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Mastek Ltd.

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mastek.comBSE: 523704NSE: MASTEK
Market Cap₹ 5,043 Cr.
Current Price
High / Low₹ 2,560 / 1,334
Stock P/E27.8
Book Value₹ 280
Price to Book4.91
Dividend Yield1.48 %
ROCE28.7 %
ROE25.6 %
Face Value₹ 5

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ABOUT

AI Sector View

AI GENERATED

Information Technology

Buy

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.

Confidence
68%
View full sector analysis →

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

Information TechnologyITIT - Software
Part ofNIFTY MICROCAP250NIFTY TOTAL MKT
S.No.Name
1.TCS2202.0016.00796702.875.0013420.004.6972275.0013.9366.2525.67
2.INFY1038.2013.91421325.694.627775.0012.2948211.0014.0342.8423.66
3.HCLTECH1207.0018.80327539.384.474626.0020.3434579.0013.9431.2019.87
4.WIPRO167.5012.55165902.386.573356.300.5924478.6010.5918.4918.93
5.TECHM1539.5029.38150891.593.311486.3031.6715711.9017.6823.0417.43
6.LTM4301.1524.39127581.281.741468.6017.0611608.0017.9630.2517.75
7.OFSS11760.0030.01102409.763.401415.50120.523125.2068.7345.5060.04
8.PERSISTENT5537.4545.4287353.270.72483.0413.674303.2329.0935.0916.19
9.COFORGE1847.4046.5881835.770.86531.7049.195527.7049.8624.7019.14
10.MPHASIS2294.1022.9243790.982.70489.5110.824384.0517.4623.3118.15
11.LTTS3334.9526.8035379.241.743571.001029.7129401.001014.7327.7018.65
12.MASTEK1626.5512.075043.341.48105.8815.02985.257.7117.2115.36
Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
97107113117227245233234229218226245221
85909497184203216194190187199191199
Operating Profit12171920434217403932275322
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%
2388254607-2265814106
Interest0001221000000
Depreciation3334884776667
Profit before Tax11522440389318305784355628
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 Profit16481839287814204275285721
5.2415.545.7312.689.1325.414.426.5113.5424.299.1018.446.71

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
169162189163187257313434939918910
143147173160170223266365777761775
Operating Profit271517317344769162157134
OPM %15.87%9.54%8.93%2.07%9.33%13.18%15.03%15.98%17.27%17.06%14.78%
102335423075132724810288
Interest00001101511
Depreciation1311121111121314262626
Profit before Tax242739343696166127179232203
Tax %3.79%42.43%22.09%18.86%48.12%19.57%20.23%5.39%21.69%12.60%10.55%
Net Profit231631271977132120140202181
EPS9.556.3312.1210.827.3827.1343.0738.9845.3665.30—
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:
-12%
1 Year:
-35%

RETURN ON EQUITY

10 Years:
14%
5 Years:
19%
3 Years:
20%
Last Year:
26%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Corporate actions

2026

Aug 31

₹ 3.20

Rs.16.0000 per share(320%)Final Dividend

2026

Jan 30

₹ 1.60

Rs.8.0000 per share(160%)Interim Dividend

2025

Sep 12

₹ 3.20

Rs.16.0000 per share(320%)Final Dividend

2025

Jan 24

₹ 1.40

Rs.7.0000 per share(140%)Interim Dividend

2024

Sep 17

₹ 2.40

Rs.12.0000 per share(240%)Final Dividend

2024

Jan 25

₹ 1.40

Interim Dividend

2023

Sep 18

₹ 2.40

Rs.12.0000 per share(240%)Final Dividend

2023

Feb 1

₹ 1.40

Rs.7.0000 per share(140%)Interim Dividend

2022

Sep 8

₹ 2.40

Rs.12.0000 per share(240%)Final Dividend

2022

Jan 31

₹ 1.40

2021

Sep 23

₹ 1.80

Rs.9.0000 per share(180%)Final Dividend

2020

Nov 9

₹ 1.10

Rs.5.5000 per share(110%)Interim Dividend

2018

Jul 11

₹ 0.80

Rs.4.0000 per share(80%)Final Dividend

2017

Nov 7

₹ 0.40

Rs.2.0000 per share(40%)Interim Dividend

2017

Jun 14

₹ 0.50

21/07/2017 Equity Rs.2.5000 per share(50%)Final Dividend

2016

Nov 1

₹ 0.20

Rs.1.0000 per share(20%)Interim Dividend

2016

Mar 22

₹ 0.20

Re.1.0000 per share (20%) Second Interim Dividend

2016

Jan 28

₹ 0.30

Rs.1.5000 per share(30%)Interim Dividend

2020

Mar 17

₹ 1

Rs.5.0000 per share (100%) Second Interim Dividend

2026

Aug 12

₹ 3.20

Rs.16.0000 per share(320%)Final Dividend

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital12121212131515151516
210206233235449575714818716833
5851121164551933
Trade Payables232113124253637
16163449136454092153160
Total Liabilities2442462853086216827981,0069391,078
45454535313133669085
Capital Work in Progress0212244121
119132156174484491674781502572
000000063226315
Cash & Bank412122124497271726
7654707680106796710279
Total Assets2442462853086216827981,0069391,078

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
572027252828708210385
Cash from Investing-61-6-423-1322-7-69-144
Cash from Financing-0-8-14-30-6-45-56-13-113-80
-108-084-8-90-249

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026

Shareholding Pattern

Numbers in percentages

Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
36.2336.2235.9735.9535.7935.7735.7635.76
8.139.4010.0111.0511.2410.278.037.45
10.419.279.8410.5211.5212.6519.0319.86
Government0.000.000.000.000.000.000.000.00
45.2245.1144.1842.4841.4541.3137.1836.93

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-07
Shareholders meeting

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
Shareholders meeting

2026-09-07 - Mastek Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on September 07, 2026

2026-09-04
Change in Management

2026-09-04 - Mastek Limited has informed the Exchange about Cessation of Directorship upon Completion of Tenure of an Independent Director

2026-08-31
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-31 - Mastek Limited has informed the Exchange about Schedule of meet

2026-08-27
ESOP/ESOS/ESPS

2026-08-27 - Mastek Limited has informed the Exchange regarding Allotment of 3969 Equity Shares.

2026-08-26
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-26 - Mastek Limited has informed the Exchange about Participation in Investor Conference

2026-08-25
Updates

2026-08-25 - Intimation of cancellation of Non-Deal Roadshow scheduled to be held on August 26, 2026

2026-08-20
Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-20 - Mastek Limited has informed the Exchange about Intimation of Non-Deal Roadshow.

2026-08-17
General Updates

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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