Revenue and Profit Growth Over the Years
Examining Mastek’s consolidated annual results from March 2019 through March 2025, net sales have surged from just over ₹1,033 crore in 2019 to ₹3,455 crore in 2025. This represents a compound annual growth rate (CAGR) of approximately 22%, underscoring the company’s ability to scale its business effectively. Operating profit before depreciation, interest, and tax (PBDIT) also rose significantly, reaching ₹569 crore in the latest fiscal year, up from ₹156 crore in 2019. Despite some fluctuations in operating profit margins, which peaked above 21% in 2021 and 2022 before moderating to around 15.8% in 2025, Mastek has maintained healthy profitability levels relative to its revenue base.
Profit after tax (PAT) has followed a similar upward trend, climbing from ₹101 crore in 2019 to ₹376 crore in 2025. The PAT margin, while showing some contraction from a high of 15.3% in 2022 to 10.9% in 2025, remains respectable within the industry context. Earnings per share (EPS) have more than doubled over this period, reaching 121.5 rupees per share in 2025, reflecting both profit growth and stable equity capital.
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Financial Position and Asset Management
Mastek’s balance sheet reflects a strengthening financial position. Shareholders’ funds have nearly tripled from ₹858 crore in 2021 to ₹2,462 crore in 2025, supported by rising reserves and retained earnings. The company’s book value per share has also increased substantially, reaching ₹795.84 in 2025 from ₹340.15 in 2021, indicating enhanced net asset value per share for investors.
Total liabilities have grown in line with business expansion, standing at ₹3,707 crore in 2025 compared to ₹2,242 crore in 2021. Long-term borrowings have increased moderately but remain manageable relative to equity, with secured loans accounting for the bulk of debt. Deferred tax liabilities have also risen, reflecting the company’s growing taxable income base.
On the asset side, net block of fixed assets has more than doubled since 2021, signalling ongoing investments in infrastructure and technology. Current assets have expanded to ₹1,826 crore in 2025, driven by higher sundry debtors and cash balances, which stood at ₹461 crore, up from ₹608 crore in 2021 but showing some volatility in interim years.
Cash Flow and Operational Efficiency
Cash flow from operating activities has shown a positive trajectory, with ₹395 crore generated in 2025, slightly down from ₹420 crore in 2024 but significantly higher than ₹184 crore in 2020. The company has maintained disciplined capital expenditure, with cash outflows from investing activities amounting to ₹258 crore in 2025, reflecting continued investment in growth initiatives. Financing activities have seen net outflows recently, indicating repayments or dividend distributions.
Working capital management has been effective, although changes in working capital have occasionally impacted cash flow, such as a ₹63 crore negative adjustment in 2025. Overall, Mastek’s cash position remains strong, with closing cash and equivalents at ₹460 crore in the latest fiscal year.
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Summary of Historical Performance
In summary, Mastek’s historical performance over the past six years highlights a company on a steady growth path, with revenues more than tripling and profits increasing nearly fourfold. The firm has maintained solid operating margins and improved its return on equity, supported by prudent financial management and investment in assets. While margins have softened slightly in recent years, the overall trend remains positive, with strong cash flow generation and a healthy balance sheet.
Investors can note the consistent rise in earnings per share and book value, signalling value creation. The company’s ability to manage debt levels and maintain liquidity further enhances its financial stability. These factors collectively position Mastek as a resilient player in its sector, with a track record of delivering growth and profitability.
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