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Mastek Ltd (MASTEK)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 523704 NSE: MASTEK IT - Software | Small Cap | Mastek Share Price
₹1,707.85 14.45 (0.85%)
As on 21-Aug'26 16:59
Mastek Ltd (MASTEK)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 523704 NSE: MASTEK IT - Software | Small Cap | Mastek Share Price
₹1,707.85 14.45 (0.85%)
As on 21-Aug'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹5,295 Cr.
Current Price
₹1,707.9
52-Week Low / High
₹1,334 / 2,626
TTM EPS
₹58.5
TTM Sales
₹910 Cr.
Book Value per Share
₹280.3
P/E Ratio
29.20
Lower than its 5-year historical median
Industry PE
21.7
Price to Book (P/B)
6.09
Lower than its 5-year historical median
Price to Sales (P/S)
5.82
Lower than its 5-year historical median
EV/EBITDA
23.37
Lower than its 5-year historical median
Dividend Yield
1.41%
Profitability Efficiency
Return on Equity (ROE)
25.63%
Outperforms industry median
Return on Capital Employed (ROCE)
28.69%
Outperforms industry median
Return on Assets (ROA)
20.07%
Operating Profit Margin
17.1%
Net Profit Margin
22.06%
Gross Profit Margin
31.7%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
-2.29%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
-3.46%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
44.25%
Asset Quality
Promoter Holding
35.76%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹854 Cr.
Equity
₹15.5 Cr.
Face Value
₹5
All Time Low / High
₹7.50 / 3666.00
Check Before You Invest
Quality
Very GoodValuation
Somewhat UndervaluedCheck Valuation charts
Price Trend
Semi Strong
Is Mastek Ltd a good quality company?
Mastek Ltd is a good quality company, based on a consistently good multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Mastek Ltd performance compare with that of its Peers?
Revenue growth of Mastek Ltd vs industry peers?
Mastek Ltd revenue CAGR is 37.43%, compared to the industry median CAGR of 3.19%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of Mastek Ltd?
Promoters hold 35.76% of the Mastek Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of Mastek Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 29.1% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Mastek Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 11.3% | 12% | 16.1% | 12.9% | 9.8% | 17.8% | 24.6% | 15.6% | 22.3% | 28.7% | - |
| Value Creation Index ⓘ | -0.2 | -0.2 | 0.2 | -0.1 | -0.3 | 0.3 | 0.8 | 0.2 | 0.7 | 1.1 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 169 | 162 | 189 | 163 | 187 | 257 | 313 | 373 | 939 | 918 | 910 |
| Sales YoY Gr. | - | -4.2% | 16.7% | -13.7% | 14.5% | 37.2% | 22.1% | 18.9% | 152% | -2.3% | - |
| Adj EPS ⓘ | 10.7 | 4.5 | 10.5 | 11.8 | 6.3 | 21.4 | 30.4 | 36.2 | 50.8 | 62.6 | 58.5 |
| YoY Gr. | - | -58.5% | 136.2% | 11.9% | -46.6% | 240.6% | 41.9% | 19.3% | 40.2% | 23.3% | - |
| BVPS (₹) ⓘ | 94.9 | 92 | 102 | 101.7 | 183.1 | 196.7 | 238.9 | 266.8 | 236.3 | 273.6 | 280.3 |
| Adj Net Profit ⓘ | 25.1 | 10.5 | 25.2 | 28.6 | 15.8 | 64.2 | 92.7 | 112 | 157 | 194 | 181 |
| Cash Flow from Ops. ⓘ | 50.3 | 22.1 | 17.9 | 15.8 | 22.8 | 15.2 | 54.1 | 67.2 | 103 | 85.2 | - |
| Debt/CF from Ops. ⓘ | 0 | 0 | 0.1 | 0.1 | 0.1 | 0.2 | 0.1 | 0.7 | 0 | 0 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 20.6% | 37.4% | 43.1% | -2.3% | ||||
| Adj EPS ⓘ | 21.7% | 58.4% | 27.3% | 23.3% | ||||
| BVPSⓘ | 12.5% | 8.4% | 4.6% | 15.8% | ||||
| Share Price | 29.4% | -8.1% | -6.9% | -31.4% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 11.7 | 4.6 | 10.3 | 10.8 | 4.2 | 11.9 | 13.8 | 14.1 | 19.7 | 24 | 21.1 |
| Op. Profit Mgn % ⓘ | 17.4 | 9.6 | 8.9 | 2.2 | 9.3 | 13.2 | 15 | 15.3 | 17.3 | 17.1 | 15.5 |
| Net Profit Mgn % ⓘ | 14.8 | 6.5 | 13.3 | 17.5 | 8.5 | 25 | 29.6 | 30 | 16.7 | 21.1 | 19.9 |
| Debt to Equity ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.1 | 0 | 0 | - |
| Working Cap Days ⓘ | 284 | 147 | 120 | 158 | 143 | 126 | 105 | 94 | 89 | 144 | 117 |
| Cash Conv. Cycle ⓘ | 64 | 41 | 56 | 65 | 66 | 45 | 14 | 12 | 41 | 90 | 83 |
Valuation of Mastek - Standalone
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 169 | 162 | 189 | 163 | 187 | 257 | 313 | 434 | 939 | 918 |
| Operating Expenses > ⓘ + | 143 | 147 | 173 | 160 | 170 | 223 | 266 | 365 | 777 | 761 |
| Operating Profit > ⓘ | 27 | 15 | 17 | 3 | 17 | 34 | 47 | 69 | 162 | 157 |
| Operating Profit Margin (%) | 15.9% | 9.5% | 8.9% | 2.1% | 9.3% | 13.2% | 15.0% | 16.0% | 17.3% | 17.1% |
| Other Income > ⓘ + | 13 | 23 | 35 | 49 | 35 | 74 | 73 | 72 | 84 | 136 |
| Interest > ⓘ | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 1 | 5 | 1 |
| Depreciation > ⓘ | 13 | 11 | 12 | 11 | 11 | 12 | 13 | 14 | 26 | 26 |
| Profit Before Tax > ⓘ | 24 | 27 | 39 | 34 | 36 | 96 | 166 | 127 | 179 | 232 |
| Tax > ⓘ | 1 | 12 | 9 | 6 | 18 | 19 | 34 | 7 | 39 | 29 |
| Profit After Tax | 23 | 16 | 31 | 27 | 19 | 77 | 132 | 120 | 140 | 202 |
| PAT Margin (%) | 13.6% | 9.7% | 16.1% | 16.8% | 10.1% | 30.0% | 42.2% | 27.7% | 14.9% | 22.1% |
| Adjusted EPS (₹) | 9.9 | 6.6 | 12.7 | 11.3 | 7.5 | 25.7 | 43.3 | 39.0 | 45.4 | 65.3 |
| Dividend Payout Ratio (%) | 35.40% | 90.30% | 66.80% | 70.80% | 194% | 74% | 43.90% | 48.70% | 50.70% | 36.80% |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 222 | 218 | 245 | 247 | 462 | 590 | 729 | 834 | 731 | 848 | |
| Debt + | 0 | 1 | 1 | 1 | 1 | 2 | 2 | 43 | 3 | 2 | |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Trade Payables | 2 | 3 | 2 | 1 | 1 | 31 | 24 | 25 | 36 | 37 | |
| Others Liabilities ⓘ | 20 | 24 | 37 | 59 | 156 | 59 | 43 | 105 | 168 | 190 | |
| Total Liabilities ⓘ | 244 | 246 | 285 | 308 | 621 | 682 | 798 | 1,006 | 939 | 1,078 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 45 | 45 | 45 | 35 | 31 | 31 | 33 | 66 | 90 | 85 | |
| CWIP ⓘ | 0 | 2 | 1 | 2 | 2 | 4 | 4 | 1 | 2 | 1 | |
| Investments ⓘ | 119 | 132 | 156 | 174 | 484 | 491 | 674 | 781 | 502 | 572 | |
| Inventories | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Trade Receivables | 14 | 28 | 36 | 26 | 45 | 57 | 38 | 63 | 226 | 315 | |
| Cash Equivalents | 4 | 12 | 12 | 21 | 24 | 49 | 7 | 27 | 17 | 26 | |
| Others Assets ⓘ | 62 | 27 | 34 | 50 | 35 | 49 | 41 | 67 | 101 | 79 | |
| Total Assets ⓘ | 244 | 246 | 285 | 308 | 621 | 682 | 798 | 1,006 | 939 | 1,078 | |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 50 | 22 | 18 | 16 | 23 | 15 | 54 | 82 | 103 | 85 |
| Cash Flow From Investing Activity ⓘ + | -61 | -6 | -4 | 23 | -13 | 22 | -7 | -69 | -14 | 4 |
| Cash Flow From Financing Activity ⓘ + | -0 | -8 | -14 | -30 | -6 | -45 | -56 | -13 | -113 | -80 |
| Net Cash Flow ⓘ | -10 | 8 | -0 | 8 | 4 | -8 | -9 | 0 | -24 | 9 |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 11.03 | 7.15 | 13.19 | 11.17 | 5.32 | 14.65 | 20.03 | 15.38 | 17.94 | 25.63 |
| ROCE (%) | 11.31 | 11.97 | 16.07 | 12.88 | 9.83 | 17.76 | 24.61 | 15.59 | 22.27 | 28.69 |
| Asset Turnover Ratio | 0.71 | 0.66 | 0.71 | 0.55 | 0.4 | 0.39 | 0.42 | 0.48 | 0.97 | 0.91 |
| PAT to CFO Conversion(x) | 2.17 | 1.38 | 0.58 | 0.59 | 1.21 | 0.19 | 0.41 | 0.68 | 0.74 | 0.42 |
| Working Capital Days | ||||||||||
| Receivable Days | 71.70 | 47.10 | 61 | 68.60 | 68.60 | 72 | 54.80 | 42.30 | 56.30 | 107.70 |
| Inventory Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Payable Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
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Mastek Ltd FAQs
The current trading price of Mastek on 21-Aug-2026 16:59 is ₹1,707.9.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 20-Aug-2026 the market cap of Mastek stood at ₹5,294.8 Cr
The latest P/E ratio of Mastek as of 20-Aug-2026 is 29.20.
The latest P/B ratio of Mastek as of 20-Aug-2026 is 6.09.
The 52-week high of Mastek is ₹2,625.5 and the 52-week low is ₹1,334.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Mastek is ₹910 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that Mastek Ltd is a good quality company.
The key valuation ratios of Mastek Ltd's currently when compared to its past seem to suggest it is in the Somewhat Undervalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Mastek Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.
About Mastek Ltd
Mastek incorporated in 1982, is engaged in providing software solutions and integration services. Mastek a leading IT solutions player with global operations in providing new technology and IP-led enterprise solutions to insurance, government and financial service organizations worldwide
Today, Mastek has grown to become a US $227 million Corporation.The company has partnered with various IT giants for delivering quality product and services namely Microsoft, Oracle and IBM are amongst others.
The company has received ISO 9001 certification for quality management and has assessed at P-CMM Level 3 and SW-CMM Level 5.
Product Offering
Services- Under services the company is engaged in application development, application management outsourcing, system integration, system rationalisation and business frameworks.
Solutions- The company offers solutions that support various sector to deliver quality services. Mastek offers solutions to government, insurance and financial services.
Milestone & Awards
1982: Mastek was founded by 4 IIM graduates viz. Ketan Mehta, Ashank Desai and R Sundar are the founder members who are later joined by Sudhakar Ram in October 1984.
1985: The Company was amongst the first in
1989: One of the first to introduce Relational database management system (RDBMS) in
1990: The Company set up subsidiary in
1992: Mastek
The company was first to develop ERP in
Mastek became First Indian IT Company that got listed at premium price.
1993: Mastek was first IT Company to offer Employee Stock Option Plan (ESOP) in
1994: The Company set up subsidiary in
1996: Mastek
1997: The Company was among one of the first to foray into CRM services globally.
1999: The Company set up subsidiary in
2000: First IT Solutions Company in the world to be assessed at P-CMM Level 3.
2002: Company launched Campus at
2003: One of the worlds largest Dot Net project London Congestion Charging goes live.
2005: Mastek signed the memorandum of agreement to acquire 15.5 acres of land at
Mastek group’s first development centre was set up outside
The company set up its largest development centre outside Mumbai in Pune.
2007: The Company launched its first development centre outside
A new building was commissioned at
Mastek is amongst the first to ride the third wave of Indian IT.
2010:
Mastek Acquires Kognitio Data Migration Offering.
Mastek - Mastek acquires the assets of SEG Software, LLC.
Achieves CMMi Level 5 (version1.2) appraisal by Software Engineering Institute (SEI).
Mastek's Elixir Distribution Management (EDM) solution rated 'Positive' in Gartner's Incentive Compensation Management (ICM) Marketscope report.
Earned prestigious standing in the vendor ranking of the Vanguards in Insurance Practices (VIP) program by INN and Celent - determined solely by voting from insurance carriers, brokers and agents in 2009 and 2010.
Ranked amongst the Best 20 Leaders by The International Association of Outsourcing Professional (IAOP), industry focus Government in 2009 and 2010.
Ranked amongst the Best 20 Leaders by The International Association of Outsourcing Professional (IAOP), industry focus Financial Services- Insurance in 2009 and 2010.
Ranked amongst the Best 20 Leaders by The International Association of Outsourcing Professional (IAOP), industry focus Financial Service – Banking, Capital Markets in 2009 and 2010.
Ranked amongst the Best 20 Leaders by The International Association of Outsourcing Professional (IAOP), Services offered – Information and Communication in 2009 and 2010.
2011:
Mastek wins contract worth Rs. 59 crore.
Consistently ranked high on the list of Top 100 outsourcing companies in the World by The International Association of Outsourcing Professionals (IAOP) in 2006, 2007, 2008, 2009, 2010 and 2011.
Mastek UK Project Manager Vishal Somal became one of the first candidates to receive the APMG & DSDM qualification in Agile Project Management
Apollo Munich Health Insurance won Celent Model Insurer Asia 2011 Award for the solution developed by Mastek.
Our customer, Commercial Tax Department, Government of Odisha, won the jury award for 'The Best Project under the Government to Business (G2B) Category' at the eWorld Forum for our e-Services solution.
Mastek and its client, Department of Social Justice & Special Assistance, Government of Maharashtra, won the jury award for 'Best ICT in Financial Inclusion Initiative of the year' at the eIndia Awards for the e-Scholarship solution developed by Mastek.
Mastek and its client, Maharashtra Housing and Area Development Authority (MHADA), Government of Maharashtra, won the jury award for 'Best Urban ICT Initiative of The Year' award at the eIndia Awards for the Integrated Housing Lottery Management System (IHLMS) solution developed by Mastek.
Mastek's 'Claims Surveyor' solution won IDC's FIIA Award for Innovation in Mobility.
2012:
MajescoMastek wins two Celent XCelent Awards for STG Billing.
2013:
Mastek achieves Level 5 (version 1.3 ) appraised by CMMI institute for ‘Product Implementation, Full Scope Projects Managed from India.
Mastek’s Elixir Distribution Management(EDM) solution received the Celent’s XCelent Service Award, 2013
Mastek is ranked 67th in the Leader category in the ‘The 2013 Global Outsourcing 100® service providers’ list by The International Association of Outsourcing Professional (IOAP)
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