NSE: MASTEK · BSE: 523704
MASTEK LTD
Provides IT services and digital transformation to enterprise and public-sector clients across the UK, North America and the AMEA region, with a stated repositioning around AI-led transformation. UK & Europe is the largest segment at 65.2% of FY26 segment revenue (₹2,411.29 cr), serving UK government departments (Home Office, Ministry of Defence, NHS) and healthcare clients on long-running modernisation programmes. North America contributes 22.4% (₹828.53 cr) and is being rebuilt around AI transformation deals, headlined by a $25 million, five-year Salesforce Agentforce engagement. AMEA contributes 12.4% (₹458.93 cr) but is currently under pressure from West Asia geopolitical headwinds affecting demand, bench utilisation and collections. Q1 FY27 closed 40+ AI-led deals and the 12-month order backlog grew 25% YoY in INR terms. Costs are dominated by people — employee expenses are 53.3% of FY26 revenue — with other opex at 30.8%, depreciation at 2% and capex at 0.8%; Q1 FY27 operating EBITDA margin was 15.4%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. UK & Europe operations (65%), North America operations (22%), AMEA (12%). People-intensive, asset-light IT services and digital transformation with an AI-led repositioning and meaningful UK public-sector exposure.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,184 | 2,563 | 3,055 | 3,455 | 3,699 |
| EBITDA (ex other income) | 463 | 481 | 505 | 554 | 555 |
| margin % | 21.2 | 18.8 | 16.5 | 16.0 | 15.0 |
| Owners' profit | 295 | 293 | 300 | 376 | 404 |
| EPS, as reported (₹) | 106.52 | 97.23 | 98.01 | 121.78 | 130.45 |
| ROE % · ROCE % | 27.3 · 27.9 | 17.5 · 18.8 | 14.8 · 16.5 | 15.3 · 17.1 | 13.5 · 16.6 |
| Debt / equity (x) | 0.16 | 0.21 | 0.23 | 0.23 | 0.14 |
| Cash from operations | 273 | 107 | 420 | 395 | 542 |
| Capex | (37) | (32) | (31) | (20) | (28) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 867 | 870 | 905 | 915 | 940 | 906 | 938 | 985 |
| Profit before tax | 129 | 126 | 106 | 121 | 134 | 141 | 125 | 138 |
| Net profit | 129 | 95 | 81 | 92 | 97 | 108 | 106 | 106 |
| EPS (₹) | 41.69 | 30.68 | 26.24 | 29.75 | 31.48 | 34.97 | 34.25 | 34.16 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| UK & Europe operations | 2,411 | 65.2 |
| North America operations | 829 | 22.4 |
| AMEA | 459 | 12.4 |
| Total, before eliminations | 3,699 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| TATA CONSULTANCY SERV LT | 8,87,298 | 17.8 | 8.18 | 12.2 | 45.6 | 53.9 | 10.2 | 26.9 |
| INFOSYS LIMITED | 4,55,550 | 15.2 | 4.88 | 9.6 | 31.6 | 38.6 | 12.2 | 25.7 |
| HCL TECHNOLOGIES LTD | 3,78,281 | 21.6 | 5.03 | 13.6 | 22.1 | 26.2 | 11.5 | 20.9 |
| WIPRO LTD | 1,82,720 | 14.6 | 2.07 | 8.7 | 15.0 | 17.1 | 8.4 | 22.9 |
| TECH MAHINDRA LIMITED | 1,74,293 | 30.7 | 5.79 | 19.5 | 16.0 | 18.8 | 8.5 | 16.8 |
| LTM LIMITED | 1,21,357 | 23.2 | 5.03 | 14.7 | 20.7 | 24.8 | 27.9 | 20.0 |
| PERSISTENT SYSTEMS LTD | 91,811 | 47.3 | 11.71 | 31.4 | 23.8 | 28.5 | 28.6 | 17.8 |
| COFORGE LIMITED | 86,606 | 39.8 | 8.95 | 30.9 | 18.0 | 17.2 | 28.6 | 18.6 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 10.8 | 15.0 | 15 of 65 | 78% |
| P/B | 1.5 | 2.6 | 18 of 65 | 73% |
| ROCE | 15.7 | 14.2 | 35 of 76 | 55% |
| ROE | 13.5 | 11.5 | 26 of 64 | 60% |
| Debt / Equity | 0.1 | 0.0 | 44 of 65 | 33% |
| EBITDA margin | 16.6 | 18.4 | 38 of 65 | 42% |
| Revenue growth | 7.7 | 10.6 | 38 of 63 | 40% |
| Profit growth | 15.0 | 6.7 | 26 of 62 | 59% |
| Market cap | 4511 | 419 | 23 of 76 | 71% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Mastek expands Trichy centre for technology and talent growth | compliance | low | — | — |
| 28 Oct 2026 · Q2 FY27 earnings call: margin recovery target and pipeline growth | investor communications | medium | — | — |
| 26 Oct 2026 · Mastek provides earnings call recording for Q2 and H1 FY27 | investor communications | low | — | — |
| 24 Oct 2026 · Mastek publishes Q2 and H1 FY27 unaudited results in newspapers | compliance | minimal | — | — |
| 23 Oct 2026 · Q2 FY27 revenue rises 3.4%; backlog up 10.4% year on year | investor communications | medium | — | — |
| 23 Oct 2026 · Q2 FY27 revenue rises 8.3%, but operating margin falls to 14.4% | investor communications | medium | — | — |
| 23 Oct 2026 · Mastek September 2026 results show revenue and profit growth, aided by property sale | results | high | — | — |
| 22 Oct 2026 · Mastek schedules Non-Deal Roadshow on October 27 in Mumbai | board shareholder meetings | low | — | — |
| 21 Oct 2026 · Mastek schedules investor meetings for October 26 | board shareholder meetings | low | — | — |
| 21 Oct 2026 · Mastek Q2FY27 results on Oct 23; earnings call on Oct 26 | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.