Mastek Limited announced on August 3, 2026, that its wholly owned step-down subsidiary, Mastek Inc., has entered into a strategic Platinum Partnership with Innovaccer. This collaboration aims to accelerate artificial intelligence-driven transformation in the healthcare sector by leveraging Innovaccer’s Gravity Platform, an autonomous operations platform for healthcare. The partnership positions Mastek as a key global systems integrator (GSI) capable of implementing and scaling the platform across North America, the UK, Europe, and the Middle East.

Strategic Collaboration in Healthcare AI

The alliance focuses on harnessing AI capabilities to address the growing demand for intelligent, data-driven solutions in healthcare delivery. Innovaccer’s Healthcare Intelligence Platform, Gravity, unifies fragmented clinical, claims, and operational data into a single autonomous operations platform. Mastek contributes its engineering, data, and AI expertise, along with extensive healthcare delivery experience, to integrate, implement, and scale the platform within complex enterprise environments.

Expanding Digital Footprint

This development marks a significant milestone in Mastek’s vision to become a leading AI transformation partner for the healthcare industry. By combining Mastek’s expertise in Data, AI, and healthcare transformation with Innovaccer’s market-leading platform, the companies aim to help healthcare organizations build intelligent, connected, and data-driven ecosystems. For Innovaccer, the partnership expands its global transformation capabilities by leveraging Mastek’s four decades of institutional relationships with health systems and governments across three continents.

Executive Commentary

Umang Nahata, CEO of Mastek, stated that healthcare organizations need AI that is simple, trusted, and built on connected data. He noted that the Platinum partnership strengthens Mastek’s ability to help customers turn healthcare data into actionable intelligence. Abhinav Shashank, Co-Founder and CEO of Innovaccer, described the move as a validation of the Gravity Platform’s trustworthiness for complex, high-stakes healthcare transformation programs. He emphasized that the partnership brings autonomous healthcare operations to markets where the ambition existed but the right platform and delivery partner had not been available until now.

Mastek Limited reported a 15% year-on-year increase in consolidated net profit to ₹105.9 crore for the quarter ended June 30, 2026, driven by strong demand for AI-led initiatives and robust performance in the UK and North America. Revenue from operations rose 7.7% to ₹985.3 crore, while the 12-month order backlog grew 25% year-on-year to ₹2,935.2 crore. Despite headwinds from geopolitical instability in the Middle East impacting collections and margins, management highlighted a positive demand cycle and secured over 40 new AI-related deals during the quarter.

The Board of Directors approved the unaudited consolidated financial results. The company’s operating EBITDA margin stood at 15.4%, down 71 basis points sequentially due to delayed collections in the Middle East and increased bench costs. However, the net cash and investment position improved by approximately ₹200 crore over the last two quarters to reach ₹945.4 crore as of June 30, 2026. Mastek also disclosed an income tax assessment for FY23 where the assessing officer added income of ₹91 crore on transfer pricing and ₹32.5 crore on domestic tax; the company has filed an appeal with the Commissioner of Income Tax Appeals.

Consolidated Financial Performance

Operational Highlights and Regional Performance

CEO Umang Nahata noted that the UK business grew 3% quarter-on-quarter in constant currency terms, supported by financial services and public sector wins. North America saw a 6.2% sequential revenue growth in rupee terms, bolstered by a $25 million AI-led Salesforce deal. Conversely, the Middle East faced severe headwinds due to the West Asia crisis, leading to unpredictable ramp-ups and collection delays.

Deepak Kedia, CFO, stated that collections amounted to $116 million, resulting in a Days Sales Outstanding (DSO) of 75 days, an increase of two days primarily due to geopolitical factors. The company paid ₹107 crore as variable pay to employees but still generated positive operating cash flow of nearly ₹27 crore. Utilization excluding trainees declined by 2% sequentially due to order pushouts in the Middle East.

Strategic Wins and Outlook

Mastek secured significant strategic engagements, including the $25 million AI transformation deal in North America and a digital transformation project for a major English council. The company was recognized as a Challenger in the Avasant Higher Education Digital Services 2026 RadarView. Management emphasized its shift towards becoming an AI transformation company, leveraging its data and engineering practices. Amit Gajwani joined as Chief Operating Officer to lead delivery transformations. Looking ahead, management expects FY27 performance to be better than FY26, with North America turning into a growth engine in the second half of the year.

What the Numbers Show

The divergence between strong top-line growth (7.7% YoY) and margin compression (EBITDA down 71 bps sequentially) highlights the immediate impact of Middle East volatility on profitability. While the backlog growth of 25% YoY suggests strong future revenue visibility, the reliance on large, multi-year deals like the $25 million Salesforce contract indicates a strategic pivot towards higher-value, longer-term engagements to stabilize margins and reduce dependency on spot billing.