Mphasis Limited (MPHASIS.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+138.2%

₹5,999.06

vs ₹2,518.10 price

Levered DCF

₹4,563.27

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

6.48

Safe zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	20.99×	27.38×	29.87×	20.79×	44.21×	27.26×	10.53×	17.6×
P/B	3.64×	4.84×	5.32×	4.29×	9.2×	5.14×	2.14×	3.64×
P/S	2.46×	3.28×	3.52×	2.47×	5.34×	3.45×	1.41×	2.47×
EV / EBITDA	12.22×	17.95×	21.41×	13.99×	30.38×	18.84×	7.75×	14.56×
Gross margin	15.3%	42.7%	40.2%	41.4%	41.1%	42.0%	44.3%	44.4%
Operating margin	15.3%	42.2%	39.7%	40.9%	40.6%	41.3%	43.6%	41.3%
Net margin	11.7%	12.0%	11.7%	11.9%	12.0%	12.5%	13.4%	13.9%
Current ratio	1.38×	1.57×	1.58×	2.13×	1.96×	2.4×	2.04×	2.06×
Debt / equity	0.24×	0.2×	0.27×	0.13×	0.18×	0.18×	0.22×	0.1×
Interest coverage	11.9×	36.29×	32.76×	57.98×	65.2×	64.7×	49.68×	184.04×
Dividend yield	2.8%	2.2%	2.0%	2.5%	1.9%	1.9%	4.9%	2.4%
Payout ratio	58.2%	61.1%	60.6%	52.8%	85.1%	53.6%	51.2%	43.4%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	17.3%	17.7%	17.7%	20.6%	20.6%	18.6%	20.3%	20.4%
Return on invested capital	13.1%	38.5%	34.0%	46.3%	42.6%	37.9%	41.3%	41.2%
Return on assets	10.5%	11.4%	11.0%	14.1%	13.3%	12.9%	13.5%	14.6%
Free cash flow yield	2.3%	4.0%	4.5%	4.0%	2.5%	4.0%	9.6%	4.5%
Earnings yield	4.8%	3.7%	3.3%	4.8%	2.2%	3.6%	9.5%	5.6%
Enterprise value	₹399.6B	₹475.1B	₹483.6B	₹340.6B	₹643.3B	₹339.6B	₹127.9B	₹192.8B
Net debt / EBITDA	0.27×	0.34×	0.7×	0×	0.2×	0.23×	0.19×	0.15×
Cash conversion cycle (days)	60	29	30	30	28	45	25	21