mps Limited’s Board of Directors approved the re-appointment of Karthik Bhat Khandige as an Independent Non-Executive Director for a second term of five consecutive years on July 29, 2026. The appointment, which takes effect from July 30, 2026, until July 29, 2031, follows a recommendation from the Nomination and Remuneration Committee (NRC) and is subject to shareholder approval via a Special Resolution. This move ensures continuity in governance while introducing fresh leadership to key oversight committees.

Simultaneously, the Board noted the cessation of Ms. Ruvina Singh as an Independent Non-Executive Director upon the completion of her tenure at the close of business hours on July 29, 2026. Her departure is solely due to the conclusion of her term and not due to resignation or disqualification. Consequently, she ceases to serve as Chairperson of the NRC and member of the Stakeholders’ Relationship Committee (SRC) and Corporate Social Responsibility (CSR) Committee with effect from July 30, 2026.

The Board reconstituted its committees to reflect these changes. Ms. Divya Verma was designated as Chairperson of the NRC, with Mr. Karthik Bhat Khandige joining as a Member alongside Ms. Jayantika Dave. The SRC saw Mr. Atul Vohra appointed as a Member under Chairperson Mr. Suhas Khullar. For the CSR Committee, Ms. Divya Verma joined as a Member under Chairperson Mr. Rahul Arora.

Mr. Karthik Bhat Khandige brings over 20 years of experience in venture capital and corporate strategy. He is the Founder and Managing Partner of Force Ventures and has previously held leadership roles at Zephyr Peacock India Fund and Dailyhunt. He holds an MBA from the Indian School of Business, is a Chartered Accountant, and has cleared CFA Level 3. The Board cited his sound judgment and contributions to corporate governance during his first term as key factors in his re-appointment.

Governance Implications

The reconstitution of the board committees ensures compliance with SEBI Listing Regulations regarding independent oversight. With Ms. Ruvina Singh stepping down, the shift in committee chairpersonships to Ms. Divya Verma and Mr. Suhas Khullar signals a transition in internal governance leadership. Shareholders will vote on Mr. Khandige’s re-appointment through a Special Resolution, underscoring the formal requirement for shareholder consent in director appointments.

MPS Limited reported its unaudited financial results for the first quarter ended June 30, 2026, marking the strongest opening quarter in the company’s history. Consolidated revenue from operations increased 20.38% year-on-year to ₹22,424 lacs (₹224.24 crore), while net profit after tax surged 42.99% to ₹5,039 lacs (₹50.39 crore). The company achieved a record EBITDA of ₹7,696 lacs (₹76.96 crore), representing a 53.03% increase from the corresponding period last year. This performance was driven by significant operating leverage, with headcount rising less than 3% despite robust top-line growth, allowing margins to expand rather than compress.

The results were reviewed by the Audit Committee and approved by the Board of Directors at a meeting held on July 21, 2026. The Statutory Auditors issued an unmodified limited review report. During the subsequent earnings conference call held on July 22, 2026, Chairman and CEO Rahul Arora and CFO Prarthana Agarwal emphasized that the growth was underpinned by a strategic shift toward outcomes-based revenue models and the integration of AI-driven workflows across all segments. The company reaffirmed its FY27 guidance, stating it expects to comfortably cross ₹300 crore in EBITDA, treating this figure as a floor rather than a ceiling.

Financial Performance

The table below summarizes the consolidated financial performance for Q1 FY27 compared to the previous year:

On a standalone basis, revenue rose to ₹12,436 lacs and net profit to ₹4,096 lacs. Excluding AJE, which is undergoing a deliberate reset, underlying revenue grew 28.4% to ₹198.47 crore, with EBITDA expanding close to five points to 32.4%. Total cash and cash equivalents stood at ₹138.02 crore as of June 30, against borrowings of ₹37.63 crore related to the Unbound Medicine acquisition. Days Sales Outstanding (DSO) improved to 45 days from 51 days in the prior quarter.

Operational Highlights

Research Solutions remained the largest segment, contributing 55% of total revenue. Segment revenue grew 13.22% year-on-year to ₹12,323 lacs, while EBITDA grew 37.9%, widening the segment margin to 45.1%. Ex-AJE revenue surged 26.33% to ₹9,746 lacs. The company highlighted the deployment of DigiCore, an AI-enabled production ecosystem, and Research Integrity Check, which detects paper mills and identity fraud. These tools are now live in client delivery, enhancing productivity and quality control.

Education Solutions revenue increased 42.21% to ₹7,341 lacs, bolstered by the first full quarter of Unbound Medicine’s contribution. Unbound brings a recurring, high-renewal subscription model anchored in medical and nursing education, lowering customer concentration. Corporate Learning revenue rose 6.89% to ₹2,760 lacs, but EBITDA grew 60.7% as margins expanded to 25.33% from under 17% a year ago. This improvement followed a restructuring that reduced headcount by approximately one-third, shifting focus to AI-enabled enterprise capability enablement.

Strategic Outlook and AI Integration

Management emphasized that MPS is transitioning from being paid for effort (pages/hours) to being paid for outcomes (manuscript acceptance, integrity verification). This shift is a primary driver of margin expansion. Rahul Arora noted that the company is now a "Rule of 50" business, where the sum of revenue growth (20%) and EBITDA margin (34%) exceeds 50, indicating compounding value creation.

The company is actively pursuing acquisitions in the Education sector, targeting assets with at least $15 million in revenue, strong organic growth (10%+ CAGR), and domains where AI acts as a tailwind rather than a threat. Financing for future acquisitions will primarily rely on internal cash accruals (approximately ₹15–18 crore monthly) and debt, avoiding equity dilution where possible. The company aims to reach ₹1,500 crore in revenue and ₹450 crore in EBITDA by FY28.