Mastek stock: Anand Rathi buy call, Rs 2,240 TP (2026)

The call and why it is in focus

Anand Rathi has reiterated a bullish stance on Mastek and retained a BUY rating with a target price of Rs 2,240, as per its research report dated April 20, 2026. The note was cited in market coverage on April 21, 2026 at 11:04 IST. The firm’s stated target price is presented alongside an upside calculation in the report commentary. At the same time, other datasets in the same coverage show multiple consensus target prices and different reference prices, indicating that investors are looking at more than one benchmark. For a mid-cap IT services company like Mastek, where quarterly execution can shift sentiment quickly, the spread between targets and current trading levels often becomes the key debate.

Anand Rathi’s target and stated upside

In the report’s outlook, Anand Rathi said it retains BUY on the stock with a target price (TP) of Rs 2,240. The report also stated that this implies about 28% upside from the CMP (current market price). That upside statement is part of the report text and is being repeated as-is. The same outlook paragraph appears twice in the provided text, but the recommendation and target are consistent. Importantly, the coverage also includes other price reference points for Mastek from different sources, which do not match the implied CMP behind the 28% calculation. Readers should therefore treat the Anand Rathi TP as one broker view rather than a unified street number.

What the broader analyst consensus shows

The coverage includes an “Analysts’ Consensus” snapshot that shows a mean consensus of BUY. It also states the number of analysts as 6. In the same section, the last close price is shown as Rs 2,504.60, with an average target price of Rs 3,072.00. The high price target is listed as Rs 3,332.00 and the low price target as Rs 2,570.00. The same block also states that 83.33% of analysts recommend a BUY rating for Mastek Ltd, with Hold at 16.67% and Sell at 0.00%.

Targets, spreads, and differing “current price” references

Beyond the S&P Global Market Intelligence attribution, the text includes another price-forecast block stating that Mastek Ltd target price is Rs 3,072.00, showing a “slight upside” of 23.88% compared to a current price of Rs 2,426.4. Separately, an “Advanced Equity Forecast” section shows an average 12-month price target of Rs 2,918.50 with (+26.85% Upside). Another analyst-target summary says the average 12-month price target is 2,918.5, with a high estimate of 3,320 and a low estimate of 2,497. These differences matter because upside percentages depend heavily on which “current price” is being used.

Key figures table: consensus targets and price points

Stock range and recent reference prices in the text

The coverage states that the 52-week range spans from Rs 1,887.00 to Rs 3,375.00. Another “Key data” line in the same compilation lists a 52-week high/low of Rs 3,147 / Rs 1,711. Separately, a different table shows “52 Week High 3147.00” and “52 Week Low 2137.25.” These varying range figures appear to come from different snapshots or data sources embedded in the same text. What is consistent is that Mastek has traded across a wide band over the past year, and analyst targets in the text cluster near the upper half of those ranges.

What Anand Rathi flagged on operations (Q1FY26)

The text notes that Anand Rathi’s view on Mastek’s Q1FY26 performance highlights ongoing execution challenges in North America (NA) and AMEA. It states that constant-currency (CC) revenue declined 1.1% quarter-on-quarter, reflecting transition issues. The note also links the weakness to payer and retail client specific concerns in the US. This is the central operating datapoint cited in the provided material and it helps explain why the recommendation is paired with an explicit acknowledgement of near-term execution issues.

Background from earlier broker commentary in the text (FY24 and beyond)

The compilation also contains an “IT – Q4 FY24 company update” note that characterises Mastek’s Q4 as weak, with flattish revenues quarter-on-quarter and growth of 3.7% year-on-year (as stated). It reports that Q4 EBIT margin fell 172 bps quarter-on-quarter and 242 bps year-on-year to 12.5%, citing lower revenues and higher D&A. The same note says FY24 CFO:PAT was 135% (and references an average of the last three years at 84%). It also states that the target price was revised to Rs 3,320 (from Rs 3,630) based on 24x FY26e EPS.

Forecast assumptions and valuation references provided

The FY24 update section says the broker expected Mastek to clock a 13% revenue CAGR over FY24-26. It also mentions EBIT margins of about 14.4% by FY26, from 13.7% in FY24, leading to a 16% EBIT CAGR. The note states an FY26e EPS of Rs 138 and says the stock trades at FY26e P/E of 20x, which it finds attractive. It further states that the target is based on 24x FY26e EPS. Separately, another block in the text mentions Mastek having a revenue growth forecast of 11.7% and a profit growth estimate of 5.1% for FY26, based on top 6 analyst calls.

Financial snapshot in the provided tables

A table in the text lists Mastek’s market cap at Rs 7,674.90 crore. The same table reports a 5-year CAGR of 79.44% and a debt-to-asset ratio of 0.54. It also lists net profit at Rs 310 crore and yearly revenue at Rs 3,054 crore. These figures are presented as summary metrics alongside the “BUY” view in that table format. They provide context on scale and historical growth, though the text does not specify the exact period for the profit and revenue figures in that table.

Market impact: what the numbers imply for investors

The immediate market implication from the compilation is that targets are widely dispersed, even when the consensus is labelled as BUY. On one hand, Anand Rathi’s TP is Rs 2,240 with an upside claim of about 28% from its cited CMP. On the other hand, the consensus snapshot shows a last close of Rs 2,504.60 and an average target of Rs 3,072, and another section uses a “current price” of Rs 2,426.4 to compute upside. The 52-week range figures also show that the stock has moved sharply within the past year, which often amplifies the effect of differing entry-price assumptions.

Analysis: reconciling execution challenges with buy ratings

A key takeaway from the text is that buy recommendations are being maintained even while operational challenges are explicitly noted. The Q1FY26 CC revenue decline of 1.1% q/q, and the mention of transition issues and US payer and retail client concerns, point to near-term delivery or demand friction. The FY24 update block, meanwhile, shows a period where margins and revenue disappointed relative to expectations, yet the broker still presented a framework for recovery via FY24-26 growth and margin normalisation. Investors tracking Mastek will likely focus on whether execution in NA and AMEA stabilises, because that is the specific risk factor highlighted in the Q1FY26 commentary.

Risks and what to watch next

The FY24 update note explicitly flags a “slowdown in government business” as a risk. The broader compilation does not provide a new company statement or management guidance, so the next set of verified triggers would be future quarterly performance updates and any revisions to broker estimates and targets. Given the presence of multiple consensus summaries, investors may also track how the six-analyst target band shifts over time. Any change in the Buy-Hold mix (currently shown as 4 Buy and 2 Hold) would be another measurable sentiment indicator.

Conclusion

Anand Rathi’s April 2026 note retains a BUY on Mastek with a target price of Rs 2,240 and cites about 28% upside from its referenced CMP, even as it points to Q1FY26 execution challenges in NA and AMEA. The same coverage shows broader analyst targets ranging from the high Rs 2,000s to the low Rs 3,000s, with a BUY-leaning consensus across six analysts. With a wide 52-week trading band cited in the text and multiple “current price” reference points, the next meaningful updates will likely come from subsequent quarterly results and any changes in consensus target ranges.