Two of every three dollars Mphasis booked in new contracts last quarter came from AI-led work. The Bengaluru-based technology services company, listed on the BSE and NSE, reported total contract value wins of USD 466 million for the quarter ended 30 September 2026.
Revenue rose 4.5% on the previous quarter and 17.4% on a year earlier on a reported basis. In US dollar terms the growth was 3.2% quarter on quarter and 9.2% year on year, or 9.7% in constant currency. Direct revenue grew 10.7% year on year in dollar terms. Earnings per share reached ₹29.4, up 14.6% on the previous quarter and 19.2% on the year.
Margins were less buoyant. Gross margin was 27.1%, up 20 basis points on the quarter but 100 basis points lower than a year ago. Operating margin held at 14.8%, down 50 basis points year on year, and net margin improved to 12.2%.
Chief executive Nitin Rakesh pointed to the sales pipeline. "Total pipeline reached a new high, growing 4.4% sequentially and 23% YoY," he said, adding that business modernisation and reimagination work is widening the range of problems the company can sell against.
The deal wins give a view of where enterprise budgets are going. A large broker dealer chose Mphasis to scale its advisor administration business on a revenue-sharing model. A technology company signed a multi-year deal covering SAP, Oracle, Azure monitoring and testing and automation. A telecoms major picked it for managed services on its digital commerce platform, and a managed healthcare organisation expanded its engagement across enrolment and billing, contact centre and back-office operations, using agentic AI orchestration and a cloud-based contact centre.
Mphasis also listed analyst recognition, including a place in The Forrester Wave for infrastructure outsourcing services (Q3 2026) and Major Contender ratings in several Everest Group PEAK Matrix assessments, among them Microsoft Azure services and cybersecurity services.
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