Bengaluru: Mid Tier IT firm Mphasis has appointed veteran venture capitalist Girish Paranjpe as the chairperson of its board, replacing Ms. Jan Kathleen Hier with effect from January 11, 2026. Mr Girish has been on the Mphasis’ board since October 2024.
“It is an honour to step into this role, especially at a time when AI is reshaping how we view the future of technology and business. I look forward to collaborating with the Board and Management of Mphasis to drive innovation and create longterm, sustainable value. Together, we have an opportunity to shape what comes next,” Mr. Girish Paranjpe said in a press release by the company.
Even as Mphasis has grown its market cap to almost $1.7 billion to date, the company continues to be heavily reliant on the US market, which accounts for almost 80% of its revenues. Though the company has seen its net profits grow 6.2% to ₹469.1 crore in Q2 FY26, its revenues have been growing modestly by 2% on a quarter-on-quarter (QoQ) basis.
Most of the large-scale deals it has won are based in the US, even as the revenues from its top 5 clients have declined substantially from 43% to 39% in Q2 FY26 on a QoQ basis. Despite its investments in AI, the company’s heavy exposure to financial clients makes it vulnerable to sudden geopolitical challenges.
For Paranjpe, the challenge would be to expand its reach beyond the US, while ensuring it continues to enjoy the credibility of its existing clients across sectors- healthcare, public sector, transport, logistics, etc. In June 2025, there were reports that FedEx, one of its biggest clients in the US, was about to terminate its contract with the company. If the deal fell through, Mphasis could lose around 8% of its revenues. Though the company denied the claims, this did affect the company’s share prices, which are currently slightly overvalued with a P/E ratio of 30.1x.
Given the risks associated with the US market, Mphasis is looking to expand into newer avenues, integrating AI in its solutions. How Girish Paranjpe’s leadership helps the company remains to be seen.
