Mastek Limited (MASTEK) AI Stock Analysis

Mastek Limited

(NSE:MASTEK)

Select Model

Rating:77Outperform

Price Target:INR 1,622.00▲(13.51% Upside)

Action:reiterated

Date:08/29/26

The score is driven primarily by solid financial performance: strong revenue growth, conservative leverage, and improved recent cash generation, tempered by margin compression and some historical cash-flow volatility. Technicals are moderately positive (price above major moving averages) but momentum is mixed due to a negative MACD. Valuation is supportive with a reasonable P/E and a modest dividend yield.

Positive Factors

Consistent Revenue GrowthConsistent multi-year revenue expansion indicates durable demand for Mastek’s digital transformation, application modernization, cloud, and enterprise technology services. Continued top-line growth can broaden client relationships, support operating scale, and provide a foundation for sustained earnings development.

Negative Factors

Margin CompressionDeclining gross and EBITDA margins indicate that revenue growth is not converting into profitability as efficiently as in earlier years. If this pressure persists, it could constrain earnings expansion, reduce operating leverage, and limit the benefits of Mastek’s otherwise solid demand growth.

Mastek Limited (MASTEK) vs. iShares MSCI India ETF (INDA)

Market Cap: INR 49.07B
Dividend Yield: 1.68%
Average Volume (3M): 13.10K
Price to Earnings (P/E): 10.4
Beta (1Y): 1.31
Revenue Growth: 6.37%
EPS Growth: 16.34%
Country: India
Employees: 4,132
Sector: General
Sector Strength: 55
Industry: Information Technology Services

Mastek Limited Business Overview & Revenue Model

Company Description

Mastek Limited, along with its subsidiaries, offers comprehensive enterprise technology solutions across numerous international markets, including India, the United Kingdom, Europe, the United States, and the Middle East. The company's diverse servic...

Mastek Limited Financial Statement Overview

Summary

Strong multi-year revenue growth and solid net margins (~10–13%) support a healthy operating profile. Balance sheet leverage is conservative and improving (debt-to-equity ~0.15 in FY2026), while recent free cash flow conversion is strong (FCF ~0.93–0.95 of net income in FY2024–FY2026). Offsets are margin compression versus earlier years and historical cash-flow volatility (notably weaker FY2023 and a small FY2025 FCF dip).

Income Statement

76Positive

Balance Sheet

83Very Positive

Cash Flow

78Positive

Financial statement breakdown
Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	37.08B	36.99B	34.55B	30.55B	25.63B	21.84B
Gross Profit	11.25B	17.26B	7.42B	6.86B	5.85B	5.94B
EBITDA	6.26B	5.86B	5.49B	5.19B	5.19B	4.99B
Net Income	4.04B	4.04B	3.76B	3.00B	2.93B	2.95B
Balance Sheet
Total Assets	43.09B	43.09B	38.63B	36.85B	31.41B	24.88B
Cash, Cash Equivalents and Short-Term Investments	9.39B	9.39B	6.22B	4.59B	2.64B	7.82B
Total Debt	4.38B	4.38B	5.83B	5.19B	4.03B	2.03B
Total Liabilities	13.17B	13.17B	14.01B	15.98B	13.66B	12.66B
Stockholders Equity	29.92B	29.92B	24.62B	20.87B	16.83B	10.71B
Cash Flow
Free Cash Flow	1.18B	5.03B	3.75B	3.89B	755.70M	2.37B
Operating Cash Flow	1.39B	5.31B	3.95B	4.20B	1.08B	2.73B
Investing Cash Flow	-328.40M	-861.30M	-2.75B	-2.56B	-7.37B	-201.50M
Financing Cash Flow	-1.28B	-2.70B	-568.50M	18.30M	925.70M	-1.28B

Mastek Limited Technical Analysis

Technical Analysis SentimentNegative

Last Price1428.90

Price Trends

50DMA1655.91Negative

100DMA1674.96Negative

200DMA1689.27Negative

Market Momentum

MACD-35.40Positive

RSI32.16Neutral

STOCH3.46Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:MASTEK, the sentiment is Negative. The current price of 1428.90 is below the 20-day moving average (MA) of 1659.63, below the 50-day MA of 1655.91, and below the 200-day MA of 1689.27, indicating a bearish trend. The MACD of -35.40 indicates Positive momentum. The RSI at 32.16 is Neutral, neither overbought nor oversold. The STOCH value of 3.46 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:MASTEK.

Mastek Limited Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

IN:MASTEK against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IN:COFORGE	82Outperform	INR 908.23B	39.86	―	0.58%	41.21%	84.56%
IN:PERSISTENT	81Outperform	INR 1.00T	52.58	―	0.30%	27.10%	7.08%
IN:MASTEK	77Outperform	INR 44.31B	10.40	―	1.68%	6.37%	16.34%
IN:LTIM	73Outperform	INR 1.25T	26.78	―	2.54%	14.67%	7.26%
IN:MPHASIS	70Neutral	INR 481.48B	25.19	―	2.46%	13.69%	9.34%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
IN:HAPPSTMNDS	47Neutral	INR 45.36B	20.07	―	2.15%	11.50%	16.69%

* General Sector Average

Performance Comparison

IN:MASTEK and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
IN:MASTEK	Mastek Limited	1428.90	-717.82	-33.44%
IN:COFORGE	Coforge Limited	2050.00	262.45	14.68%
IN:HAPPSTMNDS	Happiest Minds Technologies Ltd.	297.90	-206.97	-40.99%
IN:LTIM	LTIMindtree Limited	4226.30	-1378.49	-24.59%
IN:MPHASIS	Mphasis Limited	2521.50	-190.49	-7.02%
IN:PERSISTENT	Persistent Systems Limited	6045.00	159.64	2.71%

Mastek Limited Corporate Events

Mastek Plans Mumbai Non-Deal Roadshow for Investor Meetings

Oct 21, 2026

Mastek Limited has scheduled a non-deal roadshow in Mumbai on October 26, 2026, featuring one-on-one and group meetings between management and analysts or institutional investors. Discussions will center on industry and company developments already i...

Mastek Nets Rs 60 Crore From Sale of Chennai Commercial Asset

Aug 17, 2026

Mastek Limited has completed the sale of a commercial building with a built-up area of about 157,233 square feet on leased land measuring 15.50 acres at Mahindra World City SEZ in Chengalpattu, Chennai. The sale forms part of an asset-level transacti...

Mastek Seals Platinum Partnership with Innovaccer to Drive AI-Led Healthcare Transformation

Aug 3, 2026

Mastek Inc., a wholly owned step-down subsidiary of Mastek Limited, has entered a strategic Platinum Partnership with Innovaccer, whose Gravity Healthcare Intelligence Platform unifies fragmented clinical, claims and operational data into a single au...

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Aug 29, 2026

Mastek Limited AI Stock Analysis