Order Book Or Contract Wins
Expected: FY26-FY28HIGH confidence
What: Order Book: ₹2,394.9 Cr
“The closing order book as of Q3 end stood at INR2,394 crores, where INR1,370 crores of orders across all sectors are received in Q3.”
MTAR Technologies Ltd: Why Is It Outperforming Nifty 500?
ActiveRS +99.2%Average12w StreakAccelerating
In , MTAR Technologies Ltd (Aerospace & Defence - Equipments) is outperforming Nifty 500 with +99.2% relative strength. Fundamentals: Average. On a 12-week streak.
MTAR Technologies Ltd Key Facts
- PE Ratio
- 301.0x
- Price/Book
- 13.52x
- Market Cap
- ₹19,901 Cr
- PAT Growth YoY
- +119%
- Revenue Growth YoY
- +60%
- OPM
- 23.0%
- RS vs Nifty 500
- +99.2%
PE: At PeakRiding Wave
What's Happening
📊PE near cycle highs — limited room for further expansion
👔Promoter stake down 5.0% this quarter
🌐FII stake increased 1.4% this quarter
🏛️DII accumulation — stake up 7.5%
💰Trading 84% above estimated fair value — significant premium
Earnings Acceleration Triggers
1. Order Book Or Contract Wins
FY26-FY28HIGH
2. Operating Leverage Inflection
FY27HIGH
3. Geographical Expansion
Next 1-1.5 yearsMEDIUM
Key Risks
1. Tariff discussions with US customers regarding exports
LOW2. Not discussed on call
LOWSector-Specific Signals
Closing Order Book₹2,394.9 Cr
Clean Energy Order Inflow (9M)₹1,080 Cr
Kaiga 5 & 6 Order Value₹500 Cr+
Working Capital Cycle210 days
Key Numbers
PAT Growth YoY
+119%
Stable
Revenue YoY
+60%
Stable
Operating Margin
23.0%
+400 bps YoY
PE Ratio
301.0
PEG Ratio
23.94
EV/EBITDA
71.5
Current Price
₹6,470
Fundamental Score
52/100
Average
3Y PAT CAGR
-5%
Market Cap
19.9K Cr
Valuation
Significantly Overvalued12-Week Performance
Weekly presence in the outperformers list. Green = beating Nifty 500 by 10%+ that week.
12 weeks agoThis week
Why Are MTAR Technologies Ltd's Earnings Accelerating?
Based on Q3 FY26 earnings • Updated Apr 18, 2026
Operating Leverage Inflection
Expected: FY27HIGH confidence
What: EBITDA Margin: 23%
Impact: 200 bps improvement
“with higher operating leverage and better revenues next year, our margins will substantially improve.”
Geographical Expansion
Expected: Next 1-1.5 yearsMEDIUM confidence
What: Aerospace Export Revenue: ₹18 Cr
“to get Boeing and Airbus and such companies for Indian parts, we are also looking at establishing that as well moving forward over the next 1, 1.5 years.”
Regulatory Approval Or License Win
Expected: Upcoming Union BudgetMEDIUM confidence
What: PLI Scheme: ₹18,000-20,000 Cr
“government is likely to announce a dedicated production-linked incentives, PLI scheme valued at INR18,000 crores to INR20,000 crores for manufacturing of critical nuclear components.”
New Product Or Brand Launch
Expected: Beginning of next yearLOW confidence
What: Semi-cryo Engine Hardware: First hardware
“beginning of next year, we should be able to report the first hardware of semi-cryo.”
Quarterly Revenue of ₹278 Cr
HIGH confidence
What: Quarterly Revenue of ₹278 Cr
“The company recorded revenues of INR278 crores, representing a robust year-over-year growth of 59% with EBITDA of INR64 crores.”
FY27 Revenue Growth guidance raised
HIGH confidence
What: Not Given → 50% growth
“And FY '27, we're expecting growth of about 50% revenue growth for FY '27 based on the current growth what we have.”
What Are the Key Risks for MTAR Technologies Ltd?
Earnings deceleration risks from management commentary
Tariff discussions with US customers regarding exports
LOWTrigger: US tariffs on imports could potentially affect margins or realization.
Management view: Management stated they are not concerned as they are in the technology area and BOM cost impact is single-digit.
Monitor: geopolitical
Not discussed on call
LOWTrigger: Not explained on call
Monitor: fx
What Is MTAR Technologies Ltd's Management Saying?
Key quotes from recent conference calls
“we had set the guidance of 25% for revenue growth, which now we are saying it should be between 30% to 35%. [Previous Revenue Growth FY26 guidance]”
“Our annual EBITDA margin is predicted to remain around 21%, in line with our initial guidance. [Previous EBITDA Margin FY26 guidance]”
“we are moving the entire facility to the SEZ near the airport for the entire Bloom operations... so that it becomes more operationally efficient. [Initiative: Consolidation to SEZ Facility]”
“we are not anyway concerned with being a technology company... tariffs would come down, but that's not going to affect the company's growth momentum. [Risk (geopolitical): LOW]”
What Did MTAR Technologies Ltd Report This Quarter?
Headline numbers from the latest earnings call
Revenue
₹278 Cr
YoY +59.3%QoQ +105%
Why: Phenomenal growth in Q3 was driven by a stronger second half of the year as anticipated in previous earnings calls.
This marks the highest quarterly revenue achieved by the company to date.
EBITDA
₹64 Cr
YoY +92.5%Margin 23%
Why: Higher operating leverage and better revenues in the current quarter led to substantial margin improvement.
EBITDA margins improved significantly to 23% in Q3 from 12.5% in Q2.
PAT
₹34.7 Cr
YoY +117.3%QoQ +726.2%
Why: Profitability surged due to the sharp increase in high-margin export orders and improved capacity utilization.
PAT showed a massive recovery from the ₹4.2 Cr reported in the previous quarter.
Other Highlights
• Order book stood at ₹2,394.9 Cr by end of December 2025.
• Clean Energy Fuel Cells vertical received orders worth ₹1,080 Cr in 9M FY26.
• Working capital days reduced to 210 days in Q3 from 282 days in Q2.
What Sector Metrics Matter for MTAR Technologies Ltd?
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
Closing Order Book
₹2,394.9 Cr
QoQ +84.8%
Why: Driven by robust industrial tailwinds and highest ever inflows in Clean Energy and Nuclear.
Clean Energy Order Inflow (9M)
₹1,080 Cr
Why: Strong market share and strategic partnership in customer growth journey.
Kaiga 5 & 6 Order Value
₹500 Cr+
Why: Reinforcing positioning within the Indian nuclear energy ecosystem.
Working Capital Cycle
210 days
QoQ -72 days
Why: Improved due to higher dispatches and tight control on inventories.
Fuel Cell Capacity Utilisation
100%
Why: Operating at full capacity of 8,000 units currently.
Aerospace & Defence Revenue (9M)
₹72 Cr
Why: Growth from various customers and completion of first articles.
Aerospace Export Revenue (Q3)
₹18 Cr
Why: Ramping up of batch processes for MNC customers.
Hot Box Capacity Target (FY27)
20,000 units
Why: Augmenting capacity to meet growing demand from Bloom Energy.
Revenue per Nuclear Reactor
₹350-400 Cr
Why: Addition of new assemblies like End Shield and Calandria for newer reactors.
Inventory Days Target
200-210 days
Why: Targeting reduction through advance initiatives and inventory management.
What Is MTAR Technologies Ltd's Management Guidance?
Forward-looking targets from management for FY26
OPM Guidance
21%
Capex Plan
₹60 Cr
Revenue Outlook
₹900 Cr+
Margin Outlook
REAFFIRMED
Capex Plan
₹50-60 Cr
Expansion of hot box capacity to 20,000 and 30,000 units.
Volume
RAISED
Management Tone: BULLISH
Guidance Changes
RAISED
FY27 Revenue Growth: Not Given → 50% growth
How Fast Is MTAR Technologies Ltd Growing?
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | +60% | +28% | Stable |
| PAT (Net Profit) | +119% | -5% | Stable |
| OPM | 23.0% | +400 bps | Volatile |
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 18, 2026.
Other Top Aerospace & Defence - Equipments Stocks Beating Nifty 500
Frequently Asked Questions: MTAR Technologies Ltd
Based on publicly available financial data. This is educational research, not investment advice.
What were MTAR Technologies Ltd's latest quarterly results?
MTAR Technologies Ltd's latest quarterly results (Dec 2025) show
- PAT Growth YoY: +118.8% (stable)
- Revenue Growth YoY: +59.8%
- Operating Margin: 23.0% (volatile)
Is MTAR Technologies Ltd's profit growing or declining?
MTAR Technologies Ltd's profit is growing with an stable trend.
- PAT Growth YoY: +118.8% (latest quarter)
- PAT Growth QoQ: +775.0% (sequential)
- 3-Year PAT CAGR: -4.6%
- Trend: Stable — consistent growth pattern
What is MTAR Technologies Ltd's revenue growth trend?
MTAR Technologies Ltd's revenue growth trend is stable.
- Revenue Growth YoY: +59.8%
- Revenue Growth QoQ: +104.4% (sequential)
- 3-Year Revenue CAGR: +28.1%
How is MTAR Technologies Ltd's operating margin trending?
MTAR Technologies Ltd's operating margin is volatile.
- Current OPM: 23.0%
- OPM Change YoY: +4.0% basis points
- OPM Change QoQ: +10.0% basis points
What is MTAR Technologies Ltd's 3-year profit and revenue CAGR?
MTAR Technologies Ltd's long-term compounding rates
- 3-Year Profit CAGR: -4.6%
- 3-Year Revenue CAGR: +28.1%
Is MTAR Technologies Ltd's growth accelerating or decelerating?
MTAR Technologies Ltd's earnings growth is stable with mixed signals on a sequential basis.
- YoY Acceleration: +178.9% bps
- Sequential Acceleration: +100.0% bps
What is MTAR Technologies Ltd's trailing twelve month (TTM) performance?
MTAR Technologies Ltd's trailing twelve month (TTM) performance
- TTM PAT: ₹64 Cr
- TTM PAT Growth: +45.5% YoY
- TTM Revenue: ₹754 Cr
- TTM Revenue Growth: +18.7% YoY
- TTM Operating Margin: 19.2%
Is MTAR Technologies Ltd overvalued or undervalued?
MTAR Technologies Ltd appears significantly overvalued based on our fair value analysis.
- Valuation Signal: Significantly Overvalued
- Current PE: 301.0x
- Price-to-Book: 26.7x
What is MTAR Technologies Ltd's current PE ratio?
MTAR Technologies Ltd's current PE ratio is 301.0x.
- Current PE: 301.0x
- Market Cap: 19.9K Cr
How does MTAR Technologies Ltd's valuation compare to its history?
MTAR Technologies Ltd's current PE is 301.0x.
- Current PE: 301.0x
- Valuation Assessment: Significantly Overvalued
What is MTAR Technologies Ltd's price-to-book ratio?
MTAR Technologies Ltd's price-to-book ratio is 26.7x.
- Price-to-Book (P/B): 26.7x
- Book Value per Share: ₹242
- Current Price: ₹6470
Is MTAR Technologies Ltd a fundamentally strong company?
MTAR Technologies Ltd is rated Average with a fundamental score of 52/100. This score is calculated from objective financial metrics
- Revenue Growth YoY: +59.8% (10% weight)
- PAT Growth YoY: +118.8% (10% weight)
- PAT Growth QoQ: +775.0% (10% weight)
- Margins stable (10% weight)
- PEG Ratio: 23.9x vs sector median (15% weight)
- EV/EBITDA: 71.5x vs sector median (15% weight)
Is MTAR Technologies Ltd debt free?
MTAR Technologies Ltd has a debt-to-equity ratio of N/A.
- Total Debt: ₹186 Cr
What is MTAR Technologies Ltd's return on equity (ROE) and ROCE?
MTAR Technologies Ltd's return ratios over recent years
- FY2023: ROCE 22.0%
- FY2024: ROCE 11.0%
- FY2025: ROCE 10.0%
Is MTAR Technologies Ltd's cash flow positive?
MTAR Technologies Ltd's operating cash flow is positive (FY2025).
- Cash from Operations (CFO): ₹101 Cr
- Free Cash Flow (FCF): ₹-2 Cr
- CFO/PAT Ratio: 191% (strong cash conversion)
What is MTAR Technologies Ltd's dividend yield?
MTAR Technologies Ltd currently does not pay a significant dividend (yield 0.00%).
- Dividend Yield: 0.00%
- Current Price: ₹6470
Who holds MTAR Technologies Ltd shares — promoters, FII, DII?
MTAR Technologies Ltd's shareholding pattern (Mar 2026)
- Promoters: 30.4%
- FII (Foreign): 17.3%
- DII (Domestic): 27.7%
- Public: 24.6%
Is promoter holding increasing or decreasing in MTAR Technologies Ltd?
MTAR Technologies Ltd's promoter holding has decreased recently.
- Current Promoter Holding: 30.4% (Mar 2026)
- Previous Quarter: 30.6% (Dec 2025)
- Change: -0.15% (decreasing — worth monitoring)
How long has MTAR Technologies Ltd been outperforming Nifty 500?
MTAR Technologies Ltd has been outperforming Nifty 500 for 12 consecutive weeks, indicating strong sustained outperformance.
Is MTAR Technologies Ltd a new momentum entry or an established outperformer?
MTAR Technologies Ltd is an established outperformer with 12 weeks of consecutive Nifty 500 outperformance.
What are the growth catalysts for MTAR Technologies Ltd?
MTAR Technologies Ltd has 7 key growth catalysts identified from recent earnings analysis
- Order Book Or Contract Wins — Highest ever order inflows in Clean Energy and Civil Nuclear segments.
- Operating Leverage Inflection — Higher revenues will compress overheads as a percentage of sales.
- Geographical Expansion — Establishing parts supply for global majors like Boeing and Airbus.
- Regulatory Approval Or License Win — Government likely to announce PLI for manufacturing critical nuclear components.
What are the key risks in MTAR Technologies Ltd?
MTAR Technologies Ltd has 2 key risks worth monitoring
- [LOW] Tariff discussions with US customers regarding exports — US tariffs on imports could potentially affect margins or realization.
- [LOW] Not discussed on call — Not discussed on call.
What did MTAR Technologies Ltd's management say in the latest earnings call?
In Q3 FY26, MTAR Technologies Ltd's management highlighted
- "we had set the guidance of 25% for revenue growth, which now we are saying it should be between 30% to 35%. [Previous Revenue Growth FY26 guidance]"
- "Our annual EBITDA margin is predicted to remain around 21%, in line with our initial guidance. [Previous EBITDA Margin FY26 guidance]"
- "we are moving the entire facility to the SEZ near the airport for the entire Bloom operations... so that it becomes more operationally efficient. [In..."
What is MTAR Technologies Ltd's management guidance for growth?
MTAR Technologies Ltd's management has provided the following forward guidance for FY26
- Revenue outlook: ₹900 Cr+
- OPM guidance: 21%
- Capex plan: ₹60 Cr for Expansion of hot box capacity to 20,000 and 30,000 units.
- Management tone: bullish
- Milestone: [RAISED] FY27 Revenue Growth: Not Given → 50% growth
What sector-specific metrics matter most for MTAR Technologies Ltd?
MTAR Technologies Ltd's most important sub-sector-specific KPIs from the latest concall
- Closing Order Book: ₹2,394.9 Cr (QoQ +84.8%) — Driven by robust industrial tailwinds and highest ever inflows in Clean Energy and Nuclear.
- Clean Energy Order Inflow (9M): ₹1,080 Cr — Strong market share and strategic partnership in customer growth journey.
- Kaiga 5 & 6 Order Value: ₹500 Cr+ — Reinforcing positioning within the Indian nuclear energy ecosystem.
- Working Capital Cycle: 210 days (QoQ -72 days) — Improved due to higher dispatches and tight control on inventories.
- Fuel Cell Capacity Utilisation: 100% — Operating at full capacity of 8,000 units currently.
- Aerospace & Defence Revenue (9M): ₹72 Cr — Growth from various customers and completion of first articles.
Is MTAR Technologies Ltd worth studying for long term investment?
Based on quantitative research signals, here is why MTAR Technologies Ltd may be worth studying
- Earnings growing at +118.8% YoY
- Cash flow is positive — CFO ₹101 Cr
What is the investment thesis for MTAR Technologies Ltd?
MTAR Technologies Ltd investment thesis summary:
Research Signals (Bull Case)
- Revenue growing at +59.8% YoY
- Growth catalyst: Order Book Or Contract Wins
Risk Factors (Bear Case)
- Appears significantly overvalued
- Key risk: Tariff discussions with US customers regarding exports
What is the future outlook for MTAR Technologies Ltd?
MTAR Technologies Ltd's forward outlook based on current data signals
- Earnings Trend: stable
- Revenue Trend: stable
- Margin Trend: volatile
- Valuation: Significantly Overvalued
- Key Catalyst: Order Book Or Contract Wins
- Key Risk: Tariff discussions with US customers regarding exports
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.