MASTEK

Mastek share price & financials

Price
₹1,772.6
Market cap
₹5.8k Cr
Sector
Information Technology
Calls analysed
7
Latest concall · Q1 FY27 · call held 22 Jul 2026

Mastek Limited Q1 FY27

Revenue 104.8 million Operating EBITDA Margin 15.4% PAT ₹105.9 cr

What went well

  • Revenue of $104.8 million, up 1.2% sequentially (1.8% in constant currency terms).
  • 12-month order backlog grew 25% year-on-year (INR terms) and 13% in constant currency terms, reaching $310 million.
  • PAT of ₹105.9 crore, representing 10.6% of total income, with basic EPS up 14.8% YoY and diluted EPS up 15% YoY.

What to watch

  • Operating EBITDA at 15.4%, impacted by Middle East geopolitical situation, increased bench cost, and delayed collections.
  • Middle East business facing severe headwinds and uncertainty, impacting predictability.
Read the full call →

What Mastek Limited does

Mastek designs, builds and manages enterprise digital engineering, cloud and AI solutions for clients in government, healthcare, retail, manufacturing and financial services. It delivers Oracle, Salesforce and Microsoft-centred implementation, modernisation and managed-services engagements through partnerships with Oracle, Salesforce, Microsoft, AWS, Snowflake and Databricks. Work is executed across the UK & Europe, Americas and Asia-Pacific/Middle East (AMEA) regions using a mix of onsite client teams and offshore delivery centres in India. Contracts are structured as both time-and-material and fixed-price engagements spanning systems modernisation, data/AI-led automation, and digital commerce.

Segments

  • Government & Education
  • Health & Life Sciences
  • Financial Services
  • Manufacturing & Technology
  • Retail/Consumer
Countries with business presence
40+
Global delivery centres
20+
Office locations
UK (Reading, Leeds, Harrow), Americas (Chicago, Dallas, Woburn, Ontario), Europe (Netherlands, Romania), APAC & Middle East (Australia, Singapore, Malaysia, Bahrain, Egypt, UAE, Qatar, Riyadh) and 8 Indian cities (Mumbai, Ahmedabad, Pune, Chennai, Gurugram, Noida, Bengaluru, Tiruchirapalli)
Offshore employees (India)
3,195
Onsite employees
1,535
Active clients
326
Founded 1982Headquarters Ahmedabad, Gujarat, IndiaEmployees 4,730 (March 31, 2026) Company website

Guidance record · Q1 FY27

what the last two calls moved 18 tracked 3 delivered 5 missed 10 open
  • CFO Appointment delivered said Q1 FY26 Promised: Appoint a new CFO 'at the earliest' Q1 FY27: Promise was achieved in Q3 FY26.
  • EBITDA Margin missed said Q4 FY25 Promised: 17% to 19% before we end the next year (FY26) Q1 FY27: Promise pertains to FY26, which has concluded. The final verdict remains 'missed'.
  • US Revenue Growth delayed said Q1 FY26 Promised: Growth to become more robust in H2 FY26 Q1 FY27: The original H2 FY26 timeline was missed. Management now expects North America to 'turn itself into a growth engine' by H2 FY27, confirming the delay.

All 18 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 7.7%, net profit up 15.2% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue867 870 905 915 940 +8%906 +4%938 +4%985 +8%
EBITDA143 141 139 137 146 +2%152 +8%151 +9%151 +10%
Net profit129 95 81 92 97 −25%108 +14%106 +31%106 +15%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −36.0% 1Y

₹1.5k₹2.0k₹2.5kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 17 Oct 2025Q3 FY26 — 21 Jan 2026Q4 FY26 — 20 Apr 2026Q1 FY27 — 22 Jul 2026

1Y: ₹2,539.2 on 10 Sept 2025 → ₹1,626.3. High ₹2,539.2 (10 Sept 2025), low ₹1,342.2 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
−1.8%
22 Jul
Q4 FY26
−3.6%
20 Apr
Q3 FY26
−2.2%
21 Jan
Q2 FY26
−4.0%
17 Oct

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 13.0% a year over 3 years, FY23 to FY26. Operating margin narrowed to 15.8%.

Year endingFY23FY24FY25FY26
Revenue₹2.6k Cr₹3.1k Cr₹3.5k Cr₹3.7k Cr
Operating profit₹456 Cr₹509 Cr₹547 Cr₹586 Cr
Operating margin17.8%16.7%15.8%15.8%
Interest₹24 Cr₹44 Cr₹42 Cr₹32 Cr
Depreciation₹68 Cr₹90 Cr₹76 Cr₹72 Cr
Net profit₹310 Cr₹311 Cr₹377 Cr₹403 Cr
Net margin12.1%10.2%10.9%10.9%
ROCE23.0%18.0%17.0%18.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹13 Cr₹15 Cr₹15 Cr₹15 Cr₹15 Cr₹16 Cr
Reserves₹846 Cr₹1.1k Cr₹1.7k Cr₹2.1k Cr₹2.7k Cr₹3.0k Cr
Borrowings₹273 Cr₹203 Cr₹404 Cr₹519 Cr₹544 Cr₹438 Cr
Other liabilities₹1.1k Cr₹1.2k Cr₹1.0k Cr₹1.0k Cr₹813 Cr₹879 Cr
Total liabilities₹2.3k Cr₹2.5k Cr₹3.1k Cr₹3.7k Cr₹4.0k Cr₹4.3k Cr
Fixed assets₹807 Cr₹841 Cr₹1.7k Cr₹1.9k Cr₹1.8k Cr₹1.9k Cr
Capital work in progress₹2 Cr₹4 Cr₹7 Cr₹1 Cr₹2 Cr₹2 Cr
Investments₹234 Cr₹66 Cr₹69 Cr₹94 Cr₹188 Cr₹234 Cr
Other assets₹1.2k Cr₹1.6k Cr₹1.3k Cr₹1.6k Cr₹2.0k Cr₹2.1k Cr
Total assets₹2.3k Cr₹2.5k Cr₹3.1k Cr₹3.7k Cr₹4.0k Cr₹4.3k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, DIIs added +9.34 pp while the public trimmed −5.53 pp. The shareholder count shrank 8% to 90,431.

Promoters
35.8%
FIIs
7.5%
DIIs
19.9%
Public
36.9%

Since Jun 2025

  • DIIs +9.34 pp
  • Public −5.53 pp
  • FIIs −3.60 pp

How it drifted, 12 quarters

Over this window DIIs went from 6.0% to 19.9% — +13.9 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 36.5%, FIIs 13.9%, DIIs 6.0%, Public 43.6%.Dec '23: Promoters 36.5%, FIIs 14.1%, DIIs 6.4%, Public 43.0%.Mar '24: Promoters 36.3%, FIIs 14.4%, DIIs 7.1%, Public 42.3%.Jun '24: Promoters 36.3%, FIIs 14.0%, DIIs 7.1%, Public 42.6%.Sep '24: Promoters 36.2%, FIIs 8.1%, DIIs 10.4%, Public 45.2%.Dec '24: Promoters 36.2%, FIIs 9.4%, DIIs 9.3%, Public 45.1%.Mar '25: Promoters 36.0%, FIIs 10.0%, DIIs 9.8%, Public 44.2%.Jun '25: Promoters 36.0%, FIIs 11.1%, DIIs 10.5%, Public 42.5%.Sep '25: Promoters 35.8%, FIIs 11.2%, DIIs 11.5%, Public 41.5%.Dec '25: Promoters 35.8%, FIIs 10.3%, DIIs 12.7%, Public 41.3%.Mar '26: Promoters 35.8%, FIIs 8.0%, DIIs 19.0%, Public 37.2%.Jun '26: Promoters 35.8%, FIIs 7.5%, DIIs 19.9%, Public 36.9%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 1 holder trimming and 1 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Mastek Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Ashank Datta Desai 10.95%unchanged
Ketan Mehta 7.14%unchanged
Girija Ram 5.66%unchanged
Umang Tejkaran Nahata 5.48%unchanged
HDFC Small Cap Fund Mutual fund4.13%+0.51 pp
Bandhan Large & Mid Cap Fund Mutual fund3.60%+0.51 pp
ICICI Prudential Technology Fund Mutual fund3.57%newly disclosed
Ummed Singh Nahata 3.55%unchanged
Rakesh Raman 3.39%unchanged
RAM FAMILY TRUST I (through Trustee-sole beneficiary Mrs. Girija Ram) 3.22%unchanged
Sundar Radhakrishnan 2.60%unchanged
Tata Digital India Fund Mutual fund2.17%−0.32 pp

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in MASTEK

Filings to Jul 2026

0 new, 1 added, 0 trimmed, 0 sold out — net +2.26 L shares (+16.7%).

Held by funds
₹296 Cr
1 schemes
Biggest holder
HDFC Small Cap Fund
₹296 Cr · 0.7% of that fund
SchemeHoldingLast month
HDFC Small Cap Fund HDFC Mutual Fund₹296 Cr+2.26 L

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Jul 2026

1 added, 0 trimmed — net +2.26 L shares (+16.7%)

Funds are sitting on
+1%
vs est. average cost
Held by funds
₹296 Cr
1 schemes · ≈ 4.8% of the company

Shares held by these funds +15436%

May '23 15.80 L shares Jul '26

What the price assumes

Attractive

To justify its price of ₹1626, this stock must grow earnings at 4% every year for 7 years. Our analysis caps realistic growth at ~16%. At that growth it is worth ₹3100 — upside of 91%.

Growth the price implies
4.2% a year
for 7 years, fading to 4%
It has actually compounded at
15.1% a year
net profit, FY23–FY26 · EPS 16.2%
The gap
-0.1 pp
91% downside if it only repeats history
Price today ₹1,626.3 Value at the reference growth ₹3,099.71

Change the assumptions yourself →

All earnings calls (6)

Read the Q1 FY27 call →

Learn to analyse Mastek Limited

Guides on how to read this kind of business and the numbers that matter.