NSE: MTARTECH · BSE: 543270
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Clean energy, Civil nuclear, Aerospace & defense, Data center infrastructure, Oil & gas. Multi-vertical precision engineering for nuclear, clean energy, aerospace & defense, data centers and oil & gas; long-cycle order-book driven.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 322 | 574 | 581 | 676 | 876 |
| EBITDA (ex other income) | 94 | 154 | 113 | 121 | 167 |
| margin % | 29.3 | 26.8 | 19.4 | 17.9 | 19.1 |
| Owners' profit | 0 | 0 | 0 | 53 | 0 |
| EPS, as reported (₹) | 19.79 | 33.62 | 18.24 | 17.19 | 30.57 |
| ROE % · ROCE % | 11.7 · 15.8 | 16.7 · 21.4 | 8.3 · 11.9 | 7.3 · 11.2 | 11.4 · 15.3 |
| Debt / equity (x) | 0.18 | 0.23 | 0.28 | 0.24 | 0.45 |
| Cash from operations | (30) | 7 | 57 | 101 | 197 |
| Capex | (91) | (108) | (94) | (100) | (134) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 190 | 174 | 183 | 157 | 136 | 278 | 306 | 361 |
| Profit before tax | 25 | 21 | 19 | 15 | 6 | 46 | 60 | 67 |
| Net profit | 19 | 16 | 14 | 11 | 4 | 35 | 44 | 50 |
| EPS (₹) | 6.10 | 5.19 | 4.46 | 3.52 | 1.38 | 11.28 | 14.40 | 16.33 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| WAAREE ENERGIES LIMITED | 65,440 | 17.1 | 4.36 | 10.6 | 25.9 | 29.0 | — | 20.3 |
| APAR INDUSTRIES LTD. | 60,809 | 51.5 | 11.27 | 32.0 | 18.1 | 21.9 | 29.1 | 12.0 |
| PREMIER ENERGIES LIMITED | 39,130 | 23.2 | 9.08 | 16.0 | 35.0 | 25.7 | — | 30.8 |
| MTAR TECHNOLOGIES LIMITED ◆ | 20,676 | 154.9 | 25.14 | 110.5 | 11.4 | 12.4 | 28.9 | 25.8 |
| DIAMOND POWER INFRA LTD | 17,654 | 89.8 | — | 87.0 | (26.2) | 8.6 | — | 12.3 |
| EMMVEE PHOTOVOLTAIC PWR L | 16,571 | 12.4 | 4.48 | 9.2 | 29.3 | 31.2 | — | 36.3 |
| AVALON TECHNOLOGIES LTD | 14,460 | 108.1 | 20.04 | 72.0 | 15.6 | 20.0 | — | 12.5 |
| GENUS POWER INFRASTRU LTD | 8,156 | 11.4 | 3.68 | 10.4 | 26.7 | 22.7 | 50.8 | 22.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 154.9 | 22.6 | 50 of 52 | 4% |
| P/B | 25.1 | 3.3 | 48 of 49 | 2% |
| ROCE | 12.4 | 12.4 | 28 of 55 | 50% |
| ROE | 11.4 | 12.4 | 28 of 50 | 45% |
| Debt / Equity | 0.5 | 0.3 | 31 of 50 | 39% |
| EBITDA margin | 25.8 | 12.6 | 11 of 51 | 80% |
| Revenue growth | 130.4 | 20.7 | 2 of 46 | 98% |
| Profit growth | 364.5 | 37.7 | 6 of 45 | 89% |
| Market cap | 20676 | 576 | 4 of 56 | 95% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · MTAR schedules Q2 and H1 FY27 earnings call for 30 October 2026 | board shareholder meetings | low | — | — |
| 27 Oct 2026 · Mutual fund schemes lift MTAR holding above 5 percent | ownership changes | medium | — | — |
| 24 Oct 2026 · MTAR board to approve September 2026 quarterly and half-year results | results | low | — | — |
| 16 Oct 2026 · Kavitha Reddy creates pledge of 32,000 MTAR Technologies shares | ownership changes | high | — | — |
| 14 Oct 2026 · Compliance filing for dematerialisation of shares for Sept 2026 quarter | compliance | minimal | — | — |
| 6 Oct 2026 · MTAR Tech gets CRISIL ESG rating of 63, classified as Strong | business updates | medium | — | — |
| 28 Sept 2026 · MTAR Technologies 27th AGM: All 6 resolutions passed | board shareholder meetings | medium | — | — |
| 28 Sept 2026 · MTAR Technologies 27th AGM: All 6 resolutions passed | board shareholder meetings | low | — | — |
| 23 Sept 2026 · Trading Window Closure Ahead of Q2 FY27 Results | compliance | minimal | — | — |
| 21 Sept 2026 · MTAR Technologies to meet investors on 24 September 2026 | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.