Mphasis

What Mphasis does

Mphasis Limited is a Bengaluru-headquartered Indian IT services company founded in 1992, publicly listed on the BSE (526299) and NSE (MPHASIS), with over 31,000 employees across 21 countries and a market capitalization of approximately ₹42,380 crore as of May 2026. Blackstone holds a 30.55% sponsor stake, and the company serves global enterprises with a primary vertical emphasis on BFSI alongside Hi-Tech, Retail, Logistics, and Travel. Q3FY26 revenue was ₹4,002 crore (12.4% YoY growth), with Q4FY26 growth accelerating to 14.3% YoY, substantially outperforming large-cap Indian IT peers running in the mid-single digits. FY26 Total Contract Value wins reached a record $2.1 billion, with deal volume up 68% YoY and average deal size expanding from $52M to $74M.

Name

Mphasis

Legal name

Mphasis Limited

Website

https://mphasis.com

Company type

Public

Founded year

1992

Operating status

Operating

Headcount range

5,001–10,000 employees

Ownership category

akta.pro rank

Product category

IT Services & Enterprise AI Platforms

NAICS

Computer Systems Design Services (541512), Computer Systems Design and Related Services (54151)

SIC

Services-Computer Integrated Systems Design (7373)

akta.pro primary industry

Industry/Domain Analytics Solutions & Accelerators (BPAEAHAK)

akta.pro secondary industries

Payment Gateways & Orchestration (BPAMAFAA), Payment Orchestration Platforms (Multi-PSP Routing) (FSAMACAB)

Keywords

• IT consulting services
• Cloud migration services
• Enterprise AI platforms
• Application modernization services
• BFSI technology solutions

Headquarters

HQ city

Bangalore

HQ country

India

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Enterprise subscription contracts (AI analytics platforms): Mphasis DeepInsights and similar AI platforms are sold to enterprise clients on a subscription basis, with enterprise contracts typically valued in hundreds of thousands of U.S. dollars. Includes ML model deployments, APIs, and dashboard access for data-intensive organizations.
2. Outcome-based / implementation-led engagements: Through Mphasis Tria and Modernize/Optimize product lines, Mphasis is shifting from traditional manpower-led billing toward outcome-based commercial models. Engagement structures combine software solutions, agents deployed, and AI consumption tied to customer outcomes, with potential for gain-sharing and implementation-led revenue.
3. IT services and consulting (BFSI, Hi-Tech, Retail, Logistics, Travel): Core IT services revenue across Banking-Capital Markets, Insurance, Payments, Hi-Tech, Logistics, Travel and Transportation verticals, delivered to global enterprises. Includes application services, cloud, infrastructure, DevOps, cyber security, modernization, and next-gen data services.
4. Platform-led AI and managed services: Revenue from AI-led platforms and managed services, with deal wins accelerating in FY26 (deal volume up 68% YoY; average deal size grew from $52M to $74M). Q4 FY26 EBIT margin at 15.4%, full-year FY26 margin stable at 15.3%.

Pricing tiers

Go-to-market motion3 records

Core offering

Mphasis provides IT consulting and applied technology services to global enterprises, with deep domain expertise in Banking, Financial Services and Insurance (BFSI) and a growing footprint in Hi-Tech, Retail, Logistics, and Travel. The company delivers application services, cloud and infrastructure services, DevOps, cyber security, modernization, and next-gen data services, alongside proprietary AI platforms (NeoIP, Tria, DeepInsights) that enable AI-led, platform-driven transformation for marquee enterprise clients across 21 countries.

Differentiator

Problem solved

Functional benefit

Brands

• Mphasis Tria: Enterprise Agency Platform launched May 2026; operates on outcome-based pricing with Insight, Foresight, and Execute layers.
• Mphasis Modernize
• Mphasis Optimize
• Mphasis NeoIP
• Mphasis Ontosphere
• Mphasis DeepInsights
• Front2Back
• Mphasis.ai
• Mphasis F1 Foundation

Products and services

• Mphasis NeoIP Mphasis NeoIP is the company's breakthrough AI platform that orchestrates Mphasis-built solutions, partner technologies, and client assets within a single platform. Powered by Mphasis Ontosphere knowledge base, it drives intelligent engineering for modernization, application development, ITOps, and BusinessOps for global enterprises.
• Mphasis Tria Mphasis Tria is a first-of-its-kind Enterprise Agency Platform delivering Agency Applied through seamless integration of Insight, Foresight, and Execution layers. It transforms enterprise knowledge into causal foresight, governed action, and measurable economic outcomes at scale, with outcome-based pricing tying AI token usage to business outcomes. Delivered through Mphasis Modernize and Mphasis Optimize product lines.
• Mphasis Modernize Mphasis Modernize is a product line introduced through Mphasis Tria that transforms processes, business operations, and technology stacks by leveraging AI capabilities of the Tria platform for AI-era enterprise modernization.
• Mphasis Optimize Mphasis Optimize is a product line introduced through Mphasis Tria that turns insights into actions for enterprises to achieve business results and maximize value through applied AI optimization.
• Mphasis DeepInsights Mphasis DeepInsights is an AI-driven analytics platform that helps large enterprises such as banks, insurers, and other data-intensive organizations run machine-learning models at scale for fraud detection, customer churn prediction, credit risk scoring, and workflow automation. Ingests structured and unstructured data and surfaces insights through APIs and dashboards, typically sold on subscription basis in hundreds of thousands of USD.
• Mphasis NeoCrux Mphasis NeoCrux is a generative AI tool designed to boost developer productivity by reducing context-switching, troubleshooting across tools, and helping developers stay focused on creating value with code. Part of the Mphasis Neo series of AI solutions.
• Mphasis NeoZeta Mphasis NeoZeta is part of the Mphasis Neo series of generative AI solutions designed to help enterprises stay efficient and competitive in an AI-driven world.
• Mphasis ALTA Mphasis ALTA is a Financial Supply Chain Innovation platform within Mphasis's Payments industry vertical, providing innovation solutions for the financial supply chain ecosystem.
• Mphasis Sparkle Innovation Program Mphasis Sparkle is an Enterprise Innovation Ecosystem Program that empowers enterprise clients and startups to overcome challenges, co-innovate, and co-create transformative solutions at speed and scale.

Named customers1 record

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration10 records

AI capability12 records

Feature10 records

Partnerships

Ten partnerships are on record, tiered core and minor.

• SalesforcecoreTechnology or IntegrationMphasis operates a dedicated Salesforce Consulting and Services COE delivering Salesforce-based CRM and platform solutions to enterprise clients. Salesforce partnership enables co-development and joint go-to-market for cloud CRM transformations.
• Amazon Web Services (AWS)coreTechnology or IntegrationMphasis offers AWS Services through a dedicated AWS Services practice and has achieved AWS AI Competency, strengthening Mphasis's leadership in Generative AI Solutions on AWS. Joint cloud and AI go-to-market for enterprise customers.
• MicrosoftcoreTechnology or IntegrationMphasis operates a Microsoft Center of Excellence delivering Azure Services, Microsoft 365, and enterprise cloud transformation engagements. Joint cloud and AI solution delivery.
• Google Cloud Platform (GCP)coreTechnology or IntegrationMphasis delivers GCP Services for cloud-native enterprise transformation, data analytics, and AI workloads. Joint go-to-market across cloud and data services.
• Haas F1 TeamminorGTM or Marketing PartnerMphasis partners with the Haas F1 Team as a brand and marketing partnership referenced on the corporate homepage.
• Indian School of Business (ISB)coreStrategic or Co-development PartnerMphasis and the Indian School of Business have launched the 'Mphasis AI Hub' — a cross-functional collaboration for AI-led research, innovation, and capacity building with focus on Healthcare and Finance sectors. The Mphasis F1 Foundation will invest approximately ₹20 crore over four years in the first phase to promote research and applied AI solutions.
• National Centre for Promotion of Employment for Disabled People (NCPEDP)coreStrategic or Co-development PartnerNCPEDP, supported by Mphasis, is launching a landmark policy paper on assistive technology in India on June 24, 2026, calling for a dedicated National Assistive Technology Policy Framework. The white paper estimates India's assistive technology market could reach USD 8-10 billion by 2030 and repositions AT as essential infrastructure rather than a welfare intervention.
• Karnataka Digital Economy Mission (KDEM)minorStrategic or Co-development PartnerKDEM partners with Mphasis Foundation for the Mphasis AI and Robotics Lab at Sahyadri College of Engineering and Management in Mangaluru. The collaboration supports Karnataka government's Beyond Bengaluru initiative to position Mangaluru as an emerging technology and entrepreneurship hub.
• NASSCOM FoundationminorStrategic or Co-development PartnerNASSCOM Foundation partners with Mphasis Foundation for the Mphasis AI and Robotics Lab at Sahyadri College of Engineering and Management in Mangaluru, supporting AI/robotics curriculum and industry integration.
• CoforgeminorOthersMphasis filed a lawsuit against rival Coforge in a US court on March 31, 2026, alleging breach of contract, unlawful employee hiring (including former VP Brijesh Khergamker), and misuse of confidential client information tied to mutual client Charles Schwab. Mphasis is seeking injunctive relief, compensatory damages, and reimbursement of legal fees. Coforge has denied allegations and indicated it will vigorously defend itself.

Scale indicators10 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Coforge: Coforge is a mid-cap Indian IT services company with comparable scale, BFSI vertical focus, and AI-led delivery positioning. It is also Mphasis's direct litigation counterparty over alleged employee poaching at shared client Charles Schwab.
• Persistent Systems: Persistent Systems is a mid-cap Indian IT services firm with similar revenue scale, BFSI/Hi-Tech vertical mix, and aggressive AI-led platform strategy, competing for similar enterprise deals and talent.
• L&T Technology Services: L&T Technology Services is a mid-cap Indian IT services peer grouped with Mphasis in industry growth benchmarking, with overlapping enterprise and engineering services offerings across BFSI-adjacent verticals.

Broad incumbents

• Infosys: Infosys is a large-cap Indian IT services leader competing for the same BFSI and enterprise digital transformation deals that Mphasis targets, with comparable AI platform investments (Topaz) at much greater scale.
• Wipro: Wipro is a large-cap Indian IT services incumbent competing with Mphasis in BFSI and consumer verticals, offering AI-led services (Wipro AI) that overlap with Mphasis Tria and NeoIP at larger scale.
• Tata Consultancy Services (TCS): TCS is India's largest IT services firm and the dominant BFSI services provider, competing with Mphasis for marquee banking clients and enterprise modernization deals globally.
• HCLTech: HCLTech is a large-cap Indian IT services peer competing in BFSI, Hi-Tech, and enterprise modernization, with comparable cloud and AI delivery practices to Mphasis's AWS/Microsoft COEs.
• Accenture: Accenture is the global IT services leader and a direct competitor for enterprise AI transformation deals, particularly in BFSI where Mphasis's marquee clients operate. Richard Miller, Mphasis's new Global Head of Insurance, previously spent 35 years at Accenture.
• Cognizant: Cognizant is a global IT services incumbent with comparable BFSI and healthcare vertical exposure, competing with Mphasis for enterprise modernization and AI-led platform engagements in North America and Europe.
• Capgemini: Capgemini is a global IT services peer competing with Mphasis in European BFSI and enterprise AI services, with comparable digital transformation and cloud practices.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat7 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/Mphasis
• LinkedInlinkedin.com/company/mphasis
• Facebookfacebook.com/MphasisOfficial

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries8 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A8 records

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Mphasis