Arthneeti

Mastek Q2 FY27 Share Price & Earnings Call Analysis

₹1,474.00+0.99% today
Market cap
₹4,571 Cr
P/E
10.40
ROE
15.28%
PEG
0.70
Price to sales
1.21
Debt to equity
0.15
52W high / low
₹2,336 / ₹1,342
Sales growth (5Y)
16.52%
EBITDA margin
15.91%
Net profit margin
11.27%
Promoter holding
35.75%
Sales (last year)
₹3,769 Cr

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]

Guidance scorecard · Q2 FY27 call

What Mastek's management guided
and where it ranks in IT - Software

#26of 38 in
IT - Software
Revenue10–20%MarginsFlatCapexPlannedFundraisingWhat management saidOrder bookRising

RevenueQ1 FY27 call

10–20%
  • U.K. business expected to continue delivering good growth and momentum.
  • North America business has positive order book tailwinds; expected to turn into a growth engine by H2 FY27 after 1-2 more quarters of ramp-up.
  • FY27 performance anticipated to be better than FY26, driven by order backlog and new deal pipeline.
  • Middle East business faces uncertainty due to geopolitical turmoil; growth depends on stabilization but has a strong pipeline.
  • AI-led initiatives driving new opportunities in existing and net new accounts across geographies.
  • Healthcare vertical in U.K. and U.S. expected to ramp up strongly from Q2 and especially H2.

2 more points from Mastek's call on revenue

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Full Q1 FY27 analysis

MarginsQ1 FY27 call

Flat

See what Mastek said on margins — free account, 30 seconds.

Full Q1 FY27 analysis

CapexQ1 FY27 call

Planned
  • Mastek is undergoing a significant AI-led business transformation internally, treating itself as "Customer Zero."
  • Investments include replacing core systems of records (CRM, recruitment, payables) with AI-native, system-of-intelligence solutions.
  • Focus on transforming from an engineering powerhouse to a transformation powerhouse, including upskilling resources to Forward Deployed Engineers (FDEs) and Forward Deployed Domain Consultants (FDDCs).
  • AI transformation is not only client-facing but is being executed internally as a strategic investment.

2 more points from Mastek's call on capex

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Full Q1 FY27 analysis

FundraisingQ1 FY27 call

See what Mastek said on fundraising — free account, 30 seconds.

Full Q1 FY27 analysis

Order bookQ1 FY27 call

Rising
  • The 12-month order backlog has grown by 25% year-on-year and 13% in constant currency terms, indicating strong order book momentum.
  • The total contract value (TCV) is healthy and moving positively, exemplified by a recent $25 million, 5-year deal in North America.
  • There is a good increase in the number of large deal pipeline items across geographies.
  • The AI-led opportunities in the order pipeline are increasing consistently, with multiple ongoing campaigns in existing and new customers.
  • Middle East has a strong order pipe, including large Healthcare deals close to signature and ramp-up, although political volatility creates some uncertainty.

2 more points from Mastek's call on the order book

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Full Q1 FY27 analysis
Full IT - Software ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in IT - Software
on management's own guidance

  1. Strong growth
    2
  2. Strong growth
    1
  3. CapitalNumbersGood growth
    3
See all potential multibaggersWhere does Mastek rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

IT - Software companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Up 2%+₹569 Cr34.7
240%+Flat₹336 Cr7.3
3CapitalNumbers20–40%Up 2%+₹181 Cr9.2
420–40%Up 2%+₹159 Cr11.5
520–40%Up 0–2%₹1,826 Cr28.5
620–40%Flat₹4,341 Cr84.7

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Pro shows every company guiding 40%+ revenue growth →Full IT - Software ranking

Financials of Mastek

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

Mastek

Shareholding breakup across reporting periods.

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters +36.48%36.26%36.25%36.24%36.23%35.97%35.96%35.79%35.78%35.77%35.77%35.75%
FIIs +14.10%14.40%14.03%8.14%9.40%10.00%11.05%11.24%10.27%8.03%7.45%5.93%
DIIs +6.41%7.07%7.10%10.41%9.27%9.84%10.52%11.52%12.65%19.02%19.86%22.01%
Public +43.01%42.26%42.59%45.22%45.09%44.19%42.47%41.45%41.31%37.18%36.94%36.28%
No. of Shareholders90,28484,94991,45688,6761,06,6081,03,79898,0131,00,78097,54188,91890,43187,785

Financials of Mastek

Quarterly Results

Quarter-by-quarter operating performance

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales +7667847808138678709059159409069389851,019
Expenses +642651655689724729767777794754787833872
Operating Profit123134125124143141139137146152151152146
OPM %16%17%16%15%16%16%15%15%16%17%16%15%14%
Other Income +13541713-511151401222
Interest131399111210997778
Depreciation21222720201719181818181819
Profit before tax901029499129126106121134141125138141
Tax %28%24%-1%28%0%25%23%24%27%23%15%24%25%
Net Profit +6578947212995819297108106106106
EPS in Rs20.5024.5629.8523.1841.6830.6726.2029.7531.4634.9634.2434.1534.08

Financials of Mastek

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales +1,0135275608171,0331,0711,7222,1842,5633,0553,4553,6993,848
Expenses +9655095157189029161,3571,7212,1082,5462,9093,1133,247
Operating Profit471845100132156364463456509546586601
OPM %4.7%3.5%8%12%13%15%21%21%18%17%16%16%16%
Other Income +14151221251728366412304049
Interest104664882544423230
Depreciation37161519172545436790757374
Profit before tax22163996133144339448427386459521546
Tax %20%17%17%27%24%21%26%26%27%19%18%22%
Net Profit +18143270101114252333310311376404426
EPS in Rs7.865.9713.8629.5342.3344.8282.9798.3295.9997.36121.50130.33137.43
Dividend Payout %32%42%25%20%20%18%17%19%20%20%19%18%

Financials of Mastek

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital11121212121213151515151616
Reserves5853084575377047788461,0561,6682,0722,4472,9763,174
Borrowings +290667070335273203404519583438379
Other Liabilities +2071081702021797631,1461,1931,0241,045758863722
Total Liabilities8324287058219661,8882,2772,4673,1113,6523,8034,2934,291
Fixed Assets +279661801791678578078411,7401,9501,8181,9381,946
CWIP1002122471223
Investments5450274284396276234666994178234411
Other Assets +4983122513564017541,2351,5561,2961,6071,8052,1191,931
Total Assets8324287058219661,8882,2772,4673,1113,6523,8034,2934,291

Financials of Mastek

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +5932436575184287273108420396542
Cash from Investing Activity +-28-84-127-18-54-262218-26-719-249-2602
Cash from Financing Activity +22-465-7-16205-118-128932-57-300
Net Cash Flow53-57-20405127387119-51917380244
Free Cash Flow1020315060169276237126391378515
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit121%199%102%74%80%149%92%83%53%104%95%121%

Financials of Mastek

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days4867557874108797372675557
Inventory Days
Days Payable
Cash Conversion Cycle4867557874108797372675557
Working Capital Days25382915384-35-2034-12819
ROCE %5%3%10%17%19%16%26%32%23%18%17%18%

Guidance history

How Mastek's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q1 FY27 call →10–20%FlatPlanned—Rising
Q4 FY26 call →0–10%FlatPlanned—Rising
Q3 FY26 call →10–20%Flat——Rising
Q2 FY26 call →0–10%FlatPlanned—Flat

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

11out of 100

Momentum score · price trend

11 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months−32.3%20%
Last 6 months−13.0%32%
Last 3 months−23.6%10%

The price is 55.5% below its all-time high of ₹3,311.75 (1 Apr 2022). Stocks more than 20% below their peak have their score halved, so 23 became 11.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Mastek: 0.4 × 20 + 0.4 × 32 + 0.2 × 10 = 23, halved to 11 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What Mastek's management said in earlier quarters

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