Buy Mastek; target of Rs 2180: Anand Rathi

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26 Aug, 2025 12:21

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Anand Rathi's research report on Mastek

Mastek’s Q3 was weaker than expected on dollar organic growth (down 1.7% q/q, 4.8% y/y) but the order backlog was a strong $206m, reflecting good deals won in Q3. Meta Soft was fully integrated in Q3, and is likely to boost US growth in FY24 (lower organically in Q3). Overall, Mastek should return to growth in Q4 and cross-currency along with greater utilisation would help it regain margin momentum.

Outlook

We retain our FY24e/FY25e EBIT but lower other income leading to a ~4% cut in EPS. The TP we accordingly revise to Rs.2,180 (16.5x FY25e) from Rs.2280 earlier.

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Mastek - 18 -01-2023 - anand