Whalesbook
Profit mein girawat ka sabse bada reason hai EBIT margin ka 70 basis points se kam hokar 14.1% ho jana. Puraney quarter mein yeh 14.8% tha. Isse company ka operating profit ₹132.28 crore ho gaya, jo 1.37% kam hai. Matlab ki bhai, kharchon ne profit ka margin tight kar diya hai.
Lekin agar pichhle saal (Q4 FY25) se compare karein toh Profit After Tax (PAT) 23.6% badhkar ₹81.07 crore se ₹106.15 crore ho gaya. Poore saal FY26 ke liye PAT ₹404 crore raha, jo pichhle saal ₹375.83 crore tha. Toh saal-dar-saal numbers strong hain.
Shareholders ko khush karne ke liye Board ne ₹16 per share ka final dividend propose kiya hai. Isse poore FY26 ka dividend ₹24 per share ho gaya hai, jo pichle saal ₹23 tha. Management confidence dikha raha hai.
Stock ki baat karein toh Friday ko yeh 2.85% upar ₹1746 par band hua, jo Nifty IT ka 0.65% rise se behtar hai. Pichhle hafte 10.45% aur pichhle mahine 20% bhaga tha. Lekin long-term mein dekho toh YTD 17.03% neeche hai aur 12 mahine mein 24.84% gir chuka hai. Matlab recent gains ke bawajood, overall weakness dikh rahi hai.
Company ka market cap ₹5300 crore ke aas paas hai aur iska Price-to-Earnings (P/E) ratio 13.41x hai. Yeh Nifty IT index ke average P/E 22.2x-22.4x se kaafi attractive lagta hai. Ye gap shayad Mastek ke operational challenges ya slower growth ki wajah se hai, compared to TCS, Infosys jaise bade players. Sector mein Generative AI (GenAI) ka bhi impact hai, jisne Nifty IT index ko March 2026 tak 25% gira diya tha. GenAI se traditional IT services par short-term pressure aa sakta hai, par 2030 tak market bada hone ki ummeed hai.
QoQ margin ka 14.1% tak girna ek main concern hai, chahe revenue badh jaye aur dividend bhi mile. Ye dikhata hai operational costs zyada hain ya pricing pressure hai. Q3 mein employee utilization 76.7% par aa gaya tha, jo seasonal factors aur client furloughs ke karan tha. P/E 13.41x attractive hai, par kuch analysts iska P/E 31.89x tak bhi dekhte hain, jo overvaluation ka signal de sakta hai. Stock ka long-term fall aur AI risk investors ke liye worry ka sabab hain.
Analysts ka view generally positive hai, 12-month price targets ₹1,900 se ₹2,400 tak hain, jo achha upside dikha raha hai. 'Buy' consensus hai. Mastek ka digital engineering, cloud transformation aur AI services par focus future growth ke liye achha hai. UK aur US mein client wins aur strong backlog bhi positive hain. Company ke paas acchi cash reserves hain aur operational efficiency par focus hai.