Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 12 Oct - Mastek and CORT won ISG Paragon Partnership of the Year 2026 for North America.
Source: Bse
Mastek Limited (MASTEK)
Micro CapIT stocks · Micro cap · NSE
Mastek is a global provider of enterprise AI, digital, and cloud services, enabling clients to achieve measurable and sustainable returns on technology investments. It operates in 40+ countries with ~5,000 employees, focusing on a "Lead with AI" strategy across Public Sector, Healthcare, Retail, Manufacturing, Higher Education, and Financial Services.
₹1,844.6
+36.20 · +2.00%
Market cap ₹5,321 Cr
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:15 pm ISTDetails
Quote21 Oct, 03:15 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result22 Jul, 12:31 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · IT P/E 21.4 (n=204)
Technical timing lens
Trend score and candlestick chart
73BullishSMA20 -3.2% / mo · MACD + · sector +19.1pp vs Nifty 500 (3M)
Stock trend: 55
Sector RS: 100
Sector 3M: +13.3% vs Nifty 500 -5.8%
IT FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
MASTEKD candles · FIT view+9.8%TODAY · PROVISIONALLatest price ₹1844.60 on 2026-10-21
Today's candle is provisional from the latest intraday quote; completed-candle scans remain unchanged.
Bar
+2.0%
RSI
68
MACD hist
30.27
52W pos
49%
2026-10-21O ₹1809.00H ₹1888.00L ₹1808.40C ₹1844.60Vol 2.0L shIntraday candle
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
MASTEKNifty ITNifty 500
- MASTEK
- +3.7%
- Nifty 500
- -5.6%
- Nifty IT
- +8.1%
- Vs Nifty 500
- +9.3 pp
Chart stats
19 Oct 2026- From 52W high
- -23.7%
- 52W range position
- 46%
- ATR (14)
- 3.4%
- Volume vs 20D
- 0.67x
- Avg traded value
- ₹15.4 Cr
- 20D price channel
- ₹1,514.6 - ₹1,844.5
₹2,369
₹1,334.2 - ₹2,369
₹61.1
Latest completed session
20-session average
32.3% annualized volatility
Research snapshot
What the evidence says now
Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend supports entry, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · UNDERVALUED69
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Average47
Revenue +7.7% · PAT +15.2% YoY
Technical
Bullish73
Price trend and sector-relative-strength timing.
Valuation
Legacy model+57.4%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence84
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Average · 47/100margin compression · Rev +8% YoY · PAT +15% YoY · +5% QoQ · operating leverage
Filed 21 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹985 Cr | +7.7% | +5.0% |
| EBITDA | ₹151 Cr | +10.2% | +0.0% |
| Operating margin | 15.0% | +0 bps | -100 bps |
| PAT | ₹106 Cr | +15.2% | +0.0% |
| PAT margin | 10.8% | +71 bps | -54 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 12.10
- P/B
- 1.78
- EV/EBITDA
- 8.56
- Market Cap
- 5321.00Cr
Profitability
- ROE
- 15.30%
- ROCE
- 17.70%
- ROA
- 9.74%
- Dividend Y
- 1.40%
Growth (CAGR)
- Revenue 5Y
- 17.00%
- EPS 5Y
- 15.00%
- Revenue 3Y
- 13.00%
- EPS 3Y
- 15.00%
Balance Sheet
- Debt/Equity
- 0.15
- Interest Coverage
- 20.00×
- Altman Z
- 5.01
- Book Value
- 965.00
Cash Flow
- FCF Yield
- 10.22%
- FCF Positive Y
- 8/5
- OCF
- 542.00 Cr
- EPS TTM
- 134.81
Shareholding
- Promoter Hold
- 35.77%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 37%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 3,699+7.1% vs prev
Net Profit
₹ CrLatest: 404+7.4% vs prev
Return on Equity
%Latest: 2,525+19987.5% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 68. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~2.2% over last month) — short-term momentum negative.
- RSI(14) at 68 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 22% off 52W high · 38% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
53
RS percentile
Stage 2 UptrendNew S2
1M return
+13.9%
3M return
+3.7%
6M return
+2.6%
1Y return
-16.6%
RS 1D
+3
RS 20D
+19
Sector rank
#8
Industry rank
#39
Stage evidence
- Price is 9.2% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +0.6%.
- Both 3-month and 6-month returns are positive.
50-DMA
price above
200-DMA
price above
S2 entered
19 Oct 2026
S2 age
1 trading session
Sector
improving
Industry
improving
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 84.92-0.20%
RS vs Nifty 50085
Valuation & peers
U-Score 69 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 69 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Financial Turnaround
Fundamental score breakdown
U band · UNDERVALUEDValuation17/30
Growth15/25
Quality12/20
Balance Sheet10/15
Cash Flow10/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
69
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
69/100 · legacy band UNDERVALUED
Positive drivers
- FCF yield is supportive at 10.2%.
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 57.4%.
Main drags
- Valuation is weaker at 17/30; verify the latest quarterly trend.
- Growth is weaker at 15/25; verify the latest quarterly trend.
- Quality is weaker at 12/20; verify the latest quarterly trend.
Sector valuation model
IT valuation: PE and EV/EBITDA against growth and margins
Asset-light IT companies deserve valuation support only when growth, margins, and cash conversion hold up.
Primary lens
PE and EV/EBITDA relative to revenue growth, margins, and cash conversion.
Secondary checks
Deal pipeline, attrition, dollar revenue growth, FCF yield.
Main risk check
Low PE can reflect weak growth or margin pressure.
PE
12.1
PB
1.8
EV/EBITDA
8.6
ROE
15.3%
ROCE
17.7%
FCF Yield
10.2%
Debt/Equity
0.1
MoS
+57.4%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
69
Previous: 72 (-3)
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+57.4%
Previous: +58.2%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
74
74
74
73
72
72
72
69
69
69
72
72
Factor attribution
Valuation
17-3
was 20
Modelled fair value
Graham Number
₹1,710.87
-7.8% MoS
Growth-justified P/E
32.1
Growth-justified Value
₹4,327.4
+57.4% MoS
PEG
0.81
Comparable companies
Peers
Business-comparable peers in IT — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
HAPPSTMNDS
Micro
Happiest Minds Technologies Limited
IT Services / Digital
match 156
35
20.8
13.8%
-34%
WATCHLIST
SHILCTECH
Small
Shilchar Technologies Limited
IT Services / Digital
match 152
59
33.6
37.8%
-0%
FAIR VALUE
DATAMATICS
Small
Datamatics Global Services Limited
IT Services / Digital
match 151
55
18.1
16.0%
+34%
FAIR VALUE
MPSLTD
Small
MPS Limited
IT Services / Digital
match 151
62
23.3
29.7%
+31%
UNDERVALUED
MAPMYINDIA
Large
C.E. Info Systems Limited
IT Services / Digital
match 151
38
36.7
12.0%
-8%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-07-22T00:41:58.867Z
Management commentary snapshot
Mastek reports Q1FY27 revenue up 5.0% QoQ (1.8% CC) and 7.7% YoY, with EBITDA margin at 15.4%. Order backlog grew 25% YoY in rupee terms, driven by 40+ new AI deals.
Mastek's "Lead with AI" strategy is gaining traction, evidenced by 40+ new AI deals and ~45% of new order book from AI. Strong sequential revenue growth in UK & Europe and NA is positive. However, the sequential EBITDA margin decline and geopolitical impact on Middle East business warrant close monitoring. The improved cash position is a positive.
Current business mix
Revenue by Market Region
Latest issuer-disclosed distribution across 3 reported categories.
UK & Europe67.3%
US21.7%
AMEA11.0%
Growth engines
AI-led Transformation
Management's 'Lead with AI' strategy is delivering directional change with ~45% of new order book coming from AI deals.
New AI Deals
Secured 40+ new AI deals for Q1FY27 across AI for Technology, Business and Data.
UK & Europe Business Momentum
UK & Europe business continues to deliver strongly with 6.5% sequential revenue growth in rupee terms, backed by good momentum in financial services and public sector.
North America Business Growth
NA business also delivered a strong quarter with 6.2% sequential revenue growth in rupee terms.
Capacity and execution
Employee Additions
Added 167 employees during the quarter, bringing the total to 4,897 employees as on 30th June, 2026.
Tailwinds
AI-driven Demand
AI continues to drive strong momentum with 40+ new deals in Q1'27, contributing significantly to the new order book.
Strong Order Booking
Another strong quarter of order booking resulted in 25% Y-o-Y growth in rupee terms of 12 months order backlog.
Geographic Performance
UK & Europe and NA businesses delivered strong sequential revenue growth in rupee terms.
Headwinds
Geopolitical Uncertainties
Middle East business is seeing impact due to geopolitical uncertainties.
Delayed Collections
EBIDTA performance was a sequential decline largely due to delayed collection in Middle East.
Risk radar
Geopolitical Impact on Middle East
Geopolitical uncertainties are impacting the Middle East business, leading to delayed collections and affecting EBITDA performance.
Operational Efficiency & Cost Management
Management remains focused on operational efficiency and disciplined cost management following a sequential decline in EBITDA margin.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
QoQ comparison is crucial for IT services to assess sequential momentum, project execution, and utilization rates. YoY comparison provides insight into underlying growth trends and performance against seasonal factors.
Sector KPIs management disclosed
Revenue from Operations (Rs Crore)
Q1FY27: 985.3; Q4FY26: 938.0; Q1FY26: 914.7. (5.0% QoQ, 7.7% YoY)
Revenue from Operations (Constant Currency)
1.8% QoQ growth.
Operating EBITDA Margin
Q1FY27: 15.4%; Q4FY26: 16.1%; Q1FY26: 15.0%. (71bps QoQ decline, 35bps YoY increase)
Net Profit Margin
Q1FY27: 10.6%; Q4FY26: 11.0%; Q1FY26: 9.9%. (42bps QoQ decline, 67bps YoY increase)
Management forward view
AI Transformation Focus
Management is leading Mastek into an AI transformational company in select verticals, with ~45% of new order book coming from AI deals.
Positive Long-term Growth Outlook
Overall, our long-term growth outlook remains positive, despite current challenges in the Middle East business.
Commitment to Operational Efficiency
Management remains focused on operational efficiency, disciplined cost management, and AI-led productivity.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Constant Currency Revenue Growth | 1.8% QoQ | Sustained sequential growth, especially in key markets like UK & Europe and NA, to confirm demand momentum. |
| Operating EBITDA Margin | 15.4% (Q1FY27) | Reversal of sequential decline and improvement towards previous levels, indicating effective operational efficiency and cost management. |
| 12 Months Order Backlog Growth | 25.0% YoY (rupee terms) | Continued strong growth, indicating future revenue visibility and sustained demand for AI-led services. |
| Impact of Middle East Geopolitical Issues | Impacting business and causing delayed collections. | Resolution of geopolitical uncertainties and recovery in Middle East business performance and collections. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
84Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 97th percentile of the scored universe and 95th percentile within IT. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
134 docs text-extracted · 52 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
97th percentile
overall median 67 · IT: 95th pctile, median 69 · Micro: 95th pctile, median 73
Evidence depth
Financial-only
134 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
89
strong · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
68
acceptable · capital discipline
Results
95
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is 9.9%.
- ▸8 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Mastek Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 12 Oct - Allotment of 4,454 Equity Shares under the Company''s Employee Stock Option Plan.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 8 Oct - Mastek wins Staffordshire County Council Oracle Cloud transformation programme using ADOPT-AI.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 5 Oct - Mastek launches AI-native Services as Software strategy and deploys internal CRM and document-processing solutions.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 29 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 25 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 19 Sep - Newspaper Notice published regarding proposed transfer of shares to the IEPF Authority
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 17 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 31 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 27 Aug - Allotment of 3,969 Equity shares under the Company''s Employee Stock Option Plan.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 17 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 13 Aug - Newspaper publication regarding Intimation of the 44th Annual General Meeting of the Company & Record Date for the payment of Final Dividend
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.