Date: July 23, 2026
Strategic Business Update
Chairman Girish S. Paranjpe delivered his first address as Chairman at the 35th Annual General Meeting held on July 23, 2026, at 9:00 am IST via Video Conferencing/Other Audio Visual Means.
The speech focused on the current market environment for AI adoption and Mphasis's positioning. Key points include:
Market Context: Enterprises are hesitating on AI adoption due to three main factors: (1) complex macro environment with geopolitical tensions, trade uncertainty, and budget pressure; (2) rapid technology evolution creating uncertainty about investment longevity; (3) absence of a proven playbook for enterprise-scale AI transformation.
Company Positioning: Mphasis is positioned as helping to "write the playbook" for enterprise AI adoption through client-specific use cases. The company's approach involves starting with specific decisions, organizing necessary resources, delivering visible value, and building incrementally.
Operational Metrics:
- New Total Contract Value (TCV) wins grew 68% in FY26 to USD 2.1 billion
- 60% of TCV wins are AI-led
- AI-led pipeline stands at 69%
- The company employs approximately 32,000 people
Platform Capabilities: Mphasis highlighted two key platforms:
- NeoIP platform
- Enterprise Agency Platform Mphasis Tria
These platforms combine infrastructure, domain knowledge, and decision intelligence for scalable AI transformation.
Performance Assessment: The board acknowledged that while pipeline and TCV growth are strong, conversion to revenue growth is "underway but not yet complete" due to the extended ramp-up time of large AI transformation programs. Some client decisions are taking longer than expected due to market conditions.
Social Initiatives: Through the Mphasis F1 Foundation, the company supports:
- One Billion Drops initiative
- Plaksha University
- TEACH
- Vigyanshaala