MTARTECH

Mtar Technologies share price & financials

Price
₹8,374.5
Market cap
₹21.8k Cr
Sector
Capital Goods
Calls analysed
7
Latest concall · Q1 FY27 · call held 30 Jul 2026

Mtar Technologies Limited Q1 FY27

Revenue ₹360.7 cr +130%EBITDA ₹85.1 cr +200%EBITDA Margin 23.6% PAT ₹50.2 cr +365%

What went well

  • Revenue of INR 360.7 crores, up 130.4% YoY, driven by strong execution across verticals.
  • EBITDA margin at 23.6%, up from 20.11% last quarter, reflecting operating leverage and cost monitoring.
  • PAT of INR 50.2 crores, a 364.5% increase YoY, with PAT margin at 13.92%.

What to watch

  • Gross margins slightly declined to 45.61% from 47.65% last year, attributed to revenue mix.
  • Management acknowledged potential for delays in US data center projects but downplayed concerns, stating 'unwanted noise' and 'no issue at all'.
Read the full call →

What Mtar Technologies Limited does

MTAR Technologies designs and manufactures complex, precision-engineered mission-critical assemblies and sub-systems across Clean Energy (Civil Nuclear Power, Fuel Cells, Hydro and Wind), Aerospace & Defence, and newly-entered Oil & Gas and Battery Storage lines. It supplies fuel-handling equipment for the core of nuclear reactors to NPCIL, liquid-propulsion and cryogenic engine sub-systems to ISRO, and gearboxes, actuators and aerostructures to DRDO, HAL and global aerospace majors such as IAI, GKN Aerospace, Thales, Rafael and Elbit Systems. In Clean Energy, it makes SOFC and hydrogen power units and enclosures for fuel-cell leader Bloom Energy, plus structures for hydro and wind power. It operates nine advanced in-house manufacturing units spanning machining, fabrication, assembly, heat treatment and surface treatment, covering the full product lifecycle from design to delivery.

Segments

  • Clean Energy – Civil Nuclear Power
  • Clean Energy – Fuel Cells, Hydel & Others
  • Aerospace & Defence
  • Products & Others
Manufacturing units
9
Dedicated Aerospace facility
Fully operational since January 2025, serving MNCs including IAI, GKN Aerospace and Thales
Business verticals
Clean Energy (Civil Nuclear Power, Fuel Cells, Hydro & Wind), Aerospace & Defence, Oil & Gas, Battery Storage, Products & Others
Key global customers
Bloom Energy, IAI, Rafael, Elbit Systems, Thales, GKN Aerospace, GE Hydro
Key domestic institutional customers
NPCIL, ISRO, DRDO, HAL
Product scale range
Precision structures from a few grams to hundreds of tonnes, from integrated systems to specialised fabricated structures
Founded 1969Headquarters Hyderabad, Telangana, IndiaEmployees 3,210 (March 31, 2025 (FY25, in) Company website

Guidance record · Q1 FY27

what the last two calls moved 22 tracked 4 delivered 5 missed 13 open
  • FY26 Revenue Growth delivered said Q3 FY25 Promised: 30% revenue growth in FY '26 Q1 FY27: Promise concluded in FY26. Status remains achieved.
  • FY26 EBITDA Margin missed said Q3 FY25 Promised: starting with 24% for next year FY '26 Q1 FY27: Promise concluded in FY26. Status remains missed.
  • Hotbox Capacity on track said Q2 FY26 Promised: by March of next year [FY27] to go up to 20,000 units capacity Q1 FY27: Reiterated that the multifold capacity expansion (Phase 3), which corresponds to this target, will be completed by March 2027.

All 22 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 129.9%, net profit up 354.5% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue190 174 183 157 136 −28%278 +60%306 +67%361 +130%
EBITDA37 33 34 28 17 −54%64 +94%62 +82%85 +204%
Net profit19 16 14 11 5 −74%35 +119%44 +214%50 +355%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +397.0% 1Y

₹2.0k₹4.0k₹6.0k₹8.0kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 6 Nov 2025Q3 FY26 — 5 Feb 2026Q4 FY26 — 13 May 2026Q1 FY27 — 30 Jul 2026

1Y: ₹1,471.2 on 10 Sept 2025 → ₹7,312.5. High ₹8,374.5 (19 Jun 2026), low ₹1,471.2 (10 Sept 2025).

How the price took the results

close before → close after

Q1 FY27
+5.0%
30 Jul
Q4 FY26
+8.2%
13 May
Q3 FY26
−3.2%
5 Feb
Q2 FY26
−6.0%
6 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 15.3% a year over 3 years, FY23 to FY26. Operating margin narrowed to 19.5%.

Year endingFY23FY24FY25FY26
Revenue₹573 Cr₹580 Cr₹675 Cr₹877 Cr
Operating profit₹154 Cr₹112 Cr₹120 Cr₹171 Cr
Operating margin26.9%19.3%17.8%19.5%
Interest₹15 Cr₹23 Cr₹22 Cr₹30 Cr
Depreciation₹18 Cr₹23 Cr₹33 Cr₹35 Cr
Net profit₹104 Cr₹57 Cr₹54 Cr₹95 Cr
Net margin18.2%9.8%8.0%10.8%
Cash from operations₹9 Cr₹55 Cr₹102 Cr₹192 Cr
Free cash flow₹-97 Cr₹-35 Cr₹2 Cr₹65 Cr
ROCE22.0%11.0%11.0%15.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹31 Cr₹31 Cr₹31 Cr₹31 Cr₹31 Cr₹31 Cr
Reserves₹446 Cr₹489 Cr₹590 Cr₹646 Cr₹716 Cr₹795 Cr
Borrowings₹17 Cr₹96 Cr₹143 Cr₹190 Cr₹186 Cr₹377 Cr
Other liabilities₹93 Cr₹112 Cr₹299 Cr₹139 Cr₹241 Cr₹542 Cr
Total liabilities₹586 Cr₹728 Cr₹1.1k Cr₹1.0k Cr₹1.2k Cr₹1.7k Cr
Fixed assets₹167 Cr₹196 Cr₹282 Cr₹332 Cr₹475 Cr₹497 Cr
Capital work in progress₹11 Cr₹44 Cr₹63 Cr₹68 Cr₹12 Cr₹34 Cr
Investments₹0 Cr₹62 Cr₹34 Cr₹7 Cr₹7 Cr₹222 Cr
Other assets₹409 Cr₹425 Cr₹683 Cr₹600 Cr₹681 Cr₹990 Cr
Total assets₹586 Cr₹728 Cr₹1.1k Cr₹1.0k Cr₹1.2k Cr₹1.7k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, FIIs added +17.23 pp while the public trimmed −13.75 pp. The shareholder count shrank 13% to 2,58,386.

Promoters
29.4%
FIIs
24.8%
DIIs
22.4%
Public
23.5%

Since Jun 2025

  • FIIs +17.23 pp
  • Public −13.75 pp
  • Promoters −2.30 pp

How it drifted, 12 quarters

Over this window FIIs went from 8.8% to 24.8% — +16.0 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 39.1%, FIIs 8.8%, DIIs 24.1%, Public 28.0%.Dec '23: Promoters 37.3%, FIIs 11.0%, DIIs 19.0%, Public 32.8%.Mar '24: Promoters 37.3%, FIIs 10.6%, DIIs 18.1%, Public 34.1%.Jun '24: Promoters 36.4%, FIIs 7.7%, DIIs 16.0%, Public 39.9%.Sep '24: Promoters 36.4%, FIIs 7.8%, DIIs 17.3%, Public 38.5%.Dec '24: Promoters 31.4%, FIIs 7.0%, DIIs 23.2%, Public 38.4%.Mar '25: Promoters 31.8%, FIIs 6.7%, DIIs 24.4%, Public 37.1%.Jun '25: Promoters 31.6%, FIIs 7.6%, DIIs 23.5%, Public 37.3%.Sep '25: Promoters 31.4%, FIIs 9.2%, DIIs 24.8%, Public 34.6%.Dec '25: Promoters 30.6%, FIIs 12.2%, DIIs 30.0%, Public 27.2%.Mar '26: Promoters 30.4%, FIIs 17.3%, DIIs 27.7%, Public 24.6%.Jun '26: Promoters 29.4%, FIIs 24.8%, DIIs 22.4%, Public 23.5%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 12 holders trimming and 4 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Mtar Technologies Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
K Vamshidhar Reddy 5.71%−0.32 pp
Mitta Madhavi 4.44%−0.06 pp
Nippon Life India Trustee Ltd-A/C Nippon India Mul Mutual fund4.29%−1.14 pp
Leelavathi Parvatha Reddy 4.29%unchanged
P Srinivas Reddy 3.88%unchanged
HSBC Mutual Fund - HSBC Small Cap Fund Mutual fund3.73%−0.60 pp
Sundaram Mutual Fund A/C Sundaram Long Term Micro Mutual fund2.91%newly disclosed
A Manogna 2.71%−0.10 pp
P Kalpana Reddy 2.56%−0.09 pp
Motilal Oswal Focused Fund Mutual fund2.50%−0.57 pp
HDFC Mutual Fund - HDFC Defence Fund Mutual fund2.44%−0.16 pp
Saranya Loka Reddy 1.63%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in MTARTECH

Filings to Aug 2026

0 new, 0 added, 0 trimmed, 0 sold out — net +0.00 L shares (+0.0%).

Held by funds
₹1.4k Cr
4 schemes
Biggest holder
Nippon India Small Cap Fund
₹672 Cr · 0.8% of that fund
SchemeHoldingLast month
Nippon India Small Cap Fund Nippon India Mutual Fund₹672 Crheld
HDFC Defence Fund HDFC Mutual Fund₹429 Crheld
Nippon India Growth Mid Cap Fund Nippon India Mutual Fund₹247 Crheld
Nippon India Power & Infra Fund Nippon India Mutual Fund₹58 Crheld

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

0 added, 0 trimmed — net 0 shares (+0.0%)

Funds are sitting on
+416%
vs est. average cost
Held by funds
₹1.4k Cr
4 schemes · ≈ 8.2% of the company
Biggest holder
Nippon India Small Cap Fund
₹672 Cr · 0.8% of that fund

Shares held by these funds −23%

Aug '23 21.37 L shares Jul '26

What the price assumes

Growth trap

To justify its price of ₹7312, this stock must grow earnings at 61% every year for 7 years. Our analysis caps realistic growth at ~-8%. At that growth it is worth ₹246 — downside of 97%.

Growth the price implies
60.7% a year
for 7 years, fading to 4%
It has actually compounded at
-8.0% a year
net profit, FY23–FY26 · EPS -7.9%
The gap
0.7 pp
-97% downside if it only repeats history
Price today ₹7,312.5 Value at the reference growth ₹245.87

Change the assumptions yourself →

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse Mtar Technologies Limited

Guides on how to read this kind of business and the numbers that matter.