Mastek holds a £85 million UK Home Office contract to maintain the Biometrics Services Gateway and National DNA Database, systems demanding 99.99% availability and processing up to 25 million biometric requests.
Founded by IIM Ahmedabad alumni in 1982, Mastek was India's first indigenous software product company, introducing the country's first RDBMS in 1989 and first ERP platform by 1992. That product DNA still shapes its IP-led engineering model.
The 2020 acquisition of Evosys gave Mastek deep Oracle ERP, SCM, and HCM migration capabilities. Evosys founder Umang Nahata became Global CEO in August 2024, with 86.3% of his ₹51.65 million pay tied to performance bonuses.
Revenue climbed from ₹1,076 crore in FY2019 to ₹3,455.2 crore in FY2025, a 13.1% YoY rise, and reached about $421.2 million in FY2026. The company holds an order backlog above $300.4 million and carries virtually no debt.
Its iConniX suite has over 120 AI assets. The create.ai platform cuts engineering effort by up to 50% and lifts productivity 30%, while Glide 4.0 offers up to 52% lower TCO for Oracle Cloud migrations.
The UK and Europe contribute 57.3% of revenue, the US 27.0%, and AMEA 15.7%. Mastek supports the Home Office, GOV.UK One Login, and NHS Pathways, where its AWS migration delivered a 75% performance improvement.
Operating margin dropped from 19.2% in FY2022 to 13.5% in FY2025, reflecting heavy spending on onsite AI engineering talent and a US business reset. It stabilized near 13.8% in FY2026 estimates.
Mastek's greatest strength is also its biggest vulnerability. UK budget austerity and the NHS England merger slowed revenue growth to 4.6% YoY in Q3 FY2026. Middle East instability also delayed enterprise IT spending cycles.
Mastek's S&P Global ESG score of 82/100 and carbon-neutral UK operations strengthen its hand in public procurement. Analysts project a 90-basis-point EBIT margin expansion over FY2026–FY2028 as AI accelerators reduce dependence on headcount growth.
Can Mastek use AI products to decouple revenue from headcount while reducing its UK dependence? That is the question for the next phase. Read the full deep dive for complete financial tables, peer comparisons, and risk detail.
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