, because I know that question will come, our principle has been simple and consistent for the last seven years. Capital earns its keep within 12 months or it gets returned to shareholders. That principle has produced more than 650 crores of cumulative cash return to shareholders between FY19 and FY25 and a payout ratio that has been among the highest in our industry. For FY26. The board has chosen not to recommend a final dividend. The reason is straightforward. We’ve deployed capital into Unbound in February, we’re carrying a hyperactive M and a pipeline and the deployment opportunity in front of us exceeds the cash in hand.<\/p>\n

The principle has not changed. The cycle has, distribution resumes and the deployment cycle closes. The seven year record stands at the evidence that we do return capital when we cannot put it to work. We are entering FY27 with more conviction in this business than I had any point in the last 24 months. The portfolio is in better shape, the leadership team is steadier and the operating discipline we built through the second half of FY26 is now the run rate, not the project.<\/p>\n

With that, let’s open the call to questions.<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

Thank you very much. Ladies and gentlemen, we will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question and to restrict to two questions at a time. We will wait for a moment while the question queue assembles.<\/p>\n

We’ll take our first question from the line of Navid Virani from Bastion Research. Please go ahead.<\/p>\n

Navid Virani<\/strong><\/p>\n

Hello. Am I audible?<\/p>\n

Operator<\/strong><\/p>\n

Not clear. Can you use your handset mode please, Navid?<\/p>\n

Navid Virani<\/strong><\/p>\n

Sure, sure. Is it better now?<\/p>\n

Operator<\/strong><\/p>\n

Yes. Please go ahead.<\/p>\n

Navid Virani<\/strong><\/p>\n

Yeah. Hi team. Thank you for the opportunity and also for providing a more nuanced picture of MPS. So first one was on the slide that you presented in the presentation saying that we just have a 0.5% market share of the total serviceable market share that we have. So the headroom that is presented shows huge room to grow. So just wanted to understand how are we positioning, how are we positioned a from the right to win perspective? And also, you know, what are the. What are the capabilities that are kind of either in the working progress mode or lacking more that will help us reach there? That’s my first question.<\/p>\n

Rahul Arora<\/strong><\/p>\n

Thanks, Navid. You’re right, you know, the headroom is enormous. I think the question is whether MPS is positioned to take a meaningful share of that headroom. I’d like to point out a few things in terms of, you know, why we believe we have a right to win and why we feel that we can capture a meaningful share of it. First, like I shared in the opening remarks and others shared as well, our positioning is now of an AI first knowledge solutions company. And the reason for that is we sit at the layer where AI simply can’t afford to be wrong.<\/p>\n

That position is a defensible position and ends up being a smaller competitive set than the commodity layer of generic AI models. Second, the platform stack. Right? So we talked about Highwire, think 365 Ricks Bridge AI, the platforms that come with unbound, and of course the core MPS platforms, which is Digicore. This integrated portfolio has very few competitors that can match it, both from an individual offering perspective, but also from a portfolio perspective. It’s taken us years to build such a portfolio.<\/p>\n

Replicating something like this potentially even takes longer than it takes to build it. The third is, you know, we’ve been talking about MPS Labs for the last few years. There are over 200 engineers that are dedicated to building AI infrastructure. And the focus for us really is that the infrastructure compounds across each of the segments. Research, education, as well as corporate at very little marginal cost. In my mind. That’s not a feature. That’s a structural moat for the company. Finally, customer relationships.<\/p>\n

You note that the number of relationships this past quarter have grown as a result of the unbound acquisition. We are and continue to deliver to the top tier of global knowledge organizations now for multiple decades. You know, over time those relationships have compounded. We’re not pitching cold, making cold calls to accounts. We’re expanding within large accounts in our industry. Of course, you know, we’re not going to make this big leap in one year. It’s going to take us a few years to expand every year.<\/p>\n

And of course the hope is that, you know, as time progresses we continue to compound the the right way possibly to read this is how do we get first from 0.5 to 1%? How do we get from 1% to 2%? And really the focus is being true partners to our customers, working from their business problem backwards, using all our IP and knowledge and expertise to solve those business problems and expanding within these deep customer partnerships rather than chasing cold partnerships.<\/p>\n

Navid Virani<\/strong><\/p>\n

Perfect. Thank you for that elaborated answer. Second one was on the guidance which you just provided. So 300 crores EBITDA for FY27 is great, but what I wanted to understand was the larger picture. So the larger picture was that we wanted to reach a 1500 crore top line by let’s say FY28. So just wanted to have your thoughts on is that number still in the line of sight or is there any change in the way we see it?<\/p>\n

Rahul Arora<\/strong><\/p>\n

No. So absolutely, absolutely intact and in absolute line of sight. I think the reason we are so laser focused on FY27 and crossing 300 crores here is because we don’t want the home stretch, which is FY28 to be totally unreachable. And that is why, you know, of course we our plans go until FY30, but as of now our focus really is FY27 and FY28. Let me give you the two numbers slightly separated so that you know, because they often get conflated. So the 300 crore plus EBITDA mark for FY27 is an operating commitment that Pratham talked about, if you remember in the opening remarks.<\/p>\n

It’s built bottom up, it’s organic. It does not include any new acquisitions than what we’ve already done. So anything that will be added in addition to this will be over and above 300 crores. The vision, the ambitious Vision 2027 was always a combination of organic momentum and Selective, very selective, tight inorganic activity. I think Unbound is possibly one of our big proof points that we can execute in organic piece with discipline. So here is a business with a very high recurring revenue theme.<\/p>\n

Here is a business with a very, very stable customer base, very high renewal rate and we have not overpaid for it. Of course, the other building blocks are the research business. Compounding the, the trajectory that we’re seeing in the education business. We expect that to continue. The corporate learning business is now turning a corner as someone described. So all three segments are firing and on track. So the mission of Vision 2027 in FY28 has not moved. The path is becoming clearer, especially as we see FY27 so absolutely intact. And we’ll share, you know, a tighter guidance on FY28 either at end of Q3 or end of Q4, like we’ve done right now.<\/p>\n

Navid Virani<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We’ll take our next question from the line of Ravi Naredi from Naredi Investments. Please go ahead.<\/p>\n

Ravi Naredi<\/strong><\/p>\n

Thank you. To give me the opportunity, sir, any more acquisition immediately on card. And whatever we acquired or we have already paid for same.<\/p>\n

Rahul Arora<\/strong><\/p>\n

So for Unbound, whatever we have acquired, you know, hasn’t paid for. There is, there are some, you know, small, small amounts pertaining to, you know, closing amounts, but they were very insignificant. So but mostly all of it has been paid for. Unbound is, you know, what I would call close. And now an integration phase. Overall, our pipeline is very active. It continues to expand today. Of the Overall pipeline of 35 companies, I would say five are fairly advanced, five are very live. Two of which are at an advanced stage and would fit very well in the existing segments.<\/p>\n

The other three, as time progresses. One of the opportunities presently the most advanced in the pipeline is a higher ed and online learning carve out in the western world strategically meaningful. It is a capability as well as expands us into some adjacencies. A second, another opportunity is a cross border asset. Again in the same business, the strategic rational, there is a capability expansion within the workflows that we already involved in. We’re also evaluating, you know, a very transformational play in the broader ecosystem that potentially could also help us enter into an adjacent market.<\/p>\n

Of course, you know, given that this is price sensitive information, that’s all I can share. I know, I know. It’s not, it was very, not very descriptive. But you know, the goal really is to apply the same discipline we applied to Unbound. The same return thresholds, you always had the same integration economics, the same strategy lens and you know, the most important part is that you know, you know we’re focused on looking at growth assets where the moat is defensible. You know, as you know the market and the world today is you know, increasingly disruptive.<\/p>\n

So you want to make sure what we acquire is defensible also at sensible valuation valuations and where there is a clear fit either from a capability perspective or a platform perspective or a customer agency fit perspective in terms of what we’re building. And of course as always, you know, when there is something meaningful and material to share, you’ll hear it from us in ordinary course. But that’s all I can kind of share at a high level.<\/p>\n

Ravi Naredi<\/strong><\/p>\n

Nice, nice reply. Detailed reply, sir. A financial year 27 what EBIT combined margin we must think for 300 crore.<\/p>\n

Rahul Arora<\/strong><\/p>\n

So overall I think we’ll again be in the same range. So probably in the, somewhere in the 30 to 35% EBITDA range. It’s hard to you know, give these numbers because we also have competition that’s not listed. In fact most of our competition is not listed. They, they get the you know, advantage of hearing everything from us. So at this point, you know, all I can share is it’ll be in the 30 to 35% range. And of course you know, as you, as you know that as revenue grows our margins typically expand.<\/p>\n

Ravi Naredi<\/strong><\/p>\n

Right. One last small question.<\/p>\n

Operator<\/strong><\/p>\n

I request you to join back the queue please as we have participants waiting for the turn.<\/p>\n

Ravi Naredi<\/strong><\/p>\n

Okay. Okay.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Arjun Goel, an individual investor. Please go ahead.<\/p>\n

Arjun Goel<\/strong><\/p>\n

Hi sir. And congratulations on quarter and the year. So firstly I wanted to know if you can share what were the financial numbers for 2026 for unbound like what is the revenue EBITDA? Just headline numbers. And how do you expect it to move in 2027? It just high headline numbers is good. Thank you.<\/p>\n

Rahul Arora<\/strong><\/p>\n

Thank you. So Prarthana, I’ll come to you if you can just you know, share ranges. Obviously we don’t want to give exact numbers at this point. Any ranges on revenue and any ranges on margin. You can talk historic and I can talk future. So why don’t you share some historic numbers on the revenue ranges and the margin and I can talk about the future.<\/p>\n

Prarthana Agarwal<\/strong><\/p>\n

So I think Rahul, on the revenue range because we acquired on the 10th of February so this was a 50 day consolidation for us. So the revenue was in the range of 11 to 12 crores and the EBITDA margin was around I think 18 and a half to 19%.<\/p>\n

Rahul Arora<\/strong><\/p>\n

You can give like a Monthly run rate, historical monthly run rate and EBITDA margin for both. And then I’ll help with the future.<\/p>\n

Prarthana Agarwal<\/strong><\/p>\n

Okay, so the historical monthly run rate was close to 700 to 800k USD per month. And the EBITDA margin, as I explained, was in that range only 18 to 19%. 17 and a half…<\/p>\n

Rahul Arora<\/strong><\/p>\n

Yeah. And we expect, and we’re expecting to, you know, go to, go to 750 to 950k a month in FY27, depending on the month. There is some seasonality. So 750 to 950 per month, depending on the month. I think the first couple of quarters will continue to operate at that same level of margin maybe. And the goal is to exit at somewhere between 25 to 30%. Now, you know, whether that exit, you know, whether that happens in Q2 or Q3, you know, time will tell. But so we start at, you know, that 750 to 950k monthly 100 in revenue, start at that 15% EBITDA margin, you know, and exit at an EBITDA margin of 25 to 30%.<\/p>\n

Arjun Goel<\/strong><\/p>\n

Okay. Okay, thank you. And my second question, Rahul, is that it’s a more of a broad based question that, you know, in the last three or four months, every other week we’ve been seeing updates coming out from AI companies, you know, and it seems to hit one industry or the other. In fact, I think even Elsevier was one of the victims. So my question is that, you know, is there any way to know that there will not be an update in the future that strikes at the heart of how we make money. So do you have any comments regarding the same. Because it’s frankly, it’s a little scary the way we, you know, read the news and the reaction to it. So any comments?<\/p>\n

Rahul Arora<\/strong><\/p>\n

The first comment, you know, my job is not to not be scared, right? My job is to plan and build a strategy and my team’s job is to execute on that strategy. So, you know, this question is probably the most important question any business in our space should be answering today. So I’ll give you a very honest CEO review. What’s, you know, the way I look at it, what is happening is a bifurcation of the market. So on one side, AI again, I’m specifically talking about our market. I’m not talking about the world, I’m talking about our specific market.<\/p>\n

So on one side, AI is going to super compress the price of commoditized production work. Having said that, that work is now now going to be placed with very few Scale suppliers that provide the same reliability with automation and AI. So things like basic copy editing, page based content, generic instruction, very flat instructional design. 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 pressure.<\/p>\n

On the other side, the demand for what we call trusted AI deployment inside high stakes knowledge workflows. So think of medicine, nursing, scholarly publishing, regulated learning, accessibility. There the demand is going to expand sharply. The market there is not shrink. The market for us then is not shrinking. The way I see it, the market is splitting, it’s splitting into two parts. And from my perspective, we’ve been positioning MPS now at this for two to three years. The reason we keep saying AI first knowledge management and we keep repeating it over and over again is because we’re talking about the layer where AI simply cannot afford to be wrong.<\/p>\n

Think of a nurse sitting with a patient, needs knowledge and information in real time. She cannot afford to get it wrong because if she gets it wrong, someone dies. So that’s exactly the side of the split where the demand is concentrating. Digico Pro Research Integrity, AJE Digital Unbound Intelligence Bridge AI. These are not pilot projects. These are AI products pitched at these hyper sensitive use cases and they’re inside our revenue today. Now let’s talk about agentic deployment. So you spoke about all the agentic deployment announcements from the foundation providers.<\/p>\n

The way I look at it is I see them as tailwinds, not headwinds, more specifically for the kind of work that we do. As these models get better, as enterprise agents become more capable, the gating constraint moves from the model capability to trust, it moves to verification, it moves to domain context, it moves to integration into existing workflows. So the foundation models are always going to struggle in the last mile. So whether I’m inside a medical reference product, whether I’m inside a peer review integrity workflow, whether I’m inside an accessibility production line, that last mile is where MPS sits.<\/p>\n

That last mile is where our platform stack, our domain expertise, our customer relationships, they will compound so by segment over the next three years, just to go in a more structured way. If you think about it, in research, which is our largest Segment now, about 55% of our revenue, hopefully in FY27, the demand for integrity and verification, as Sukhwant was talking about in his opening remarks, is rising sharply as people are seeing lots of fake papers, paper mills and AI generated submissions are multiplying.<\/p>\n

The bottleneck in research is no longer generating the content. The bottleneck is the verification. Is this content real? Is this research real? And that’s where MPS sits. We are in the verification business in research. On the education side, which is supposed to be about 35% of our business. The demand for trusted medical and instructional AI products grows as institutions realize. I can’t depend on general purpose chatbots. I can’t bring them into clinical or learning context. I need something more specific.<\/p>\n

That’s where unbound intelligence comes in. Similarly in corporate learning, AI LED simulation, multilingual translation, all of this, things like role play, these will become the defaults. And which is exactly where we are sitting. So net of your net net. As I say, sometimes in India we expect AI to be materially net additive on the demand side. And you know, having said that, you know what needs to follow through on our side is seamless execution. Execution not just on the delivery but to the AI in revenue principle. The risk for us is not that will AI displace us. The risk would be standing while the market splits and we’re not standing still.<\/p>\n

Arjun Goel<\/strong><\/p>\n

Okay. Okay. So I mean…<\/p>\n

Operator<\/strong><\/p>\n

Arjun, I request you to join back with you please.<\/p>\n

Arjun Goel<\/strong><\/p>\n

Thank you. Thank you so much. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Sharath Jutur from Zen Wealth Management. Please go ahead.<\/p>\n

Sharath Jutur<\/strong><\/p>\n

Thanks for the opportunity.<\/p>\n

Operator<\/strong><\/p>\n

Sorry, can you use your handset mode please? Your audio is not clear.<\/p>\n

Sharath Jutur<\/strong><\/p>\n

Yeah. Is it clear?<\/p>\n

Operator<\/strong><\/p>\n

Please use your handset mode.<\/p>\n

Sharath Jutur<\/strong><\/p>\n

Okay, one second. Just. Hello. Is it audible now?<\/p>\n

Operator<\/strong><\/p>\n

Yes. Please go ahead.<\/p>\n

Sharath Jutur<\/strong><\/p>\n

Yeah, thanks. My question is regarding slide 14 which is research segment performance. Can you just let me understand the reasons for dip in X AJE EBITDA margin and the spike in X AJE headcount. And second question is with regard to AJE, has a rundown in the AJE model been completed or is there any tailing defect in FY27? And what would be the growth drivers for FY27? And the third question would be regarding the FY28 target of around 1500 crores. Since FY26 we reported a below average run rate. Revenue growth Is of around 6%. So what would be the growth drivers to achieve the target given higher arc growth rate? These are my questions. Thanks.<\/p>\n

Rahul Arora<\/strong><\/p>\n

Thank you. So I’ll come to. You know, I’ll pass on the baton to Christine and Sukhwant. So Christine can talk about, you know the AJE side as well as you know. One is about the pruning and you know what’s going on with the pruning. And then Sukhwant can talk a little bit about, you know, what are the future prospects in research. But quickly. And then I’ll talk about the third question which is on Vision 27. So the first question was a couple of data points. So the headcount has increased is something.<\/p>\n

Headcount has increased is something you said. My understanding is all the, you know, all the headcount has been offshored to India. I don’t think we’ve, you know, we’ve offered X AJE Sorry, AJE standalone headcount. So all the AJE headcount has been offshored to India. The research headcount has grown because of anticipated growth. And that is why ex AJE, there’s some sluggishness in the Q4 margin profile. Of course sluggishness is relative because it’s still a very high margin business. But we’re expecting some significant growth in FY27 in the research business, both in volume and value terms. And that’s why X of AJE, the margin is where it is at. It will get unlocked. So it’s more and more timing thing.<\/p>\n

Yeah. So Christine and Sukhwant over to you. I’ll come back to talk about Vision 2027.<\/p>\n

Christine Miranda<\/strong><\/p>\n

Sure. Thanks Rahul. So yeah, I’ll just talk about the growth levers on the age and pre acceptance side. So like Rahul mentioned, the pruning is essentially behind us and we’re now signed for growth in FY27. The plan is twofold. Essentially. On the B2B side, we saw more than 90% growth in in pre acceptance services and we expect for that demand to scale even further. Our delivery model is built for this with technology at the center of both service delivery as well as workflow management. Second, on the B2C side, we are a leaner, more agile delivery model at the moment, which means that AJ is now positioned to focus on growth.<\/p>\n

And that will come through authors offering authors higher value services and more competitive benefits through portfolio expansion, market diversification and deeper publisher and institutional partnerships. So yes, while the pruning is behind us, what we have left is the high value core of author services, premium editorial, language, editing and AI assisted workflows. So the base is now more margin accretive rather than a drag. And growth from here comes from three places. First, premium tiers in office services where authors are willing to pay for quality and turnaround time.<\/p>\n

Second, AI driven productivity that we are embedding in the workflow. Part of that benefit we will pass on to the client and part we will retain as a margin and third, cross selling to our corporate publisher relationships which is opening up entirely new revenue lines and also supporting expansion into underpenetrated and rapidly growing research ecosystems such as China. Over to you.<\/p>\n

Sukhwant Singh<\/strong><\/p>\n

Thanks Christine. So Christine mentioned about the AI driven productivity. I’ll just like to add on to those pointers. So the AI our push towards becoming AI first knowledge management company also gives us tremendous benefits on the editorial and production side especially around AI enabled workflow transformation. We see this as a huge opportunity to evolve from a production services setup to a more strategic end to end workflow and publishing infrastructure partner which we believe is a much larger long term opportunity.<\/p>\n

Also as Christine briefly mentioned, we are also trying to push for growth in areas like China where it’s high growth research ecosystem. We have already signed a few MOUs and initiated operations with some of the publishers in China. So our overall strategy is to combine strong relationship with growth publishers with local partnership across new territories like China. And this also helps us strengthen our reach within China, also helps us help global publishers strengthen their outreach in China. So we believe that these initiatives together can become very meaningful long term growth drivers for the business over next several years. Back to you Rahul.<\/p>\n

Rahul Arora<\/strong><\/p>\n

Thanks Christine. Thanks Sukhwant. I think Sukhwant is very excited about China but it’s not just a China play, it’s an APAC play. So Japan is another market that I’m taking a lot of personal interest in. I’m based out of Singapore. So APAC in general is a market that we’re trying to expand in a big way. So more news on that as we progress. So overall, just to summarize, a cleaner base with AJE, a more focused portfolio and frankly a much easier business to grow rather than the inflated base we had two years ago.<\/p>\n

What we should also look at is in research, where is the growth coming from? It’s not coming from doing more of the same work, it’s coming from the four product layers that Sukhwant talked about. Integrity, AI Auto Solutions, the JE Office and our platform stack. Each of those layers carries a better margin profile compared to the legacy services book which never did. And each of these is growing at a fast clip in terms of, you know, FY28 like I was sharing previously, you know we’ll have a very tight guidance either at the end of Q3FY27 or Q4FY27 like we’ve done for this year. But very much, you know, that line of sight up to 1500 crores similar margins is very much line of sight and intact<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We’ll take our next question from the line of Shreyash Limbachia. Please go ahead. Shreyash, please use your handset mode.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Am I audible now?<\/p>\n

Operator<\/strong><\/p>\n

Yes, please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah, so firstly, thanks for the opportunity. My question is regarding the corporate learning division. In the investor Presentation on Slide 16, you have mentioned that investment in digital, multimedia and interactive solutions supporting the higher value world. Right. So I want to understand that is that the work profile has changed or kind of project we do as some change basically some color on behind this investment.<\/p>\n

Rahul Arora<\/strong><\/p>\n

Sure. So I’ll bring Soma in to talk about the corporate learning business and you know, specifically the investment in digital etc. Go ahead, Soma.<\/p>\n

Soma Bhaduri<\/strong><\/p>\n

Yeah, so thank you. That was a good question because it really goes to the heart of why FY26 looked the way it did. Just going back a little. Two years ago, our revenue was largely dominated by compliance content, instructor led materials and design which were high in volume, low in margin. And then it was rapidly commoditizing the whole mix. That book was deliberately run out. Now what has replaced it is a fundamentally different unit of work that we are doing. Our deliverables are no longer a simple learning output or a simple course as people call it, but a higher order learning experience that we are embedding directly into the enterprise workflow.<\/p>\n

More like a performance enabler as we call it for our client partners. Bridge AI is in active deployment for multilingual translation at enterprise scale. One of our, I would say flagship products, the AI chatbots, the AI role plays, simulation led experiences, all of them are being delivered and delivered at scale ar, which is augmented reality virtual reality programs are live for the technical and field training areas. So the consequence of all of this shift is very structural. These are higher value per engagement, longer program cycles, stickier customer relationships and a margin profile that the legacy book simply could not support earlier.<\/p>\n

So the Q4 improvement and the FY27 plan that we see are both built on this new work profile and not a recovery of what existed before, but the margin expression of a business that has already transformed what it is selling. So this is where we’re headed to.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, great answer. Lastly, I just want to ask is there has been a significant increase in the number of clients build, but a drop in per client revenue? Right. So I know already you have mentioned in the IP that this is due to the unbound medicine, but would you provide something more on this metric?<\/p>\n

Rahul Arora<\/strong><\/p>\n

Sure, I can take that. So you know, like you said, the mechanics are obviously what you. What do you expect from the unbound integration. As you integrated unbound, we’ve added more customers. But you know, as you rightly pointed out, that it’s the texture beneath the number, not the number itself that’s important. So you know, if you look at our traditional customer base in research and education, it’s been, you know, relatively concentrated with a set of large knowledge organizations as we call it.<\/p>\n

So you know, typically this is associated with high revenue per account, deep relationships with the account director as performing the role of a fulcrum. Unbound brings a fundamentally different customer shape. It’s a broad institutional base of medical schools, nursing schools, hospitals, academic libraries. So many, many more accounts. Smaller, but many more, but also with a very high renewal economics and low concentration risks. So when you average across our overall combined base, the per customer revenue declines.<\/p>\n

So in my view that’s arithmetic, it’s not degradation. None of our anchor clients are billing less, for example. We’ve simply added a very long tail of smaller recurring, what I like to call high quality accounts on top of this. So my two takeaways are one, customer concentration is materially lower than it was 12 months ago, which in my view is improvement in quality of revenue. And then second, given the renewal business model and the economics behind that business model, it gives us a much more predictable forward revenue than other business models. So my view is that the metric is moving in the right direction even though the headline ratio is moving the other way.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We’ll take our next question from the line of Gunit Singh from Counter Cyclical Investments. Please go ahead.<\/p>\n

Gunit Singh Narang<\/strong><\/p>\n

Hi sir. Thank you for this opportunity. So my question again would be regarding the growth guidance of 300 crore EBITDA. So 300 crore EBITDA from inorganically would mean about a 900 to 1000 crore top line. But historically we have seen that most of our growth has come from inorganic acquisitions. And given that NEC 26, we also must have experienced forex gains. Our numbers were largely, I mean flood. If, I mean if we look at constant currency. You can correct me if I’m wrong with that. So in your, in your assessment, what’s the one most high priority area or segment or geography where the lion’s share of delta will come from? From so about 65 crore delta. So which is that area which, where the lion’s share of delta will come from and what are, what is the one major risk in achieving our target of 300 crore in your assessment?<\/p>\n

Rahul Arora<\/strong><\/p>\n

Yeah, so I think that, so first of the constant currency is not correct. So maybe we can take that offline. But in terms of, you know, the guidance for FY27, as you note, you know, we’ve always been very conservative on guidance. In fact, often have not shared guidance. The few times we’ve shared it, we’ve, you know, comfortably met it. So, you know, I can’t remember when I guided this, but I think we said this year we comfortably surpass 100 crores in EPS. I remember at that point someone said, oh, that’s easy, what’s the big deal, right?<\/p>\n

So that’s typically been the nature of the guidance. And you know, this guidance is similar. You know, we’ve said comfortably surpass a few times. We’ve gone with a number that’s built ground up as Prarthana described. So this is not something that, you know, just got built by corporate and everyone has to execute on it. This every single, you know, customer team, every single business unit has built this ground up. And that’s where this is coming from in terms of proportions. I think again ballparking here, I’ll probably be off a little bit, But I think FY27, why it’s always hard to, you know, it’s hard enough to share a guidance, not to split the guidance.<\/p>\n

You know, I’ll be very happy if, if, you know, we beat our guidance. And that’s really what I’m focused on is the headline number. But because you’re asking this intellectual question of, you know, how do we split it? I’m answering it, but I’m not attached to this answer. So. So I’m more focused on the top number which is over 300 crores in EBITDA. So what I would say is research would be about 55%, education about 35%, corporate about 10%. So that broadly when you work that backwards, you’ll get an answer which is research, simply because of its scale, will continue to compound and have that effect on the numbers also.<\/p>\n

It is one of the most profitable lines of business as well. So research continues to compound. Education is on a growth trajectory now. You know, knock on wood, you know, for a couple of years we expecting that trajectory to continue and of course we thrown some gasoline on that with the acquisition of Unbound. And finally, you know, as SOMA was describing, the corporate learning business is finally taking a turn and we’re expecting a stronger M5 27 in terms of risks, I don’t think MPS is facing any unique risks that would pertain to MPS, you know, alone.<\/p>\n

You know, we do exist in a, in a shifting geopolitical environment. You know, you and I wake up to the same unique news every day. So I don’t think there’s anything in this business plan that falls apart unequally for MPS. But, you know, anything geopolitical macro in nature, like we saw with the pandemic, for example, for example, you know, we recently seen news around. You know, there’s been some memos floating around, work from home and other guidance from the government. So hopefully it stays in guidance and encouragement.<\/p>\n

Although working from home for us is a normal and in fact it has improved margins. So nothing in this plan that affects us uniquely as MPS. But yes, of course, if there’s some major macroeconomic or geopolitical event that shakes up the entire industry or the entire economy, then of course we will adapt. And we’ve historically adapted better than most. So I count on MPS, our team, our culture, to adapt and be better responsive to these kind of external threats. So, yeah, that’s the answer.<\/p>\n

Operator<\/strong><\/p>\n

Thank you, ladies and gentlemen. We’ll take that as the last question for today. I now hand the conference over to Mr. Rahul Arora for closing comments. Over to you.<\/p>\n

Rahul Arora<\/strong><\/p>\n

Thank you. Thank you again for your active participation in the call today. As usual, the questions were sharp, on point and you know, your outside in perspective, I always say this, your outside in perspective really brings something that we deeply, deeply value. It also helps us to kind of step back and see things more clearly, see angles more clearly. Especially, you know, the. That last question on risk has definitely gotten me thinking. I want to thank all of our stakeholders, our customers, our employees, our partners, our long term shareholders.<\/p>\n

All of you together have provided a lot of steadiness. You’ve shown, you know, you’ve shown us through what I’d call FY26, a year of meaningful transition. So FY26, you know, as I said to the team internally is we proved that the operating system works. Everything, the guts and the plumbing work. FY27 is the year we compound. Thank you and we look forward to your continued partnership.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. On behalf of MPS Limited, that concludes this conference. Thank you for joining us. And you may now disconnect your lines.<\/p>\n","protected":false},"excerpt":{"rendered":"

MPS Limited (NSE: MPSLTD) Q4 2026 Earnings Call dated May. 18, 2026 Corporate Participants: Rahul Arora \u2014 Chairman, Chief Executive Officer & Managing Director Prarthana Agarwal \u2014 Chief Financial Officer Sukhwant Singh \u2014 Chief Delivery Officer David Goodman \u2014 Chief Growth Officer Soma Bhaduri \u2014 Senior Vice President & Business Head, Liberate Global Christine Miranda 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Corporate Participants: Rahul Arora\u00a0--\u00a0Chairman and Chief Executive Officer Sunit Malhotra\u00a0--\u00a0Chief Financial Officer Sukhwant Singh\u00a0--\u00a0Chief Delivery Officer for India Rajesh R. Jumani\u00a0--\u00a0Global Chief Revenue Officer, E-learning business Analysts: Keshav Garg\u00a0--\u00a0Counter Cyclical PMS -- Analyst Hrishikesh Ghai\u00a0--\u00a0-- Analyst Mahesh B.P.\u00a0--\u00a0-- Analyst\u2026","rel":"","context":"In "Earnings Call Transcripts"","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"Earnings Conference Call Transcript","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":179551,"url":"https:\/\/alphastreet.com\/india\/mps-limited-mpsltd-q3-2026-earnings-call-transcript\/","url_meta":{"origin":183371,"position":5},"title":"MPS Limited (MPSLTD) Q3 2026 Earnings Call Transcript","author":"News desk","date":"February 4, 2026","format":false,"excerpt":"MPS Limited (NSE: MPSLTD) Q3 2026 Earnings Call dated Feb. 02, 2026 Corporate Participants: Rahul Arora \u2014 Chairman, Chief Executive Officer and Managing Director Prarthana Agarwal \u2014 Chief Financial Officer Sreenivas Trichy Venkatraman \u2014 Chief Operating Officer David Goodman \u2014 Managing Director, MPS North America Rodney Charles Beach \u2014 President\u2026","rel":"","context":"In "Earnings Call Transcripts"","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]}],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/183371","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/users\/2377"}],"replies":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/comments?post=183371"}],"version-history":[{"count":2,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/183371\/revisions"}],"predecessor-version":[{"id":183396,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/183371\/revisions\/183396"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media\/147581"}],"wp:attachment":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media?parent=183371"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/categories?post=183371"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/tags?post=183371"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}