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Mastek Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹1,489.40Overvalued by 11.13%vs CMP ₹1,676.00

P/E (12.2) × ROE (15.6%) × BV (₹965.00) × DY (1.37%)

₹1,396.82Overvalued by 16.66%vs CMP ₹1,676.00
MoS: -20% (Negative)Confidence: 53/100 (Moderate)Models: 1 Under, 2 Fair, 6 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹1,556.0322%Fair (-7.2%)
Graham NumberEarnings₹1,630.0216%Fair (-2.7%)
Earnings PowerEarnings₹723.9113%Over (-56.8%)
DCFCash Flow₹1,480.7313%Over (-11.7%)
Net Asset ValueAssets₹965.837%Over (-42.4%)
EV/EBITDAEnterprise₹1,462.309%Over (-12.8%)
Earnings YieldEarnings₹1,223.707%Over (-27%)
ROCE CapitalReturns₹2,049.289%Under (+22.3%)
Revenue MultipleRevenue₹1,115.295%Over (-33.5%)
Consensus (9 models)₹1,396.82100%Overvalued

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 4.5%

*Investments are subject to market risks

Analyst Summary

Mastek Ltd operates in the IT Consulting & Software segment, current market price is ₹1,676.00, market cap is 5,192 Cr.. At a glance, stock P/E is 12.2, ROE is 15.6 %, ROCE is 18.0 %, book value is 965, dividend yield is 1.37 %. The latest intrinsic value estimate is ₹1,396.82, around 16.7% below the current price, so expectations may already be running ahead of this modelled fair value. On operating trend, latest reported sales are about ₹3,455 Cr versus the prior period change of 13.1%, while latest net profit is about ₹376 Cr with a prior-period change of 20.9%. The 52-week range shown on this page is 2,818/1,334, which helps frame where the current quote sits within its recent trading band. Business context: About the Company - Qualitative AnalysisMastek Ltd. is a Public Limited Listed company incorporated on 14/05/1982 and has its registered office in the State of Gujarat, India. Company's Corporate Identification Number(CIN) is L74140GJ1982PL…

This summary is generated from the stock page data available for Mastek Ltd: Intrinsic Value & Share Price Analysis and is refreshed automatically when the underlying metrics change.

Investment Snapshot

64
Mastek Ltd scores 64/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health81/100 · Strong
ROCE 18.0% GoodROE 15.6% GoodD/E 0.16 Low debtInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money75/100 · Strong
FII holding up 0.27% (6mo) Slight increaseDII holding up 2.81% MF buyingPromoter holding at 35.8% Stable
Earnings Quality50/100 · Moderate
OPM stable around 17% Steady
Quarterly Momentum50/100 · Moderate
Revenue (4Q): +10% YoY GrowingProfit (4Q): -3% YoY Declining
Industry Rank65/100 · Strong
P/E 12.2 vs industry 102.8 Cheaper than peersROCE 18.0% vs industry 15.1% Average3Y sales CAGR: 17% Moderate

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily.

Share Price and Basic Stock Data

Last Updated: May 5, 2026, 12:36 am

Market Cap 5,192 Cr.
Current Price 1,676
Intrinsic Value₹1,396.82
High / Low 2,818/1,334
Stock P/E12.2
Book Value 965
Dividend Yield1.37 %
ROCE18.0 %
ROE15.6 %
Face Value 5.00
PEG Ratio2.73

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Mastek Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Mastek Ltd 5,192 Cr. 1,676 2,818/1,33412.2 9651.37 %18.0 %15.6 % 5.00
CE Info Systems Ltd 5,135 Cr. 939 2,167/79536.6 1570.37 %27.6 %19.8 % 2.00
Aurionpro Solutions Ltd 4,737 Cr. 859 1,666/72023.2 2910.47 %18.1 %15.3 % 10.0
Happiest Minds Technologies Ltd 5,719 Cr. 375 675/30528.4 1021.60 %13.9 %12.3 % 2.00
ASM Technologies Ltd 4,605 Cr. 3,157 4,596/1,30075.4 2020.14 %19.3 %16.8 % 10.0
Industry Average16,912.20 Cr473.36102.84123.310.70%15.13%21.17%6.77

All Competitor Stocks of Mastek Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 659709725766784780813867870905915940906
Expenses 545584598642651655689724729767777795760
Operating Profit 114126127123134125124143141139137146146
OPM % 17%18%18%16%17%16%15%16%16%15%15%15%16%
Other Income 6-0213541713-5111521
Interest 899131399111210997
Depreciation 20202021222720201719181818
Profit before tax 9296100901029499129126106121134141
Tax % 27%25%27%28%24%-1%28%0%25%23%24%27%23%
Net Profit 6773746578947212995819297108
EPS in Rs 21.3323.7722.9120.5024.5629.8523.1841.6830.6726.2029.7531.4634.96

Last Updated: February 5, 2026, 1:40 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 25, 2026, 12:46 am

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 9231,0135275608171,0331,0711,7222,1842,5633,0553,4553,666
Expenses 8339655095157189029161,3571,7212,1082,5462,9093,099
Operating Profit 90471845100132156364463456509546567
OPM % 10%5%3%8%12%13%15%21%21%18%17%16%15%
Other Income 11141512212517283664123042
Interest 11046648825444234
Depreciation 33371615191725454367907573
Profit before tax 6822163996133144339448427386459502
Tax % 24%20%17%17%27%24%21%26%26%27%19%18%
Net Profit 5218143270101114252333310311376379
EPS in Rs 23.377.865.9713.8629.5342.3344.8282.9798.3295.9997.36121.50122.37
Dividend Payout % 19%32%42%25%20%20%18%17%19%20%20%19%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)-65.38%-22.22%128.57%118.75%44.29%12.87%121.05%32.14%-6.91%0.32%20.90%
Change in YoY Net Profit Growth (%)0.00%43.16%150.79%-9.82%-74.46%-31.41%108.18%-88.91%-39.05%7.23%20.58%

Mastek Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:13%
5 Years:26%
3 Years:17%
TTM:13%
Compounded Profit Growth
10 Years:35%
5 Years:25%
3 Years:9%
TTM:29%
Stock Price CAGR
10 Years:32%
5 Years:29%
3 Years:11%
1 Year:-9%
Return on Equity
10 Years:17%
5 Years:20%
3 Years:17%
Last Year:16%

Last Updated: Unknown

Balance Sheet

Last Updated: May 4, 2026, 3:00 am

MonthMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital 111212121212131515151516
Reserves 5853084575377047788461,0561,6682,0722,4472,976
Borrowings 290667070335273203404519583438
Other Liabilities 2071081702021797631,1461,1931,0241,045803879
Total Liabilities 8324287058219661,8882,2772,4673,1113,6523,8484,309
Fixed Assets 279661801791678578078411,7401,9501,8181,939
CWIP 100212247122
Investments 5450274284396276234266994178234
Other Assets 4983122513564017541,2351,5961,2961,6071,8512,135
Total Assets 8324287058219661,8882,2772,4673,1113,6523,8484,309

Reserves and Borrowings Chart

Cash Flow

MonthMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity + 5932436575184287273108420395542
Cash from Investing Activity + -28-84-127-18-54-262218-26-719-249-259-66
Cash from Financing Activity + 22-465-7-16205-118-128932-57-300
Net Cash Flow 53-57-20405127387119-51917380176
Free Cash Flow 1020315060169276237126391376515
CFO/OP 121%199%102%74%80%149%92%83%53%104%95%121%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow90.0018.0018.00-21.0030.0062.00-179.0091.00260.0052.00-10.00-37.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 4648675578741087973726778
Inventory Days
Days Payable
Cash Conversion Cycle 4648675578741087973726778
Working Capital Days 2625382915384-35-2034-128
ROCE %12%5%3%10%17%19%16%26%32%23%18%17%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 36.75%36.58%36.50%36.48%36.26%36.25%36.24%36.23%35.97%35.96%35.79%35.78%
FIIs 13.14%13.42%13.93%14.10%14.40%14.03%8.14%9.40%10.00%11.05%11.24%10.27%
DIIs 4.80%5.85%5.99%6.41%7.07%7.10%10.41%9.27%9.84%10.52%11.52%12.65%
Public 45.30%44.14%43.56%43.01%42.26%42.59%45.22%45.09%44.19%42.47%41.45%41.31%
No. of Shareholders 1,05,0431,05,47194,08190,28484,94991,45688,6761,06,6081,03,79898,0131,00,78097,541

Shareholding Pattern Chart

No. of Shareholders

Mastek Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
ICICI Prudential Technology Fund 907,734 1.21 186.19532,7342026-02-23 03:33:3870.39%
Tata Digital India Fund 680,894 1.16 139.66155,0702025-12-08 01:19:52339.09%
Bandhan Small Cap Fund 594,919 0.63 122.02522,4832026-02-23 03:11:2613.86%
HDFC Small Cap Fund 431,688 0.24 88.54N/AN/AN/A
Bandhan Large & Mid Cap Fund 292,295 0.43 59.95206,9822025-12-15 01:56:5041.22%
Tata Multicap Fund 142,139 0.93 29.15N/AN/AN/A
Aditya Birla Sun Life Digital India Fund 107,622 0.47 22.07N/AN/AN/A
ICICI Prudential Multicap Fund 84,674 0.11 17.37N/AN/AN/A
WhiteOak Capital Flexi Cap Fund 69,640 0.2 14.28N/AN/AN/A
WhiteOak Capital Multi Cap Fund 33,852 0.23 6.94N/AN/AN/A

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 5.005.005.005.005.00
Basic EPS (Rs.) 121.7898.0197.23106.5284.92
Diluted EPS (Rs.) 120.6597.2595.53106.5281.88
Cash EPS (Rs.) 145.78129.99123.74125.35117.55
Book Value[Excl.RevalReserv]/Share (Rs.) 795.84676.85581.42406.96336.32
Book Value[Incl.RevalReserv]/Share (Rs.) 795.84676.85581.42406.96336.32
Revenue From Operations / Share (Rs.) 1116.75990.53839.90727.46682.19
PBDIT / Share (Rs.) 183.82170.13161.91166.09155.46
PBIT / Share (Rs.) 159.54140.98139.83151.81137.65
PBT / Share (Rs.) 148.40125.22140.03149.25134.44
Net Profit / Share (Rs.) 121.50100.83101.66111.0799.74
NP After MI And SOA / Share (Rs.) 121.5097.3796.0198.3182.94
PBDIT Margin (%) 16.4517.1719.2722.8322.78
PBIT Margin (%) 14.2814.2316.6420.8620.17
PBT Margin (%) 13.2812.6416.6720.5119.70
Net Profit Margin (%) 10.8810.1712.1015.2614.62
NP After MI And SOA Margin (%) 10.889.8311.4313.5112.15
Return on Networth / Equity (%) 15.2614.3817.4027.5417.93
Return on Capital Employeed (%) 16.8816.7517.7427.8522.21
Return On Assets (%) 9.738.149.3211.869.11
Long Term Debt / Equity (X) 0.150.150.150.110.16
Total Debt / Equity (X) 0.220.230.220.170.16
Asset Turnover Ratio (%) 0.910.890.180.170.16
Current Ratio (X) 1.951.421.691.781.87
Quick Ratio (X) 1.951.421.691.781.87
Dividend Payout Ratio (NP) (%) 15.6019.3919.5916.106.50
Dividend Payout Ratio (CP) (%) 13.0014.9215.9314.065.35
Earning Retention Ratio (%) 84.4080.6180.4183.9093.50
Cash Earning Retention Ratio (%) 87.0085.0884.0785.9494.65
Interest Coverage Ratio (X) 13.5211.8019.9964.9248.44
Interest Coverage Ratio (Post Tax) (X) 9.768.0912.5344.4132.08
Enterprise Value (Cr.) 6839.867924.504956.739576.732360.43
EV / Net Operating Revenue (X) 1.982.591.934.391.37
EV / EBITDA (X) 12.0315.1010.0319.216.02
MarketCap / Net Operating Revenue (X) 1.952.561.834.561.79
Retention Ratios (%) 84.3980.6080.4083.8993.49
Price / BV (X) 2.743.752.799.302.64
Price / Net Operating Revenue (X) 1.952.561.834.561.79
EarningsYield 0.050.030.060.020.06

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Mastek Ltd. is a Public Limited Listed company incorporated on 14/05/1982 and has its registered office in the State of Gujarat, India. Company's Corporate Identification Number(CIN) is L74140GJ1982PLC005215 and registration number is 005215. Currently Company is involved in the business activities of Computer consultancy and computer facilities management activities. Company's Total Operating Revenue is Rs. 917.56 Cr. and Equity Capital is Rs. 15.50 Cr. for the Year ended 31/03/2026.
INDUSTRYADDRESSCONTACT
IT Consulting & Software804/805, President House, Opp. C N Vidyalaya, Ahmedabad Gujarat 380006Contact not found
Management
NamePosition Held
Mr. Ashank DesaiChairman, Non Ind & Non Exe Director
Mr. Umang NahataWholeTime Director & CEO
Mr. Ketan MehtaNon Exe.Non Ind.Director
Mr. Suresh VaswaniInd. Non-Executive Director
Mr. Rajeev Kumar GroverInd. Non-Executive Director
Ms. Marilyn JonesInd. Non-Executive Director

FAQ

What is the intrinsic value of Mastek Ltd and is it undervalued?

As of 12 May 2026, Mastek Ltd's intrinsic value is ₹1396.82, which is 16.66% lower than the current market price of ₹1,676.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (15.6 %), book value (₹965), dividend yield (1.37 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Mastek Ltd?

Mastek Ltd is trading at ₹1,676.00 as of 12 May 2026, with a FY2026-2027 high of ₹2,818 and low of ₹1,334. The stock is currently near its 52-week low. Market cap stands at ₹5,192 Cr..

How does Mastek Ltd's P/E ratio compare to its industry?

Mastek Ltd has a P/E ratio of 12.2, which is below the industry average of 102.84. Trading at a steep discount to peers could signal a value opportunity or reflect concerns about the company's fundamentals.

Is Mastek Ltd financially healthy?

Key indicators for Mastek Ltd: ROCE of 18.0 % indicates efficient capital utilization; ROE of 15.6 % shows strong shareholder returns. Dividend yield is 1.37 %.

Is Mastek Ltd profitable and how is the profit trend?

Mastek Ltd reported a net profit of ₹376 Cr in Mar 2025 on revenue of ₹3,455 Cr. Compared to ₹333 Cr in Mar 2022, the net profit shows an improving trend.

Does Mastek Ltd pay dividends?

Mastek Ltd has a dividend yield of 1.37 % at the current price of ₹1,676.00. The company pays dividends, though the yield is modest.

Last Updated: May 5, 2026, 12:36 am
Author: Getaka|Social: XLinkedIn
Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Mastek Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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