Mastek Q1FY27: consolidated PAT ₹105.9 Cr up 15% YoY, UK-led revenue ₹985 Cr (+8%), clean quarter

Mastek's June-quarter (Q1 FY27) consolidated print was a clean, profit-led result over the year-ago base: revenue of ₹985.25 Cr grew 7.7% YoY (and 5.0% QoQ over ₹938 Cr), while PAT of ₹105.88 Cr rose 15.0% YoY, outpacing the topline and lifting net margin to 10.75% from 10.06% a year earlier. Crucially, unlike the March quarter — which carried a ₹23.73 Cr pre-tax exceptional loss from the newly notified Labour Codes — this quarter had no one-off, so growth is clean on both sides of the YoY comparison (adjusted PAT growth ≈ reported +15%). The QoQ optics look flat (PAT -0.3% vs ₹106.15 Cr) only because the prior quarter's profit was already net of that exceptional charge and enjoyed a lower effective tax rate; this quarter's tax rate normalised to 23.5%. Growth was almost entirely UK & Europe (~67% of sales), where segment revenue rose 13.8% YoY to ₹663.7 Cr and segment profit 17% to ₹132.0 Cr (~19.9% margin) — consistent with management's prior-call claim of a strong order backlog. North America was flat (revenue ₹213.5 Cr, +1% YoY) though its segment margin improved. The soft spot was AMEA (Middle East / SE Asia / India), where revenue fell 10% to ₹108.0 Cr and segment profit collapsed to ₹1.85 Cr from ₹9.41 Cr, margin down to 1.7% from 7.8%. On profitability the operating EBITDA margin ran near ~15.4%, a shade below the 16.0–16.1% band management guided on the Q4 call — the one line where the quarter came in light, as employee cost (₹532.6 Cr, +8.7% YoY) grew faster than revenue. No published street consensus for this specific quarter is on record, so the print can't be scored against a formal estimate. Standalone (parent-only) PAT fell 50% YoY to ₹20.80 Cr on much lower other income (₹5.77 Cr vs ₹25.59 Cr) — a sharp divergence from the +15% consolidated print that reflects holding-company mechanics, not the operating business; consolidated is the number that matters. Alongside results the Board amended its fair-disclosure code (unrelated to operations, as is HDFC MF's 5.06% holding disclosure). Management's earnings call on July 22 will test the last call's FY27 revenue-acceleration and T&M-to-outcome/AI-pivot framing against a 7.7% YoY revenue start and a margin currently running below the guided ~16%.