- Home
- Results news
- Mastek
- Q2 FY27 results
Mastek Q2 FY27 results: net profit up 8.4% to ₹105.67 crore, revenue up 8.3%
Mastek Ltd reported consolidated Q2 FY27 revenue of ₹1,019 crore, up 8.3% from Q2 FY26, while EBITDA rose 0.5% to ₹146.18 crore and the margin declined 1.2 percentage points to 14.3%. Net profit increased 8.4% to ₹105.67 crore and basic EPS rose 8.3% to ₹34.08; sequentially, revenue increased 3.4%, but profit was broadly lower.
Key points
- Consolidated Q2 FY27 revenue was ₹1,019 crore, up 8.3% from Q2 FY26 and 3.4% from Q1 FY27.
- EBITDA was ₹146.18 crore, up 0.5% year on year but down 3.4% sequentially; the margin was 14.3%, down 1.2 percentage points year on year.
- Net profit was ₹105.67 crore, up 8.4% from Q2 FY26 but down 0.2% from Q1 FY27; basic EPS was ₹34.08.
- H1 FY27 revenue rose 8.0% to ₹2,003.93 crore, while PAT rose 11.6% to ₹211.55 crore and EPS rose 11.4% to ₹68.24.
- Mastek’s stock fell 7.3% on the reaction day and was down 16.5% by the fifth session, against a 1.1% rise for the industry median.
How did Mastek perform in Q2 FY27?
Mastek reported consolidated revenue of ₹1,019 crore for Q2 FY27, up ₹78.31 crore or 8.3% from Q2 FY26 and ₹33.43 crore or 3.4% from Q1 FY27. EBITDA was ₹146.18 crore, up ₹0.67 crore or 0.5% from the year-ago quarter but down ₹5.18 crore or 3.4% from Q1 FY27. The EBITDA margin fell 1.2 percentage points year on year to 14.3% and declined 1.1 percentage points sequentially from 15.4%.
Profit before tax rose 5.5% to ₹141.46 crore from ₹134.10 crore a year earlier, while net profit rose 8.4% to ₹105.67 crore from ₹97.45 crore. Basic EPS increased to ₹34.08 from ₹31.48. Against Q1 FY27, PBT rose 2.2% to ₹141.46 crore, but net profit fell 0.2% to ₹105.67 crore and basic EPS fell 0.2% to ₹34.08. On the standalone basis, revenue was ₹237.52 crore and PAT was ₹62.22 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 1,019 | 985.25 | 940.37 | +8.3% | +3.4% |
| Other income | 11.72 | 12.03 | 15.09 | −22.3% | −2.6% |
| Total expenses | 899.66 | 858.82 | 821.36 | +9.5% | +4.8% |
| EBITDA | 146.18 | 151.36 | 145.51 | +0.5% | −3.4% |
| EBITDA margin | 14.3% | 15.4% | 15.5% | −1.2 pp | −1.1 pp |
| Profit before tax | 141.46 | 138.46 | 134.10 | +5.5% | +2.2% |
| Tax | 35.79 | 32.58 | 36.65 | −2.3% | +9.9% |
| Net profit | 105.67 | 105.88 | 97.45 | +8.4% | −0.2% |
| EPS (₹) | 34.08 | 34.16 | 31.48 | +8.3% | −0.2% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Mastek's costs and profit?
Total expenses rose ₹78.30 crore or 9.5% from Q2 FY26 to ₹899.66 crore. Employee cost was the largest increase, rising ₹53.59 crore or 10.8% to ₹548.05 crore, while other expenses rose ₹24.05 crore or 8.0% to ₹324.45 crore. Depreciation increased ₹1.56 crore or 8.7% to ₹19.43 crore. Finance costs declined ₹0.90 crore or 10.4% to ₹7.73 crore. Management said Q2 EBITDA was affected by the annual salary increment.
Other income fell ₹3.37 crore or 22.3% from Q2 FY26 to ₹11.72 crore. The quarter included an exceptional gain of ₹10.72 crore, while there was no exceptional item in the year-ago quarter. Tax expense declined ₹0.86 crore or 2.3% to ₹35.79 crore, and the net profit margin was unchanged at 10.4% from Q2 FY26.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 0 | 0 | 0 | |
| Employee cost | 548.05 | 494.46 | +53.59 | +10.8% |
| Finance costs | 7.73 | 8.63 | −0.90 | −10.4% |
| Depreciation | 19.43 | 17.87 | +1.56 | +8.7% |
| Other expenses | 324.45 | 300.40 | +24.05 | +8.0% |
| Total expenses | 899.66 | 821.36 | +78.30 | +9.5% |
| Other income | 11.72 | 15.09 | −3.37 | −22.3% |
| Tax | 35.79 | 36.65 | −0.86 | −2.3% |
| Exceptional items | +10.72 (gain) | none |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For H1 FY27, Mastek reported consolidated revenue of ₹2,003.93 crore, up ₹148.86 crore or 8.0% from H1 FY26. Total income increased ₹146.96 crore or 7.8% to ₹2,027.68 crore. PBT rose ₹25.12 crore or 9.9% to ₹279.92 crore, while PAT increased ₹22.05 crore or 11.6% to ₹211.55 crore.
H1 FY27 EPS was ₹68.24, up ₹7.01 or 11.4% from ₹61.23 in H1 FY26. The first-half figures also show that profit grew faster than revenue, while the net profit margin was unchanged from Q2 FY26 at 10.4% in the latest quarter.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 2,004 | 1,855 | +8.0% |
| Profit before tax | 279.92 | 254.80 | +9.9% |
| Net profit | 211.55 | 189.50 | +11.6% |
| EPS (₹) | 68.24 | 61.23 | +11.4% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹4,290.56 crore, compared with ₹4,308.83 crore at 31 March 2026. Total equity increased to ₹3,189.46 crore from ₹2,991.85 crore. Borrowings fell to ₹347.88 crore from ₹421.39 crore, while cash declined to ₹519.83 crore from ₹704.33 crore. Trade receivables fell to ₹461.36 crore from ₹579.84 crore and trade payables were ₹186.64 crore, compared with ₹206.46 crore.
H1 FY27 operating cash flow was ₹99.08 crore, compared with ₹139.36 crore in H1 FY26. Investing cash flow was negative ₹146.39 crore against negative ₹32.84 crore, and financing cash flow was negative ₹144.45 crore against negative ₹127.52 crore. Capital expenditure was ₹34.1 crore, compared with ₹21.59 crore a year earlier.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 4,291 | 4,309 |
| Total equity | 3,189 | 2,992 |
| Borrowings | 347.88 | 421.39 |
| Cash and equivalents | 519.83 | 704.33 |
| Inventories | 0 | 0 |
| Trade receivables | 461.36 | 579.84 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 99.08 | 139.36 |
| Cash from investing | −146.39 | −32.84 |
| Cash from financing | −144.45 | −127.52 |
| Capital expenditure | 34.10 | 21.59 |
Source: Company's results filing (XBRL).
How has Mastek done over the last 8 quarters?
Revenue rose year on year in each of the last eight quarters and reached ₹1,018.68 crore in Q2 FY27, the highest point in the reported series. Q2 FY26 marked the lowest revenue at ₹940.37 crore among the quarters listed from Q3 FY25 onward. The latest quarter extended the revenue increase, but the EBITDA margin fell to 14.3% from 15.4% in Q1 FY27.
Profit rose year on year in each of the last four quarters. PAT was ₹105.67 crore in Q2 FY27, below ₹105.88 crore in Q1 FY27 and below the ₹108.35 crore peak in Q3 FY26. The lowest PAT in the series was ₹81.07 crore in Q4 FY25, while the EBITDA margin ranged from 14.3% in Q2 FY27 to 16.2% in Q3 FY25.
Which businesses drove the quarter?
UK & Europe operations reported revenue of ₹691.24 crore, up 14.0% from ₹606.22 crore in Q2 FY26. EBIT was ₹125.32 crore, compared with ₹117.42 crore, and the EBIT margin was 18.1%. North America revenue was ₹215.56 crore, up 1.3% from ₹212.75 crore, while EBIT fell to ₹7.67 crore from ₹15.73 crore; its EBIT margin was 3.6%.
AMEA revenue was ₹111.88 crore, down 7.8% from ₹121.40 crore in the year-ago quarter. EBIT declined to ₹2.50 crore from ₹3.50 crore, with an EBIT margin of 2.2%. Management said the Middle East continued to be affected by geopolitical uncertainties.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| UK & Europe operations | 691.24 | +14.0% | 125.32 | 18.1% |
| North America operations | 215.56 | +1.3% | 7.67 | 3.6% |
| AMEA | 111.88 | −7.8% | 2.50 | 2.2% |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
The board approved and took on record the unaudited consolidated and standalone financial results for the quarter and half-year ended 30 September 2026, together with the limited review report issued by Walker Chandiok & Co LLP. The results were also to be published in newspapers as an extract, as required under the SEBI Listing Regulations.
The same-day investor communication reported Q2 FY27 revenue of ₹1,018.7 crore, up 3.4% sequentially, and a 12-month order backlog of ₹2,742.8 crore ($286.2 million), reflecting 10.4% growth in rupee terms year on year. The filing also stated that Mastek had signed 53 new AI deals in Q2 FY27, contributing to approximately 45% of the overall order book. No dividend, fund raise or appointment was stated in the same-day filings.
What did Mastek's management say?
Management maintained that FY27 should perform better than FY26, with H2 expected to remain resilient despite Middle East weakness. It reiterated a medium-term objective of improving the EBITDA margin by at least 160 bps from 14.4% to the prior 16% level, while saying the pace would depend partly on macro and geopolitical factors. Management also expected a meaningful turnaround in North America growth momentum from H2 FY27 and UK Healthcare & Life Sciences beta-contract results in Q3 or early Q4 FY27.
Management said US and Middle East margins were expected to improve from Q3 FY27, while Data & AI revenue and horizontal-mix disclosure was planned from Q3 FY27. It identified slower client consumption, delayed project starts, UK policy delays and uncertain Middle East demand as risks. CEO Umang Nahata said, “As we launch these learnings into the market, we've already closed our first few deals on Service-as-a-software, and we are seeing good momentum as we go forward.” CFO Deepak Kedia said, “Our endeavor will be to improve by at least 160 bps in the medium term. However, the velocity of improvement will be to some extent dependent upon macro and geopolitical factors.”
How did Mastek shares react?
The filing appeared after market hours on 23 October 2026. From the price when the filing appeared, Mastek fell 3.8% after five minutes, 3.4% after 15 minutes and 3.7% after 30 minutes. The stock closed the reaction day down 7.3% from its pre-results close, compared with a 0.6% rise for the industry median. By the next day's close, it was down 12.7%, while the industry median was up 1.0%.
By the fifth session’s close, Mastek was down 16.5% from the pre-results close, compared with a 1.1% rise for the industry median and a 1.8% rise for the Nifty Microcap 250. Its move was 17.5 percentage points below the industry median. Earlier reaction-day moves included a 6.8% rise on 18 July 2025, a 3.8% fall on 17 April 2026 and a 1.7% fall on 21 July 2026.
| After the filing | Stock | Computers - Software & Consulting median |
|---|---|---|
| 5 minutes | −3.8% | |
| 15 minutes | −3.4% | |
| 30 minutes | −3.7% | |
| Reaction day | −7.3% | +0.6% |
| Next day | −12.7% | +1.0% |
| 5 days | −16.5% | +1.1% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 21 July 2026 | −1.7% |
| 17 April 2026 | −3.8% |
| 21 January 2026 | −1.5% |
| 16 October 2025 | +1.8% |
| 18 July 2025 | +6.8% |
| 18 April 2025 | −0.6% |
| 16 January 2025 | +0.8% |
| 18 October 2024 | −5.6% |
Source: MarketPing price-reaction measurement.
How did other Computers - Software & Consulting companies do?
Thirty-three Computers - Software & Consulting peers that had filed this quarter were compared with Mastek. Their median revenue growth was 13.6%. Twenty-five peers grew faster than Mastek, while eight grew slower than the company. Mastek’s revenue growth of 8.3% was below the peer median.
Among the 32 peers for which profit was compared, 20 reported higher profit. The peer comparison was recorded as of 4 November 2026.
| Mastek revenue growth (YoY) | +8.3% |
|---|---|
| Median of 33 other Computers - Software & Consulting companies | +13.6% |
| Companies with slower revenue growth than Mastek | 8 of 33 |
| Companies with faster revenue growth than Mastek | 25 of 33 |
| Companies whose net profit rose | 20 of 32 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Mastek's revenue in Q2 FY27?
Revenue from operations was ₹1,019 crore, up 8.3% from ₹940.37 crore in Q2 FY26 (consolidated).
Did Mastek make a profit in Q2 FY27?
Yes. Net profit was ₹105.67 crore, against a net profit of ₹97.45 crore in Q2 FY26.
What was Mastek's EPS in Q2 FY27?
Basic earnings per share were ₹34.08, against ₹31.48 in Q2 FY26.
How did Mastek shares react to the Q2 FY27 results?
On the reaction day the stock moved −7.3% from the previous close; the median Computers - Software & Consulting stock moved +0.6%.
When did Mastek announce its Q2 FY27 results?
On 23 October 2026, in a filing to the NSE.
Sources
- Board Meeting Intimation for Approval Of Unaudited Financial Results For Quarter & Half Year Ended September 30, 2026 (BSE, 7 October 2026) · PDF
- Outcome of Board Meeting (NSE, 23 October 2026) · PDF
- The earnings call (28 October 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
This is information, not investment advice. MarketPing does not recommend buying or selling any security.