Mtar Technologies Limited (MTARTECH)
₹7,054.50 -3.21% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Mtar Technologies' revenue was ₹361 Cr (+130.4% year on year, +17.9% on the previous quarter), and net profit ₹50.2 Cr (+364.5% year on year); the operating margin was 23.6%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹361 | +130.4% | +17.9% |
| Operating profit | ₹85.1 | +199.7% | +38.2% |
| Net profit | ₹50.2 | +364.5% | +13.3% |
| EPS (₹) | 16.33 | +363.9% | +13.3% |
| Operating margin | 23.6% | — | — |
MTARTECH exchange data
NSE end-of-day data for
It closed at its lower price band (circuit) on 16 Oct, one of 5 band closes in about the last 20 sessions.
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
MTAR Technologies has submitted its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26 pursuant to SEBI LODR regulations. The report discloses that clean energy products accounted for 72.85% of total revenue from operations in FY26, up from 64.4% in FY25. Revenue from Fuel Cells & Hydel constituted 70.16%, while Civil Nuclear Power contributed 2.69%. The company also allocated ₹19 Mn towards CSR initiatives and sourced over 40% of its raw materials locally.
- Clean energy segment generated 72.85% of total revenue in FY26 compared to 64.40% in FY25
- Fuel Cells & Hydel segment contributed 70.16% of operational revenue in FY26 (vs 61.70% in FY25)
- Civil Nuclear Power accounted for 2.69% of FY26 revenue (vs 2.70% in FY25 and 10.67% in FY24)
- Over 40% of raw materials were sourced from local vendors to enhance supply chain resilience
- Allocated ₹19 Mn toward CSR programs during FY26 with zero consumer or data security complaints
MTAR Technologies has submitted its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26 as part of its Annual Report filings. The report highlights that clean energy solutions (fuel cells, hydel, and civil nuclear power) accounted for 72.85% of FY26 revenue, up from 64.4% in FY25. The company allocated Rs 1.90 cr (Rs 19 Mn) toward Corporate Social Responsibility (CSR) initiatives during the year. Operationally, the company reported zero consumer complaints, zero product recalls, and zero data breaches in FY26.
- Clean energy segment contributed 72.85% of total revenue in FY26 (Fuel Cells & Hydel at 70.16%, Civil Nuclear at 2.69%) versus 64.40% in FY25
- Allocated Rs 19 Mn (Rs 1.90 cr) toward CSR initiatives across education, healthcare, and skill development
- Over 40% of raw materials sourced locally to foster supply chain resilience
- Reported zero consumer complaints, zero product recalls, and zero data breaches during FY26
MTAR Technologies Limited has scheduled its 27th Annual General Meeting (AGM) for Monday, September 28, 2026, at 3:00 PM IST via Video Conferencing. The cut-off date to determine shareholder eligibility for remote e-voting is Monday, September 21, 2026. Key agenda items include the adoption of FY26 audited financial statements, re-appointment of retiring directors, cost auditor remuneration for FY27–FY29, and approval to increase board borrowing limits under Section 180(1)(c).
- 27th AGM scheduled for September 28, 2026 at 3:00 PM IST through VC/OAVM
- Record/cut-off date for remote e-voting set for September 21, 2026
- Ordinary business includes adoption of FY26 accounts and re-appointment of directors Mr. Rohith Loka Reddy and Mr. Anushman Reddy
- Special business includes approving cost auditor remuneration for FY 2026-27 through 2028-29 and increasing borrowing limits
MTAR Technologies Limited has secured a domestic purchase order worth ₹126.74 Cr from Nuclear Power Corporation of India Limited (NPCIL). The order involves the supply of coolant channel assemblies for the refurbishment of the RAPS-4 and MAPS-2 reactors, to be executed by May 26, 2028. This win expands MTAR's nuclear order book to over ₹775 Cr, which is the highest in the company's history. The order value represents approximately 11.7% of MTAR's TTM revenue of ₹1,080 Cr.
- Received purchase orders worth ₹126.74 Cr from Nuclear Power Corporation of India Limited (NPCIL)
- Order entails supply of coolant channel assemblies for RAPS-4 and MAPS-2 reactor refurbishment
- Total closing nuclear order book hits an all-time high of over ₹775 Cr
- Execution timeline scheduled up to May 26, 2028
MTAR Technologies Limited has informed the exchanges regarding a revision in the timing for its scheduled in-person Analyst/Institutional Investor meet and plant visit in Hyderabad. The meeting is set to take place on Friday, August 21, 2026. The revised schedule is now from 10:00 a.m. to 2:00 p.m. IST, while all other details from its prior intimation dated August 17, 2026, remain unchanged.
- Meeting rescheduled to revised timing of 10:00 a.m. to 2:00 p.m.
- Event scheduled for Friday, August 21, 2026
- Format includes an in-person group meeting and plant visit in Hyderabad
- Filing updates the previous intimation dated August 17, 2026
MTAR Technologies Limited has scheduled an in-person analyst and institutional investor group meeting along with a plant visit on Friday, August 21, 2026. The visit and meeting are scheduled to take place in Hyderabad between 7:30 a.m. and 11:00 a.m. IST. This filing is submitted pursuant to Regulation 30(6) of the SEBI Listing Regulations. It is a standard compliance intimation with no financial numbers or guidance disclosed.
- Meeting & Plant Visit Date: Friday, 21st August, 2026
- Scheduled Timing: 7:30 a.m. to 11:00 a.m.
- Mode: In-Person group meeting and plant visit in Hyderabad
- Filing made under SEBI LODR Regulation 30(6)
MTAR Technologies reported a strong Q1 FY27 with revenue of Rs 360.7 Cr and an EBITDA margin of 23.6%, aligning with annual guidance. The company is at a growth inflection point, targeting an order book of Rs 2,800 Cr by the end of the fiscal year. Management provided ambitious FY30 revenue guidance, aiming for over Rs 1,000 Cr from the Products vertical and Rs 600-700 Cr from Aerospace. Capacity expansion for fuel cells is on track, with a multifold Phase 3 expansion due by March 2027.
- Reported Q1 FY27 revenue of Rs 360.7 Cr with a 23.6% EBITDA margin.
- Order book projected to reach Rs 2,800 Cr by the end of the current fiscal year.
- Phase 3 multifold capacity expansion for Clean Energy scheduled for completion in March 2027.
- Management targets FY30 revenue of >Rs 1,000 Cr for Products and Rs 600-700 Cr for Aerospace verticals.
- Domestic defense segment opportunity potential estimated at over Rs 250 Cr.
MTAR Technologies has made the audio recording of its Q1 FY 2026-27 earnings conference call available to the public. The call, held on July 30, 2026, follows a fiscal year (FY26) where the company reported revenue of ‡876 Cr and a PAT of ‡94.6 Cr. Investors typically use these calls to track the progress of the company's ‡1,296 Cr order book and the operationalization of its new oil and gas plant. Given the high P/E ratio of 169.0, management commentary on growth execution is critical for justifying current valuations.
- Earnings conference call for Q1 FY 2026-27 conducted on July 30, 2026, at 11:00 a.m. IST
- Audio recording link provided for public access as per SEBI Regulation 30(6)
- Company maintains a TTM revenue of ‡876 Cr with an operating profit margin of 19.5%
- Previous order book reported at ‡1,296 Cr with a year-end target of ‡2,800 Cr
MTAR Technologies has made the audio recording of its Q1 FY 2026-27 earnings conference call available to the public. The call, held on July 30, 2026, follows a fiscal year (FY26) where the company reported revenue of ‑876.1 Cr and a net profit of ‑94.6 Cr. Investors should focus on management's commentary regarding the order book, which was previously targeted to reach ‑2,800 Cr by the end of FY26. Given the high P/E ratio of 169.0, the recording provides essential context on whether growth targets for the aerospace and defense sectors remain on track.
- Earnings conference call for Q1 FY 2026-27 held on July 30, 2026, at 11:00 a.m. IST
- Company reported TTM revenue of ‑876 Cr and TTM PAT of ‑95 Cr
- Previous order book stood at ‑1,296 Cr as of Q2 FY26
- Aerospace vertical previously projected for 45-50% growth
- Top client Bloom Energy Corporation accounts for over 70% of FY25 revenue
MTAR Technologies has received a significant amendment to a purchase order from an existing customer, increasing the total value from Rs 2,278.96 Cr to Rs 3,100.09 Cr. The incremental value of Rs 819.94 Cr alone represents approximately 93.6% of the company's TTM revenue of Rs 876 Cr. The total revised order value of Rs 3,100.09 Cr is nearly 3.5x the TTM revenue, providing massive long-term revenue visibility. While the customer remains confidential, the scale suggests a major commitment from a key global OEM partner.
- Incremental order value of USD 85.86 million, equivalent to approximately Rs 819.94 Cr.
- Total amended purchase order value stands at USD 324.62 million (~Rs 3,100.09 Cr).
- The incremental win represents ~93.6% of the company's total TTM revenue of Rs 876 Cr.
- Transaction calculated at a fixed exchange rate of Rs 95.50 per USD.
- Order is from an existing customer, reinforcing strong relationship and repeat business.
MTAR Technologies has issued an aggressive 80% revenue growth guidance for FY27, supported by a robust Clean Energy order book of Rs 3,431 Cr. A major milestone is the Rs 504 Cr order for the Kaiga 5 & 6 nuclear projects, which alone represents ~57% of FY26 revenue. The company is diversifying into Data Centre infrastructure and Oil & Gas, with Q1 FY27 revenue already showing strong momentum at Rs 360.7 Cr compared to Rs 156.6 Cr in Q1 FY26. FII interest has surged significantly, with shareholding rising from 9.2% to 24.8% over the last three quarters.
- Guided for 80% revenue growth in FY27 with EBITDA margins of 24% (+/- 100 bps)
- Bagged the single largest order inflow of Rs 504 Cr for Kaiga 5 & 6 nuclear projects
- Clean Energy order book reached Rs 3,431 Cr by the end of Q1 FY27
- FII shareholding increased to 24.80% in June 2026, up from 9.21% in September 2025
- Q1 FY27 PAT increased to Rs 50.2 Cr from Rs 10.8 Cr in the previous year's quarter
MTAR Technologies reported its highest-ever quarterly revenue of ₹360.7 Cr for Q1 FY27, a 130.4% increase compared to ₹156.6 Cr in Q1 FY26. Profitability saw a massive surge, with Profit After Tax (PAT) rising 364.5% YoY to ₹50.2 Cr, significantly outpacing revenue growth due to operating leverage. EBITDA margins improved to 23.6% from 18.1% in the year-ago period. Management confirmed that this performance aligns with their annual growth guidance, indicating a strong start to the fiscal year.
- Revenue from operations reached ₹360.7 Cr, a 130.4% YoY increase and 17.9% QoQ growth.
- EBITDA surged by 199.7% YoY to ₹85.1 Cr, reflecting significant margin expansion.
- Profit After Tax (PAT) stood at ₹50.2 Cr, representing a 364.5% increase over the ₹10.8 Cr reported in Q1 FY26.
- Profit Before Tax (PBT) grew by 355.0% YoY to ₹67.4 Cr.
- Quarterly revenue of ₹360.7 Cr accounts for approximately 41.2% of the total TTM revenue of ₹876 Cr.
MTAR Technologies delivered a robust performance for Q1 FY27, with standalone revenue growing 130.4% YoY to ₹360.72 Cr. Net profit saw a massive jump of 349.7% YoY to ₹50.50 Cr, compared to ₹11.23 Cr in the same period last year. Sequentially, revenue grew 17.9% over Q4 FY26, indicating strong execution momentum. While finance costs increased to ₹15.85 Cr, the company maintained a strong bottom line with an EPS of ₹16.42 for the quarter.
- Standalone Revenue from Operations increased 130.4% YoY to ₹360.72 Cr from ₹156.58 Cr.
- Net Profit surged 349.7% YoY to ₹50.50 Cr, significantly higher than the ₹11.23 Cr in Q1 FY26.
- Finance costs rose to ₹15.85 Cr in Q1 FY27, up from ₹5.82 Cr in the year-ago quarter.
- Cost of materials consumed stood at ₹204.27 Cr, accounting for 56.6% of total revenue.
- Earnings Per Share (EPS) for the quarter reached ₹16.42, compared to ₹3.65 in Q1 FY26.
MTAR Technologies has scheduled its Q1 FY2026-27 earnings conference call for July 30, 2026, at 11:00 AM IST. The management team, including the Managing Director and CFO, will discuss the company's operational and financial performance for the quarter ended June 30, 2026. This follows a period where the company reported a TTM revenue of ₹876 Cr and maintained a robust order book of ₹1,296 Cr as of Q2 FY26. Investors will likely seek updates on the 45-50% growth projection in the Aerospace vertical and the status of the new oil and gas plant.
- Earnings conference call scheduled for July 30, 2026, at 11:00 AM IST
- Management participants include MD Mr. Srinivas Reddy and CFO Mr. Gunneswara Rao Pusarla
- Call to discuss financial performance for the quarter ended June 30, 2026
- Company previously reported a TTM revenue of ₹876 Cr and TTM PAT of ₹95 Cr
- Order book stood at ₹1,296 Cr in Q2 FY26 with a year-end target of ₹2,800 Cr
MTAR Technologies has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended June 30, 2026. The filing confirms that the Registrar and Share Transfer Agent (RTA), KFIN Technologies Limited, has processed all requests for dematerialization and rematerialization of securities. This is a standard procedural requirement for listed companies to ensure shareholding records are accurately maintained with depositories. The announcement contains no financial or operational updates and is purely administrative in nature.
- Compliance certificate issued for the quarter ended June 30, 2026
- Confirmation provided by Registrar and Share Transfer Agent (RTA) KFIN Technologies Limited
- RTA confirmation letters were issued on July 1, 2026
- Official intimation submitted to BSE and NSE on July 15, 2026
Financial Performance
Revenue Growth by Segment
Total revenue grew 78% YoY to INR 574 Cr in FY23 from INR 332 Cr in FY22. Clean Energy segment contribution increased from 77% in FY22 to 84% in FY23. FY25 revenue reached INR 676 Cr, a 16.4% increase from INR 580.8 Cr in FY24. Management has revised FY26 revenue growth guidance to 30-35% (approx. INR 900 Cr) from an initial 25% due to robust order inflows.
Geographic Revenue Split
Not explicitly disclosed in percentages, but the company is a net exporter with significant revenue from Bloom Energy (USA-based) and international aerospace clients like GKN Aerospace and Thales Alenia Space.
Profitability Margins
Gross Profit margins declined from 63.9% in FY22 to 49.4% in FY25. PAT margins followed a downward trend from 18.9% in FY22 to 7.9% in FY25 (INR 53.4 Cr) due to changes in sales mix, higher employee expenses, and increased finance costs.
EBITDA Margin
EBITDA margin stood at 17.9% (INR 120.9 Cr) in FY25, down from 26.8% (INR 154 Cr) in FY23 and 29.3% in FY22. The 340 bps contraction in FY23 was driven by higher employee costs and raw material price shifts. Management targets a recovery to 21% EBITDA margin for FY26 through higher operating leverage in H2.
Capital Expenditure
The company undertook debt-funded capex in FY24 to set up specialized fabrication facilities and a new aerospace unit. Net cash used in investing activities was INR 145 Cr in FY25 compared to INR 86.7 Cr in FY24, reflecting ongoing capacity expansion.
Credit Rating & Borrowing
CRISIL and ICRA maintain ratings reflecting a comfortable financial risk profile. Interest coverage ratio moderated to 5.4x in FY25 from 11.91x in FY23 due to higher debt levels for capex and working capital. Total debt/OPBDITA stood at 1.5x as of March 31, 2025.
Operational Drivers
Raw Materials
Cost of materials consumed represented 51.7% of revenue in FY25 (INR 349.5 Cr). Specific material names are not listed, but the company handles precision-engineered components for nuclear and aerospace sectors requiring high-grade alloys and metals.
Capacity Expansion
Expanded capacity in FY24 via a new aerospace unit and specialized fabrication facilities. A new oil and gas plant is expected to become operational by June 2026 to support volume production for clients like Weatherford.
Raw Material Costs
Raw material costs as a percentage of revenue increased from 48.9% in FY22 to 51.7% in FY25. This increase impacts margins because the company operates in a tender-based and fixed-price contract environment where input cost spikes cannot always be immediately passed on.
Manufacturing Efficiency
EBITDA margins are expected to improve in H2 FY26 due to higher capacity utilization as the company targets 2x sales in the second half compared to the first half.
Strategic Growth
Expected Growth Rate
30-35%
Growth Strategy
Growth will be driven by a robust order book of INR 1,296 Cr (Q2 FY26) expected to reach INR 2,800 Cr by year-end. Strategy includes ramping up volume production in the Aerospace vertical (projecting 45-50% growth), operationalizing the new Oil & Gas plant by June 2026, and increasing execution in the Clean Energy segment (Bloom Energy).
Products & Services
Hot Boxes for fuel cells, rocket engines, satellite subsystems, nuclear reactor components (bridge and column), and specialized valves for Oil & Gas.
Brand Portfolio
MTAR Technologies (Corporate Brand).
New Products/Services
Entry into volume production for aerospace programs and new products in the 'Products' vertical which is expected to exceed INR 100 Cr in revenue in the current fiscal year.
Market Expansion
Expanding international footprint with global OEMs like GKN Aerospace, Thales, and Collins Aerospace. Target is to capture a share of the USD 3 trillion global aerospace and defense market.
Strategic Alliances
Partnerships with global OEMs including Rafael, Elbit Systems, and Israel Aerospace Industries (IAI).
External Factors
Industry Trends
The industry is shifting toward indigenous manufacturing in India's defense and space sectors. The global aerospace market is valued at USD 3 trillion, and MTAR is positioning itself by moving from 'first article' development to 'volume production' to capture this growth.
Competitive Landscape
Competes with domestic and international precision engineering firms, though management notes no significant competitive intensity from Taiwanese partners in the fuel cell segment due to high demand.
Competitive Moat
Moat is built on high entry barriers in precision engineering, 50 years of technical expertise, and deep relationships with strategic government entities (ISRO, NPCIL). These are sustainable due to the long qualification cycles required for suppliers in nuclear and space sectors.
Macro Economic Sensitivity
Highly sensitive to Government of India's capital acquisition budget for indigenous defense procurement and nuclear power expansion plans.
Geopolitical Risks
Beneficiary of 'Atmanirbhar Bharat' and indigenization trends in defense and space. However, export-oriented opportunities are subject to international trade regulations and tariffs.
Regulatory & Governance
Industry Regulations
Subject to stringent quality and safety standards for nuclear and aerospace components. Compliance with indigenous procurement norms in India is critical for securing government tenders.
Environmental Compliance
The precision engineering sector faces risks related to waste management and emissions; however, specific ESG compliance costs were not disclosed.
Taxation Policy Impact
Effective tax rate was approximately 25.9% in FY25 (INR 18.7 Cr tax on INR 72.1 Cr PBT).
Risk Analysis
Key Uncertainties
The primary uncertainty is the timing of tender-based orders from the government, which can lead to revenue stagnation. Execution risk in ramping up the new Oil & Gas facility by 2026 could impact future growth targets.
Geographic Concentration Risk
Significant revenue concentration from the US market via Bloom Energy. Domestic revenue is concentrated in Hyderabad where all seven manufacturing units are located.
Third Party Dependencies
High dependency on Bloom Energy (70%+ of revenue). A decline in Bloom's market position would significantly impact MTAR's financial health.
Technology Obsolescence Risk
Low risk in the near term due to the long-cycle nature of nuclear and space programs, but the company must continually invest in R&D to meet evolving OEM specifications.
Credit & Counterparty Risk
Receivable cycles are long, inherent to the industry, but the client profile consists of reputed global OEMs and government bodies, mitigating bad debt risk.
