Mastek (MASTEK) Q2 26/27 earnings summary

Executive summary

• Q2FY27 revenue was ₹101,868 lakh, up 3.4% QoQ and 8.3% YoY; USD revenue was $107.3 million, up 2.4% QoQ and down 0.8% YoY.

• Deal activity rose to 53 new wins from 43 in Q1FY27; Q2 AI order book was $41.3 million.

• Limited reviews found no indication of material misstatement or non-compliance with required disclosures.

Financial highlights

• Q2 net profit was ₹10,567 lakh, up 8.4% YoY; H1 revenue was ₹200,393 lakh and net profit ₹21,155 lakh, up 8.0% and 11.6% YoY, respectively.

• Operating EBITDA was ₹146.2 crore, down 3.9% QoQ and 0.1% YoY; margin was 14.4%, down 109 bps QoQ and 121 bps YoY.

• H1 operating EBITDA rose 4.9% YoY to ₹298.3 crore.

• Q2 profit before exceptional items and tax was ₹13,074 lakh; total comprehensive income was ₹13,130 lakh.

• 12-month order backlog was $286.2 million, down 7.7% QoQ and up 2.3% YoY in USD; INR backlog was down 6.6% QoQ and up 10.4% YoY.

Segment performance

• All geographies grew QoQ in constant currency; UK & Europe grew 4.1%, North America 14.0%, AMEA 0.9% and the US 3.6% in INR.

• Q2 revenue in UK & Europe was ₹69,124 lakh, North America ₹21,556 lakh and AMEA ₹11,188 lakh.

• Financial Services revenue grew 16.4% QoQ and Government & Education grew 7.1% QoQ.

• Wins included a five-year dental technology services engagement, central-government cybersecurity work, a police-department transformation program and an outcome-based marine and industrial services contract.