2025-06-16-花旗集团-迈普思（MBFL）_Mphasis（MBFL.BO）模型更新_13页_684kb

报告摘要

Date: June 16, 2025

Estimates Revised: For FY26E and FY27E, Earnings Per Share (EPS) and Net Profit are marginally higher than previous forecasts due to exchange rate and operational changes.
Key Metrics (FY25A-FY28E):
- Net Profit grows steadily (e.g., 17,024 crore in FY25A, projected to 23,708 crore in FY28E).
- EPS increases from ₹89.25 in 2025 to ₹124.30 in 2028E.
- P/E ratio decreases from 32.6x to 21.4x by FY28E.
Payout: Dividend yield ranges from 2.1% to 2.6%, payout ratio stays between 56% and 67%.

Neutral Rating: Remains unchanged.
Target Price: Revised to ₹2,830 (up from earlier ₹2,610), based on 26x P/E for FY27E.
Expected Returns: 6.2% share price return, 8.7% total return by FY27.

Upside Catalysts: Strong pent-up demand in US/Europe, INR depreciation.
Downside Risks: Prolonged US/Europe slowdown, rupee appreciation, or delays in mortgage recovery.

Rajiv Berlia is the primary analyst.
Full disclaimers issued, noting potential conflicts of interest and disclosures under regulations like COTI.

Guidance on investment rating definitions: Buy (15%+ ETR), Neutral (insufficient catalysts), Sell (negative ETR).
Valuation justified by expected growth, though P/E is at a premium to five-year averages.

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