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Mphasis Q4 Results Review: Dolat Capital Cautiously Optimistic Amid Macro Headwinds; Maintains 'Buy'
Given reasonable valuations, Dolat Capital maintains ‘Buy’ rating on Mphasis with target price of Rs. 3,130 (valuing at 28x FY27E).
25 Apr 2025, 07:17 PM IST 
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Mphasis reported TCV wins of $390 million, highest in past seven quarters, with broad based wins across verticals, while the pace of TCV to revenue conversion remains healthy.
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Mphasis delivered a strong Q4 performance, and management is positive on building on deal and growth momentum. However, the brokerage believes present macro headwinds and uncertain environment would likely delay few projects and push out growth rates. Dolat Capital lowers its revenue estimates by 2.6%/2.9% and remain watchful of the developing industry environment. Operating profit margin has been lowered marginally by 10 bps/20 bps....
