Interim report
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Mastek Limited 804/805, President House, Opp. C. N. Vidyalaya, Near Ambawadi Circle, Ahmedabad – 380 006 Tel: +91-79-2656-4337 | Email: info@mastek.com | Web: www.mastek.com | CIN: L74140GJ1982PLC005215 SEC/072/2025-26 October 23, 2026 Listing Department BSE Limited 25th Floor, Phiroze Jeejeebhoy Towers Dalal Street, Fort, Mumbai-400 001 SCRIP CODE: 523704 Listing Department The National Stock Exchange of India Limited Exchange Plaza, C-1, Block G, Bandra Kurla Complex, Bandra (E), Mumbai – 400 051 SYMBOL: MASTEK ISIN: INE759A01021 Dear Sir(s) / Ma'am(s), Subject: Outcome of the proceedings of the Board Meeting held on October 23, 2026 We wish to inform you that the Board of Directors, at their meeting held today , has inter-alia considered, approved, and taken on record the Unaudited Consolidated and Standalone Financial Results of the Company under Indian Accounting Standards (Ind AS) for the quarter and half-year ended September 30, 2026, prepared in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”). Accordingly, pursuant to the provisions of Regulation 30 and Regulation 33 of the SEBI Listing Regulations, we enclose herewith the Unaudited Financial Results (Consolidated and Standalone) for the quarter and half -year ended September 30, 2026 , under Ind -AS, along with the Limited Review Report issued by M/s. Walker Chandiok & Co. LLP, Statutory Auditors of the Company. Further, pursuant to the provisions of Regulation 47 of the SEBI Listing Regulations, an extract of the aforementioned Unaudited Financial Results would be published in the newspapers in accordance with the SEBI Listing Regulations. The meeting of the Board of Directors of the Company commenced at 11.30 A.M. and concluded at 3:35 P.M. The above information is also available on the Company's website at www.mastek.com. Thanking you. Yours faithfully, For Mastek Limited Reena Raje Company Secretary & Compliance Officer Membership No.: A21440 Encl: as above
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Walker Chandiok &..Co LLP Walker Chandiok & Co LLP 42nd Floor, BuilcJing Commerz 111, International Business Park, Oberoi Garden City, Off Western Express Hi,f1way, Coreqaon (Fast), Murnt;a;-400063 T +91 22 C62f3 2G99 Independe nt Aud itor's Review Report on Unaudited Standalone Quarterly Financ ial Results and Year to Date Financial Results of the Company pursuan t to the Regu lation 33 of the SEBI (Listing Obligations and Disclosu re Requ iremen ts) Regulations, 2015 (as amended) To the Board of Directors of Maste k Limited 1. We have reviewed the accompanying statement of unaudited standalone financial results ('the Statement') of Mastek Limited ('the Company') for the quarter ended 30 September 2026 and the year-to-date results for the period 01 April 2026 to 30 September 2026, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligat ions and Disclosure Requirements) Regulations , 2015 (as amended) ('Listing Regulations'). 2, The Statement, which is the responsi bility of the Company's management and approved by the Company's Board of Directors, has been prepared in accordance with the recognition and rneasmement principles laid down in Indian Accounting Standard 34, Interim Financial Reporting ('Ind AS 34'), prescr ibed under section 133 of the Companies Act, 20'13 ('the Act), and other accounting principles generally accepted in India and is in comp liance with the presentation and disclosure requirements of Regulation 33 of the Listing Regulations, Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 , Review of Interim Financial Informatio n Performed by the Independ ent Auditor of the Entity, issued by the Institute of Chartered Accou ntants of India, A review of interim financial information consists of making inquiries, primarily of persons r-esponsible for financial and accounting matters, and applying analytical and other review procedures , A review is substantially less in scope than an audit conducted in accordance with the Standards on Auditing specified under section 143(10) of the Act, and consequently, does not enable us to obtain assurance that we would become aware of all significa nt matters that might be identified in an audit Accordingly, we do not express an audit opinion. Chartered ;VcounLmts \Naik er Chand!ok S, Co U .. P i:5 ;t701ster~d w; [i· lirniteci liabi!i ty with idr:1ntificat1(J', number A.f\C-:rns::, Offices iil Ahmeiiaha.J, F3ern.pluru, f3r1uoiineswc.1r. ;: i1ai1di9arh. l~litrni·Hi, Deti1ailun, Co;,_ (;u rugr;,1111. Guwahal1, Hyderabcid. lnck)fi::, J::Jipur. Kechi ~;olbJl<.1 and h8S ils r·eQi!i:\l:ir,~d oHice at L-.. ; 1, Mumbai, New Delhi, Noid,, ;,ncj Punt :~;ircus, Cuter Circle. Ne w Dr,1 lhi ·1
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Mastek Limited Aud itor's Review F~nanciBi ~s J~e~)l!,!~ts 4. Based on our review conducted as above, notl1ing has come to our attentio n that causes us to believe that the accom panyi ng Statem ent, prepared in accordance with the recognition and measurement principles laid down in Ind AS 34, prescribed under section 133 of the Act, and other acco unting principles genernlly accepted in India, has not disclosed the information required to be disclosed in accordance with the requirements of Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. For Walker Chandiok & Co LLP Chartered Accountant s Firm Registration No.: 001076 N/N5000 13 t\ I ,'/LlJ f V \h ~ Nikhil Vaid (\ Partner Membership No.: 213356 UDIN: 26213356JCKUEE3397 Place: Mumbai Date: 23 October 2026 Chartered Accountants Otfices !n Al1 rn81.i..ibad. Bhub;cme~w,ar, Chani:li91-;n1, Chr>nnai, Uehr,iduri, Goa. Uuruq,·.:;n1. Guwahi:it1, Hyder,1bad, lndvre, J;:cii~' tff, f'.oct.i Kolke1ta, Mumbai. No!rla and Pune L W81ker Ch3ndiok & Co l..LP 1:.; rqJl'.•:ter,;,,i wi th lirni l,YJ li~;bilily w;th idt:.mtifk '.,t \ion rwrnt)c r J\;\,:: .:.:013(~ (',f(1cf: at L.-•tl . Conr w ,1\)ht N~,w [ Jf:l hi , 110001 . lnd1il
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1 2 3 4 5 6 7 8 9 10 u--) 11 12 MASTEK LIMITED Registered Office: 804/805, President House, Opp.C.N.Vidyalaya Near Ambawadi Circle, Ahmedabad-380 006 CIN No. l74140GJ1982PLC005215 Statement of unaudited Standalone Financial Results for the Quarter and Six months ended September 30, 2026 Particulars Septembe r 30, 2026 (Unaudited) Income (a) Revenue from operations 23,752 (b} Other income 1,161- Total income 24,913 Expenses (a) Employee benefits expenses 16,527 {b) Finance cost s 125 (c) Depreciation and amort isation expen ses 776 (d} Other expenses 3,299 Total expenses 20,727 Profit before exceptional items and tax ( 1 - 2 ) 4,186 Exceptional items - gain / (loss} net (Refe r not e 4) 4,378 Profit before tax ( 3 + 4 ) 8,564 Income tax expense/ (credit) - Current tax 2,249 - Deferred tax* 93 - Current tax adjustments relating to earlier ye,:irs - Total tax, net 2,342 Net profit for the period/ year ( 5 - 6) 6,222 Other Comprehensive Income - (loss}/ gain (net of tax} (Refer note 3) (429) Total Comprehensive Income, net of tax ( 7 + 8) 5,793 Paid-up equity share capital ( Face value Rs. 5 per share) (Refer note 6) 1,550 Othe r equity Earnings per share (face value Rs. 5 each) (Not annualised, except for the year end) : (a) Basic - Rs. (b) Diluted - Rs . *"O" denotes amounts less than fifty thousand rupees. ~ •• ---.. ~•.~:··~ -·- ~~ .., ,;,, ' '< '\ ;;,· ~; ,i:;. ' \ / _'\\ 11;0· '~;'·\ ,1/ • - ~~,,. -i, "'·,* ~ '-~--=:----- 20.07 19.94 Quarter ended June 30, Septembe r 30, 2026 2025 (Unaud ited) (Unaudited) 22,132 21,837 577 5,837 22,709 27,674 15,116 15,395 103 105 667 608 4,002 3,201 19,888 19,309 2,821 8,365 2,821 8,365 731 845 10 o 741 845 2,080 7,520 1,059 (161} 3,139 7,359 1,550 1,549 6.71 24.29 6.66 24.11 (Rs. In lakhs) Six months ended Year ended September 30, September 30, March 31, 2026 2025 2026 (Unaudited) (Unaudited} (Audited) 45,884 44,732 91,756 1,738 8,396 13,545 47,622 53,128 105,301 31,643 31,049 62,229 228 211 451 1,443 1,277 2,564 7,301 6,517 13,519 40,615 39,054 78,763 7,007 14,074 26,538 4,378 (3,375) 11,385 14,074 23,163 2,980 2,286 4,920 103 20 (913 ) 59 (1,088) 3,083 2,365 2,9 19 8,302 11,709 20,244 630 (1,389 } (1,747} 8,932 10,320 18,497 1,550 1,549 1,550 85,23 4 26.78 37.83 65 .37 26.60 37.54 64.89
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Unaudited Standalone Balance Sheet as at September 30, 2026 Particulars ASSETS Non-current assets Property, plant and equipment Capital work -in-progress Right-of- use assets Investme nt property Goodwil l Other Intang ible assets Intangible assets under development Fina ncia I assets Invest ment in subsidiaries Other financia l assets Deferr ed tax assets (net) Income tax assets (net) Other non-current assets Total non-current assets Current assets Financial assets Investme nts Trade receivables Cash and cash equivalents Bank balances other than cash and cash equivalents + Other financial assets Contract assets Oth er current assets Tota l current assets Total assets MASTEK LIMITED Registered Office: 804/805, President House, Opp.C.N .Vidyalaya Near Ambawadi Circle, Ahmedabad-380 006 CIN No. l74140GJ1982PLC005215 ~?s) ~ Asal September 30, 2026 (Unaudited) 4,555 152 721 - 2,410 263 33,614 549 3,833 742 208 47,047 24,868 32,517 1,347 89 1,632 486 5,937 66,876 113,923 _{Rs. In lakhs) March 31, 2026 (Audit ed) 4,781 129 462 2,410 839 10 33,804 686 4,147 742 168 48,178 23,396 31,499 2,509 81 1,040 448 4,821 63,794 111,972
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v-, Unaudited Standalone Balance Sheet as at September 30, 2026 Particulars EQUITY AND LIABILITIES EQUITY Equity share capital Other equity Tota l equity LIABILITIES Non-current liabilities Financial liabilities Borrowings Lease liabilit ies Othe r financial liabilities Provisions Total non-current liabilities Current liabilities Financia l liabilities Borrowings Lease liabilit ies Trade payables MAST EK LIMITED Registered Office : 804/805, President House, Opp .C.N.Vidyalaya Near Ambawadi Circle, Ahmedabad -380 006 CIN No. L74140GJ1982PLC005215 t ota l outstanding dues of micro enterprises and smal l enterpr ises; and total outstand ing dues of cred itors other than micro enterprises and small enterprises Other financial liabilit ies Contract liabilities Other current liabilities Provisions Curre nt tax liabilities (net) Total current liabilities Total liabilities Total equity and liabilities ~ ~;· ~~~-~ ~ ~ ~ \_\\. -i lj Ji?t / J ~-~·/4 l 1/ ~ ... 1;1t· v·~(I -... ~:·=.:::,:::.;;:-:✓ (Rs. In lakhs) Asat September 30, 2026 March 31, 2026 (Unaudited) (Audited) 1,550 1,550 89,703 85,234 91,253 86,784 385 229 461 375 2,215 2,661 5,348 5,403 8,409 8,668 86 124 330 247 4,166 3,745 3,968 7,343 256 183 1,187 1,460 3,819 3,418 449 14,261 16,520 22,670 25,188 113,923 111,972
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~ MASTEK LIMITED Registered Office: 804/ 805, President House, Opp.C.N.Vidyalaya Near Ambawadi Circle, Ahmedab ad-380 006 CIN No. L74140GJ198ZPLCOOSZ15 Unaudited standalone statement of cash flow s for six month s ended September 30, 2026 Particulars Cash flow s from operat ing activities Profit befor e taxes Adjustmen ts for : Int erest income Investme nt at FVTPL - net change in fai r value Guarantee comm ission Employee stoc k compensatio n expenses Provision fo r impairm ent of investment in subsidiary Finance costs Depreciation and amort isation Allowance/ (Reversal) for expected credit loss and bad debt s writte n off Net loss/ (gain) on fore ign currency t ranslatio n Divid end from subsidiary Profit on sale of propert y, plant and equipment , net Prof it on sale of curr ent investmen ts Rent al income Operating profit before working capital changes Changes in work ing capital (I ncrease) in trade receivables and contr act assets (I ncrease)/ decrea se in advances and othe r asset s (Decrease) in t rade payables, other liabilities and prov isions Cash generated from operating activities Income taxes paid, net of refu nds Net cash generat ed from ope rating activities (A) Cash flows from investing activities Proceeds from sa le of prop erty, plant and equipm ent (net of costs to sell) Taxes on proceeds from sale of prope rty, plant and equi pment Purchase of pro perty , plant and equipment and int angible asset s Dividend from subsidiary Int erest received Rental income Guarantee comm ission received Liquidation of short term bank deposits Purchase of short te rm investments Proceeds from sale of short te rm investments Taxes on proceeds from sale of short t erm investme nts Net cash generated from investing activities (B) - ~ro'\EK<~ '0- Ii'; '1:E }f~J. ~---Y (Rs. In lakhs) As at September 30, 2026 September 30, 2025 (Unaudited) (Unaudit ed) 11,385 14,074 (39) (62) (320) (312) (191) (258) 144 116 190 228 211 1,443 1,277 7 (8) 564 (585) (5,087) (4,736) (23) (552) (262) (4) (8) 8,119 9,073 (1,831) (1,842) (981) 939 (1,299) (3,288) 4,008 4,882 (1,327) (2,004) 2,681 2,878 5,705 31 (1,066) (2,840) (1,981) 5,087 39 62 4 8 191 258 34 (11,349) (14,179) 10,750 12,44 7 (139) (66) 1,295 1,701
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·..J Unaudited standa lone statement of cash flows for six months ended September 30, 2026 Particulars Cash flows from financing activities Proceeds from issue of shares under the employee stock option schemes Proceeds from long term borrowi ngs Repayment of long term borrowings Amount tra nsferred to unclaimed dividend bank account, pending distribution Dividends paid Payment of principal portion of lease liabilities Inter est paid on finance lease Interest paid on borrowings Net cash used in financing activities (C} Net (decrease) in cash and cash equivalents dur ing the period Cash and cash equivalents at the beginn ing of the period Cash and cash equivalents at the end of the period MASTEK LIMITED Registered Office : 804/805, President House, Opp.C.N.Vidyalaya Near Ambawadi Circle, Ahmedabad -380 006 CIN No. L74140GJ1982PLC005215 (Rs. In lakhs) Six months ended September 30, 2026 September 30, 2025 (Unaudited} (Unaudited) 2 10 190 (72) (40) (8) (4,956) (4,952) (223) (175) (52) (43) (23) (18) (5,138) (5 ,222} (1,162) (643) 2,509 1,604 1,347 961 The above stand alone statement of cash f!ows has been prepa red under the "Indirect Method" as set out in Ind AS 7 "Statement of Cash Flows" specified under section 133 of the Companies Act, 2013 {the 'Act'). Notes to the standa lone financial results: 1 The above unaudited standalone financia l results (the 'Statement') were reviewed and recommended by the Audit Committee and were t hereafter approved by the Board of Directors at their respective meetings held on October 23J 2026. The statutory aud itors have carried out a limited review of the Statement for the quarter and six mont hs ended September 30, 2026. 2 The Statement has been prepared in accordance with the recognition and measurement principles laid down in Indian Account ing Standard 34, Interim Financial Reporting {'Ind AS 34'), prescr ibed under section 133 of the Companies Act, 2013 (the 'Act'), and othe r accounting principles generally accepted in India and is in compliance with the presentation and disclosur e requ iremen ts of Regulation 33 of th e SEBI (Listing Obligatio ns and Disclosure Requirem ents) Regulations, 2015 (as amended). 3 Other Comprehensive Income - (loss)/ gain (net of tax} includes· Particulars (i) Items that will not be reclassified subsequently to the profit or loss (net of tax): Defined benefit plan actuarial (loss)/ gain, net Total (ii) Items that will be reclassified subsequently to the profit or loss (net of tax): (Loss)/ gain on change in fair value of forward contracts designated as cash flow hedges, net Total Other Comprehensive Income - (loss)/ gain (net of tax) (i+ii) September 30, 2026 (Unaudited) (47) (47) (382) (382) (429) ~-<: ' ,//:~EK.: · . . (/ .:r~"\\ t~~\ . )~~~ \ ''-0) I ' -,.~ •. ~ ' 7' ___.:,-''~::;:::.--- Quarter ended June 30, 2026 (Unaudited) 124 124 935 935 1,059 (Rs. In lakhs) Six months ended Year ended September 30, September 30, September 3D, March 31, 2025 2026 2025 2026 (Unaudited) (Unaudited) (Unaudited) (Audited) 119 77 198 1,099 119 77 198 1,099 (280) 553 (1,587) (2,846) (280) 553 (1,587) (2,846) (161) 630 {1,389) {1,747)
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~ 4 Exceptiona l items - ~in/ _1__1_<,s_s) net include the following· Particu lars (i) Provision for impairment of investment in subsidiary (refer note 4.1 below) (ii) Statutorv imoact of new Labour Codes (refer note 4.2 below) (iii ) Restructu ring cost (refer note 4.3) (iv) Gain on sale of Chennai property (refer note 4.4) Exceptional item - gain/ (loss) MASTEK LIMITED Registered Office: 804/805, President House, Opp.C.N.Vidyalaya Near Ambawadi Circle, Ahmedabad-380 006 CIN No. L74140GJ1982PLC005215 Quarter ended September 30, June 30, September 30, 2026 2026 2025 (Unaudited) (Unaudited) (Unaudited) (190) (158) 4,726 4,378 (Rs. In lakhs) Six months ended Year ended September 30, September 30, March 31, 2026 2025 2026 (Unaudited) (Unaudited) (Audited) (190) (363) (3,012) (158) 4,726 4,378 - (3,375) 4.1 During lhe quarter ended September 30, 2026 and March 31, 2026, the Company recognised an exceptional item on account of provision for imp airment in the carrying value of its inv estmen t in a subsidiary. This impairment provi sion was recorded based on the assessment of recoverable value in accordan ce with India n Accountin g Standard 36 ('Ind AS 361) "Impairment of Assets". The recognition of this except ional item had no impact on the consolidated financial result s of the Group. 4.2 On November 21, 2025, the Governm ent of India notified the four Labour Codes - the Code on Wages, 2019, t he Indu strial Relations Code, 2020, the Code on Social Security, 2020, and the Occupational Safety, Health and Work ing Condit ions Code, 2020. consolidating 29 existing labour laws. The Ministry of Labour & Employment publishe d draft Centra l Rules and FAQs to enable assessment of the financial impact due to changes in regulations. The Company had assessed and disclosed the incre menta l imp act of the se changes on the basis of interna l analysis and t he best information .ivailable, consistent wit h the guidance provided by the Institute of Chartered Accountants of India. The incremental impact consisting of grat uity of Rs. 2,135 lakhs and lon g-term compensated absences of Rs. 877 lakhs primar ily arose due to change in wage definition. The Company continues to monit or the fina lisation of Central/ State Rules and clarifications from the Government on other aspects of the Labour Code and would provide appropriate accounting effect on the basis of such developments as needed. 4.3 The Company incurred a one-time restructuring cost of Rs. 158 lakhs durin g the quarter and six months ended Septemb er 30, 2026 to drive th e Al-led operational efficiency, 4.4 Durin g the quarter ended September 30, 2026, th e Company completed the sale of pro perty , plant and equipment located in Chennai having a carry ing amou nt of Rs. 965 lakhs for an aggregate consideration of Rs. 6,000 lakhs. Transaction~related bro kerage and transf er expenses amou nting to Rs. 309 lakhs were incur red in connection with the sale. Accord ingly, the Company has recognised a net gain on disposal of Rs. 4,726 lakhs. 5 In accordance with Indian Account ing Standard 108 ('Ind AS 108') "Operating Segments", the Company has opted to present segment information along with the consolidated financial results of the Group . 6 During the period ended September 30, 2026, the paid-up equity share capita l stands increased by Rs. 0.45 lakhs (9,036 eq uity shares of Rs. 5 each) pursuant to the allotme nt of equity shares, on exercise of options by eligible employees, under the ESOP schemes Plan VI and Plan VII. 7 The Board of the Director s had recommended a final divide nd of Rs. 16 per share (320%) on face value of Rs. 5 each at the board meeting held of Apri l 17, 2026 wh ich was subject to approval by the shareho lders of the Company at ensuing Annual General m.o,e, l'MM 'I I So ,Sa.So,a.,, acmaeo ,o e,, a,o,ooa< m '°'' "''° oo ;o,omSe, o,, MS <So O,mOooO Sas SooW '"."~ "• waO,o ,e. ''"''"' Oma ,# ~ u!?.0-; Place: Mumbai, lnd ,a Ashank Desai \\ \'---...___ /•;"·~ Date: October 23, 2026 Chairman ~ .. ► ~• "/J '-'..:-, ,, // ---~
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Walker Chandiok &.Co LLP Walker Chandiok & Co LLP 42nd Floor, Building Commerz Ill, International Business Park, Oberoi Garden City, Off Western Express Highway, Goregaon (East), Mumbai-400063 T +91 22 6626 2699 Independent Auditor's Review Report on Unaudited Consolidated Quarterly Financial Results and Year to Date Results of the Company pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations , 2015 (as amended) To the Board of Directors of Mastek Limited 1. We have reviewed the accompany ing statement of unaudited consolidated financial results ('the Statement') of Mastek Limited ('the Holding Company') and its subsidiaries (the Holding Company and its subsidiaries together referred to as 'the Group') (refer Annexure 1 for the list of subsidiaries, included in the Statement) for the quaI·ter ended 30 Septembe1· 2026 and the consolidated year-to- date results fm the period Cl'i April 2026 10 30 September 2026, being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Require ments) Regulations, 2015 (as amended) ('Listing Regulations') . 2. This Statement , which is the responsibility of the Holding Company's management and approved by the Holding Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, Interim Financial Reporting ('Ind AS 34'), prescribed under section 133 of the Companies Act, 2013 ('the Act'), and other accounti ng principles generally accepted in India and is in compliance with the presentation and disclosure requirements of Regulation 33 of the Listing Regulatio ns. Our responsib ility is to express a conclusion on the Statement based on our revievv. 3. We conducted our review of the Statement in accordance with the Standard on r~eview Engagements (Sf~E) 2410, Review of Interim Financial Informatio n Performed by the Independent Auditor of the Entity, issued by the Institute of Chartered Accounta nts of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters , and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with the Standards on Auditing specified under section 143(10) of the Act, and consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accord ingly, we do not express an audit opinion We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33 (8) of the Listing Regulations, to the extent applicable Char tered /'1,ccountanls Btmgaluru, Blluban1,,swar, Ch,:111Ji::iar11, Chennai, Dehradun, Goa, Gurugrarn, Guwahati, Hyderabad, Indore, Kochi, l\olkata, MuP1bai, Walk er Chandiok & Co LU·) i$ li-::1t)11ity wi th ident ihca l1on number and t1::1s it !:: reoistere(J office at 1..--41, Connaun11t c:1rc;_;s, Outt=;,r Circlt1, NHw Delhi, 11 0001. India
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Mastek Limited Independent Auditor's Review Report on Unaudited Consolidated Quarterly Financial Results and Year to Date Results of the Company pursuant to the Regulation 33 of the Listing Regulations 4. Based on our review conducted and procedures performed as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in Ind AS 34, prescribed under section 133 of the Act, and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in accordance with the requirements of Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. For Walker Chandiok & Co LLP Chartered Accountants Firm Registration No 001076N/N500013 tl, i&.) ✓ ()-' ~ Nikhil Vaid Partner Membership No. 213356 UDIN: 26213356VTCPJJ4442 Place: Mumbai Date: 23 October 2026 Chartered Accountants Offices in Ahmedabad, Bengaluru, Bhubant~swar, Chandigarh, Chennai, Dehradun, Goa, Gurugram, Guwahati, Hyderabad, Indore, Kochi, h'.olkata, Mumbai, New Delhi, Nolda and Pune Walker Chandi ok & Co LLP is regIster 1;id w1tl1 limited liab ility with iclentit ic<.~lion number AAC. 208('-i ancl t1,1s its registered office at l.-41, Connau9ht Circus, Outer Circle, New Deltli, 110001, Jndia
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Mastek Limited Independent Auditor's Review Report on Unaudited Consolidated Quarterly Financial Results and Year to Date Results of the Company pursuant to the Regulation 33 of the Listing Regulations Annexure 1 List of entities (subsidiaries) included in the Statement (in addition to the Holding Company) 1. Mastek (UK) Limited 2. Mastek Inc. 3. Trans American Information Systems Inc. 4. Mastek Digital Inc. 5. Mastek Arabia FZ LLC 6. Evolutionary Systems Qatar WLL 7. Mastek Systems (Singapo re) Pte Limited 8. Mastek Systems Pty Limited 9. Evolutionary Systems Corp. 10 Mastek Systems Company Limited 11. Mastek Systems (Malaysia) SON BHD 12. Mastek Systems B.V. 13. Mastek Information Technology Company (formerly known as Evolutionary Systems Saudi LLC) 14. Mastek Systems Bahrain WLL 15. Evolutionary Systems Consultancy LLC 16. Mastek Arabia Systems Egypt LLC 17. Newbury Cloud Inc. 18. Evolutionary Systems Canada Limited 19. Metasoftech Solutions LLC 20. BizAnalytica LLC 21 . lndigob lue Consulting Limited Ch:11lered l\ccounlcmls Oflic:es in Al1111od.,ibad, Bengaluru, 8hubaneswar, Chrn1dig3rh, CherinJ1, D0hradun, Goa, Gurugram, Guwcihati, HyderJbad, Indore, Kochi, l\olkata, MLltT1Cai, New i)elt1:, Noida and Pune V\lalker Cl"l-:tnd1ok & Go U..P is [i<:1bil1ly w111, 1clentitic~1llon numbei and has its rngistered office :)t L-41. Conn;:1uo1·1t Circus. (; ute 1· CirclH, New Delhi, 1100 0 1. India
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1 2 3 4 5 6 7 8 9 ~ 10 11 12 MA5TEK LIMITED Registered Office: 804/805, President House, Opp.C.N.Vidyalaya Near Ambawadi Orcle, Ahmedabad-380 006 CIN No. L74140GJ1982PLC005215 Statement of unaudited Consolidated Financial Results for the Quarter a nd Six months ended September 30, 2026 Quarter ended Six months ended Particulars September 30, June 30, September 30, September 30, September 30, 2026 2026 2025 2026 2025 (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) Income (a) Revenue from operations 101,868 98,525 94,037 200,393 185,507 (b) Other income 1,172 1,203 1,509 2,375 2,565 Total income 103 ,040 99,728 95,546 202,768 188,072 Expenses (a) Employee benefits expenses 54,805 53,180 49,365 107,985 98,280 (bl Finance costs 773 735 944 1,508 1,901 {cl Depreciation and amortisat ion expenses 1,943 1,834 1,787 3,777 3,629 (d) Other expenses 32,445 30,133 30,040 62,578 58,782 Total expenses 89,966 85,882 82,136 175,848 162,592 Profit before exceptional items and tax { 1 - 2} 13,074 13,846 13,410 26,920 25,480 Exceptional items - gain/ (loss) net {Refer note 4) 1,072 1,072 Profit before tax { 3 + 4) 14,146 13,846 13,410 27,992 25,480 Income tax expense/ (credit) - Current tax 5,170 4,692 4,047 9,862 8,254 - Deferred tax (1,253) (1,452) (386) (2,705 ) (1,883) - Current tax adjustments relating to ear lier years (338) 18 4 (320) 159 Total tax, net 3,579 3,258 3,665 6,837 6,530 Net profit for the period/ year ( 5 - 6) 10,567 10,588 9,745 21,155 18,950 Other Comprehensive Income - gain (net), net of tax (Refer note 2,563 507 3,944 3,070 7,723 3) Tota l Comprehensive Income, net of tax (7 + 8} 13,130 11,095 13,689 24,225 26,673 Profit attributable to Owners of the Company 10,567 10,588 9,745 21,155 18,950 Non-controlling interests Profit after ta x 10,567 10,588 9,745 21,155 18,950 Other Comprehensive Income -gain, net of tax att r ibutab le to Owners of the Company 2,563 507 3,944 3,070 7,723 Non-cont rolling interests Tota l Other Comprehensive Income , net of ta x 2,563 507 3,944 3,070 7,723 Total Comprehensive Income attributable to Owners of the Company 13,130 11,095 13,689 24,225 26,673 Non-contro lling interests Total Comprehens ive Income, net of tax 13,130 11,095 13,689 24,225 26,673 Paid-up equity sha re capital {face value Rs. 5 per share) {Refer 1,550 1,550 1,549 1,550 1,549 note S) Other equity Earnings per share (face value Rs. 5 each) (Including exceptional Items) (Not annualised, except for the year end): (a) Basic - Rs. 34.08 34.16 31.48 68.24 61.23 (b) Diluted - Rs. - -- 33.86 33.93 31.24 67.79 60.76 // - :t - '" 1 \ ~ (Rs. In lakhs) Year ended March 31, 2026 (Audited) 369,875 7,041 376,916 196,893 3,569 7,26 1 114,059 321,782 55,134 (3,012) 52,122 15,837 (4,832) (283) 11,722 40,400 19,853 60,253 40,400 40,400 19,853 - 19,853 60,253 60,253 1,550 297,635 130.45 129.50
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1 2 (..N Seg ment info rm atio n:-- Particular s Segment revenue UK & Europe operations North America ope rations AMEA Revenu e fr om operat ions Segment results UK & Europe operations North Amer ica operations AM EA Total Less: i. Finance costs ii. Other un-alloc able income (net) Profit befor e excepti onal items and ta x Exceptional items - gain/ {loss) net (Refer not e 4) Profit befor e tax Notes on segment information : MASTEK LIM ITED Register ed Office : 804/8 05, President House, Opp .C.N.Vidyalaya Nea r Amba wa di Grcl e, Ahmed abad -380 006 CIN No . L74140GJ1 98 2PLC005215 Qu a rt e r ended Sep te mbe r 30, Ju ne 30, Sep te mb e r 30, 2026 20 26 2025 (Unaudited) (Un a udited) (Una udited) 69,124 66,371 60,622 21,556 21,354 21,275 11, 188 10,800 12,14 0 101,868 98,525 94,037 12,532 13,246 11,785 767 947 1,591 250 194 370 13,549 14,387 13,746 77 3 735 944 (298) (194) (608) 13,07 4 13, 846 13,410 1,072 14,146 13,846 13,410 (Rs. In lakhs) Six month s ended Yea r ended Septemb er 30, Septemb er 30, Mar ch 31, 2026 2025 202 6 (Unau dite d) (Unaudit ed) (Audited) 135,495 118,940 241, 129 42,910 42,409 82,853 11,9 88 24,158 45,893 200,393 185,507 36 9,87 5 15,778 23,086 47,746 1,7 14 2,223 5,152 444 1,331 2,364 17,936 26,640 55,262 1,5 08 1,90 1 3,569 (492 ) (741) (3,441) 16,920 25,480 55,134 1,072 (3,012) 17,992 25,4 80 52,122 i. Based on th e "management approach" as defined in Indian Accounting Stand a rd 108 ('lnd AS 108') - Operating Segments, th e Chief Operat ing Decision Maker (COOM ) evalu ate s th e Group's perfo rmance and allocates resourc es based on analysis of var ious perfor m ance indicators by geog raph ical location of the cust omers. ii. Property, plant and equipment used in the Group's business or liabilities contracted have not been identified to any of the reportable segme nts, as the Property, plant and equi pment and the sup port servi ces are used int erc hangeab ly betwe en segmen ts. Accord ingly , di sclos ures re lat ing t o t ota l segment assets and liab ilitie s are not pra cti cab le. iii . 'AM EA' incl udes Middle east reg ion, Sout h-east Asia, Indi a, Singapor e an d Australia. ~ ~~ ~, □~1 --~ i'I/ MUMBAI / ~ *( ,) , \, /~~ :,>; '-,...,_..,., ~~ t~~
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'\ • MASTEK LIMITED Registered Office: 804/805, President House, Opp.C.N.Vidya laya Near Ambawadi Circle, Ahmed aba d-380 006 CIN No. l74140GJ19 82PLC005215 Unaudit ed Consolidated Balance Sheet as at Septemb er 30, 2026 Particulars ASSETS Non-current assets Property, plant and equipment Capital work -in-progress Right-of-use assets Investment property Goodwill Other int angible assets Intan gibl e assets under develop men t Financial assets Other fin ancial assets Deferred tax assets (net) Income t ax assets (net) Other non-current assets Total non-cu rrent assets Current assets Financial assets Investments Trade receivables Cash and cash equivalents Bank balances, ot her th an cash and cash equivalents Othe r financial assets Contract assets Other current assets Total current assets Total assets ~ ~<. If ,3--:,--•:.{~\ r( c l i~,\\ ~ 1- 1 \* /4~/ ~:::,....._..__...,;, '----~ (Rs. In lakh s) As at As at September 30, March 31, 2026 2026 (Unaudited) (Audited) 5,595 5,724 318 158 2,821 1,394 179,673 178,031 6,461 8,698 10 1,476 1,229 23,637 20,938 1,906 1,479 408 216 222,295 217,877 41,072 23,396 46,136 57,984 51,983 70,433 89 81 1,222 1,643 52,656 43,177 13,603 14,720 206,761 211,434 429,056 429,311
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\, ~ MASTEK LIMITED Registered Office: 804/805, President House, Opp.C.N.Vidyalaya Near Ambawadi Orcle, Ahmedabad-380 006 CIN No. L74140GJ198ZPLC005215 Unaudited Consolidated Balance Sheet as at September 30, 2026 Particulars EQUITY AND LIABILITIES EQUITY Equity Share capital Other equity Total equity LIABILITIES Non-current liabilities Financial liabilities Borrowings Lease liabilities Other financia l liabilitie s Provisions Tota l non-current liabilitie s Current li abilities Financial liabilities Borrowings Lease liabilities Trade payables total outstanding dues of micro enterpris es and small enterprises; and total outstanding dues of credi tors other than micro enterprises and small enterprises Oth er fina ncial liabilitie s Contract liabilities Other current liabilities Provisions Current tax liabiliti es (net) Total current liabilities Total liabiliti es Total equ ity and liabilities 6Ri~~ \\... \,__/ 6'); \ --~ /2 . '~-=;::::1/ (Rs. In lakhs ) As at As at September 30, March 31, 2026 202 6 (Unaudited) (Audited) 1,550 1,550 317,396 297,635 318,946 299,185 15,985 22,548 2,185 990 1,916 2,182 6,320 6,375 26,406 32,095 18,803 19,591 921 697 18,664 20,646 12,583 22,212 9,362 12,588 12,259 13,690 7,391 5,526 3,721 3,081 83,704 98,031 110,110 130,126 429,056 429,311 "'->":::,:;;~
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v · MA5TEK LIM fTED Registered Office: 804/805, President House, Opp.C.N.Vidyalaya Near Ambawadi Circle, Ahmedabad-380 006 CIN No. L74140GJ1982P LC005215 Unaudited consolidated Statement of cash flows for six months ended September 30, 2026 Particulars Cash flows from ope rati ng activities Profit before taxes Adjustments for: Interest income Employee stock compens ation expenses Finance costs Depreciation and amortis ation Net loss on foreign currency translatio n Bad debts written off Allowance for expected credit loss and bad debts written off Profit on sale of property plant and equipment (net) Profit on sale of current investments Investme nt at FVTPL - net change in fair value Cash flow hedges-ineffectiv e portion of changes in fair value Rental income including maint enance charges Operating profit before working capit al changes Changes in Wo rking ca pital (Increase)/ Decrease in trad e receivables Decrease/ (Increase) in advances and other assets (Decrease) in trade payable s, other liabilities and provisions Cash generated from ope rating activi ties Incom e taxes paid, net of refunds Net cash generate d from operat ing activ ities (A) Cash flows from investi ng activities Proceeds from sale of property, plant and equipment and investment property (net of costs to sell) Taxes on proceeds from sale of prope rty, plant and equipment Purchase of property, plant and equipme nt, capita l work -in-progress and intangible assets Interest received Rental income including maintenance charges Purchase of short te rm investments Liquidation of long term bank deposits Proceeds from sale of short term investments Tax on proceeds from sale of short term investm ents Net cash (used in) investing activit ies (B) "'~ C, q-( ~ ◊ \,.* (Rs. In lakhs) Six months ended September 30, Septem ber 30, 2026 2025 (Unaudited) (Unaudited ) 27,992 25,48D (960) (422) 492 389 1,508 1,901 3,777 3,629 652 509 2,590 1,712 1,464 (4,736) (23) (723) (262) (320) (312) 103 (1,080) (37) (186) 32,050 31,087 (1,962) 5,139 2,039 (1,684) (14,092) (12,975) 18,035 21,567 (8,127) (7,63 1) 9,908 13,936 5,705 31 (1,066) (3,410) (2,159) 960 422 37 186 (35,783) (14,179) 34 19,100 12,447 (182) (66) (14,639) (3,284) ( Ml'MBAI / \\. / ~ 7», "-----~~,.__~
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···~,) MAST EK LIMITED Registered Office: 804/805, President House, Opp.C.N.Vidyalaya Near Ambawad i Grcle, Ahmedabad -38 0 006 CIN No. l74140GJ1982PLC00 5215 Unaudited consolidated Statement of cash flows for six months ended September 30, 2026 Particulars Cash flo ws from financin g activi ti es Proceeds from issue of shares under the employee stock option schemes Proceeds from long term borrowings Repayments of long term borrowings Payment of principal portion of lea se liabilitie s Movement in unclaimed dividend bank accounts Dividends paid Interest paid on finance lease Other finance charges Interest paid on loan Net cash (used in)/ generated from financing activities (C) Effect of changes in exchange rates for cash and cash equiva lents (D) Net increase in cash and cash equivalents during th e period (A+B+C+D) Cash and cash equivalents at the beginning of th e period Cash and cash equivalents at the end of the period (Rs. In lakhs) Six month s ended Septem ber 30, September 30, 2026 2025 (Unaudit ed) (Unaudited) 2 10 190 (7,924) (5,368) (528) (699) (8) (4,956) (4,952) (107) (89) (78) (1,118) (1,572) (14,445) (12,752) 726 3,173 (18,450) 1,073 70,433 46,076 51,983 47,149 The above consol idate d statement of cash flaws has been prepa red under the " Indirect Method" as set out in Ind AS 7 "Statement of Cash Fl ows" specified under section 133 of the Companie s Act, 2013 (the 'Act'). Notes to the unaudited consolidated financia l results : 1 The above unaudited consolidated financial resu lts {'Statement') of Mastek Limited ('the Holding Company/ the Company') were reviewed and recom mended by the Audit Committee and were ther ea fter approved by th e Board of Directors at their respective me etings held on Octob er 23, 2026. The statutory auditors have carri e d out a limited review of the Stateme nt for the quart e r and six months ended on September 30, 2026. The Statemen t has been prepared in accorda nce with the rec ognition and measurement princ iples laid dow n in Indian Account ing Standard 34, In te rim Ftnanc ial Report ing ('Ind AS 34'). prescribed und er sect ion 133 of the Compan ies Act, 2013 (the 'Act' ), and ot her acc ounti ng principles ge nera lly accepted in Ind ia . The Statement includes the fina ncial res ults of the Com pany and its 21 subs idiaries (toge the r referred to as the Group) and is in comp liance with t he presen tation and disclosure requi rements of Regulat ion 33 of the SEB1 (Listing Obligatio n s and Disclosure Requirements) Regulations, 2015 (as ame nd ed). ,.~-~: 4~~\~ ((~( F-i)J ~ "-.______,<,.;..~~// ,, . v~ ~~/
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~,..,. ~ ... ~, MASTEK LIMITED Registered Office: 804/805, President House, Opp.C.N.Vidyalaya Near Amba wadi Circle 1 Ahmedabad-380 006 CIN No. L74140GJ1982PLC005215 3 Other Comprehensive Income - gain (net of tax) includes· Quarter ended Particulars September 30, June 30, September 30, 2026 2026 2025 (Unaudited} (Unaudited) (Unaudited) (i) Items that will not be subsequently reclassified to the profit or loss (net of tax): Defined benefit plan actuarial gain, net (51) 167 103 Loss on change in fair value of other fi nancial instrume nts, net* (1.090) Total (51) 167 (987) (ii) Items that will be subsequently reclassified to the profit or loss (net of tax): Exchange gain/ (loss) on translatio n of for eign opera Lions 2,996 (595) 5,212 (Loss)/ gain on change in fa ir value of forw ard contracts designat ed as cash flow hedges, net (382) 935 (281) Total 2,614 340 4,931 Other Comprehensive Income - gain {net), net of tax (i+ii) 2,563 507 3,944 (Rs. In lakhs) Six mon t hs ended Year ended September 30, September 30, March 31, 2026 2025 2026 (Unaudited) (Unaudited) (Audited) 116 184 1,143 (1,090) (1,436) 116 (906) (293) 2,401 10,217 22,992 553 (1,588) (2,846) 2,954 8,629 20,146 3,070 7,723 19,853 *During the quarter ended December 31, 2022, one of the subsidiaries of the Group invested Rs. 1,241 lakhs (USD 1.50 million) in Volteo Edge through SAFE instruments, desig nated at fair valu e through other comprehensive income (FVOCI). Over the years, the investment was fair valued at Rs. 1,737 lakhs (USO 2.10 million), w ith cumulative unrealise d gains of Rs. 496 lakhs {USD 0.60 millio n) recogn ised in OCI. Based on the reassessment of business performance of investee company, the fair value of the investment had subsequently decreased by Rs. 1,406 lakhs (USD 1.7 million ) during the quarter ended September 30, 2025 and by Rs. 331 lakhs (USD 0.40 million) during the quarter ended March 31, 2026, which have be,~n recognised in OCI in accordance with Ind AS 109. 4 Exceptional items -gain/ (loss) net include the following: 1Rs. In lakhs) Quarter ended Six months ended Year ended Particulars September 30, June 30, September 30, September 30, September 30, March 31, 2026 2026 2025 2026 2025 2026 (Unaudited) {Unaudited) (Unaudited) {Unaudited) (Unaudited) (Audited) Statutory im □ ac t of new Labour Codes (refer note 4.1) (3,012) Restructuriner cost (refer note 4.2) (1,06 4) (1,064) Gain on sale of Chennai property (refer note 4.3) 4,726 4,726 Bad debts written off (refer note 4.4) (2,590) (2,590) Exceptional item - gain/ (loss) 1,072 1,072 (3,012) 4.1 On November 21, 2025, t he Government of India notified the four L'lbour Codes - the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020, and the Occupational Safety, Health and Working Conditi ons Code, 2020 - consol idating 29 existing labo ur laws . The Ministry of Labour & Employment published draft Central Rules and FAQs to enable assessment of the financial impact due to changes in regulations. The Holding Company had assessed and disclosed the incrementa l impact of these changes on the basis of internal analysis and the best informat ion available, consist ent with the guidance provided by the Institute of Chartered Accountants of India. The incremental impact consisting of gratuity of Rs. 2,13 5 lakhs and long term compensated absences of Rs. 877 lakhs primarily arose due to change in wage definition. The Holding Company continues to monitor the finalisation of Central / State Rules and clarifications from the Government on other aspects of the Labour Code and would provide appropriate accounting effect on the basis of such developments as needed. 4.2 The Group incurred a one-time restructuring cost of Rs. 1,064 lakhs during the quarter and six months ended Septemb er 30, 2026 to drive the Al-led opera t io nal efficiency . 4.3 During the quarter ended September 30, 2026, t he Holding company completed the sa le of property, plant and equip ment located in Chennai having a carrying amount of Rs. 965 lakhs for an aggregate consideration of Rs. 6,000 lakhs. Transaction -re lated brokerage and transf er expenses amounti ng to Rs. 309 lakhs were incurred in con nection with the sale. Accordingly, the Company has recog nised a net gain on disposal of Rs. 4,726 lakhs . 4.4 During th e quarter and six months ended September 30, 2026, the Group has written off collecta bles and unb illed amount ing to Rs. 2,590 lakhs. Since, this write off was in addition to standard expected credit loss method, the same has been presented as an exceptional item. It pertains to the fo llow ing geographies: AMEA Rs. 909 lakhs and US Rs. 1,681 lakhs. 5 During the perio d ended September 30, 2026, the paid -up equity share capital of the Holding Company stands increased by Rs.0.45 lakhs (9,036 equity shares of Rs. 5 each) pursuant to the al lotment of equity shares, on exercise of options by elig ible employees, under the ESOP schemes Plan VI and Plan VII. 6 The Board of the Directors of the Holding company had reco mme nded a final dividend of Rs. 16 per share (320%) on face value of Rs . 5 each at the board meeting held of April 17, 2026 which was subject to approva l by the sharehol ders of the Holding company at ensuing Annual General meeting ('AGM') . • s accorded t heir approva l in AGM held on September 07, 2026. The dividend has been paid to the eligible shareholders on September 18, 2026, with in the specified time. . "( EK ,l ,_':~ ~ r' . ~~,,,---.....;~~~ Place , Mumbai, India ¾ ,ai (( i \U' ~ J Date, October 23, 2026 rman , .. ~y