Mastek Limited Q4 FY26 Earnings Call Transcript Released
Mastek Limited's Q4 FY26 results show revenue growth of 3.6% QoQ in INR terms to INR938 crore, with EBITDA at 16.1%. Full-year revenue reached INR3,699 crore. The company added over 27 AI-focused projects and noted a stable order backlog. A final dividend of INR16 per share was declared.
The announcement provides a detailed update on financial performance, strategic initiatives like AI adoption, and future outlook. While no major disruptive events occurred, the information is material for investors assessing the company's trajectory.
The company reported stable revenue growth, maintained EBITDA margins, and saw positive order book growth. The management expressed a cautiously optimistic outlook for the next fiscal year, indicating expected improvements and a focus on AI integration.
Mastek Limited has released the transcript of its Earnings Conference Call held on April 20, 2026, to discuss the financial performance for the quarter and year ended March 31, 2026. The call featured insights from CEO Umang Nahata and CFO Deepak Kedia.
During the call, Umang Nahata highlighted a stable Q4 FY26 with a 3.6% quarter-on-quarter revenue growth and maintained EBITDA at 16.1%, despite macro headwinds. The order backlog grew by 7.2% in INR terms. The Healthcare and Life Sciences sector showed a positive outlook despite a temporary dip, while Financial Services emerged as a star performer with significant revenue growth driven by new deals in North America and the UK. The company added over 27 net new AI-focused customer projects in the quarter, focusing on both AI for tech and AI for business. FY26 was described as a year of fundamental resets, with a re-established focus on the UK & Europe business, which grew 11% in pound terms. North America underwent a team and priority reset, with positive turnaround indicators expected in FY27. The AMEA business focused on stabilizing client engagement, with healthcare remaining a core area.
Deepak Kedia reported Q4 revenue of $103.5 million (INR938 crores), up 3.6% sequentially in rupee terms. EBITDA stood at 16.1%, despite a $1.1 million salary increase impact, offset by forex tailwinds and cost efficiencies. Full-year revenue was $421.2 million (INR3,699 crores), up 3.1% year-on-year in dollar terms, with EBITDA at 15.8%. PAT for the full year was INR404 crores, up 7.5%. An exceptional INR23.7 crores impact related to Labor Code changes was recognized in Q4. Operating cash flow increased by 35% year-on-year to INR542 crores, and cash and cash equivalents stood at INR938 crores. The company declared a final dividend of INR16 per share, in addition to an interim dividend of INR8 per share.
Management expressed a cautiously positive outlook for FY27, expecting better performance than FY26, with stable margins around 16-16.1%. They noted a shift from Time & Material (T&M) to outcome-focused models, especially with AI integration. The company is actively considering M&A opportunities, focusing on expanding domain capabilities and smaller AI investments. The average effective tax rate is expected to be between 24.5% to 24.7%. The company is working to reduce DSO, which reached a 12-quarter low of 73 days in Q4.
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