Read the quarter in context.
A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
ConCallIQ research layer
Signal, with the source still visible.
Use the controls below to narrow the view, then follow the evidence into the next layer of context.
Revenue
₹938 Cr
verified against source
Revenue YoY
3.6%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Mastek reported a stable Q4 FY26 with revenue of ₹938 crore (+3.6% QoQ) and EBITDA margin of 16.1%, despite wage hike impact and pricing pressure. Order backlog grew 7.2% QoQ in INR terms, providing a stronger foundation for FY27. Healthcare saw a timing dip, but financial services emerged as the star performer. Management expects FY27 to be a growth year, faster than FY26, but remains cautious due to macro volatility and AI-driven pricing headwinds. AI deals now constitute 9% of order book, shifting from tech efficiency to business outcomes. Key risk: renewal pricing discounts of 10-15% or higher could pressure revenue growth.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects FY27 to be a positive growth year, faster than FY26's 3.1% USD revenue growth, driven by stronger order backlog.
- Management guided for stable EBITDA margin around 16-16.1% in FY27, balancing cost efficiencies, pricing pressure, and AI investments.
- Positive order book growth for two consecutive quarters; management expects North America revenue growth in FY27.
- CFO guided for effective tax rate in the range of 24.5% to 24.7% going forward.
Risks flagged
- Management acknowledged 10-15% discount on renewals, which could go higher, pressuring revenue growth.
- AMIA business faces short-term headwinds due to geopolitical turbulence, slowing new decision-making.
- Healthcare vertical saw a QoQ dip due to timing gap between project completions and new project starts, delaying revenue recovery.
- Shift from T&M to outcome-based pricing may compress margins and revenue predictability; timing of large-scale AI adoption is uncertain.
Key quotes
- Our endeavor is to make sure that we deliver a positive book and ship growth also but we'll look that with a degree of caution as we enter into a market which has a little more uncertainty than before.
- The T&M model will give way to more outcome focused model.
- We believe FY27 will be a positive growth year, should grow faster than FY26.
Research modules