Mastek Ltd(MASTEK)

NSE: MASTEKBSE: 523704

₹ 1,750-4.33%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 5,426 crWebsite: www.mastek.comUpdated: 24 Oct 2026

About

Mastek is an India-headquartered IT services and consulting company focused on digital transformation, cloud, data and AI services, operating across UK & Europe, North America and Middle East & Asia. In FY26 the company reported revenue of ₹3,698.75 crore ($421.2mn), with UK & Europe contributing 65.2% of group revenue. Mastek positions itself as an AI transformation company, closing 85+ AI deals in FY26 and building a 12-month order backlog of $310.1mn as of Q1 FY27.^[1][2]

Business segments

UK & Europe: 65.2% of FY26 revenue (₹2,411.29 crore), EBIT margin 19.7%, vs 57.3% of revenue in FY25; led by public sector and NHS healthcare programmes.^[2][3]
North America: 22.4% of FY26 revenue (₹828.53 crore), EBIT margin 6.1%, vs 27.0% in FY25; undergoing a strategic reset and order-book rebuild.^[2][3]
AMEA: 12.4% of FY26 revenue (₹458.93 crore), EBIT margin 5.0%, vs 15.7% in FY25.^[2][3]

Service lines

Digital & Application Engineering was 51.1% of revenue in Q2 FY26, up from 44.7% in Q2 FY25.^[4]
Oracle Cloud & Enterprise Apps shrank from 32.0% to 25.6% of revenue between Q2 FY25 and Q2 FY26.^[4]
Data, Automation & AI grew 9.8% sequentially in Q1 FY27 and was 12.5% of revenue as of Q2 FY26.^[5]
Fixed-price contract mix was 43.1% of revenue in Q1 FY27, up from 39.7% in Q1 FY26.^[5]

Key operating numbers

12-month order backlog: $310.1mn (₹2,935.2 crore) in Q1 FY27, up 13.3% YoY in USD and 25.0% YoY in INR; it was INR 2,290.9 crore as of March 31, 2025.^[5][3]
LTM attrition fell to 16.4% in Q1 FY27 from 19.5% in Q1 FY26; utilisation (net of leave) was 83.9% vs 87.2%.^[5]
Headcount was 4,897 in Q1 FY27 vs 4,797 a year earlier; it was 5,058 as of March 31, 2025, down from 5,539.^[5][3]
Revenue per employee improved more than 12% in FY26.^[6]
Q1 FY27 constant-currency sequential revenue growth was 1.8%; FY26 USD revenue was $421.2mn, up 3.1% YoY.^[5]
DSO improved to 75 days in Q1 FY27 from 82 days in Q1 FY26.^[5]

Verticals and customers

Healthcare & Life Sciences and Public Sector are the two primary UK verticals; NHS England is among the most prominent customers.^[5]
Financial services revenue mix expanded from 11.6% in Q4 FY25 to 14.1% in Q4 FY26.^[6]
Top-5 client concentration was 32.0% in Q1 FY27 vs 33.9% in Q4 FY26; in FY25 the top customer was 17% and top 5 were 31% of revenue.^[5][3]
Active client count was 333 as of Q3 FY26; 13 new clients were added in Q1 FY27.^[7]

AI strategy and deal pipeline

AI order book reached $64.0mn in Q1 FY27, up from $27.45mn in Q4 FY26; ~45% of new order book in Q1 FY27 came from AI deals.^[5]
Closed 40+ AI-led opportunities in Q1 FY27, up from 27 in Q4 FY26; FY26 total was 85+ AI deals.^[5]
Converting T&M contracts to outcome-based structures offering 15-30% productivity savings over 3-year tenures; North America fixed-price mix exceeded 55% as of Q4 FY26.^[7]
Under a 'Customer Zero' programme, Mastek replaced its own CRM, recruitment and payables systems with AI-native solutions.^[5]

Geography highlights

UK & Europe grew ~11% in GBP and 21.8% in INR in FY26; public sector grew 7.9% sequentially in Q1 FY27.^[6]
UK healthcare grew ~24% in USD and 90%+ in INR in FY26; an NHS project transition created a timing gap in Q1 FY27.^[6]
North America 12-month order backlog was $113.5mn in Q1 FY27, up 23.5% YoY.^[5]
AMEA total order backlog declined from $57.3mn to $54.1mn sequentially in Q1 FY27 amid Middle East disruptions.^[5]

Recent developments

October 2026: UK subsidiary won a £12 million Oracle Cloud transformation contract with Staffordshire County Council.^[8]
Q1 FY27: closed a 5-year $25mn AI transformation deal on Salesforce Agentforce with a North America client.^[5]
Q1 FY27: Amit Gajwani appointed COO.^[5]
Q3 FY26: CFO Deepak Kedia joined, alongside a new North America President and Salesforce capability leader.^[7]
Q2 FY26: UK secured government services signed a GBP 50mn+ AI engineering modernisation deal; a $15mn+ AI-led deal was won with a large financial services client.^[4]
FY25: ICRA reaffirmed AA- (Stable)/A1+ ratings on total facilities of Rs 191.90 crore.^[3]
FY25: Mastek Enterprise Solutions Pvt Ltd proposed to be merged into the company, awaiting NCLT approval.^[3]

Market Cap

₹5,426 Cr

High / Low

₹2,368 / 1,334

Stock P/E

13.0

Price / Book

1.8

Book Value

₹965

EPS

₹130.3

No. of Shares

3.1 Cr

ROCE

18.0%

ROE

14.8%

OPM

15.5%

Debt / Equity

0.14

Sales

₹3,699 Cr

Net Profit

₹404 Cr

Promoter holding

35.8%

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Mastek Ltd(MASTEK)

About

Business segments

Service lines

Key operating numbers

Verticals and customers

AI strategy and deal pipeline

Geography highlights

Recent developments

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