Mumbai: Mastek Ltd has reported a 11.2% quarter-on-quarter (QoQ) increase in net profit at ₹108.4 crore for Q3 FY26, as the IT services firm continues to benefit from strong demand for AI-enabled deals and an expanding client base. The company has secured more than 26 AI deals during the quarter, enhancing its revenues that had declined by 3.7% QoQ in rupee terms due to furloughs and delays in projects’ go-lives for its clients in the US and Asia.
During the quarter, the company secured lucrative contracts from government and non-government clients in the UK, the US and Australia to meet various goals and requirements. With this, the company has an active client base of 333, with 17 new clients added during the quarter. The company’s order backlog has also grown by 36.6%, with the 12 month order backlog increasing by 24.3% year on year (YoY).
The company’s shares haven’t been performing well, declining 17.98% year to date (YTD), despite a 93% rise over the last five years.
“In Q3FY26, our revenue declined by 3.7% Q-o-Q in rupee terms, primarily due to higher furloughs, planned project go-livesin the US and AMEA, and right-shift of a few engagements. Despite these near-term headwinds and seasonal softness, we continue to execute with operational discipline and AI led efficiencies resulting in another quarter of healthy EBITDA Qo-Q growth of 60 bps. Our 12 months order backlog grew 7.0% sequentially, and the pipeline remains strong across the UK, US and AMEA. We see good demand in Healthcare segment and AI-led solutions globally. Our AI-led services continue to scale, we closed 26+ new engagements delivering significant ROI for our customers using Generative and Agentic AI deployments. We added 17 new clients in the quarter, taking the total active client to 333. We remain committed to drive innovation and value for our clients, leveraging our AI-first approach. We are confident in our long-term strategy and our ability to deliver sustainable and profitable growth.” Mr. Umang Nahata, Chief Executive Officer, Mastek, said in a press release.
Mastek’s shares were trading at ₹2,152.20 per share on January 21, following the news.
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