Mastek logo

Mastek

MASTEK NSE

Key Fundamentals

MicrocapComputer Software & ConsultingInformation Technology
Market Cap
₹4,951 Cr
Volatility
Moderate
P/E Ratio
12.06
EBITDA
₹656 Cr
Return on Equity
13.5%
Debt to Equity
0.15
Book Value
₹964.92
EPS
₹98.56
52W High
₹2,580
52W Low
₹1,334.2

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

3
  • Company has reduced debt.
  • Company has been maintaining a healthy dividend payout of 19.0%
  • Company's median sales growth is 18.3% of last 10 years

Growth Rate

Revenue Growth
8.39% lower than 3Y
Net Income Growth
7.48% lower than 3Y
Cash Flow Change
36.66% higher than 3Y
ROE
-11.59% lower than 3Y
ROCE
-3.03% lower than 3Y
EBITDA Margin (Avg.)
6.42% higher than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 69d ago
AI opinion · based on fundamentals
Risk medium

Mastek Ltd is a mid-cap IT services company with a market cap of ₹4,955 crore, trading at a PE of 12.5x. FY25 revenue grew 13.1% YoY to ₹3,455 crore with PAT rising 20.9% YoY to ₹376 crore, though Q4FY25 PAT declined 14% YoY despite 16.6% revenue growth. The stock has corrected 36% over the past year, reflecting concerns around margin compression and client concentration.

Bull Case 8
  • FY25 PAT grew 20.9% YoY to ₹375.9 crore, demonstrating strong profit growth despite a challenging IT spending environment
  • PE of 12.5x is significantly below mid-cap IT sector averages of 25-35x, offering valuation comfort if growth sustains
  • 12-month order backlog reached $300.4 million, growing 13.5% YoY in USD terms and 24.4% YoY in INR terms, providing revenue visibility
  • Compounded sales CAGR of 17% over 5 years and 22% over 10 years reflects consistent top-line execution with median sales growth of 18.3% over 10 years
  • UK healthcare vertical (including NHS) grew over 100% YoY in Q4FY25, opening a large addressable market with UK government healthcare budget of £200 billion+
  • Company has reduced debt and maintains a healthy dividend payout of 19%, with ₹16 per share final dividend declared for FY25
  • Oracle business in North America grew over 50% YoY in FY25, diversifying revenue streams beyond UK government
  • Compounded profit CAGR of 16% over 3 and 5 years demonstrates sustained earnings compounding alongside a 16% ROE
Bear Case 8
  • Stock has declined 36% over the past year, significantly underperforming the broader market and IT index, reflecting loss of investor confidence
  • Q4FY25 net profit fell 14.1% YoY to ₹81.1 crore despite 16.6% revenue growth, indicating margin pressure with EBITDA margins at 15.3% vs management's 17-19% target range
  • Employee count declined from 5,500 to 4,800 (a ~13% reduction) driven by attrition without replacement, raising concerns about delivery capacity for growth
  • Healthcare vertical accounts for 22% of revenue with significant NHS England concentration — NHS England's potential restructuring creates client-specific risk
  • North America revenue saw an 8% sequential decline in Q4FY25 despite 16% YoY growth, showing volatility in a key growth geography
  • TTM revenue growth has decelerated to 7% from 13% 3-year CAGR and 17% 5-year CAGR, suggesting a potential structural slowdown
  • UK and Europe account for 45-55% of revenue historically, creating geographic concentration risk tied to UK government IT spending cycles
  • 3-year stock CAGR of -6% and 5-year stock CAGR of -6% indicate the market has de-rated the stock despite continued earnings growth, suggesting a possible structural re-rating risk

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 69d ago
Positives 2
  • UK public sector recognition Jul 3

    Mastek featured in '100 Years in Monarchy and Democracy' publication for its UK contributions, highlighting a 30+ year partnership with the UK public sector.

  • Yanbu Cement digital transformation Jun 29

    Mastek partnered with Yanbu Cement to modernise operations using Industrial IoT, improving truck turnaround time by 2x and increasing topline revenue under Saudi Vision 2030.

Neutral 2
  • Q1FY27 earnings call July 22 Jul 3

    Mastek will announce Q1FY27 results on July 21, 2026, with an earnings call scheduled for July 22 at 12:30 PM IST.

  • Multiple investor meets late June Jun 25

    Mastek scheduled virtual analyst meets with ICICI Securities (June 30, 4 PM), Incred Capital (June 30, 2 PM), and an institutional investor meet on June 25 at 4 PM IST.

TL;DR: Mastek shows steady business development with a notable Middle East IoT win and continued UK public sector strength. No visible headwinds in recent news flow. The company is actively engaging institutional investors ahead of Q1FY27 results on July 21, suggesting confidence in upcoming numbers. Trend appears stable with potential upside from new geography wins.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
725
766
784
780
813
867
870
905
915
940
906
938
985
Expenses
598
642
651
655
689
724
729
767
777
795
754
787
834
Operating Profit
127
123
134
125
124
143
141
139
137
146
152
151
151
OPM %
18%
16%
17%
16%
15%
16%
16%
15%
15%
15%
17%
16%
15%
Other Income
2
1
3
5
4
17
13
-5
11
15
14
0
12
Interest
9
13
13
9
9
11
12
10
9
9
7
7
7
Depreciation
20
21
22
27
20
20
17
19
18
18
18
18
18
PBT
100
90
102
94
99
129
126
106
121
134
141
125
138
Tax %
27%
28%
24%
-1%
28%
0%
25%
23%
24%
27%
23%
15%
24%
Net Profit
74
65
78
94
72
129
95
81
92
97
108
106
106
EPS in Rs
22.91
20.5
24.56
29.85
23.18
41.68
30.67
26.2
29.75
31.46
34.96
34.24
34.15
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
1,013
527
560
817
1,033
1,071
1,722
2,184
2,563
3,055
3,455
3,699
3,769
Expenses
965
509
515
718
902
916
1,357
1,721
2,108
2,546
2,909
3,113
3,170
Operating Profit
47
18
45
100
132
156
364
463
456
509
546
586
600
OPM %
4.7%
3.5%
8%
12%
13%
15%
21%
21%
18%
17%
16%
16%
16%
Other Income
14
15
12
21
25
17
28
36
64
12
30
40
42
Interest
1
0
4
6
6
4
8
8
25
44
42
32
30
Depreciation
37
16
15
19
17
25
45
43
67
90
75
73
73
PBT
22
16
39
96
133
144
339
448
427
386
459
521
539
Tax %
20%
17%
17%
27%
24%
21%
26%
26%
27%
19%
18%
22%
—
Net Profit
18
14
32
70
101
114
252
333
310
311
376
404
418
EPS in Rs
7.86
5.97
13.86
29.53
42.33
44.82
82.97
98.32
95.99
97.36
122
130
135
Div. Payout %
32%
42%
25%
20%
20%
18%
17%
19%
20%
20%
19%
18%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
11
12
12
12
12
12
13
15
15
15
15
16
Reserves
585
308
457
537
704
778
846
1,056
1,668
2,072
2,447
2,976
Borrowings
29
0
66
70
70
335
273
203
404
519
583
438
Other Liabilities
207
108
170
202
179
763
1,146
1,193
1,024
1,045
758
863
Total Liabilities
832
428
705
821
966
1,888
2,277
2,467
3,111
3,652
3,803
4,293
Fixed Assets
279
66
180
179
167
857
807
841
1,740
1,950
1,818
1,938
CWIP
1
0
0
2
1
2
2
4
7
1
2
2
Investments
54
50
274
284
396
276
234
66
69
94
178
234
Other Assets
498
312
251
356
401
754
1,235
1,556
1,296
1,607
1,805
2,119
Total Assets
832
428
705
821
966
1,888
2,277
2,467
3,111
3,652
3,803
4,293
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
59
32
43
65
75
184
287
273
108
420
396
542
Investing
-28
-84
-127
-18
-54
-262
218
-26
-719
-249
-260
2
Financing
22
-4
65
-7
-16
205
-118
-128
93
2
-57
-300
Net Cash Flow
53
-57
-20
40
5
127
387
119
-519
173
80
244
Free Cash Flow
10
20
31
50
60
169
276
237
126
391
378
515
CFO/OP
121
199
102
74
80
149
92
83
53
104
95
121
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
48
67
55
78
74
108
79
73
72
67
55
57
Cash Conversion Cycle
48
67
55
78
74
108
79
73
72
67
55
57
Working Capital Days
25
38
29
15
38
4
-35
-20
34
-1
28
19
ROCE %
5%
3%
10%
17%
19%
16%
26%
32%
23%
18%
17%
18%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Promot.35.76%DIIs19.86%FIIs7.45%Others18.08%Public18.85%As ofJun 2026

Documents

Frequently Asked Questions about Mastek

What does Mastek Ltd do?
Established in 1982, Mastek is a provider of vertically-focused enterprise technology solutions. Having its presence in IT industry for almost 4 decades, Mastek Ltd has evolved from an IT solutions provider to Digital transformation partner.[1]
Where is Mastek Ltd (MASTEK) listed?
Mastek Ltd trades as MASTEK on the NSE and under code 523704 on the BSE.
Which sector does Mastek Ltd belong to?
Mastek Ltd is classified under the Information Technology sector, in the Computer Software & Consulting industry.
What is the market capitalisation of Mastek Ltd?
Mastek Ltd has a market capitalisation of ₹4,951 Cr, which places it in the Small Cap band.
What is the PE ratio of Mastek Ltd?
Mastek Ltd trades at a PE ratio of 12.06, on earnings per share of ₹98.56, against a book value of ₹964.92 per share.
What is the 52-week high and low of Mastek Ltd?
Over the last 52 weeks Mastek Ltd has traded between ₹1,334.2 and ₹2,580.
Does Mastek Ltd pay dividends?
Mastek Ltd has a dividend yield of 1.49%.
What is the Return on Equity (ROE) of Mastek Ltd?
Mastek Ltd reported a return on equity of 13.50%. Its debt-to-equity ratio is 0.15.

Company Information

Established in 1982, Mastek is a provider of vertically-focused enterprise technology solutions. Having its presence in IT industry for almost 4 decades, Mastek Ltd has evolved from an IT solutions provider to Digital transformation partner.[1]

Website mastek.com
CEO Mr. Ashank Datta Desai
Employees 4,332
Listed 1995-05-10
Face Value ₹ 5
Issued Size 3,09,86,639

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