Mastek Ltd. share price target

Strong order book yet growth conversion remains elusive Q 1F Y2 7 performance : Revenue stood at US$104.8 mn, up 1.2% QoQ / down 2.4% YoY (up 1.8% QoQ CC / down 3% YoY CC). EBITDA margin for the quarter stood at 15.3%, down ~71 bps QoQ, impacted by delayed collections in the Middle East. The...

Q4FY26 & FY26 Performance: Revenue stood at US$103.5 mn, up 1.4% QoQ / down 1.1% YoY (up 0.3% QoQ CC / down 5.8% YoY CC). EBITDA margin for the quarter stood at 16.1%, down ~71 bps QoQ, impacted by wage hikes and labour code true-ups. The PAT for the quarter stood at 106.2 crore, down 2% QoQ / up 30.9% YoY. For FY26 revenue stood at US$421.2 mn, up 3.1% YoY (-0.2% YoY CC)....

Notwithstanding macro and geopolitical headwinds, Mastek reported an in-line performance in Q4FY26, with CC revenue growing by 0.3% q/q to $103.5m and a robust 13.6% y/y growth in 12m order backlog.

Margin resilience and improving fundamentals support upside: Despite revenue headwinds, Mastek delivered sequential margin expansion. Adjusted profitability too improved (80 bps QoQ to 16.3%) even after factoring in seasonal furloughs and labour code impacts, underscoring execution resilience driven by AI-led operational efficiencies, lower subcontracting and disciplined cost management (43 bps) and forex (17 bps). The management has guided to maintain margins in the band of 16.5-17%. We model EBITDA margins at...

Mastek Ltd is a Mumbai-based global provider of digital engineering and cloud transformation services, operating in over 40 countries. It partners with Oracle, Salesforce, Microsoft, AWS, and Snowflake to deliver consulting, data analytics, and enterprise solutions. The UK and Europe contribute 64% of revenue, followed by the US and the Middle East. Sector-wise, Government and Education lead with 39%, Healthcare contributes 25%, while Retail, Manufacturing, and...

About the stock: Mastek Ltd (Mastek) offers data, apps, cloud services to public Geographic strength and strategic focus areas: UK remains Mastek's growth anchor, up 4% QoQ and contributing 65% of revenue, driven by strong demand in Healthcare and Government segments. The company is also restructuring its North America leadership to drive Healthcare growth and emphasis remains on profitability improvement and tighter DSO management.in the Middle East. Continued focus on geo-diversification, AI-led delivery, and mid-market leadership provides visibility for steady, profitable growth through FY2627...

Mastek Ltd is a Mumbai-based global provider of digital engineering and cloud transformation services, operating in over 40 countries. It partners with Oracle, Salesforce, Microsoft, AWS, and Snowflake to deliver consulting, data analytics, and enterprise solutions. The UK and Europe contribute 64% of revenue, followed by the US and Middle East. Sector-wise, Government and Education lead with 39%,...

Mastek’s Q1FY26 performance highlights ongoing execution challenges in NA and AMEA, with CC revenue declining -1.1% q/q, reflecting transition issues coupled with Payer and Retail-client-specific concerns in the US.

Reported revenues stood at $104.6 million, up 2.9% q-o-q in constant currency (CC) terms, beating our estimates of 1.8% q-o-q growth in CC driven by core business in UK and Europe.

We participated in a conference call organised by Mastek’s management to address the concerns stemming from the abolishment of NHS England on account of its merger with the Department of Health and Social Care (DHSC).

Mastek has secured ~$85 million in multiple contracts from a UK public service department to boost Digital, Data and Technology services spread over two years. The company had earlier won a $40 million government services deal during the quarter.

Mastek reported revenues of $102.9 million, up 0.1% q-o-q/7.6% y-o-y in constant currency (CC), missing our estimates of $104.8 million. Revenue in $ terms was down 0.7%q-o-q/up 9.4% y-o-y while revenue in rupee terms stood at Rs 869.5 crore, up 0.2% q-o-q/10.9% y-o-y.

Reported revenues stood at $103.6 million, up 4.7% q-o-q/10.2% y-o-y in constant currency (CC) terms, beating our estimates of $101.5 million.

Mastek reported revenues of $97.3 million, up 4.1% q-o-q/9.9% y-o-y in constant currency terms, beating our estimates of $95 million.

Mastek’s reported revenue stood at $93.7 million, down 1.4% q-o-q/up 6% y-o-y in constant currency (CC) terms, which was lower than our estimate of $96.3 million on account of three specific client situations.

Mastek’s reported revenue stood at $93.7 million, down 1.4% q-o-q/up 6% y-o-y in constant currency (CC) terms, which was lower than our estimate of $96.3 million on account of three specific client situations.

Post de-merger of Masjeco in FY15, MAST was predominantly UK focused with ~95% revenue from the geography where it was working with government agencies. Over the next 7 years, the company worked on (1) Adding presence in the largest growth market - the US (2) Expanding service areas (3) Professionalizing / institutionalizing the company. Its Revenue/EPS (incl. inorganic) has compounded at 25% / 48% CAGR over the last 7 years.