Mphasis Q4 FY26: Execution Holds Steady as AI-Led Deal Momentum Builds

Q4FY26 revenue was USD 463 million, up 2.5% QoQ and 7.1% YoY in constant currency, per the investor presentation.

Net new TCV wins were USD 407 million in Q4FY26. For FY26, management reported net new TCV of over USD 2.1 billion.

Management stated that 69% of the pipeline is AI-led. In Q4FY26, 64% of wins were AI-led, and the press release noted 60% AI-led for FY26 new TCV wins.

Management guided to high single-digit to low double-digit growth for FY27, with operating margins maintained in the 14.75% to 15.75% band.

NeoIP is Mphasis’ AI platform suite described as enabling orchestration of modernization, automation, and AI-driven transformation with enterprise context via OntoSphere, supporting explainable and actionable outcomes at scale.

Management guided to about 80% operating cash flow to net income conversion. DSO was reported at 90 days in Q4FY26 versus 75 days in Q4FY25; management cited a USD 17 million remittance delay collected in early April.

The board recommended a final dividend of INR 62 per equity share for FY26, subject to shareholder approval, with record date stated as 8 July 2026.