MPS earnings calls.

MPS Limited reported a mixed Q3 FY26 with revenue of INR 182.5 croreCurrent reported value: INR 182.5 crore. No comparable prior figure is available in the source record. and EBITDA margin of 31.6%Current 31.6%. Reported change: Q3 FY26., marking a challenging quarter after two quarters of strong momentum. Education Solutions delivered 11.3% YoY growthCurrent 11.3% YoY growth. Reported change: YoY. with 40.8% EBITDA margin, while Research Solutions achieved 16.2% organic growthCurrent 16.2% organic growth. Reported change: YoY. (excluding AJ) and contributed 61.1% of 9-month revenue. However, Corporate Learning saw significant pullback as management deliberately moved away from low-margin legacy work. The Unbound Medicine acquisition ($16.5M) for medical/nursing education content represents a strategic expansion into recurring-revenue B2B subscriptions. Management expects to surpass INR 100 EPSCurrent reported value: INR 100 EPS. No comparable prior figure is available in the source record. for FY26 despite a Q3 labor code headwind of ~3.5 rupees/share. AI is being viewed as an opportunity—consolidating fragmented markets in MPS's favor—though AJ's B2C revenue remains under pressure. The company has initiated a radical cost optimization drive to prepare for FY27, which leadership characterizes as an "exceptional year." Key risks include AJ's ongoing decline, uncertain enterprise demand in corporate learning, and potential client concentration issues given 400+ customer base.