NSE: MASTEK | BSE: 523704

Mid-range Performer

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2236.80 7.80 (0.35%)

33.72% Fall from 52W High

34,568 NSE+BSE Volume

NSE 26 Nov, 2025 3:48 PM (IST)

6,929.7

Market Cap

High in industry

1.6

Beta 1Year

Very High Volatility

Mastek Ltd. share price target and research reports

Latest analyst research reports with target prices and PDF download for MASTEK, BSE:523704 Mastek Ltd.

Mastek Ltd.

18 Oct 2019

2236.80

0.35%

Mastek (2QFY20): Brexit deal = Relief. Maintain BUY

Buy: Mastek Ltd.

Target

HDFC Securities

Mastek has been strengthening its executive team, three new additions in past eight months. We believe these are strategic initiatives for driving growth. We like Mastek's initial success in recovering US business and managing the Brexit uncertainty. Mastek will benefit (margin lever) from the off-shoring opportunity (~USD 20mn) arising with UK public sector given its long term relationship with UK government and limited competition from Indian IT. Brexit deal is positive but we would wait for further clarity to bake in our estimates. We expect GBP growth for FY20/21/22E at 0.1/9.6/11.0% and 5.4% EPS CAGR for FY19-22E. Mastek's stake in Majesco US (Rs 94/sh) and net cash (~Rs 79/sh) protects downside. We maintain BUY on Mastek despite slight miss on revenue and margins. Brexit deal announcement is positive but we do not build any optimism in our estimates and will wait for clarity. We cut our EPS est. by ~5% for FY21E. SoTP based TP of Rs 505 implies 9x Sep-21E EPS plus Rs 94/sh for 12% stake in Majesco US.

Mastek Ltd. has lost -31.27% in the last 1 Year

Mastek Ltd.

23 Jul 2019

2236.80

0.35%

Mastek (1QFY20): Sailing through tough times. Maintain BUY

Buy: Mastek Ltd.

Target

HDFC Securities

Mastek has successfully ramped up UK Govt. digital business (+6.9% 4-QTR CQGR). Mastek is the only Indian IT company in UK Govt's top-10 vendors list. We also like its initial success in recovering the US business (+8.7% QoQ) led by increased focus and management changes. Mastek is blessed with low exposure to legacy (~16% of rev) and can deliver 11.4/8.6% GBP rev/EPS CAGR over FY19-21E. Its stake in Majesco US (Rs 94/sh) and net cash (~Rs 67/sh) provide additional comfort. Risks to our thesis include prolonged deferment of spend in UK private due to Brexit and GBP depreciation. We maintain BUY on Mastek following a weak 1Q on revenues but stable margin performance. US turnaround is faster than expected and order book growth is encouraging. We cut est. by ~4% factoring soft UK Pvt. Our SoTP of Rs 618 implies 11x FY21E EPS plus Rs 94/sh for 12% stake in Majesco US.

Mastek Ltd. is trading below its 100 day SMA of 2367.0

Mastek Ltd.

17 Apr 2019

2236.80

0.35%

Mastek (4QFY19): Buy it, despite Brexit. Maintain BUY

Buy: Mastek Ltd.

Target

HDFC Securities

With low exposure to legacy (~16% of rev), Mastek generates low teen margins, given higher on-site revenues and effort mix. We like its success in ramping up UK Govt digital business. Mastek is the only only Indian co in their top-10 vendor list. Co can generate 14.0/13.4% GBP rev/EPS CAGR over FY19-21E (despite US softness and Brexit worries). Its stake in Majesco US (Rs 83/sh) and net cash (Rs 63/sh provide additional comfort. Risks to our thesis include deferment of spend due to Brexit and GBP depreciation. We maintain BUY on Mastek following an inline 4QFY19. Our SoTP is Rs 657 implying 11x FY21E EPS which includes Rs 83/share for 12% stake in Majesco US.

Mastek Ltd. is trading below its 100 day SMA of 2367.0

Mastek Ltd.

29 Mar 2019

2236.80

0.35%

Mastek (Initiating Coverage): Version 2.0 BUY

Buy: Mastek Ltd.

HDFC Securities

We Initiate coverage with a BUY rating and a TP of Rs 660, based on 11x FY21E EPS. Mastek, founded in 1982, is one of the oldest IT companies in India. Mastek has experience spanning over three decades but in its current version, its just a four-year-old organisation (Demerger with Majesco happened in 4QFY15). Mastek has transformed itself post the demerger, led by (1) Appointment of experienced and capable CEO, John Owen, in Nov-2016 (2) Direct relationship with UK Govt. vs being a sub-contractor earlier and (3) Acquisition of TAIS Tech (SI for Oracle ATG), which marks its entry in the US. Under the new leadership, Mastek has delivered healthy revenue CAGR of 32% (~23% organic) and margin expansion of ~370bps over FY17-19E.