Dear Stakeholders,

FY25 marked a transformative chapter for Mastek. Amid global macroeconomic volatility, we delivered industry‑leading growth in revenue and profitability, surpassing many of our peers. This performance is a reflection of a strong year, as well as the outcome of years of deliberate investments in capabilities, customer intimacy, and operational resilience.

We further cemented our position in core markets, particularly the UK, where we secured large, multi‑year engagements and elevated client relationships into true co‑innovation partnerships. Increasingly, our clients see us not just as a delivery partner but as a strategic ally, shaping their digital future with speed and integrity. While we take immense pride in this progress, we remain equally attuned to areas that warrant deeper focus. EBITDA margin expansion remains a top priority, and we have launched a cross‑functional action plan to optimise cost structures, streamline delivery, and reinforce profitability.

The industry is navigating unprecedented uncertainty, from regulatory variances in AI to the reordering of global supply chains. Mastek’s differentiated approach, combining AI‑first innovation with unwavering ethical standards—positions us to help clients thrive amid this turbulence.

In the short to medium term, we are focused on:

• Upskilling our workforce in GenAI and future‑ready digital capabilities, ensuring human+AI collaboration while enabling the transformational ‘always‑on’ operations across numerous sectors.
• Boosting productivity through automation, tools, and process reengineering, to redefine operational efficiency.
• Recalibrating service lines to deliver consulting‑led, outcome‑driven solutions, addressing legacy modernisation and data architecture challenges across the sector.

We are working closely with clients to co‑develop AI‑powered solutions that not only modernise legacy systems but unlock untapped value pools. Our investments in AI data platforms and ethical frameworks are aimed at achieving dual objectives: to innovate at velocity while anchoring technology in trust. We take pride in leading transformations grounded in both technical rigour and strategic foresight. Looking ahead, we are exploring growth opportunities in underpenetrated sectors such as manufacturing, where connected devices and sensor‑based data can be meaningfully integrated with enterprise systems to power smart operations.

By embedding AI deeper into this connected service ecosystem, we are developing solutions based on a unique evolutionary framework, transitioning from Digital Twins (high‑fidelity simulations of specific environments) to Digital Cousins (AI‑generated environments that reflect core characteristics), and ultimately to Digital Nomads (AI agents navigating and learning within dream‑like, generative video diffusion spaces). This progression reflects our commitment to pioneering the future of intelligent operations, where physical, digital, and cognitive systems converge.

Our theme this year—Lead with AI—is more than a statement; it is a call to action. It reflects our belief that technology, when applied with clarity and purpose, can redefine what’s possible for businesses, people, and society.

To lead is to act responsibly. In an environment often clouded by complexity, we are committed to making AI transparent, ethical, and human‑centric. Our focus is on building systems that not only perform but do so with fairness, accountability, and trust at their core.

To lead is to deliver real outcomes. For us, AI is not about the promise but the performance, transforming how enterprises operate, how decisions are made, and how value is created. It is about the measurable impact: sharper insights, seamless operations, and experiences that endure.

And to lead is to move with intent. Velocity is purposeful progress, staying ahead of disruption, scaling innovation with confidence, and enabling clients to move in rhythm with tomorrow.

We are embedding this mindset across our culture, our technology, and our governance, building an organisation designed to lead with AI, responsibly and at scale.

A combination of bold initiatives and operational excellence fuelled our growth this year:

• Expansion of Managed Services: We scaled our offerings across cloud, data, and applications, improving client stickiness and wallet share.
• AI and Data Platforms: We launched 80+ AI assets and 100+ use cases under the Adopt AI brand for new AI‑led projects and expanded our solution portfolio to accelerate client transformation journeys.
• Mid‑tier Market Focus: We deepened our presence among high‑potential, mid‑sized enterprises by tailoring offerings to their unique challenges and constraints.
• Operational Efficiency: We continue to streamline internal processes and enhance agility across functions, reinforcing our market responsiveness.

Beyond these strategic priorities, what consistently anchors and inspires our journey is our cultural foundation –

VECTOR, representing Velocity, Empowerment, Collaboration, Trust, Ownership, and Respect, these core values serve as our guiding compass, shaping how we lead, innovate, and grow together.

CSR, ‘Informed Giving, Responsible Receiving’, the ethos of Mastek Foundation shapes the impact we make in upholding our responsibility toward all stakeholders – internal and external, including the communities we serve. These define who we are, how we engage with our stakeholders, and the spirit with which we embrace change.

Our growth is anchored in sound governance. Throughout FY25, the Board continued to provide strategic direction while reinforcing Mastek’s culture of ethics, accountability, and risk‑aware decision‑making. We are also deepening our commitment to Responsible AI, ensuring that principles of fairness, privacy, and long‑term societal impact govern our innovation agenda. As we scale AI deployments, our focus on regulatory compliance, cyber resilience, and stakeholder trust will remain steadfast.

As we enter FY26, our ambitions are clear:

• To be among the top three mid‑cap Indian IT services players
• To deliver differentiated value through client‑centric innovation, global scale, and purposeful impact.

We will continue to invest in next‑gen platforms, deepen partnerships with hyperscalers, and prioritise financial as well as ESG outcomes, ensuring we remain at the forefront of industry trends while upholding our commitment to responsible growth. Mastek will lead with velocity and vision, powered by a talented workforce, trusted clients, and a bold strategy for tomorrow.

This year the Board decided to transition Umang Nahata from an Interim role to a full‑time role as Group CEO of Mastek. I welcome Umang and wish him a great success in his journey to steer Mastek towards greater heights of success. In closing, I would like to thank our Board, our shareholders, clients, partners, and Mastekeers for their invaluable contribution to our success. Your continued trust, belief, and collaboration are the cornerstone of our journey. Together, we will continue to grow with integrity, lead with purpose, and build a future that is as inclusive as it is intelligent.