Mastek Ltd.
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ABOUT
AI Sector View
AI GENERATEDInformation Technology
IT is supported by a still-expanding services backdrop and a weaker rupee. Export of services grew 13.0% YoY (2026-06), services PMI was 54.1 (Aug/26), and the currency at 95.23 (Sep/26) is depreciated versus the previous 95.16, which helps INR translation of export revenues. FPI positioning is only neutral-to-soft with net 3-month flow of INR -5 crore to 2026-08-31, so the positive stance is primarily macro-driven.
PROS
- Company has consistently been profitable over the last 5 years
- Company has delivered good sales growth of 16.5% CAGR over last 5 years
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.25x)
- Company has a consistent dividend-paying track record
- Company comfortably covers its interest (17.3x coverage)
- Institutional investors have been accumulating - FII+DII up 5.7pp
CONS
- Recurring exceptional / one-off items are inflating headline profit
- Operating margins have contracted to 15.4% from 19.3%
- Company has delivered a poor profit growth of 9.9% over past five years
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| TCS | 2209.00 | 16.05 | 799235.53 | 4.98 | 13420.00 | 4.69 | 72275.00 | 13.93 | 66.25 | 25.67 |
| INFY | 1035.00 | 13.87 | 420027.06 | 4.64 | 7775.00 | 12.29 | 48211.00 | 14.03 | 42.84 | 23.66 |
| HCLTECH | 1226.55 | 19.10 | 332844.59 | 4.40 | 4626.00 | 20.34 | 34579.00 | 13.94 | 31.20 | 19.87 |
| WIPRO | 167.50 | 12.55 | 165902.38 | 6.57 | 3356.30 | 0.59 | 24478.60 | 10.59 | 18.49 | 18.93 |
| TECHM | 1502.25 | 28.67 | 147240.59 | 3.39 | 1486.30 | 31.67 | 15711.90 | 17.68 | 23.04 | 17.43 |
| LTM | 4403.10 | 24.97 | 130605.33 | 1.70 | 1468.60 | 17.06 | 11608.00 | 17.96 | 30.25 | 17.75 |
| OFSS | 11623.00 | 29.66 | 101216.72 | 3.44 | 1415.50 | 120.52 | 3125.20 | 68.73 | 45.50 | 60.04 |
| PERSISTENT | 5390.00 | 44.21 | 85027.25 | 0.74 | 483.04 | 13.67 | 4303.23 | 29.09 | 35.09 | 16.19 |
| COFORGE | 1846.90 | 46.57 | 81813.62 | 0.86 | 531.70 | 49.19 | 5527.70 | 49.86 | 24.70 | 19.14 |
| MPHASIS | 2311.65 | 23.10 | 44125.99 | 2.68 | 489.51 | 10.82 | 4384.05 | 17.46 | 23.31 | 18.15 |
| LTTS | 3360.55 | 27.01 | 35647.89 | 1.73 | 3571.00 | 1029.71 | 29401.00 | 1014.73 | 27.70 | 18.65 |
| MASTEK | 1625.45 | 12.06 | 5039.93 | 1.48 | 105.88 | 15.02 | 985.25 | 7.71 | 17.21 | 15.36 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 725 | 766 | 784 | 780 | 813 | 867 | 870 | 905 | 915 | 940 | 906 | 938 | 985 | |
| 602 | 642 | 651 | 655 | 689 | 724 | 729 | 767 | 777 | 795 | 760 | 787 | 859 | |
| Operating Profit | 124 | 123 | 134 | 125 | 124 | 143 | 141 | 139 | 137 | 146 | 146 | 151 | 126 |
| OPM % | 17.05% | 16.07% | 17.03% | 16.05% | 15.25% | 16.50% | 16.18% | 15.32% | 15.01% | 15.47% | 16.08% | 16.07% | 12.83% |
| 6 | 1 | 3 | 5 | 4 | 17 | 13 | -5 | 11 | 15 | 21 | 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 |
| Profit before Tax | 100 | 90 | 102 | 94 | 99 | 129 | 126 | 106 | 121 | 134 | 141 | 125 | 138 |
| Tax % | 26.72% | 27.66% | 23.59% | -0.60% | 27.51% | 0.21% | 24.65% | 23.46% | 23.74% | 27.33% | 23.26% | 15.24% | 23.53% |
| Net Profit | 0 | 0 | 0 | 0 | 72 | 129 | 95 | 81 | 92 | 97 | 108 | 106 | 106 |
| 22.95 | 20.52 | 24.57 | 29.94 | 23.18 | 41.69 | 30.68 | 26.24 | 29.75 | 31.48 | 34.97 | 34.25 | 34.16 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 560 | 817 | 1,033 | 1,071 | 1,722 | 2,184 | 2,563 | 3,055 | 3,455 | 3,699 | 3,769 | |
| 512 | 718 | 902 | 916 | 1,361 | 1,721 | 2,108 | 2,546 | 2,914 | 3,127 | 3,201 | |
| Operating Profit | 49 | 100 | 132 | 155 | 361 | 463 | 456 | 509 | 541 | 571 | 568 |
| OPM % | 8.67% | 12.20% | 12.73% | 14.50% | 20.97% | 21.18% | 17.78% | 16.65% | 15.67% | 15.45% | 15.08% |
| 9 | 21 | 25 | 17 | 31 | 36 | 64 | 12 | 35 | 54 | 48 | |
| Interest | 4 | 6 | 6 | 4 | 8 | 8 | 25 | 44 | 42 | 32 | 30 |
| Depreciation | 15 | 19 | 17 | 25 | 45 | 43 | 67 | 90 | 75 | 73 | 73 |
| Profit before Tax | 39 | 96 | 133 | 144 | 339 | 448 | 427 | 386 | 459 | 521 | 539 |
| Tax % | 17.03% | 27.15% | 23.93% | 21.01% | 25.81% | 25.58% | 27.40% | 19.48% | 18.13% | 22.49% | 22.48% |
| Net Profit | 32 | 70 | 101 | 114 | 252 | 333 | 310 | 311 | 376 | 404 | 418 |
| EPS | 13.38 | 28.14 | 40.32 | 42.93 | 81.88 | 103.81 | 95.53 | 97.37 | 121.50 | 130.32 | — |
| Dividend Payout % | 25.25% | 20.33% | 20.09% | 17.84% | 17.48% | 19.33% | 19.79% | 19.51% | 18.93% | 18.42% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 22%
- 5 Years:
- 17%
- 3 Years:
- 13%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 40%
- 5 Years:
- 14%
- 3 Years:
- 11%
STOCK PRICE CAGR
- 10 Years:
- 29%
- 5 Years:
- -11%
- 3 Years:
- -13%
- 1 Year:
- -37%
RETURN ON EQUITY
- 10 Years:
- 19%
- 5 Years:
- 21%
- 3 Years:
- 16%
- Last Year:
- 15%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 12 | 12 | 12 | 12 | 13 | 15 | 15 | 15 | 15 | 16 |
| Minority Interest | 0 | 0 | 0 | 137 | 182 | 150 | 91 | 0 | 0 | 0 |
| 449 | 527 | 686 | 757 | 819 | 1,030 | 1,653 | 2,050 | 2,419 | 2,968 | |
| 104 | 80 | 69 | 466 | 481 | 366 | 568 | 434 | 396 | 257 | |
| Trade Payables | 20 | 19 | 9 | 105 | 31 | 187 | 183 | 220 | 211 | 206 |
| 110 | 149 | 173 | 386 | 716 | 669 | 526 | 858 | 621 | 637 | |
| Total Liabilities | 695 | 787 | 950 | 1,865 | 2,243 | 2,418 | 3,036 | 3,578 | 3,662 | 4,084 |
| 180 | 179 | 167 | 852 | 802 | 837 | 1,740 | 1,950 | 1,818 | 1,938 | |
| Capital Work in Progress | 0 | 2 | 1 | 2 | 2 | 4 | 7 | 1 | 2 | 2 |
| 274 | 284 | 396 | 276 | 234 | 26 | 69 | 94 | 178 | 234 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 561 | 525 | 580 | |
| Cash & Bank | 48 | 88 | 93 | 221 | 608 | 767 | 208 | 383 | 461 | 705 |
| 193 | 234 | 292 | 515 | 596 | 784 | 1,012 | 589 | 678 | 625 | |
| Total Assets | 695 | 787 | 950 | 1,865 | 2,243 | 2,418 | 3,036 | 3,578 | 3,662 | 4,084 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 47 | 74 | 106 | 232 | 335 | 383 | 244 | 420 | 396 | 542 | |
| Cash from Investing | -119 | -24 | -53 | -269 | 198 | -20 | -738 | -256 | -277 | -66 |
| Cash from Financing | 65 | -7 | -16 | 205 | -118 | -128 | 93 | 2 | -57 | -300 |
| -12 | 34 | 6 | 121 | 368 | 125 | -537 | 166 | 63 | 176 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-07 - Mastek Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on September 07, 2026. Further, the company has informed the Exchange regarding voting results.
2026-09-07 - Mastek Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on September 07, 2026
2026-09-04 - Mastek Limited has informed the Exchange about Cessation of Directorship upon Completion of Tenure of an Independent Director
2026-08-31 - Mastek Limited has informed the Exchange about Schedule of meet
2026-08-27 - Mastek Limited has informed the Exchange regarding Allotment of 3969 Equity Shares.
2026-08-26 - Mastek Limited has informed the Exchange about Participation in Investor Conference
2026-08-25 - Intimation of cancellation of Non-Deal Roadshow scheduled to be held on August 26, 2026
2026-08-20 - Mastek Limited has informed the Exchange about Intimation of Non-Deal Roadshow.
2026-08-17 - Mastek Limited has informed the Exchange about Update on Sale of Assets.
News
Recent coverage and analyst commentary for MASTEK
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Mastek Ltd.
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