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 delivered good profit growth of 60.7% CAGR over last 5 years
- Company is almost debt free
- Company has a healthy return on capital (ROCE) of 22.2%
- Company has delivered good sales growth of 37.4% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 36.8%
CONS
- A large part of profit comes from other income (58.6% of PBT)
- Receivables are growing faster than sales - a possible quality concern
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.58x)
- Working capital days have increased from 124 to 188 days
- Operating margins have contracted to 17.1% from 38.4%
- Recurring exceptional / one-off items are inflating headline profit
* 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
Standalone Figures in Rs. Crores / View Consolidated
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 97 | 107 | 113 | 117 | 227 | 245 | 233 | 234 | 229 | 218 | 226 | 245 | 221 | |
| 85 | 90 | 94 | 97 | 184 | 203 | 216 | 194 | 190 | 187 | 199 | 191 | 199 | |
| Operating Profit | 12 | 17 | 19 | 20 | 43 | 42 | 17 | 40 | 39 | 32 | 27 | 53 | 22 |
| OPM % | 12.42% | 16.05% | 17.12% | 16.78% | 19.04% | 17.28% | 7.28% | 16.92% | 16.85% | 14.53% | 11.91% | 21.84% | 10.14% |
| 2 | 38 | 8 | 25 | 4 | 60 | 7 | -2 | 26 | 58 | 14 | 10 | 6 | |
| Interest | 0 | 0 | 0 | 1 | 2 | 2 | 1 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 3 | 3 | 3 | 4 | 8 | 8 | 4 | 7 | 7 | 6 | 6 | 6 | 7 |
| Profit before Tax | 11 | 52 | 24 | 40 | 38 | 93 | 18 | 30 | 57 | 84 | 35 | 56 | 28 |
| Tax % | -47.24% | 8.78% | 27.80% | 1.61% | 26.32% | 15.60% | 23.73% | 33.33% | 26.62% | 10.10% | 18.48% | -1.51% | 26.27% |
| Net Profit | 16 | 48 | 18 | 39 | 28 | 78 | 14 | 20 | 42 | 75 | 28 | 57 | 21 |
| 5.24 | 15.54 | 5.73 | 12.68 | 9.13 | 25.41 | 4.42 | 6.51 | 13.54 | 24.29 | 9.10 | 18.44 | 6.71 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 169 | 162 | 189 | 163 | 187 | 257 | 313 | 434 | 939 | 918 | 910 | |
| 143 | 147 | 173 | 160 | 170 | 223 | 266 | 365 | 777 | 761 | 775 | |
| Operating Profit | 27 | 15 | 17 | 3 | 17 | 34 | 47 | 69 | 162 | 157 | 134 |
| OPM % | 15.87% | 9.54% | 8.93% | 2.07% | 9.33% | 13.18% | 15.03% | 15.98% | 17.27% | 17.06% | 14.78% |
| 10 | 23 | 35 | 42 | 30 | 75 | 132 | 72 | 48 | 102 | 88 | |
| Interest | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 1 | 5 | 1 | 1 |
| Depreciation | 13 | 11 | 12 | 11 | 11 | 12 | 13 | 14 | 26 | 26 | 26 |
| Profit before Tax | 24 | 27 | 39 | 34 | 36 | 96 | 166 | 127 | 179 | 232 | 203 |
| Tax % | 3.79% | 42.43% | 22.09% | 18.86% | 48.12% | 19.57% | 20.23% | 5.39% | 21.69% | 12.60% | 10.55% |
| Net Profit | 23 | 16 | 31 | 27 | 19 | 77 | 132 | 120 | 140 | 202 | 181 |
| EPS | 9.55 | 6.33 | 12.12 | 10.82 | 7.38 | 27.13 | 43.07 | 38.98 | 45.36 | 65.30 | — |
| Dividend Payout % | 35.39% | 90.34% | 66.81% | 70.76% | 193.95% | 73.97% | 43.88% | 48.74% | 50.71% | 36.75% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 9%
- 5 Years:
- 37%
- 3 Years:
- 43%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 31%
- 5 Years:
- 61%
- 3 Years:
- 15%
STOCK PRICE CAGR
- 10 Years:
- 29%
- 5 Years:
- -11%
- 3 Years:
- -13%
- 1 Year:
- -37%
RETURN ON EQUITY
- 10 Years:
- 14%
- 5 Years:
- 19%
- 3 Years:
- 20%
- Last Year:
- 26%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| 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 |
| 210 | 206 | 233 | 235 | 449 | 575 | 714 | 818 | 716 | 833 | |
| 5 | 8 | 5 | 11 | 21 | 16 | 4 | 55 | 19 | 33 | |
| Trade Payables | 2 | 3 | 2 | 1 | 1 | 31 | 24 | 25 | 36 | 37 |
| 16 | 16 | 34 | 49 | 136 | 45 | 40 | 92 | 153 | 160 | |
| Total Liabilities | 244 | 246 | 285 | 308 | 621 | 682 | 798 | 1,006 | 939 | 1,078 |
| 45 | 45 | 45 | 35 | 31 | 31 | 33 | 66 | 90 | 85 | |
| Capital Work in Progress | 0 | 2 | 1 | 2 | 2 | 4 | 4 | 1 | 2 | 1 |
| 119 | 132 | 156 | 174 | 484 | 491 | 674 | 781 | 502 | 572 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 63 | 226 | 315 | |
| Cash & Bank | 4 | 12 | 12 | 21 | 24 | 49 | 7 | 27 | 17 | 26 |
| 76 | 54 | 70 | 76 | 80 | 106 | 79 | 67 | 102 | 79 | |
| Total Assets | 244 | 246 | 285 | 308 | 621 | 682 | 798 | 1,006 | 939 | 1,078 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 57 | 20 | 27 | 25 | 28 | 28 | 70 | 82 | 103 | 85 | |
| Cash from Investing | -61 | -6 | -4 | 23 | -13 | 22 | -7 | -69 | -14 | 4 |
| Cash from Financing | -0 | -8 | -14 | -30 | -6 | -45 | -56 | -13 | -113 | -80 |
| -10 | 8 | -0 | 8 | 4 | -8 | -9 | 0 | -24 | 9 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| 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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