Mastek financials and balance sheet

NSE: MASTEKBSE: 523704IT - SoftwareSmall Cap

₹1,761.60₹73.00 (3.98%)BSE ₹1,763.55

Share price at the NSE close on 23 Oct 2026. Previous close ₹1,834.60.

52-week range of traded prices to 23 Oct 2026

₹1,334.20Low, 30 Mar 2026₹2,369.00High, 17 Nov 2025

Next results date: the board meets on 23 Oct 2026 to consider: financial results.

Market cap: ₹5,462 Cr757th largest listed
P/E: 13.1
P/B: 1.8
Dividend yield: 1.36%
ROE: 15.3%
ROCE: 15.3%
Debt to equity: 0.14
Volume, NSE: 1,05,75733.1% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Mastek annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹3,699 Cr, year to Mar 2026

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 1.7% of operating profit in the first full year.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue3,699
Employee costs−1,973
Other expenses−1,141
Operating profit586
Depreciation−73
Other income+70
One-off items−30
Finance costs−32
Profit before tax521
Tax−117
Net profit404

What the company owns

Plant, investments and other assets₹2,790 Cr
Cash and bank₹705 Cr
Receivables₹580 Cr
Current investments₹234 Cr

What pays for it: net worth and liabilities

Net worth₹2,992 Cr
Other liabilities₹689 Cr
Borrowings₹421 Cr
Owed to suppliers₹206 Cr

Mastek business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them.Mastek segment results by quarter

Revenue by segment

₹3,699 CrTotal

UK & Europe operations₹2,411 Cr65.2% of total
North America operations₹829 Cr22.4% of total
AMEA₹459 Cr12.4% of total

Profit by segment

UK & Europe operations₹476 Cr86.6% of total
North America operations₹51 Cr9.2% of total
AMEA₹23 Cr4.1% of total

Segment results by year

Consolidated, ₹ crore, years to March.

UK & Europe operations
Revenue, ₹ crore
764
772
1,161
1,485
1,588
1,739
1,981
2,411
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
127
131
267
414
394
414
392
476
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
North America operations
Revenue, ₹ crore
253
249
288
386
626
829
933
829
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
7
21
43
33
47
77
83
51
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
AMEA
Revenue, ₹ crore
542
459
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
35
23
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	1,033	1,071	1,722	2,184	2,563	3,055	3,455	3,699
Company revenue, as in its results	1,033	1,071	1,722	2,184	2,563	3,055	3,455	3,699
Revenue	764	772	1,161	1,485	1,588	1,739	1,981	2,411
Revenue growth	–	1.2%	50.3%	27.9%	6.9%	9.6%	13.9%	21.8%
Profit	127	131	267	414	394	414	392	476
Profit growth	–	3.0%	104.6%	54.7%	−4.8%	5.2%	−5.4%	21.3%
Margin	16.6%	16.9%	23.0%	27.9%	24.8%	23.8%	19.8%	19.7%
Revenue	253	249	288	386	626	829	933	829
Revenue growth	–	−1.5%	15.5%	34.1%	62.3%	32.5%	12.5%	−11.2%
Profit	7	21	43	33	47	77	83	51
Profit growth	–	198.6%	103.7%	−22.7%	39.8%	65.9%	6.9%	−38.7%
Margin	2.8%	8.5%	15.0%	8.6%	7.4%	9.3%	8.9%	6.1%
Revenue	–	–	–	–	–	–	542	459
Revenue growth	–	–	–	–	–	–	–	−15.3%
Profit	–	–	–	–	–	–	35	23
Profit growth	–	–	–	–	–	–	–	−34.3%
Margin	–	–	–	–	–	–	6.4%	5.0%
Revenue	–	50	273	313	350	486	–	–
Revenue growth	–	–	444.4%	14.6%	11.7%	38.8%	–	–
Profit	–	−7	55	28	22	40	–	–
Profit growth	–	–	–	−49.3%	−21.3%	83.7%	–	–
Margin	–	−13.2%	20.0%	8.8%	6.2%	8.2%	–	–
Revenue	17	–	–	–	–	–	–	–
Profit	−4	–	–	–	–	–	–	–
Margin	−26.5%	–	–	–	–	–	–	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Mastek quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 17 Apr	Mar 2020Filed 15 Jun	Mar 2021Filed 30 Apr	Mar 2022Filed 20 Apr	Mar 2023Filed 20 Apr	Mar 2024Filed 29 Apr	Mar 2025Filed 10 Jun	Mar 2026Filed 17 Apr
Revenue from operations	562	817	1,033	1,071	1,722	2,184	2,563	3,055	3,455	3,699
	510	718	902	916	1,357	1,721	2,108	2,546	2,909	3,113
Materials and goods bought	–	–	0	0	0	0	0	0	0	0
Employee costs	321	481	587	584	883	1,095	1,376	1,671	1,859	1,973
Other expenses	188	237	315	332	475	626	732	875	1,050	1,141
Operating profit before depreciation	53	100	132	155	364	463	456	509	546	586
Operating margin	9.4%	12.2%	12.7%	14.5%	21.2%	21.2%	17.8%	16.7%	15.8%	15.8%
Materials, % of revenue	–	–	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Employee costs, % of revenue	57.2%	58.9%	56.8%	54.5%	51.3%	50.2%	53.7%	54.7%	53.8%	53.3%
Other expenses, % of revenue	33.4%	29.0%	30.4%	31.0%	27.6%	28.7%	28.5%	28.7%	30.4%	30.8%
Depreciation and amortisation	13	19	17	25	45	43	67	90	75	73
Operating profit after depreciation	40	81	114	130	320	420	388	419	471	513
Other income	10	21	25	41	28	36	38	16	22	70
Finance costs	3	6	6	4	8	8	25	44	42	32
Profit before one-off items and tax	47	96	133	168	339	448	402	390	452	551
One-off items	−3	0	1	−24	0	0	25	−4	8	−30
Profit before tax	44	96	133	144	339	448	427	386	459	521
	7	26	32	30	88	115	117	75	83	117
Current tax	–	–	33	41	89	123	151	67	145	166
Deferred tax	–	–	−1	−11	−1	−8	−34	9	−62	−48
	37	70	101	114	252	333	310	311	376	404
Belonging to the company's shareholders	37	70	101	109	209	295	293	300	376	404
Belonging to outside owners of subsidiaries	–	–	–	5	42	38	17	11	0	0
Other comprehensive income	–	–	88	8	137	26	66	21	48	199
Total comprehensive income	–	–	189	121	389	359	376	332	424	603
Net margin	6.6%	8.6%	9.8%	10.6%	14.6%	15.3%	12.1%	10.2%	10.9%	10.9%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 March. The last column is the half year to Sep 2026, after the latest full year: the balance sheet at its end.

₹ crore	Mar 2019Filed 17 Apr	Mar 2020Filed 15 Jun	Mar 2021Filed 30 Apr	Mar 2022Filed 20 Apr	Mar 2023Filed 20 Apr	Mar 2024Filed 29 Apr	Mar 2025Filed 10 Jun	Mar 2026Filed 17 Apr	Sep 2026Half yearFiled 23 Oct
	716	928	1,041	1,222	1,775	2,100	2,462	2,992	3,189
	716	790	859	1,071	1,683	2,100	2,462	2,992	3,189
Share capital	12	12	13	15	15	15	15	16	16
Reserves	704	778	846	1,056	1,668	2,085	2,447	2,976	3,174
Belonging to outside owners of subsidiaries	0	137	182	150	91	–	0	0	–
	69	333	241	190	371	487	555	421	348
Repayable after a year	69	241	190	121	269	313	379	225	160
Repayable within a year	0	92	50	69	102	173	176	196	188
	169	468	732	852	736	1,070	938	980	837
Trade payables	9	105	31	33	183	220	256	206	187
Other financial liabilities	106	152	453	523	214	457	192	229	135
Other liabilities	36	95	132	136	142	165	235	263	216
Provisions	6	11	23	28	33	32	40	55	74
Tax owed	12	13	43	62	62	23	40	31	37
	102	506	523	414	631	507	462	337	264
Other financial liabilities	0	225	291	245	299	120	17	32	41
Other liabilities	0	0	–	0	–	–	0	16	–
Provisions	12	25	24	27	34	40	52	64	63
Deferred tax	21	15	18	21	30	34	14	0	0
Total assets	987	1,902	2,296	2,488	3,141	3,678	3,863	4,309	4,291
	492	1,026	925	970	1,895	2,134	2,037	2,194	2,223
Plant in use, after depreciation	46	71	59	68	89	88	82	71	–
Plant being built	1	2	2	4	7	1	2	2	–
Intangible assets	24	104	83	71	154	155	111	87	65
Goodwill	98	677	660	698	1,498	1,707	1,625	1,780	1,797
Intangible assets being developed	0	0	–	0	–	0	0	0	–
Property held to earn rent	0	5	5	4	0	0	0	0	0
Investments	282	122	41	11	13	17	17	0	0
Loans given	2	2	3	0	0	0	0	0	0
Other financial assets	1	5	19	42	26	36	21	12	15
Deferred tax	37	38	53	71	105	108	156	225	236
Other assets	1	1	1	2	5	23	24	17	23
	495	877	1,370	1,518	1,246	1,543	1,826	2,114	2,068
Trade receivables	208	316	375	436	507	541	770	580	461
Cash and cash equivalents	93	220	591	727	208	381	461	704	520
Other bank balances	0	1	1	0	1	1	1	1	1
Current investments	114	154	215	55	62	77	161	234	411
Loans given	0	2	3	0	0	0	0	0	0
Other financial assets	19	23	6	14	12	19	17	16	12
Tax paid in advance	11	12	–	3	–	0	0	0	0
Other assets	49	149	180	284	457	523	417	579	663
Net debt	−138	−42	−565	−592	101	27	−67	−518	−584

Borrowings are counted again inside the liabilities due within a year and after a year. Plant in use and plant being built are given for full years only. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March. The last column is the half year to Sep 2026, after the latest full year: the cash flow over its six months.

₹ crore	Mar 2021Filed 30 Apr	Mar 2022Filed 20 Apr	Mar 2023Filed 20 Apr	Mar 2024Filed 29 Apr	Mar 2025Filed 10 Jun	Mar 2026Filed 17 Apr	Sep 2026Half yearFiled 23 Oct
	339	273	107	420	395	542	99
	339	382	243	527	517	709	180
	–	−98	−246	6	−63	108	−140
Receivables	–	−138	−146	−8	−11	28	−20
Payables	–	66	−115	29	8	54	−141
Other working capital	–	−25	16	−15	−60	26	20
Tax paid	–	−109	−136	−107	−122	−167	−81
Capital spending	–	37	32	31	20	28	34
Free cash flow	339	237	76	388	375	514	65
	–	−20	−737	−256	−275	−66	−146
Plant and property sold	–	0	49	2	1	2	46
Companies bought	–	−166	−768	−205	−205	0	0
Interest received	–	4	4	1	7	20	10
	–	−128	93	5	−57	−300	−144
Borrowings raised	–	0	174	184	444	0	2
Borrowings repaid	–	−70	0	−81	−385	−180	−79
Interest paid	–	−5	−17	−31	−42	−30	−12
Lease payments	–	−8	−10	−12	−15	−14	−5
Dividends paid	–	48	57	58	59	74	50
Shares bought back	–	0	0	0	0	0	0
Shares issued	–	0	0	0	0	0	0
Net change in cash	339	125	−537	169	63	176	−192

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Mastek dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 17 Apr	Mar 2020Filed 15 Jun	Mar 2021Filed 30 Apr	Mar 2022Filed 20 Apr	Mar 2023Filed 20 Apr	Mar 2024Filed 29 Apr	Mar 2025Filed 10 Jun	Mar 2026Filed 17 Apr
Earnings per share	₹15.90	₹29.74	₹42.61	₹45.21	₹84.92	₹106.52	₹97.23	₹98.01	₹121.78	₹130.45
Diluted earnings per share	₹15.26	₹28.14	₹40.32	₹42.93	₹81.88	₹103.81	₹95.53	₹97.25	₹120.65	₹129.50
Dividend per share	₹3.50	₹6.00	₹8.50	₹8.00	₹14.50	₹19.00	₹19.00	₹19.00	₹23.00	₹24.00
Book value per share	–	–	₹298.75	₹325.56	₹340.15	₹356.88	₹551.58	₹681.07	₹795.84	₹965.11
Dividend payout	22.2%	20.3%	20.1%	17.8%	17.5%	19.3%	19.8%	19.5%	18.9%	18.4%
Shareholder yield	–	–	–	–	–	0.5%	1.2%	0.7%	0.9%	1.8%
Market cap at the year end (₹ crore)	422	1,252	1,059	458	3,041	9,874	4,636	7,799	6,735	4,159

Ratios

Consolidated, years to March.Mastek PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 17 Apr	Mar 2020Filed 15 Jun	Mar 2021Filed 30 Apr	Mar 2022Filed 20 Apr	Mar 2023Filed 20 Apr	Mar 2024Filed 29 Apr	Mar 2025Filed 10 Jun	Mar 2026Filed 17 Apr
Revenue growth	6.7%	45.3%	26.4%	3.7%	60.7%	26.8%	17.4%	19.2%	13.1%	7.0%
Operating profit growth	182.9%	88.5%	32.0%	18.1%	134.6%	26.9%	−1.4%	11.6%	7.4%	7.2%
Net profit growth	168.6%	89.5%	45.0%	12.2%	121.2%	32.4%	−6.9%	0.2%	20.9%	7.5%
Earnings per share growth	164.1%	87.0%	43.3%	6.1%	87.8%	25.4%	−8.7%	0.8%	24.3%	7.1%
	–	–	14.2%	14.4%	25.4%	30.6%	21.3%	15.9%	16.5%	14.8%
	–	–	–	0.3 pts	10.9 pts	5.2 pts	−9.3 pts	−5.4 pts	0.6 pts	−1.7 pts
From the net margin	–	–	–	0.5 pts	2.8 pts	2.8 pts	−4.7 pts	−3.0 pts	1.7 pts	0.1 pts
From asset turnover	–	–	–	−4.3 pts	1.8 pts	3.2 pts	−0.1 pts	−0.3 pts	0.4 pts	−0.2 pts
From borrowing	–	–	–	4.1 pts	6.3 pts	−0.8 pts	−4.5 pts	−2.1 pts	−1.5 pts	−1.5 pts
Return on capital employed	–	–	14.5%	10.3%	24.9%	29.7%	18.1%	16.2%	15.6%	15.0%
Cash conversion	–	–	–	–	134.8%	81.9%	34.5%	135.0%	105.1%	134.1%
Interest cover	15.5	13.8	18.6	36.0	39.4	54.6	15.7	9.4	11.2	16.0
Debt to equity	–	–	0.10	0.36	0.23	0.16	0.21	0.23	0.23	0.14
Receivable days	–	–	74	108	79	73	72	65	81	57
Working capital days	–	–	42	43	−25	−8	49	22	47	39
Asset turnover	–	–	1.05	0.74	0.82	0.91	0.91	0.90	0.92	0.91
Assets per rupee of net worth	–	–	1.38	1.92	2.55	2.48	2.04	1.80	1.65	1.50
Sales per rupee of plant	–	–	22.68	15.02	29.16	32.19	28.83	34.66	42.02	51.96
Capital spending to depreciation	–	–	–	–	–	0.85	0.47	0.35	0.27	0.39
Plant being built, % of plant in use	–	–	3.1%	2.3%	2.6%	6.4%	7.5%	1.1%	2.2%	2.2%

No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 9.9%
Cash from operations against operating profit: 92.5%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	21.5%	16.5%	13.0%
Profit growth, yearly rate	40.2%	14.1%	11.3%
Return on equity, average	–	19.8%	15.7%
Return on capital employed, average	–	18.9%	15.6%
Operating margin, average	15.7%	17.5%	16.1%
Net margin, average	11.0%	11.9%	10.7%
Asset turnover, average	–	0.91	0.91
Interest cover, average	23.0	21.4	12.2
Debt to equity, average	–	0.19	0.20

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	1,737	1,357	542
Cash from investing	−1,354	−598	−66
Cash from financing	−388	−352	−300
Capital spending	148	80	28
Dividends paid	296	191	74
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	802	628	0
Borrowings repaid	716	646	180

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	6	5	3	4	5	7
Altman Z-scorePublished threshold 1.1	–	–	8.23	4.26	4.91	5.38	5.13	4.88	6.29	7.23
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.46	−2.19	−1.76	−2.64	−2.15	−2.80
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	–	3.35	33.41	4.31	6.79	−1.75
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	0.80	0.84	0.92	1.24
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	47.73	−41.96	−10.64	−1.07	−12.35	29.13	−31.72
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	9.81	0.13	5.25	6.57	2.41	−3.15	4.36
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.03	0.05	0.08	0.08	0.01	0.03	0.03
Effective tax ratePublished threshold 17.16 per cent	15.65	27.15	23.93	21.01	25.81	25.58	27.40	19.48	18.13	22.49
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	1.25	−4.44	−8.21	−8.45	−9.55

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
5 Mar 2026	ICRA Limited (opens in a new tab)	Fund-based-Cash creditLong-term scale	[ICRA]AA-Review, Re-affirm	Stable	50
5 Mar 2026	ICRA Limited (opens in a new tab)	Non-fund based-OthersShort-term scale	[ICRA]A1+Review, Re-affirm		50
5 Mar 2026	ICRA Limited (opens in a new tab)	Fund-based/Non-fund based-OthersLong and short-term scales	[ICRA]AA- /[ICRA]A1+Review, Re-affirm	Stable	6

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.