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Motilal Oswal Report
Motilal Oswal stays positive on Mphasis Ltd.'s BFSI exposure as it remains relatively resilient amid current uncertainties. With strong total contract value growth in 9M FY26 and large client issues now normalised, the brokerage sees improving visibility on revenue growth over the next few quarters.
That said, concerns around terminal value and AI-led disruption may restrict near-term multiple re-rating.
Over FY25-28, Motilal Oswal forecast a USD revenue CAGR of ~10.8% and an INR PAT CAGR of ~14%.
The brokerage values the stock at 26x FY28E earnings per share, arriving at a target price of Rs 3,400 and reiterates Buy rating on the stock.
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