Mastek Limited has informed the Exchange about Transcript
MASTEK · price
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Awaiting price reaction for this filing.
Mastek reported Q1 FY'26 revenue of ~INR 915 crores, up 12.5% year-on-year but with a 1.1% constant currency decline. Net profit grew 28.7% YoY to INR 92.1 crores, while operating EBITDA margin came in at 15%, down 31 bps sequentially due to a one-time discount on a major UK client's 2-year renewal. UK & Europe remained the growth engine at 27% YoY, driven by healthcare, BFSI, and government wins including a $15M+ TCV deal. US was flat YoY with an 8.5% QoQ decline amid muted retail and healthcare payer spend, though order books grew 25% and AI-led deals (4-5 new wins) showed promise. Cash stood at INR 549 crores after ~INR 100 crores variable payout and ~INR 50 crores debt repayment; 12-month order backlog was $274M (+3.5% QoQ, +5.5% YoY). Management is actively hiring a new US President and CFO, and is investing in AI capabilities with 10+ active POCs in the US.
Positive on growth momentum driven by UK and AI pipeline, but near-term margin pressure from the UK client discount and US softness may keep stock sentiment mixed. Investors should watch for recovery in US revenue in H2 FY'26 and the appointment of the new US President and CFO as potential catalysts.