May 18, 2026 07:49Opening bid: Gift Nifty signals weak start as Middle East tensions rattle global market
Nifty may open 120 points lower amid geopolitical tensions and FPI sellingIndian markets may open lower as US-Iran tensions lift crude oil prices, pressure the rupee and trigger cautious global investor sentiment.May 18, 2026 07:39Global markets update: U.S. EQUITY FUTURES UPDATE
U.S. equity index futures have opened in the red zone on absence of firm cues while Crude prices sustained at higher levels amid fear related to widening concerbs between the U S. and Iran.DOW FUTURES DOWN 150 POINTS OR 0.3%;S&P 500 FUTURES DIP 17 POINTS OR 0.26%;NASDAQ FUTURES DOWN 104 POINTS OR 0.36%May 18, 2026 07:38Share market live: MPS Ltd — Q4 & FY26 Results Snapshot
In one line📌 FY26 was a year of strategic transformation for MPS — two acquisitions (Unbound Medicine, USA and Liberate Group, Australia) were executed, revenue grew 5.7% YoY, but EBITDA margins expanded meaningfully to 32.7% (+200 bps YoY) and PAT grew 16.3% YoY. The Board skipped the final dividend for the first time in many years — capital retained for post-acquisition integration and growth.📊 Key numbers — Q4 FY26 (Consolidated; ₹ Cr)📌 Revenue: ₹205.2 Cr (+12.7% YoY)📌 EBITDA (before exceptional): ₹74.1 Cr (+17.4% YoY) → margin 36.1% vs 34.7% in Q4 FY25📌 PBT: ₹64.9 Cr (+4.9% YoY)📌 PAT: ₹47.0 Cr (-0.1% YoY — flat; lower exceptional gain vs Q4 FY25)📌 EPS (Basic): ₹27.72 vs ₹27.76 in Q4 FY25📈 FY26 Snapshot (Consolidated)📌 Revenue: ₹768.4 Cr vs ₹726.9 Cr (+5.7% YoY)📌 EBITDA (before exceptional): ₹251.4 Cr vs ₹223.4 Cr (+12.5% YoY) → margin 32.7% vs 30.7% in FY25📌 PBT: ₹229.3 Cr vs ₹201.1 Cr (+14.0% YoY)📌 PAT: ₹173.2 Cr vs ₹148.9 Cr (+16.3% YoY)📌 EPS (Basic): ₹102.11 vs ₹87.80 in FY25 (+16.3% YoY)🧩 Segment mix — FY26 (Consolidated)📌 Research Solutions: ₹463.5 Cr (+1.1% YoY) | Segment EBITDA ₹170.2 Cr — largest segment, essentially flat📌 Education Solutions: ₹208.9 Cr (+36.3% YoY) | Segment EBITDA ₹77.2 Cr — boosted by Unbound Medicine acquisition (Feb 2026)📌 Corporate Learning: ₹96.0 Cr (-16.5% YoY) | Segment EBITDA ₹11.3 Cr — weak year; Liberate Group integration underway💼 What moved the year📌 Unbound Medicine, Inc. (USA) acquired on 9 February 2026 via MPS North America LLC for USD 16.50 million (~₹130 Cr). Unbound operates a mobile-first healthcare information and clinical decision-support platform serving hospitals, medical schools and professional associations across the US and Canada. This marks MPS’s strategic entry into the healthcare information segment with a subscription revenue model.📌 Liberate Group (Australia) — comprising Liberate Learning Pty Ltd, App-eLearn Pty Ltd and Liberate eLearning Pty Ltd — was 100% acquired by MPS Interactive Systems (MPSi) on 28 October 2025. Liberate Group has been rebranded under the unified “Liberate Global” brand in April 2026.📌 Margin expansion was the standout in FY26 — EBITDA margin improved 200 bps to 32.7% — reflecting better operating leverage in Research Solutions and Education Solutions despite modest revenue growth.📌 Operating cash flow nearly doubled to ₹196.8 Cr in FY26 vs ₹100.9 Cr in FY25 — a strong signal of cash generation quality.⚠️ Watch points📌 Research Solutions (63% of revenue) was almost flat at +1.1% YoY — the core engine needs reigniting. Q4 FY26 Research revenue showed better traction at +7.5% YoY, suggesting some pickup.📌 Corporate Learning segment declined 16.5% YoY and EBITDA margin compressed to 11.8% vs 17.4% in FY25 — Liberate Group integration is work in progress.📌 Q4 FY26 PAT was flat YoY despite strong EBITDA growth because the prior year base included an exceptional write-back of ₹5.91 Cr (contingent consideration for Liberate stake). Adjusting for this, Q4 FY26 underlying PAT growth was healthy.📌 Goodwill jumped to ₹376.3 Cr from ₹243.9 Cr — primarily Unbound (provisional goodwill ₹123.9 Cr) with working capital adjustments pending. Impairment of ₹12.9 Cr was taken on Liberate Group goodwill in Q4.💰 Balance sheet / cash flow📌 Total Equity: ₹596.3 Cr vs ₹478.4 Cr — strong balance sheet📌 Total Borrowings: ₹40.3 Cr — new long-term debt of ₹29.8 Cr raised to partly fund Unbound acquisition; leverage remains very low📌 Cash and equivalents: ₹76.6 Cr vs ₹63.4 Cr — healthy cash position post-acquisition📌 Trade receivables: ₹133.5 Cr vs ₹116.6 Cr — modest increase in line with revenue📌 Net Operating Cash Flow: ₹196.8 Cr vs ₹100.9 Cr (+95.1% YoY) — exceptional cash generation📌 Dividend paid in FY26: ₹86.7 Cr (FY25 final dividend of ₹50/share paid Sep 2025)📌 No final dividend recommended for FY26 — capital retained for post-acquisition integration and growth🚀 Strategic update📌 ADI BPO Services merger scheme (merger of ADI BPO into MPS Limited) has been filed with NCLT Chennai Bench on 17 April 2026, awaiting hearing. No Objection from stock exchanges received on 2 March 2026.📌 KPMG appointed as Internal Auditors for 3 years (FY27–FY29). Walker Chandiok & Co LLP re-appointed as Statutory Auditors for a second 5-year term through 2031, both for MPS and its material subsidiary MPSi.🔍 Key monitorables📌 Research Solutions growth revival — the core segment was flat this year. Any acceleration in content services, AI-assisted publishing workflows, or new client additions will be critical to the FY27 revenue story.📌 Unbound Medicine integration and ramp-up — healthcare is a new vertical. Whether MPS can cross-sell its existing publishing and content capabilities into Unbound’s client base is the strategic test.📌 Liberate Global (Corporate Learning) margin recovery — from 17.4% EBITDA margin in FY25 to 11.8% in FY26. The segment needs stabilisation and margin improvement in FY27.📌 Goodwill impairment risk — Liberate Group already saw a ₹12.9 Cr impairment in FY26; Unbound’s goodwill of ₹123.9 Cr is provisional and subject to final purchase price allocation.📌 Dividend resumption — investors will watch whether MPS resumes its dividend track record in FY27 once post-acquisition capital needs are met.📌 ADI BPO merger — once approved by NCLT, this will simplify the group structure and consolidate the parent-level holding.May 18, 2026 07:38Fineotex Chemical Ltd (FCL) — Q4 & FY26 Results Snapshot
