India · Delayed Price · Currency is INR Mastek Earnings Call Transcripts
Fiscal Year 2026
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Q4 FY 2026 saw stable revenue and margins, with strong order backlog growth and robust cash generation. AI initiatives and vertical focus are driving efficiency, while management expects FY 2027 to deliver improved growth despite ongoing macro and pricing pressures.
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Q3 saw revenue decline due to seasonal furloughs and project delays, but EBITDA margin improved to 16.1% on AI-led efficiency and cost control. Order backlog grew strongly, and management expects sequential growth and margin stability ahead.
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Q2 FY26 saw 8.4% YoY revenue growth and improved margins, with strong AI-led deal wins in the UK, North America, and AMEA. Macro uncertainties persist, but operational efficiency and a robust order backlog support a positive outlook.
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Q1 FY26 delivered strong revenue and profit growth, led by UK and Europe, while US and EMEA faced headwinds but showed signs of recovery. AI initiatives and government digital transformation in the UK are key growth drivers, with margin stability expected for FY26.
Fiscal Year 2025
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Revenue grew 13.1% and net profit rose 20.9% year-over-year, led by strong U.K. and Europe performance, especially in healthcare and AI. U.S. business faced macro headwinds, but Oracle grew 50% year-over-year. Margin pressure from new contracts and one-time costs is expected to ease as operational efficiencies and AI adoption scale.
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Q3 FY25 saw 9.4% YoY revenue growth to $103M, with a $250M order backlog and strong U.K. and North America performance. Margins faced pressure from salary hikes and currency, but AI initiatives and large deal wins support a positive outlook.
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Revenue grew 6.7% QoQ and 13.3% YoY, with strong North America and U.K. performance, improved EBITDA margin, and robust order backlog. AI investments and account mining drive growth, while macro risks and wage hikes are being closely managed.
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Q1 FY25 saw 12.1% YoY revenue growth and a 23% YoY increase in order backlog, but EBITDA margin declined to 15.2% due to one-time costs. Management expects margin recovery in H2 and continued top-line momentum, with strategic focus on U.S. healthcare, U.K. government, and AI-driven offerings.