Mphasis Gets 'Hold' Rating From Nirmal Bang After Q3 Results, Lowers Target Price  — Here's Why

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Nirmal Bang Report

Mphasis Ltd.'s strong order book has positively surprised us along with positive momentum in the banking, financial services and insurance and technology, media and telecommunications vertical which is also in line with industry peers.

But softness in the logistics and travel along with the healthcare vertical warrant some caution. Post Q3 FY25, we have revised downwards our revenue estimates for FY26/FY27 by 2.4%/1.1% with margins and EPS being largely maintained.

We reiterate ‘Hold’ with a slightly lower target price of Rs 3,428, based on the multiple of ~29x Dec’26E EPS (earlier multiple 30.5x). This represents the last three-year average mean + 0.5SD.

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