MTAR TECHNOLOGIES LIMITED

Manufactures precision-engineered components and assemblies across civil nuclear, clean energy (hydrogen fuel cells), aerospace & defense, data center infrastructure, and oil & gas. Revenue is project-driven from long-cycle orders — the closing order book at Q1 FY27-end stood at Rs. 5,140 cr plus Rs. 800 cr incremental, with Rs. 2,895 cr of new inflows booked in Q1 FY27 alone, including a Rs. 504 cr Kaiga nuclear order. Clean energy builds hydrogen fuel cell assemblies for Bloom Energy across three phased capacity additions, with Phase 3 multi-fold expansion targeted by March 2027. Civil nuclear executes reactor components across Kaiga 5/6, the PFBR criticality milestone, and the Mahi Banswara 4-reactor opportunity; the nuclear order book exceeds Rs. 650 cr. Aerospace & defense supplies the LCA Tejas Mark 1A and AMCA programs domestically and MNC aerospace customers, with FY27 segment revenue guided to double. A new data center infrastructure vertical was entered on a Rs. 35 cr first article order, with Rs. 400-500 cr revenue potential over two years. An oil & gas plant is targeted for commissioning in September 2026, with Rs. 450-500 cr revenue guided from this plant over 3-4 years. FY26 revenue was Rs. 876.2 cr.