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Renewal pricing pressure from AI efficiency
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Mastek Ltd — Q4 FY26
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.
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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.
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Order Backlog (12-month)
$300.4M
+13.5% YoY
12-month order backlog in USD terms, providing revenue visibility.
Utilization Rate
80%
+3.3pp QoQ
Improved utilization from 76.7% in Q3, reflecting operational efficiency.
DSO (Days Sales Outstanding)
73 days
-12 days QoQ
Lowest DSO in 12 quarters, driven by strong collections of $125M.
AI Deal Share of Order Book
9%
+6pp QoQ
AI-focused deals increased from 3% to 9% of order book in two quarters.
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Guidance and risk preview
Management expects FY27 to be a positive growth year, faster than FY26's 3.1% USD revenue growth, driven by stronger order backlog.
Management acknowledged 10-15% discount on renewals, which could go higher, pressuring revenue growth.
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