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Swing Capital

Mastek Ltd

NSE: MASTEK BSE: 523704IT / Software

Established in 1982, Mastek is a provider of vertically-focused enterprise technology solutions. Having its presence in IT industry for almost 4 decades, Mastek Ltd has evolved from an IT solutions provider to Digital transformation partner.[1]

₹1,556
52W: ₹1334 — ₹2818
PE 20.9 · Book ₹280 · +456% vs book
Market Cap₹4,823 Cr
Stock P/E20.9Price to Earnings
ROCE29.7%Return on Capital
ROE25.9%Return on Equity
Div. Yield1.43%Face Value ₹5

Strengths

  • +Company is almost debt free.
  • +Company has delivered good profit growth of 67.8% CAGR over last 5 years
  • +Company has been maintaining a healthy dividend payout of 48.2%

Weaknesses

  • −Tax rate seems low
  • −Earnings include an other income of Rs.102 Cr.
  • −Debtor days have increased from 81.6 to 125 days.
  • −Working capital days have increased from 68.2 days to 178 days

Shareholding Pattern

Promoters35.77%
FIIs8.03%
DIIs19.02%
Public37.18%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters36.25%36.24%▼0.036.23%▼0.035.97%▼0.335.96%▼0.035.79%▼0.235.78%▼0.035.77%▼0.0
FIIs14.03%8.14%▼5.99.4%▲1.310%▲0.611.05%▲1.111.24%▲0.210.27%▼1.08.03%▼2.2
DIIs7.1%10.41%▲3.39.27%▼1.19.84%▲0.610.52%▲0.711.52%▲1.012.65%▲1.119.02%▲6.4
Public42.59%45.22%▲2.645.09%▼0.144.19%▼0.942.47%▼1.741.45%▼1.041.31%▼0.137.18%▼4.1

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales113117227245233234229218226245
Expenses9496184203216194190187192191
Operating Profit19214342174039323353
OPM %17%18%19%17%7%17%17%15%15%22%
Net Profit18392878142042752857
EPS ₹5.7312.679.1325.44.426.513.5424.289.118.44

AI Insights

Revenue Trend

Mar 2026 revenue at ₹918Cr, up 88.9% YoY. OPM at 17%.

Debt Position

Borrowings at ₹10Cr. Debt-to-equity ratio: 0.01x. Healthy balance sheet.

Capex Cycle

CWIP at ₹1Cr (1% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 19.02% (+13.17pp change). FIIs: 8.03% (-5.39pp change). Promoters hold 35.77%.

Margin & Efficiency

ROCE improving from 17% (Mar 2015) to 30% (Mar 2026). Working capital days: 178.

Valuation

PE 20.9x with 29.7% ROCE. Price is 456% above book value of ₹280. Dividend yield: 1.43%.

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