Buy Mastek; target of Rs 3400: Anand Rathi

Trade

• Watchlist
• Portfolio
• Message
• Set Alert

 

 

Choose Stock Exchange: BSE LIVE NSE LIVE

26 Aug, 2025 12:21

Volume

Todays L/H

More

×

Anand Rathi's research report on Mastek

Mastek bounced back in Q4 with 4.9% sequential growth and a $194m order backlog, up 25% y/y. Management spoke about sustaining high growth till FY25 while reducing exposure to the UK and government businesses. It will achieve this by scaling up its Enterprise business in the US (new leadership) and Europe, and by acquiring some targets (revenue ~$35m) in the US (in FY23). FY23 fresher hiring targets are up 50% (to 1,000) to support growth. EBITDA margins to be maintained above 20% in FY23.

Outlook

We largely retain our FY23e/FY24e, but tweak our target to Rs.3,400 (23x FY24e, a 35% discount to LTI). We retain a Buy recommendation.

For all recommendations report, click here

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Read More