MTAR Technologies Ltd(MTARTECH)

NSE: MTARTECHBSE: 543270

₹ 6,569.4+1.80%refreshed 26 Oct, 03:57 pm ISTMarket cap: ₹ 20,207 crNext results: 29 Oct 2026Website: www.mtar.inUpdated: 24 Oct 2026

About

MTAR Technologies Ltd is a Hyderabad-based precision manufacturer supplying critical assemblies to India's clean energy, civil nuclear, aerospace & defence, and oil & gas sectors. The company reported FY26 revenue of ₹876 crores and achieved its highest-ever quarterly revenue of ₹360.7 crores in Q1 FY27. With a closing order book of ₹5,143 crores as of June 30, 2026, MTAR has over 35 years of presence in India's civil nuclear programme.^[1][2][3]

Business segments

Clean Energy (fuel cells, hydel & others) contributed ~70% of FY26 revenues, generating ₹615 crores in FY26 vs ₹441 crores in FY25; in Q1 FY27 it remained the dominant segment.^[3]
Products & Others segment contributed ~₹100.4 crores in Q1 FY27, representing 28% of Q1 FY27 revenue mix; includes ball screws, aerospace-linked components, and clean energy sub-components.^[2]
Aerospace & Defence segment generated ₹36.4 crores in Q1 FY27; management expects to double aerospace & defence revenue in FY27.^[2]
Civil Nuclear segment holds an order book of ₹684 crores in Q1 FY27 (₹~815 crores including L1); execution to commence in H2 FY27 with ~₹800 crores to be executed over 3 years.^[2]

Order book and inflows

Closing order book stood at ₹5,143 crores as of June 30, 2026, already exceeding the ₹5,000 crore FY27-end target set at the start of the year.^[2]
Q1 FY27 order inflows of ₹2,895.1 crores were the highest ever in a single quarter, surpassing the entire FY26 inflow of ₹2,453.3 crores.^[2]
An additional ₹800 crores of orders were received on July 30, 2026 (the call date), bringing total post-quarter additions to that level.^[2]
Clean Energy order book stood at ₹3,431 crores as of Q1 FY27; nuclear order book (including L1) at ~₹815 crores.^[2]

Products and customers

Fuel cell hotbox is the flagship product, supplied to Bloom Energy; capacity stood at 8,000 units before expansions began; in Q3 FY26 it was running at 100% utilisation.^[4]
Ball screws and air separator plates (ASPs) are exported to MNC customers; ASP quarterly capacity was being expanded from ~80,000 to 1,25,000 units as of Q2 FY26.^[5]
Aerospace customers in volume production include GKN Aerospace, Rafael, Elbit, and Thales; IAI first articles were also in progress as of Q4 FY26.^[4][3]
Nuclear assemblies supplied include Calandria and End Shield assemblies; MTAR supplied a majority of critical assemblies for India's PFBR, which achieved criticality in Q1 FY27.^[2]
Data center infrastructure assemblies for SLB (export) represent a new vertical; first articles of 2 - 3 assemblies were in progress in Q1 FY27 against an initial ₹45 crore order.^[2]

Manufacturing capacity

Hotbox (fuel cell) capacity expansion is underway in three phases: Phase 1 commissioned, Phase 2 targeted September - October 2026, Phase 3 ('multifold expansion') targeted March 2027.^[2]
A new SEZ facility near the airport is under construction to house hotbox capacity expansion to 20,000 and subsequently 30,000 units; capex for the 20,000-unit phase was ~₹50 - 60 crores.^[4]
A greenfield Oil & Gas SEZ facility for Weatherford is being commissioned, delayed to October 2026 from prior September 2026 target; peak revenue potential from that plant is ₹450 - 500 crores.^[2][3]
Aerospace machining capacity is sufficient for ₹200+ crores of revenue with equipment arriving as of Q3 FY26.^[4]

Key operating numbers

Net working capital days fell to 59 days in Q1 FY27 from 172 days for full-year FY26 and 260 days in Q3 FY26, driven by better commercial terms and daily/weekly monitoring.^[2][4]
Receivable days improved to 82 days in Q1 FY27 from 140 days in Q4 FY26; inventory days fell to 145 days from 208 days in Q4 FY26.^[2]
ROCE was 17.2% in Q1 FY27 vs 11.4% in the prior year period; FY26 full-year ROCE was also 17.2%, up 580 bps YoY.^[2][3]
Cash flow from operations was ₹247.69 crores in Q1 FY27 vs ₹191.66 crores in Q1 FY26; FY26 full-year operating cash flow was ₹196.9 crores, up 94.4% YoY.^[2][3]
Gross debt stood at ₹423.6 crores in Q1 FY27; debt-to-equity ratio was 0.45x at March 2026.^[2][3]

Customers and exports

Bloom Energy is the primary clean energy customer (hotbox supplier); non-Bloom clean energy customers include Andritz (₹40 crores annual hydropower order finalized), GE, Voith, and others.^[4]
SLB is the data center infrastructure export customer; Weatherford is the Oil & Gas export customer for whom a dedicated greenfield facility is being built.^[2][4]
FY25 revenue split: India ₹132.88 crores vs Outside India ₹531.77 crores (per FY25 annual report segment geography data).^[6]

Expansion and capex

Total capex of ~₹500 crores is planned over FY27 and FY28 for multi-sector capacity expansion; ₹35 crores was spent in Q1 FY27.^[2]
A dedicated facility is being set up for the data center infrastructure vertical to serve SLB's annual requirement of up to 8 sets of assemblies.^[2]
Nuclear per-reactor opportunity for new reactors is estimated at ₹350 - 400 crores, up from the ~₹250 crore Kaiga benchmark, owing to Calandria and End Shield qualifications.^[4]
Mahi Banswara project (4 × 700 MW NTPC-NPCIL reactors) orders are likely in FY28; MTAR participation expected to be higher than Kaiga 5&6.^[2]

Recent developments

India's PFBR achieved criticality in Q1 FY27; MTAR supplied a majority of its critical reactor-core assemblies, marking a national nuclear milestone.^[2]
MTAR received a ₹504 crore order for Kaiga 5&6 reactors in Q4 FY26, described as its single largest nuclear order; nuclear order book including L1 stands at ~₹815 crores as of Q1 FY27.^[2][4]
FY27 revenue growth guidance of ~80% YoY was reaffirmed on the Q1 FY27 call, with management signalling confidence of doing better than guidance.^[2][3]
AGM scheduled for 28 September 2026 via video conference; special business includes appointment of auditor for FY27 - FY29 and proposal to increase borrowing limits.^[7]
MTAR was declared L1 for the AMCA main landing gear test setup assembly and is one of 8 qualified vendors for AMCA structural assemblies, having received a ₹4 crore initial order.^[4][3]

Market Cap

₹20,207 Cr

High / Low

₹8,715 / 2,152

Stock P/E

148.8

Price / Book

24.1

Book Value

₹267

EPS

₹30.6

No. of Shares

3.08 Cr

ROCE

15.1%

ROE

12.1%

OPM

17.7%

Debt / Equity

0.45

Sales

₹876 Cr

Net Profit

₹94 Cr

Promoter holding

29.2%

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