Company Valuation: Mastek Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 99,714 47,039 78,437 67,485 41,605 49,235 - -
Change - -52.83% 66.75% -13.96% -38.35% 18.34% - -
Enterprise Value (EV) 1 99,714 48,988 79,801 66,815 36,428 40,761 36,839 32,315
Change - -50.87% 62.9% -16.27% -45.48% 11.9% -9.62% -12.28%
P/E 32x 16.1x 26.1x 18.1x 10.4x 11.2x 10.1x 8.25x
PBR 9.31x 2.79x 3.73x 2.74x - 1.49x 1.34x -
PEG - -2.02x 14.5x 0.8x 1.42x 1.14x 0.9x 0.4x
Capitalization / Revenue 4.57x 1.84x 2.57x 1.95x 1.12x 1.2x 1.11x 0.98x
EV / Revenue 4.57x 1.91x 2.61x 1.93x 0.98x 1x 0.83x 0.64x
EV / EBITDA 21.6x 10.7x 15.7x 12.2x 6.22x 6.43x 5.23x 3.87x
EV / EBIT 23.8x 12.6x 19.1x 14.2x 7.1x 7.3x 5.83x 4.37x
EV / FCF 42.1x 64.8x 20.5x 17.8x 7.09x 10.4x 8.15x 6.17x
FCF Yield 2.37% 1.54% 4.87% 5.61% 14.1% 9.59% 12.3% 16.2%
Dividend per Share 2 19 19 19 23 24 26.3 29.25 -
Rate of return 0.57% 1.23% 0.75% 1.05% 1.79% 1.66% 1.84% -
EPS 2 103.8 95.53 97.25 120.6 129.5 142.2 157.4 192.4
Distribution rate 18.3% 19.9% 19.5% 19.1% 18.5% 18.5% 18.6% -
Net sales 1 21,838 25,634 30,548 34,552 36,988 40,892 44,238 50,330
EBITDA 1 4,625 4,558 5,087 5,464 5,856 6,339 7,049 8,345
EBIT 1 4,196 3,885 4,188 4,713 5,130 5,587 6,319 7,392
Net income 1 2,951 2,930 3,003 3,759 4,040 4,441 4,914 6,005
Net Debt 1 - 1,949 1,364 -669.6 -5,177 -8,474 -12,396 -16,920
Reference price 2 3,321.80 1,541.00 2,543.00 2,181.15 1,342.20 1,588.20 1,588.20 1,588.20
Nbr of stocks (in thousands) 30,018 30,525 30,844 30,940 30,997 31,001 - -
Announcement Date 4/20/22 4/19/23 4/26/24 4/18/25 4/17/26 - - -
1INR in Million2INR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
22.54x3.69x12.88x2.95% 216B
-130.35x18.18x100.79x-.--% 117B
13.46x1.48x7.8x3.56% 111B
13.63x2.48x9.35x6.03% 79.37B
19.51x5.17x12.71x2.91% 58.38B
13.79x1.99x8.45x5.65% 44.37B
22.36x1.83x11.42x1.31% 43.97B
21.06x1.6x10.17x0.89% 40.66B
17.22x2.17x10.3x5.08% 35.23B
Average 1.47x 4.29x 20.43x 3.15% 82.93B
Weighted average by Cap. -4.86x 5.23x 24.92x 2.95%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

-40%: Exceptional extension
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