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]
Services OfferedThe company’s offerings include business and technology services such as Application Development, Application Maintenance, Business Intelligence and Data Warehousing, Testing & Assurance, and Legacy Modernisation.[1]
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | TCS | 3206.70 | 22.70 | 1160284.81 | 1.87 | 10720.00 | 6.69 | 67087.00 | 4.87 | 64.63 | 260802.00 | 26.88 | 51117.86 | 13208.17 | 10.90 | 32.07 | 0.10 |
| 2. | Infosys | 1689.80 | 23.75 | 685479.14 | 2.54 | 6666.00 | 10.79 | 45479.00 | 8.90 | 37.50 | 173173.00 | 23.67 | 28858.41 | 7540.41 | 8.25 | 18.62 | 0.11 |
| 3. | HCL Technologies | 1698.00 | 26.84 | 460752.72 | 3.18 | 4082.00 | 4.19 | 33872.00 | 13.32 | 31.61 | 126409.00 | 20.94 | 17168.33 | 4783.33 | 6.47 | 16.95 | 0.10 |
| 4. | Wipro | 267.45 | 21.15 | 280525.73 | 2.24 | 3145.00 | -7.00 | 23555.80 | 5.54 | 19.51 | 90891.90 | 19.28 | 13265.20 | 3119.00 | 3.28 | 10.82 | 0.19 |
| 5. | LTIMindtree | 6308.00 | 38.41 | 187045.58 | 1.03 | 1381.20 | 12.00 | 10394.30 | 10.19 | 27.63 | 39667.50 | 17.06 | 4869.10 | 1401.10 | 7.99 | 15.83 | 0.10 |
| 6. | Tech Mahindra | 1670.50 | 34.03 | 163662.44 | 2.69 | 1118.60 | 32.95 | 14393.20 | 8.34 | 18.56 | 55123.30 | 15.07 | 4808.97 | 1307.17 | 5.95 | 9.04 | 0.07 |
| 7. | Persistent Systems | 6403.00 | 60.69 | 101063.70 | 0.55 | 471.47 | 45.07 | 3580.72 | 23.59 | 30.44 | 13218.70 | 18.28 | 1665.16 | 471.47 | 14.01 | 16.84 | 0.06 |
| 8. | Mastek | 2101.10 | 35.64 | 6513.30 | 1.09 | 75.20 | -4.11 | 218.37 | -10.88 | 15.52 | 800.74 | 16.04 | 182.73 | 75.20 | 8.07 | 11.48 | 0.01 |
| – | Median: 69 Co. | 293.15 | 26.14 | 711.26 | 0.35 | 11.38 | 16.42 | 79.94 | 14.26 | 20.8 | 211.79 | 19.28 | 30.36 | 11.38 | 3.86 | 12.03 | 0.07 |
Standalone figures in ₹ crores
| Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 73 | 81 | 89 | 97 | 107 | 113 | 117 | 227 | 245 | 120 | 234 | 229 | 218 |
Expenses | 71 | 62 | 73 | 85 | 90 | 94 | 96 | 184 | 203 | 101 | 194 | 190 | 187 |
Operating Profit | 2 | 20 | 16 | 12 | 17 | 19 | 21 | 43 | 42 | 19 | 40 | 39 | 32 |
Other Income | 72 | 13 | 49 | 2 | 38 | 8 | 23 | 4 | 60 | -18 | -8 | 26 | 58 |
Profit before tax | 70 | 30 | 62 | 11 | 52 | 24 | 40 | 38 | 93 | -2 | 24 | 57 | 84 |
Tax % | 13% | 36% | 16% | -47% | 9% | 28% | 2% | 26% | 16% | -44% | 42% | 27% | 10% |
Net Profit | 61 | 19 | 52 | 16 | 48 | 18 | 39 | 28 | 78 | -1 | 14 | 42 | 75 |
EPS in Rs | 20.31 | 6.34 | 17.07 | 5.23 | 15.52 | 5.73 | 12.67 | 9.13 | 25.40 | -0.44 | 4.53 | 13.54 | 24.28 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 551 | 665 | 379 | 169 | 162 | 189 | 163 | 187 | 257 | 313 | 434 | 486 | 801 |
Expenses | 498 | 588 | 356 | 143 | 147 | 173 | 160 | 170 | 223 | 266 | 365 | 403 | 672 |
Operating Profit | 53 | 77 | 22 | 27 | 16 | 17 | 4 | 17 | 34 | 47 | 69 | 84 | 128 |
Other Income | 6 | 28 | 13 | 9 | 23 | 35 | 42 | 30 | 75 | 132 | 72 | 73 | 58 |
Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 1 | 4 | 2 |
Depreciation | 26 | 27 | 15 | 12 | 11 | 12 | 11 | 11 | 12 | 13 | 14 | 14 | 22 |
Profit before tax | 33 | 78 | 21 | 24 | 27 | 39 | 34 | 36 | 96 | 166 | 127 | 139 | 162 |
Net Profit | 27 | 74 | 13 | 23 | 16 | 31 | 27 | 19 | 77 | 132 | 120 | 121 | 130 |
EPS in Rs | 12.17 | 32.99 | 5.81 | 9.89 | 6.64 | 12.73 | 11.30 | 7.48 | 25.69 | 43.29 | 38.97 | 38.97 | 41.91 |
Dividend Payout % | 37% | 8% | 43% | 35% | 90% | 67% | 71% | 194% | 74% | 44% | 49% | 59% | – |
Standalone figures in ₹ crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 11 | 11 | 12 | 12 | 12 | 12 | 12 | 13 | 15 | 15 | 15 | 15 | 15 |
Reserves | 332 | 427 | 186 | 218 | 216 | 248 | 257 | 467 | 587 | 727 | 834 | 897 | 791 |
Borrowings | 2 | 1 | 0 | 1 | 1 | 2 | 2 | 2 | 3 | 3 | 54 | 8 | 11 |
Other Liabilities | 104 | 75 | 47 | 41 | 49 | 51 | 66 | 168 | 110 | 89 | 117 | 133 | 225 |
Total Liabilities | 449 | 514 | 246 | 272 | 278 | 313 | 336 | 650 | 715 | 835 | 1,021 | 1,053 | 1,044 |
Fixed Assets | 78 | 69 | 46 | 45 | 45 | 45 | 40 | 36 | 35 | 33 | 66 | 61 | 82 |
Gross Block | 261.50 | 277.94 | 203.31 | 213.62 | 196.33 | 200.60 | 198.62 | 170.79 | 181.30 | 180.91 | 196.11 | 187.09 | – |
Accumulated Depreciation | 183.68 | 208.66 | 157.35 | 168.84 | 150.85 | 155.38 | 158.59 | 135.19 | 146.01 | 147.92 | 129.65 | 126.22 | – |
CWIP | 0 | 1 | 0 | 0 | 2 | 1 | 2 | 2 | 4 | 4 | 1 | 2 | 2 |
Investments | 218 | 203 | 33 | 119 | 132 | 156 | 174 | 484 | 491 | 674 | 781 | 799 | 526 |
Other Assets | 153 | 240 | 166 | 108 | 99 | 110 | 120 | 129 | 184 | 123 | 172 | 192 | 434 |
Total Assets | 449 | 514 | 246 | 272 | 278 | 313 | 336 | 650 | 715 | 835 | 1,021 | 1,053 | 1,044 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | 89 | 9 | 40 | 50 | 22 | 18 | 16 | 23 | 15 | 54 | 82 | 50 |
Cash from Investing Activity | -33 | -11 | -32 | -61 | -6 | -4 | 23 | -13 | 22 | -7 | -69 | 54 |
Cash from Financing Activity | -66 | -5 | -4 | -0 | -8 | -14 | -30 | -6 | -45 | -56 | -13 | -110 |
Net Cash Flow | -11 | -6 | 3 | -10 | 8 | -0 | 8 | 4 | -8 | -9 | 0 | -5 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 22 | 41 | 50 | 31 | 62 | 69 | 57 | 87 | 80 | 44 | 53 | 67 |
Inventory Days | – | – | – | – | – | – | – | – | – | – | – | – |
Days Payable | – | – | – | – | – | – | – | – | – | – | – | – |
Cash Conversion Cycle | 22 | 41 | 50 | 31 | 62 | 69 | 57 | 87 | 80 | 44 | 53 | 67 |
Working Capital Days | -20 | 31 | 27 | 36 | 8 | 24 | -8 | -143 | 1 | -9 | -0 | 27 |
ROCE % | 12% | 17% | 6% | 11% | 10% | 13% | 13% | 9% | 14% | 15% | 15% | 16% |
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Stock Analysis
Mastek Limited, established in 1982, is a digital transformation partner and enterprise technology solutions provider with a presence across the IT industry for nearly four decades.
Growth is expected to be driven by its AI-first strategy, securing new AI deals, expanding services in the UK (NHS LPP framework), and strengthening its presence in the Americas with a focus on digital engineering and cloud transformation.
The company reported a 12-month order backlog of ₹2,484.3 crore, showing a 13.2% year-on-year increase, as per Q2 FY26 results.
Concerns include a high Price to Book value ratio, historically low return on equity over three years, and an increase in debtor days. Recent results showed a decline in PAT due to higher taxes.
The next significant event is the announcement of Q3 & 9M FY26 results scheduled for January 20, 2026, followed by an earnings conference call on January 21, 2026.
Corporate Announcements
