Mastek Q2 FY27 Results: ₹1,019 Cr Revenue, PAT Flat

What Mastek reported in Q2 FY27

Mastek Limited reported consolidated revenue of ₹1,018.68 crore for Q2 FY27, up 8.3% year-on-year (YoY) and 3.4% quarter-on-quarter (QoQ). Consolidated profit after tax (PAT) came in at ₹105.67 crore, up 8.4% YoY, but roughly flat QoQ (down 0.2%). The quarter showed topline growth, but profitability did not scale at the same pace. The company’s reported numbers also included a net exceptional gain that influenced the YoY profit comparison. Alongside the quarterly performance, investors also have a near-term calendar event to track, with the board scheduled to consider September-quarter results later in October.

Q1 FY27 baseline: revenue ₹985.3 crore, net profit ₹105.9 crore

For Q1 FY27 (quarter ended June 30, 2026), Mastek reported revenue of ₹985.3 crore and net profit of ₹105.9 crore. The board approved the unaudited financial results for that quarter and also approved amendments to the company’s insider trading code. The company had indicated that a board meeting would be held on July 21, 2026, to approve Q1 FY27 results. An earnings call to discuss the Q1 numbers and outlook was scheduled for July 22, 2026 at 12:30 PM IST. The Q1 base is important because Q2’s “flat” sequential PAT is being judged against this ₹105.9 crore quarter.

Key Q2 FY27 financial snapshot

Mastek’s published Q2 FY27 summary shows higher revenue and income, with expenditure also increasing. Profit before tax (PBT) and PAT were positive YoY, while sequential PAT was nearly unchanged. Net profit margin (NPM) was reported at 10.26%, with a 0.36 percentage point change QoQ and 0.06 percentage point change YoY as shown in the summary table.

The company also described Q2 revenue at ₹10.19 billion, which corresponds to about ₹1,019 crore, compared with ₹9.85 billion (about ₹985 crore) in Q1.

Exceptional items flattered the YoY profit print

The YoY profit growth in Q2 FY27 was influenced by a net exceptional gain of ₹10.72 crore. The exceptional line included a ₹47.26 crore gain on the sale of the company’s Chennai property. This was offset by a ₹10.64 crore restructuring charge and ₹25.90 crore of bad debts written off. The text notes there was no equivalent one-off in the year-ago quarter.

After adjusting for the exceptional items, adjusted PAT was indicated at roughly ₹94.95 crore, down about 2.6% YoY even as revenue grew 8.3% YoY. This gap between revenue growth and adjusted profitability is a key takeaway from the quarter as described.

Operating margin compression: what changed in the cost line

The operating gap was attributed to margin compression. Consolidated operating margin (EBITDA basis) was stated at roughly 14.35% in Q2 FY27, down from 15.47% a year ago and 15.36% last quarter. Employee benefit expenses rose 11.0% YoY to ₹548.05 crore, which was faster than the 8.3% YoY revenue growth.

Management headwinds referenced in the context include an ESOP cost step-up of $400,000 to $500,000 per quarter from Q2, annual increments, and regulatory costs. The higher employee cost line, alongside these referenced drivers, is presented as consistent with the margin pressure seen in Q2.

H1 FY27 tracking versus FY27 revenue consensus

On external expectations, the context notes that no Q2-specific Street consensus could be located despite two searches. The only reference point cited is a full-year FY27 consensus revenue estimate of roughly ₹4,060 crore, representing about 9.7% growth.

Against that, H1 FY27 revenue was stated at ₹2,003.93 crore, up 8.0% YoY, and described as tracking modestly behind pace relative to the full-year estimate. This comparison provides a checkpoint for how the first half is shaping up versus the cited FY27 revenue expectation, without making a forward projection.

Corporate actions and board meeting calendar

Mastek has several board-related disclosures in the provided context. The company announced that its Board of Directors is scheduled to meet on October 23, 2026 to consider and approve unaudited financial results for the quarter and half-year ended September 30, 2026. The discussion is expected to cover consolidated and standalone results under Indian Accounting Standards (IndAS). An earnings call is also listed for October 26, 2026.

Separately, for the June 30, 2026 quarter, the board also approved amendments to Mastek’s insider trading code.

Additional disclosed comparisons: standalone Q1 FY27 and prior-period references

Mastek’s investor relations summary also provides standalone Q1 FY27 numbers: revenue of ₹227.09 crore, expenditure of ₹198.88 crore, and net profit of ₹20.80 crore. The same table shows revenue down 19.4% versus Q4 FY26 and down 10.8% versus Q1 FY26, while net profit declined 63.6% versus Q4 FY26 and 50.3% versus Q1 FY26.

The context also includes a reference to Q3 FY26 results where consolidated revenue was ₹905.68 crore and net profit was ₹108.35 crore, with UK and Europe operations leading growth at 21.36% year-on-year. Separately, a Q2 FY26 performance note cited revenue from operations of ₹940.40 crore, operating EBITDA of ₹145.50 crore, and net profit of ₹97.40 crore, along with basic EPS of ₹31.48 for Q2 and ₹61.23 for H1 FY2026. A half-year reference also stated revenue of ₹1,855.07 crore and net profit of ₹189.50 crore, with net profit described as down 5.3%.

Why this update matters for investors

The Q2 FY27 update highlights a common pattern in IT services: revenue growth can coexist with margin pressure when employee costs and other operating expenses rise faster than topline. In Mastek’s case, the reported QoQ revenue increase of 3.4% did not translate into sequential PAT growth, and the underlying adjusted PAT was indicated to be weaker YoY after removing one-off gains.

The next concrete milestone in the company’s disclosure calendar is the board meeting on October 23, 2026 for the September-quarter and half-year results, followed by the October 26 earnings call. Those events will provide the next set of reported numbers under IndAS and updated management commentary based on the company’s formal disclosures.