Whalesbook
Toh bhai, Prabhudas Lilladher ne Mphasis par coverage shuru kar di hai aur seedha 'Buy' rating de di, target rakha hai ₹3000 ka. Iske peeche ka reason hai company ka strong momentum aur future mein AI-driven deals ka bada pipeline.
Brokerage ne bataya ki Mphasis ke Q4FY26 results lagbhag expectations ke hisab se hi aaye hain. Unhone constant currency mein 2.5% quarter-on-quarter revenue growth dikhaya hai. Ye growth primarily BFS (Banking, Financial Services) aur Insurance sectors se aayi hai, haalanki TMT segment mein thodi kami dekhi gayi. Poore FY26 ke liye, Mphasis ka revenue 6.7% CC mein badha hai. Agar Logistics segment ko hata dein, toh underlying growth kaafi solid rahi hai, lagbhag 15.5% ke aas paas. Ye growth top accounts mein achhi traction aur AI-powered transformation ki badhti demand ko dikha raha hai.
Mphasis apni AI capabilities aur NeoIP jaise platforms mein lagatar investment kar raha hai, jisse bade deals jeetne mein help mil rahi hai. FY26 mein net new TCV (Total Contract Value) US$2.1 billion tak pahunch gaya, jo pichhle saal se 68% zyada hai. Aur mazedaar baat ye hai ki isme se kaafi zyada deals AI-led hain! Abhi company ka jo pipeline hai, uska 69% AI-driven hai, jo future revenue ke liye achha signal hai.
Is sab ko dekhte hue, Mphasis management ka FY27 ke liye guidance hai ki revenue high single-digit se low double-digit tak grow kar sakta hai. BFS aur Insurance segments mein strong performance aur Logistics mein recovery ki ummeed hai. Prabhudas Lilladher bhi FY27 mein revenue growth ~9% aur FY28 mein 10.7% CC mein expect kar raha hai.
Margin ki baat karein toh, AI platforms, sales strategies aur leadership development mein hone wale kharche thoda margin badhne ki speed ko kam kar sakte hain. Isliye, FY28E ke margin estimates ko thoda kam kiya gaya hai, lagbhag 10 basis points. Brokerage ke mutabik, FY26-28E ke beech USD revenue CAGR ~9.7% aur INR earnings CAGR ~15% rah sakta hai. Aur haan, ye ₹3000 ka target price FY28E ke EPS par 23x multiple ke hisab se diya gaya hai.