IT services Historical case study · data as of 16 Jul 2026 · published 19 Oct 2026 (95 days later)

MphasiS — 100-point case study

How MphasiS looked on 50 technical and 50 fundamental measures on 16 Jul 2026 — and what happened over the next three months. Education only; not a current view.

Codes	NSE: MPHASIS · BSE: 526299
Close on 16 Jul 2026	₹2,352.00
Market cap then	₹44,911 crore
Valuation	P/E 24.1× · P/B 4.18×
Momentum	RSI (14) 55 · 1-year return -18.2%
Next 3 months	+6.3% vs Nifty 50 -3.8% (to 16 Oct 2026)

Scorecard

Technical — 50 points

18 bullish · 23 neutral · 1 caution · 7 bearish — the picture leaned positive.

Fundamental — 50 points

13 bullish · 28 neutral · 2 caution · 6 bearish — the picture leaned positive.

Price chart

Close (to snapshot) Close (after) 50-day avg 200-day avg Support Resistance

Data note: The promoter (a Blackstone entity) pledged its full stake in May 2026 to secure a refinancing loan, as disclosed to the exchanges.

Technical analysis — 50 points

Calculated by code from daily prices up to 16 Jul 2026. Standard formulas (RSI, MACD, ADX use Wilder smoothing).

How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →

A. Trend

#	Point	Reading	Tag	Commentary
1	Short-term trend (20 days)	slope +0.24%/day	Bullish	Over the last 20 sessions the regression line of closing prices was rising about 0.24% a day — a short-term uptrend. Bullish slope above +0.10% a day (short-term uptrend) · Bearish slope below –0.10% a day (short-term downtrend) · Neutral between the two: a flat, sideways phase.
2	Medium-term trend (~5 months)	3M return -2.4%	Neutral	The 100-session trend line was up (+0.03%/day) and the stock was -2.4% over three months, so the medium-term picture was neutral. Bullish slope above +0.05% a day · Bearish slope below –0.05% a day · Neutral in between.
3	Long-term trend (1 year)	1Y return -18.2%	Bearish	Compared with a year earlier the price was -18.2%. A weak year for the stock. Bullish up more than 10% in a year · Bearish down more than 10% in a year · Neutral between –10% and +10%.
4	Weekly chart trend	10W 2,267.88 / 30W 2,383.85	Neutral	On the weekly chart the stock showed a weekly close tangled between the 10-week and 30-week averages. Bullish weekly close above the 10-week average, which is above the 30-week · Bearish weekly close below the 10-week average, which is below the 30-week · Neutral when they are tangled.
5	Swing structure (highs/lows)	last highs 2,430.50→2,361.80; lows 2,150.00→2,121.10	Bearish	The two most recent swing points showed lower swing highs and lower swing lows — classic downtrend structure. Bullish higher highs and higher lows (uptrend structure) · Bearish lower highs and lower lows (downtrend structure) · Neutral when one is higher and the other lower.
6	ADX (14) — trend strength	13.5	Neutral	ADX at 13.5 signals a weak or absent trend (below 20) — range-bound conditions. ADX measures strength only, not direction. Bullish ADX 20 or more with +DI above –DI (a real trend, pointing up) · Bearish ADX 20 or more with –DI above +DI (a real trend, pointing down) · Neutral below 20: no clear trend. 20–30 is a moderate trend, above 30 a strong one.
7	+DI vs –DI	+DI 29.8 / –DI 24.2	Bullish	+DI was above –DI: upward price pressure outweighed downward pressure. Bullish +DI above –DI · Bearish –DI above +DI · No neutral zone for this point.

B. Moving averages

#	Point	Reading	Tag	Commentary
8	Price vs 20-day SMA	2,282.62 (+3.0%)	Bullish	Close of 2,352.00 was 3.0% above the 20-day SMA — the short-term trend filter was positive. Bullish close above the average · Bearish close below the average · No neutral zone.
9	Price vs 50-day SMA	2,263.20 (+3.9%)	Bullish	Close of 2,352.00 was 3.9% above the 50-day SMA — the medium-term trend filter was positive. Bullish close above the average · Bearish close below the average · No neutral zone.
10	Price vs 200-day SMA	2,520.78 (-6.7%)	Bearish	Close of 2,352.00 was 6.7% below the 200-day SMA — the long-term trend filter was negative. Bullish close above the average · Bearish close below the average · No neutral zone.
11	9 / 21 EMA crossover	9E 2,326.73 / 21E 2,300.89	Bullish	The 9-day EMA was above the 21-day EMA; the last crossover happened on 07 Jul 2026. Bullish 9-day above 21-day · Bearish 9-day below 21-day · No neutral zone.
12	Golden / death cross (50 vs 200)	no cross in data window	Bearish	The 50-day average was 10.2% below the 200-day. No 50/200 crossover occurred in the data window. Bullish 50-day above 200-day (after a “golden cross”) · Bearish 50-day below 200-day (after a “death cross”) · No neutral zone.
13	50-day SMA slope	-0.7% in 20 sessions	Bearish	The 50-day average fell 0.7% over the past month — declining. Bullish rose more than 0.5% · Bearish fell more than 0.5% · Neutral in between: flattening.
14	MA ribbon alignment	2,283 / 2,263 / 2,257 / 2,521	Neutral	The 20/50/100/200-day averages were tangled — no clean order, typical of a transition or range. Bullish neatly stacked 20 > 50 > 100 > 200 · Bearish neatly stacked 20 < 50 < 100 < 200 · Neutral when tangled (a transition or range).
15	Monthly anchored VWAP	2,306.64 (+2.0%)	Bullish	Anchored to the start of July, the volume-weighted average price was 2,306.64; the close was above it — buyers that month were on average in profit. Bullish close above VWAP (that month’s buyers on average in profit) · Bearish close below VWAP · No neutral zone.

C. Momentum

#	Point	Reading	Tag	Commentary
16	RSI (14)	55.4	Bullish	RSI at 55.4 showed positive momentum without being overbought. Bullish RSI 55–70 (positive momentum, not stretched) · Bearish RSI 30–45 (soft momentum) · Neutral 45–55. Caution at 70 or above (overbought) or 30 or below (oversold).
17	RSI divergence (last 40 days)	bearish divergence	Caution	Comparing the last 20 sessions with the 20 before: bearish divergence: price made a higher high but RSI made a lower high. Bullish bullish divergence: price made a lower low but RSI a higher low · Caution for a bearish divergence (price higher high, RSI lower high). Neutral when RSI moved in line with price.
18	MACD line vs signal	MACD 21.54 / signal 10.69	Bullish	MACD was above its signal line — momentum turning or staying positive. Bullish MACD above signal · Bearish MACD below signal · No neutral zone.
19	MACD histogram (5-day change)	5.45 → 10.86	Bullish	The histogram rose over the last five sessions, meaning momentum was improving. Bullish histogram rising (momentum improving) · Bearish histogram falling (momentum weakening) · No neutral zone.
20	MACD vs zero line	21.54	Bullish	MACD above zero means the 12-day EMA was above the 26-day EMA — a positive momentum regime. Bullish MACD above zero · Bearish MACD below zero · No neutral zone.
21	Stochastic (14,3,3)	%K 77.5 / %D 81.0	Bearish	Slow stochastic at 77.5 was mid-range with %K below %D. Bullish between 20 and 80 with %K above %D · Bearish between 20 and 80 with %K below %D · Caution above 80 (overbought) or below 20 (oversold).
22	Williams %R (14)	-23.3	Neutral	%R of -23.3 put the close in the middle of its 14-day range. How to read: Caution above –20 (near the top) or below –80 (near the bottom). Neutral in the middle. This point is never tagged Bullish or Bearish.
23	CCI (20)	100	Bullish	CCI at 100 signalled an unusually strong upward deviation (>+100). Bullish above +100 (unusually strong upward move) · Bearish below –100 (unusually strong downward move) · Neutral within ±100.
24	Rate of change (10-day)	+4.7%	Bullish	Price changed +4.7% over ten sessions. Bullish up more than 2% · Bearish down more than 2% · Neutral between –2% and +2%.

D. Volatility

#	Point	Reading	Tag	Commentary
25	Bollinger Band position (%B)	%B 0.75 (bands 2,143.50–2,421.73)	Neutral	%B of 0.75 — inside the bands, upper half. How to read: Caution above 1 or below 0 (outside the bands — an overextended move). Neutral inside the bands.
26	Bollinger width / squeeze	width 12.2% (42nd pct of 6M)	Neutral	Band width was at the 42nd percentile of the last six months, a normal level. How to read: Caution when the width is in the lowest 15% of six months (a “squeeze” that often comes before a bigger move, direction unknown). Neutral otherwise.
27	ATR (14)	₹77.62 (3.3% of price)	Neutral	A typical day's range was about ₹77.62, or 3.3% of the price — useful for judging how much 'normal noise' to expect. How to read: Information only. A higher % means bigger normal daily swings.
28	Historical volatility (30-day)	33.7% vs 1Y 29.5%	Neutral	Annualised 30-day volatility was 33.7%, close to the one-year level of 29.5%. How to read: Caution when 30-day volatility is more than 1.25× the one-year level. Neutral otherwise.
29	Keltner Channel (20, 2×ATR)	2,146.65–2,457.68	Neutral	The close was inside the channel, so no volatility breakout. Bullish close above the upper channel (strong upward push) · Bearish close below the lower channel · Neutral inside the channel.
30	Beta vs Nifty 50 (1Y daily)	0.95	Neutral	A beta of 0.95 means the stock tended to move roughly in line with the Nifty 50 day to day. How to read: Information only. Above 1.1 moves more than the market, below 0.9 less, around 1 in line.

E. Volume & money flow

#	Point	Reading	Tag	Commentary
31	Volume vs 20-day average	last day 0.49× / 5-day 0.72×	Neutral	The final session traded 0.49× its 20-day average volume and the last five sessions averaged 0.72× — lighter than usual participation. How to read: Information only. Above 1.2× is heavier than usual participation, below 0.8× lighter.
32	Up-day vs down-day volume (20d)	ratio 1.18	Bullish	Average volume on up days was 1.18× that on down days — accumulation-leaning. Bullish ratio above 1.15 (accumulation-leaning) · Bearish ratio below 0.85 (distribution-leaning) · Neutral between 0.85 and 1.15.
33	On-Balance Volume (20d)	OBV rising	Bullish	OBV rose over the month while price rose — volume confirmed the price move. Bullish OBV rising · Bearish OBV falling · No neutral zone.
34	Accumulation/Distribution line	rising (20d)	Bullish	The A/D line rose, meaning closes tended to be in the upper part of daily ranges on meaningful volume. Bullish A/D line rising · Bearish A/D line falling · No neutral zone.
35	Chaikin Money Flow (20)	0.04	Neutral	CMF at +0.04 indicated roughly balanced money flow. Bullish above +0.05 (net inflows) · Bearish below –0.05 (net outflows) · Neutral between –0.05 and +0.05.
36	Money Flow Index (14)	70.5	Bullish	MFI, a volume-weighted RSI, was 70.5. Bullish MFI 55–80 · Bearish MFI 20–45 · Neutral 45–55. Caution above 80 (overbought) or below 20 (oversold).
37	Liquidity (avg daily turnover)	₹144 cr/day	Neutral	About ₹144 crore changed hands per day on average over 20 sessions — liquid. How to read: Information only. Above ₹500 crore a day is highly liquid, above ₹50 crore liquid, below that moderately liquid.

F. Price levels

#	Point	Reading	Tag	Commentary
38	Support levels (S1/S2/S3)	2,230.88 / 2,133.85 / 2,063.60	Neutral	Nearest support (prior swing lows) sat at 2,230.88, 5.4% below the close, then 2,133.85, 2,063.60. How to read: Information only. Levels to watch, not good or bad.
39	Resistance levels (R1/R2/R3)	2,358.32 / 2,416.75 / 2,479.00	Neutral	Nearest resistance (prior swing highs) sat at 2,358.32, 0.3% above the close, then 2,416.75, 2,479.00. How to read: Information only.
40	Monthly pivot points (for next month)	P 2,298.47 \| R1 2,475.83 \| S1 2,174.63	Neutral	Classic pivots from July's high/low/close gave a pivot of 2,298.47; the close was above it. How to read: Information only.
41	Fibonacci retracement (6M swing)	23.6% 2,240 \| 38.2% 2,380 \| 50.0% 2,494 \| 61.8% 2,608	Neutral	Measuring the 6-month fall from 2,975.00 to 2,013.00, the close was nearest the 38.2% retracement at 2,380.48. How to read: Information only.
42	52-week high / low	H 3,037.20 / L 2,013.00	Neutral	The close was 22.6% below the 52-week high and 16.8% above the 52-week low. Bullish within 5% of the 52-week high · Bearish within 5% of the 52-week low · Neutral in between.
43	Unfilled price gaps (6M)	2 open; latest gap-up 10 Jul at 2,274.00	Neutral	There were 2 unfilled gap(s). The latest, a gap-up on 10 Jul 2026, left an open level at 2,274.00 that price had not revisited. How to read: Information only.

G. Patterns

#	Point	Reading	Tag	Commentary
44	Price structure / chart pattern	broad sideways range	Neutral	Rule-based pattern scan: broad sideways range. (Classical patterns like head-and-shoulders are judgement calls; we report only what the rules detect.) Bullish rising channel (both trends up) · Bearish falling channel (both trends down) · Neutral for tight consolidation, a bounce in a downtrend, a pullback in an uptrend, or a sideways range.
45	Breakout / breakdown (20-day)	range 2,121.10–2,422.30	Neutral	The close was inside the prior 20-day range of 2,121.10–2,422.30. Bullish close above the 20-day high (breakout) · Bearish close below the 20-day low (breakdown) · Neutral inside the range.
46	Latest candlestick	Shooting-star-type candle	Bearish	On 16 Jul the candle opened 2,359.00, ranged 2,345.50–2,392.00 and closed 2,352.00: Shooting-star-type candle — sellers rejected higher prices. Single candles are weak signals on their own. Bullish hammer, bullish engulfing or bullish marubozu · Bearish shooting star, bearish engulfing or bearish marubozu · Neutral for a doji, inside bar or ordinary candle. Single candles are weak signals.
47	Ichimoku Cloud	cloud 2,246.00–2,287.18; Tenkan 2,308.30 / Kijun 2,271.70	Bullish	Price was above the cloud and the Tenkan line was above the Kijun line — a bullish Ichimoku setup. Bullish close above the cloud · Bearish close below the cloud · Neutral inside the cloud.

H. Relative strength & summary

#	Point	Reading	Tag	Commentary
48	Relative strength vs Nifty 50	1M +0.7% / 3M -1.7%	Neutral	The stock underperformed the Nifty 50 by 1.7 points over three months and outperformed by 0.7 points over one month. Bullish ahead of the Nifty 50 by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
49	Relative strength vs Nifty IT	3M +6.6%	Bullish	Against its sector index (Nifty IT) the stock was 6.6 points ahead over three months. Bullish ahead by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
50	Technical summary	18 bullish · 7 bearish · 23 neutral · 1 caution	Bullish	Across the 49 readings the technical picture leaned positive. Levels that mattered: support 2,230.88, resistance 2,358.32. This is a description of the chart on 16 Jul 2026, not a forecast. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell. Bullish bullish tags beat bearish ones by 5 or more (“positive”) · Bearish bearish tags beat bullish ones by 5 or more (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.

Fundamental analysis — 50 points

Uses only results published by 16 Jul 2026: FY26 annual (Apr 2025–Mar 2026), the Jan–Mar 2026 quarter and the Mar 2026 shareholding. ₹ crore, consolidated unless stated. Valuation uses the 16 Jul 2026 close.

How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →

A. Valuation

#	Point	Reading	Tag	Commentary
1	P/E (trailing 12 months)	24.1×	Neutral	At ₹2,352.00 the market valued the company at about ₹44,911 crore, or 24.1× the ₹1,863 crore profit of the four quarters to Mar 2026. That is a moderate multiple. How to read: Information only. Below 15 is a low multiple, 15–30 moderate, above 30 a premium (the market expects growth). Compare with peers and the company’s own history.
2	Price / Book	4.18×	Neutral	Market cap was 4.18× the Mar 2026 book value (equity + reserves) of ₹10,744 crore. How to read: Information only. Main yardstick for banks; asset-light businesses usually trade at high P/B.
3	Price / Sales	2.83×	Neutral	The company was valued at 2.83× its trailing-12-month sales of ₹15,880 crore. How to read: Information only.
4	EV / EBITDA (approx.)	16.0×	Neutral	Enterprise value (market cap + ₹2,620 cr borrowings; cash not netted) was 16.0× trailing operating profit of ₹2,979 crore. How to read: Information only. Lower means cheaper relative to operating profit.
5	Earnings yield	4.1%	Neutral	The inverse of P/E: each ₹100 invested bought about ₹4.1 of annual earnings. Investors often compare this with the ~6–7% yield on 10-year government bonds. How to read: Information only. Often compared with the ~6–7% yield on 10-year government bonds.
6	PEG (P/E ÷ 3-yr profit CAGR)	5.50	Bearish	P/E of 24.1 divided by 3-year profit growth of 4.4% a year gives a PEG of 5.50. Below 1 is often read as growth being cheaply priced; above 2 as expensive. Bullish below 1 (growth cheaply priced) · Bearish above 2 (growth expensively priced) · Neutral 1–2, or when profit did not grow (not meaningful).
7	Dividend yield (trailing 12M)	2.64%	Neutral	Dividends with ex-dates in the 12 months to the snapshot totalled ₹62 a share, a 2.64% yield on the ₹2,352.00 price. Bullish above 3% · Neutral at 3% or less. Never tagged Bearish.
8	Market capitalisation	₹44,911 cr	Neutral	At about ₹0.45 lakh crore the company was a mid-cap. How to read: Information only. Above ₹1 lakh crore large-cap, ₹30,000 crore–₹1 lakh crore mid-cap, below that small-cap (our rule of thumb).
9	Graham number vs price	₹1,111.39 vs ₹2,352.00	Neutral	Benjamin Graham's conservative fair-value yardstick √(22.5 × EPS × book value per share) came to ₹1,111.39; the price was 112% above it. Quality franchises usually trade above this number. Bullish price below the Graham number · Neutral when the price is above it (most quality companies are).

B. Growth

#	Point	Reading	Tag	Commentary
10	Revenue growth FY26 (YoY)	+11.6%	Bullish	Revenue for FY26 was ₹15,880 crore, +11.6% versus FY25. Bullish above 10% · Bearish below 0% (revenue fell) · Neutral 0–10%.
11	Q4 FY26 revenue growth (YoY)	+14.4%	Bullish	The Jan–Mar 2026 quarter brought ₹4,243 crore of revenue, +14.4% on the same quarter a year earlier. Bullish above 10% · Bearish below 0% · Neutral 0–10%.
12	Net profit growth FY26 (YoY)	+9.5%	Neutral	FY26 net profit was ₹1,863 crore, +9.5% on FY25's ₹1,702 crore. Bullish above 10% · Bearish below 0% · Neutral 0–10%. Caution if a one-off item distorted the figure.
13	Q4 FY26 profit growth (YoY)	+14.3%	Bullish	Quarterly profit was ₹510 crore versus ₹446 crore a year earlier (+14.3%). Bullish above 10% · Bearish below 0% · Neutral 0–10%.
14	Revenue CAGR (3 years)	4.8%	Bearish	Revenue compounded at 4.8% a year from FY23 to FY26. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%. Caution if an acquisition inflated it.
15	Profit CAGR (3 years)	4.4%	Bearish	Net profit compounded at 4.4% a year from FY23 to FY26. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%.
16	Revenue CAGR (5 years)	10.3%	Neutral	Over five years (FY21–FY26) revenue compounded at 10.3% a year. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%.
17	EPS growth FY26 (reported)	+9.0%	Neutral	Reported EPS went from ₹89.55 to ₹97.61 (+9.0%). Differences from profit growth come from changes in share count (bonus, buyback, new issues). Bullish above 10% · Bearish below 0% · Neutral 0–10%.

C. Profitability

#	Point	Reading	Tag	Commentary
18	Operating margin FY26	19%	Neutral	Operating profit (EBITDA) was 19% of sales in FY26 versus 19% in FY25. How to read: Information only — normal margins differ a lot by industry.
19	Operating margin trend (4 quarters)	19% → 18% → 19% → 19%	Neutral	Quarterly margins moved from 19% to 19% over the last four quarters — broadly stable. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral when broadly stable.
20	Net profit margin FY26	11.7%	Neutral	₹11.7 of every ₹100 of revenue ended up as net profit in FY26. How to read: Information only.
21	Return on equity FY26	18.3%	Bullish	FY26 profit was 18.3% of average shareholders' equity. Above ~15% is generally considered good; below 10% weak. Bullish above 18% · Bearish below 10% · Neutral 10–18%. Around 15% or more is generally considered good.
22	ROCE FY26	22%	Bullish	Return on capital employed (debt + equity) was 22% in FY26. Bullish above 20% · Bearish below 10% · Neutral 10–20%.
23	Return on assets FY26	10.58%	Neutral	Net profit was 10.58% of total assets. Bullish banks only: 1.5% or more · Bearish banks only: below 1% · Information only for non-banks.
24	Effective tax rate FY26	26%	Neutral	The company paid about 26% of pre-tax profit as tax; India's base corporate rate is ~25%. How to read: Information only. India’s base corporate rate is about 25%.
25	Other income share of pre-tax profit	12%	Neutral	Non-operating 'other income' of ₹290 crore made up 12% of pre-tax profit. How to read: Caution above 25% (headline profit leans on non-core income). Neutral otherwise.

D. Balance sheet

#	Point	Reading	Tag	Commentary
26	Debt / equity	0.24	Bullish	Borrowings of ₹2,620 crore were 0.24× equity — very low leverage. Bullish below 0.3 (very low leverage) · Bearish above 1 (high leverage) · Neutral 0.3–1.
27	Debt / EBITDA	0.88×	Bullish	Debt equalled 0.88 years of FY26 operating profit. Bullish below 1× · Bearish above 3× · Neutral 1–3×.
28	Interest coverage	13.3×	Bullish	Earnings before interest and tax covered interest cost 13.3 times. Bullish above 8× · Bearish below 3× · Neutral 3–8×, or not meaningful when interest is negligible.
29	Book value growth	+11.6%	Bullish	Shareholders' equity grew +11.6% from ₹9,628 crore to ₹10,744 crore in FY26. Bullish above 10% (banks: above 12%) · Bearish below 0% (non-banks only) · Neutral otherwise.
30	Capital work in progress	₹0 cr (0% of fixed assets)	Neutral	Projects under construction (CWIP) were 0% of fixed assets — a modest pipeline. How to read: Information only. Above 20% means a big expansion pipeline that is not yet earning.
31	Working capital days	-19 days	Neutral	Working capital tied up equalled -19 days of sales (FY25: -22). Negative means suppliers/customers fund operations. How to read: Information only. Lower is generally more efficient; negative means suppliers or customers fund the business.
32	Cash conversion cycle	96 days	Neutral	It took 96 days to turn inventory and receivables into cash, net of supplier credit. How to read: Information only. Shorter is generally better.
33	Debtor days	96 (FY25 73)	Caution	Customers took 96 days on average to pay, versus 73 a year earlier — a notable stretch in collections. How to read: Caution when debtor days rose more than 20% in a year (collections stretching). Neutral otherwise.

E. Cash flow

#	Point	Reading	Tag	Commentary
34	Operating cash flow FY26	₹1,253 cr	Neutral	The business generated ₹1,253 crore of operating cash in FY26 versus ₹1,905 crore in FY25. Bullish positive and higher than the year before · Bearish negative · Neutral when positive but lower. Information only for banks.
35	Free cash flow FY26	₹937 cr	Bullish	After capital spending, free cash flow was ₹937 crore. Bullish positive · Bearish negative · Neutral when not available.
36	Cash conversion (CFO ÷ net profit)	0.67×	Caution	Operating cash flow was 0.67× reported profit — cash lagged profits; worth watching. Bullish above 1× (profits well backed by cash) · Caution below 0.7×. Neutral 0.7–1×.
37	Free-cash-flow yield	2.1%	Neutral	FY26 free cash flow was 2.1% of the snapshot market cap. Bullish above 4% · Neutral at 4% or less.
38	Free cash flow — 3-year total	₹4,870 cr	Bullish	Free cash flow over FY24–FY26 added up to ₹4,870 crore. Bullish positive total · Bearish negative total · Neutral when not available.
39	Capex FY26 (CFO – FCF)	₹316 cr	Neutral	Implied capital expenditure was about ₹316 crore, 2.0% of sales. How to read: Information only.

F. Dividends & shareholder returns

#	Point	Reading	Tag	Commentary
40	Dividend payout ratio FY26	64%	Neutral	The company paid out about 64% of FY26 profit as dividends. How to read: Information only. High payout suits mature businesses; growing firms often keep more.
41	Dividend consistency (3 years)	67% / 64% / 64%	Bullish	Payout ratios for FY24 / FY25 / FY26 — dividends were paid every year. Bullish paid every year · Neutral when irregular. Never tagged Bearish.
42	Share capital change (FY25→FY26)	+0.5%	Neutral	Paid-up equity capital changed +0.5% (₹190 cr → ₹191 cr). Essentially unchanged — no dilution. Bullish fell 1% or more (a buyback) · Caution when it rose 1% or more (new shares issued). Neutral when unchanged, or for a bonus/split.

G. Ownership

#	Point	Reading	Tag	Commentary
43	Promoter holding	30.55% (-9.59 pts YoY)	Bearish	Promoters owned 30.55% at Mar 2026 versus 40.14% a year earlier. Bearish fell more than 1 percentage point in a year · Neutral otherwise. Never tagged Bullish.
44	Foreign institutional holding	19.51% (-1.10 pts YoY)	Bearish	FIIs held 19.51% at Mar 2026, down from 20.61% a year before. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral within ±1 point.
45	Domestic institutional holding	45.65% (+10.74 pts YoY)	Bullish	Mutual funds, insurers and other DIIs held 45.65%, up from 34.91%. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral within ±1 point.
46	Number of shareholders	1.3 lakh (-4.9% YoY)	Neutral	The shareholder count moved from 1.4 lakh to 1.3 lakh in a year — a rough gauge of retail interest. How to read: Information only — a rough gauge of retail interest.
47	Promoter pledge	{'text': 'Promoters have pledged 100% of their holding.', 'promoter_pledged_pct_of_promoter_holding': 100, 'pledged_pct_of_total_shares': 30.55, 'source': 'Screener cons; scanx.trade 2026-05-19 (BCP Topco IX, 5,82,99,642 shares, USD 550m facility)'}	Neutral	Our source showed no pledged promoter shares. How to read: Information only. Any sizeable pledge is a risk to note.

H. Quality & summary

#	Point	Reading	Tag	Commentary
48	Financial health checklist (Piotroski-style, 8 tests)	4/8	Bearish	Passed: positive profit, positive operating cash flow, operating margin improved, no meaningful dilution (<3%). Failed: CFO > net profit, leverage fell, ROA improved, asset turnover improved. Bullish all tests passed, or all but one · Bearish half the tests or fewer passed · Neutral in between.
49	Automated screen flags	1 strength(s) · 4 weakness(es)	Neutral	Strengths: Company has been maintaining a healthy dividend payout of 64.7%. Weaknesses: The company has delivered a poor sales growth of 10.3% over past five years; Promoters have pledged 100% of their holding; Debtor days have increased from 78.6 to 96.4 days; Promoter holding has decreased over last 3 years: -25.0%. (Flags generated by the data source’s rule screen.) How to read: Information only.
50	Fundamental summary	13 bullish · 6 bearish · 28 neutral · 2 caution	Bullish	On the numbers published by 16 Jul 2026 the fundamental picture leaned positive. Valuation: P/E 24.1×, P/B 4.18×. This describes the data, not a recommendation. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell. Bullish bullish tags beat bearish ones by 4 or more and are at least 1.5× as many (“positive”) · Bearish the same the other way round (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.

News in the three months before the snapshot

Company news from 16 Apr 2026 – 16 Jul 2026 that an investor could have known on the snapshot date.

29 Apr 2026 Mphasis Q4 FY26: net profit up 14.2% YoY to Rs 509.6 crore; Rs 62 final dividend — Board approved Q4 FY26 results on 29 Apr 2026: revenue Rs 4,242.7 cr (+14.4% YoY), net profit Rs 509.6 cr (+14.2% YoY), EBIT margin 15.38%. FY26 revenue Rs 15,880 cr, PAT Rs 1,863 cr. Final dividend Rs 62, record date 8 Jul 2026; AGM 23 Jul 2026. source
30 Apr 2026 Mphasis Q4 profit jumps 15% QoQ to Rs 510 cr; AI-led deals make up 64% of new wins — Q4 FY26 TCV wins of USD 407 million, 64% AI-led; direct revenue +3.3% QoQ and +9.2% YoY in constant currency. source
07 May 2026 Mphasis to participate in DAM Capital IT Investor Conference on May 13, 2026 — Exchange disclosure that Mphasis would hold one-on-one and group meetings with institutional investors in Mumbai on 13 May 2026. source
11 May 2026 Mphasis schedules Investor/Financial Analyst Day 2026 on May 27 in Mumbai — Company notified exchanges of an in-person investor and analyst day in Mumbai on 27 May 2026. source
19 May 2026 Mphasis promoter pledges 30.55% stake for USD 550m loan — Promoter BCP Topco IX Pte (Blackstone) created a pledge over 5,82,99,642 shares (30.55% of capital) to secure a USD 550m term loan dated 12 May 2026, used to fully repay its USD 1.1bn 2021 facility; promoter stake unchanged. source

What happened next (16 Jul 2026 → 16 Oct 2026)

Price went from ₹2,352.00 to ₹2,500.00 by 16 Oct 2026 (+6.3%) while the Nifty 50 moved -3.8% — outperforming by 10.1 points.
Highest ₹2,556.90 on 14 Aug 2026; lowest ₹2,144.80 on 30 Sep 2026.
S1 2,230.88: broken on a closing basis on 29 Sep 2026.
S2 2,133.85: held on a closing basis.
R1 2,358.32: cleared on a closing basis on 17 Jul 2026.
R2 2,416.75: cleared on a closing basis on 03 Aug 2026.
200-day SMA: price was below it at the snapshot and crossed above on 10 Aug 2026.
Apr–Jun 2026 results (reported 23 Jul 2026): revenue ₹4,384 crore (+17.5% YoY), net profit ₹490 crore (+10.9% YoY), operating margin 18% vs 19% a year earlier (Screener consolidated figures).

Later news

23 Jul 2026 Mphasis AGM approves Rs 62 final dividend; board meets on Q1 FY27 results — 35th AGM on 23 Jul 2026 for FY26 accounts, Rs 62 final dividend and reappointment of Nitin Rakesh as CEO & MD; board met same day to approve Q1 FY27 results, earnings call on 24 Jul. source
24 Jul 2026 Mphasis Q1 FY27: net profit rises 11% to Rs 490 crore; revenue grows 17% — Q1 FY27 revenue Rs 4,384 cr (+17.5% YoY, +3.3% QoQ), net profit Rs 489.5 cr (+10.8% YoY, -3.9% QoQ), operating margin 14.8%; three large deals, TTM TCV above USD 1.8bn; FY27 guidance unchanged. source
03 Sep 2026 Mphasis schedules analyst and investor meeting for September 9; TechnoPro partnership for Japan — Mphasis set an analyst/investor interaction for 9 Sep 2026, after signing on 2 Sep an agreement with TechnoPro Holdings to distribute its enterprise AI solutions in Japan. source

Educational summary. On 16 Jul 2026 the technical picture leaned positive and the fundamental picture leaned positive. Over the next three months the stock moved +6.3% against -3.8% for the Nifty 50. Here the chart's message lined up with what followed. One case proves nothing on its own; the value is in seeing many cases over time. This page does not say whether to buy, sell or hold MphasiS today.

Method designed by Pawan Kumar Sharma, CPA · ACCA · CIA. Numbers are computed by our engine from the sources listed below.

Sources: daily prices — Yahoo Finance history pages; financials and shareholding — Screener.in (fetched 19 Oct 2026); index — Nifty 50, Nifty IT via Yahoo Finance; news — linked articles. Calculations by Manage Our Finance. Report a correction

More case studies today

₹7,128.00close 16 Jul

Industrial gasesNSE: LINDEINDIAData as of 16 Jul 2026

Linde India — 100-point case study

Technical

Fundamental

What happened next (3 months): -13.2% vs Nifty 50 -3.8%

Technical: was mixedFundamental: positiveP/E 110.9×P/B 14.25×RSI 501Y +5.6%

₹1,843.50close 16 Jul

Iron ore & steelNSE: LLOYDSMEData as of 16 Jul 2026

Lloyds Metals And Energy — 100-point case study

Technical

Fundamental

What happened next (3 months): +0.4% vs Nifty 50 -3.8%

Technical: positiveFundamental: positiveP/E 27.1×P/B 7.48×RSI 601Y +23.9%

₹2,500.50close 16 Jul

PharmaceuticalsNSE: LUPINData as of 16 Jul 2026

Lupin — 100-point case study

Technical

Fundamental

What happened next (3 months): -21.6% vs Nifty 50 -3.8%

Technical: positiveFundamental: positiveP/E 21.3×P/B 5.09×RSI 661Y +29.6%