Mastek Limited (MASTEK.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+593.7%

₹10,094.03

vs ₹1,455.00 price

Levered DCF

₹12,996.64

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

4.12

Safe zone

Rating

A+

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	10.29×	17.42×	26.59×	15.85×	31.18×	14.36×	4.2×	13.96×
P/B	1.39×	2.68×	3.83×	2.76×	9.32×	4.27×	0.72×	1.98×
P/S	1.12×	1.91×	2.61×	1.81×	4.57×	2.13×	0.53×	1.37×
EV / EBITDA	6.64×	12.26×	15.66×	9.32×	18.98×	8.49×	4.09×	8.88×
Gross margin	46.7%	21.5%	22.4%	22.8%	27.2%	25.7%	48.4%	42.6%
Operating margin	13.9%	46.2%	13.8%	15.3%	19.4%	19.5%	13.6%	9.9%
Net margin	10.9%	10.9%	9.8%	11.4%	13.5%	12.2%	10.2%	9.8%
Current ratio	2.16×	1.95×	1.42×	1.69×	1.78×	1.87×	1.85×	2.87×
Debt / equity	0.15×	0.24×	0.25×	0.24×	0.19×	0.32×	0.45×	0.1×
Interest coverage	16.04×	37.95×	12.03×	15.83×	55.25×	41.48×	45.69×	16.72×
Dividend yield	1.8%	0.9%	0.7%	1.2%	0.5%	0.4%	5.5%	1.3%
Payout ratio	18.4%	15.6%	19.3%	19.6%	16.1%	6.5%	28.9%	17.5%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	13.5%	15.3%	14.4%	17.4%	27.5%	24.4%	13.8%	14.2%
Return on invested capital	11.3%	42.0%	12.2%	11.3%	18.5%	15.2%	7.5%	9.7%
Return on assets	9.4%	9.7%	8.1%	9.3%	11.9%	9.1%	5.7%	10.3%
Free cash flow yield	12.1%	5.7%	4.9%	1.6%	2.4%	7.5%	29.6%	4.2%
Earnings yield	9.7%	5.7%	3.8%	6.3%	3.0%	5.7%	19.1%	7.2%
Enterprise value	₹38.9B	₹67.3B	₹81.2B	₹48.4B	₹94.6B	₹33.3B	₹7B	₹13.9B
Net debt / EBITDA	-0.46×	0.22×	0.27×	0.38×	-1.05×	-0.85×	0.78×	-0.15×
Cash conversion cycle (days)	62	68	94	127	198	94	39	65