Mphasis Analyst Day Takeaways: AI strategy and evolving deal dynamics

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Mphasis Analyst Day Takeaways: AI strategy and evolving deal dynamics

J P M O R G A N Asia Pacific Equity Research

28 May 2026

Mphasis Overweight

MBFL.NS, MPHL IN

Analyst Day Takeaways: AI strategy and evolving deal Price (27 May 26):Rs 2,233

dynamics Price Target (Mar-27):Rs 2,650

We see five main takeaways from the Analyst Day: 1) AI implementation in Head of APAC Telecoms and India

brownfield projects remains complex as service providers need to have the context TMT Research

of the existing enterprise tech stack to implement AI solutions; 2) It launched AI Ankur Rudra, CFA AC

platform Tria where the pricing will be in the form of a subscription fee, (65) 6801-3237

implementation fee and managed services; 3) It has invested in setting up a ankur.rudra@jpmorgan.com

strategic engagement team for improving the “go to market” function with early J.P. Morgan Securities Singapore Private Limited

success in expanding small transformation deals into multi-year ones with larger Bhavik Mehta, CFA

average large deal sizes; 4) It elaborated on its Balance Sheet an intensive strategy (91-22) 6157-3871

bhavik.mehta@jpmchase.com

of “buying out” contracts from tail vendors as part of the vendor consolidation J.P. Morgan India Private Limited, J.P. Morgan

exercises and intends to do more such “buy outs”; 5) Mphasis is transitioning from Tower, Santacruz(E), Mumbai - 400098, SEBI

Registration: INH000001873, (91-22) 6157-3000.

a services led model to platform+outcome based model from FY27 and will start

Harshit Sharma

reporting new metrics from FY28 such as ARR, platform attach rate and net

(91-22) 6157-5879

retention rate. Remain OW. harshit.sharma@jpmchase.com

J.P. Morgan India Private Limited, J.P. Morgan

• AI implementation in brownfield projects remains complex.