Document Overview

This document is an Investor Presentation for July 2026, published by MTAR Technologies Limited. It provides a comprehensive update on the company's business performance, strategic initiatives, and financial results for Q1 FY27 and historical periods.

Management Commentary

Managing Director Parvat Srinivas Reddy stated the company focuses on indigenizing critical technologies in strategic sectors. The company has pioneered complex mechanical systems over five decades in nuclear, aerospace, defence, and clean energy. The growth strategy involves deepening participation in global aerospace and defence programmes and expanding into high-growth opportunities like data centre infrastructure. For FY27, the company has guided for revenue growth of 80% with an EBITDA margin of 24% ±100 bps.

Q1 FY27 Financial Performance (Consolidated)

  • Revenue from Operations: ₹360.7 Crore, a 130.4% increase Year-on-Year (YoY) from Q1 FY26 (₹156.6 Cr) and a 17.9% increase Quarter-on-Quarter (QoQ) from Q4 FY26 (₹306.1 Cr).
  • Gross Profit: ₹164.2 Crore, up 93.4% YoY and 21.3% QoQ. Gross Profit Margin was 45.5% for Q1 FY27, compared to 54.2% in Q1 FY26 and 44.2% in Q4 FY26.
  • EBITDA: ₹85.1 Crore, up 199.7% YoY and 37.6% QoQ. EBITDA Margin was 23.6% for Q1 FY27, compared to 18.1% in Q1 FY26 and 20.2% in Q4 FY26.
  • Profit Before Tax (PBT): ₹67.4 Crore, up 355.0% YoY and 13.2% QoQ.
  • Profit After Tax (PAT): ₹50.2 Crore, up 364.5% YoY and 13.4% QoQ. PAT Margin was 13.9% for Q1 FY27, compared to 6.9% in Q1 FY26 and 14.5% in Q4 FY26.
  • Finance Costs: Increased to ₹15.8 Cr in Q1 FY27 from ₹5.8 Cr in Q1 FY26 and ₹9.6 Cr in Q4 FY26.

Business and Operational Updates

Order Book and Outlook

  • The company has a robust closing order book of ₹3,431 Crore in the Clean Energy sector as of the end of Q1 FY27.
  • In Q1 FY27, the company achieved its highest-ever quarterly order inflow, surpassing the entire FY26 order inflow of ₹2,453.3 Crore.
  • The company is expecting orders of approximately ₹150 Crore in FY27 from nuclear reactors due for refurbishment.

New Products and Customer Additions

  • Civil Nuclear: Added new products like Fuel Transfer system. Qualified for new products like End Shield and Calandria. Received a single largest order inflow of ₹504 Crore for the Kaiga 5 & 6 projects.
  • Clean Energy: Expanded wallet share in the fuel cell segment. Successfully qualified first articles for global aerospace customers including Thales and GKN. Bagged an order from SLB (Schlumberger) for ₹45 Crore to supply sheet metal components and assemblies for data centre infrastructure solutions.
  • Aerospace & Defence: Developed and delivered critical components including landing gear parts for the LCA Tejas program. Currently engaged in developing the Main Landing Gear Support Structure assembly for the AMCA program. Declared L1 for Fuselage Door Assembly for AMCA.
  • Oil & Gas: Successfully delivered first articles of whipstock assemblies to Weatherford.
  • More than 25% of revenue is derived from products developed over the past 4-5 years.
  • The company has entered into long-term contracts with customers like IAI (Israel Aerospace Industries) and Weatherford.

Capacity Expansion and Facilities

  • A dedicated Aerospace facility was commissioned in January 2025.
  • The company has established a Nadcap accredited special processes facility with approvals for over 30 processes.
  • A new greenfield facility is being set up to cater to Oil & Gas (Weatherford) and support Phase 2 expansion of Clean Energy - Fuel Cells. It is expected to be commissioned by Q3 FY27.
  • Phase 3 expansion for Clean Energy - Fuel Cells capacities at the new facility is planned for completion by March 2027.

Historical Financial Performance (Consolidated)

Profit & Loss (FY26)

  • Revenue: ₹876.2 Crore (FY25: ₹676.0 Cr, FY24: ₹581.2 Cr, FY23: ₹574.8 Cr)
  • EBITDA: ₹171.2 Crore; EBITDA Margin: 19.5% (FY25: ₹120.9 Cr, 17.9%)
  • PAT: ₹94.0 Crore; PAT Margin: 10.7% (FY25: ₹52.9 Cr, 7.9%)
  • An exceptional item of ₹3.8 Crore was recorded in FY26 on account of the statutory impact of the new Labour Codes.

Balance Sheet (As of Mar-26)

  • Total Equity: ₹822.6 Crore (Mar-25: ₹728.9 Cr)
  • Total Borrowings: ₹369.3 Crore (₹147.7 Cr non-current, ₹221.6 Cr current) (Mar-25: ₹177.3 Cr)
  • Total Assets: ₹1,743.4 Crore (Mar-25: ₹1,130.3 Cr)
  • Inventories: ₹500.5 Crore (Mar-25: ₹346.1 Cr)
  • Trade Receivables: ₹336.8 Crore (Mar-25: ₹209.8 Cr)
  • Investments in Mutual Funds: ₹215.3 Crore (Mar-25: ₹0.0 Cr)

Cash Flow (FY26)

  • Cash Generated from Operations: ₹221.7 Crore
  • Net Cash from Operating Activities: ₹196.9 Crore
  • Net Cash Used in Investing Activities: ₹(352.6) Crore
  • Net Cash from Financing Activities: ₹154.8 Crore

Sector-wise Business Overview

  • Clean Energy - Civil Nuclear Power: Supplies critical fuel handling assemblies. Government of India aims for 100 GWe nuclear capacity by 2047. Partnered with NPCIL. Expects benefits from new reactors at Mahi Banswara (NTPC & NPCIL partnership).
  • Aerospace & Defence: Supplies propulsion systems for ISRO's launch vehicles and structural assemblies for LCA Tejas and AMCA. Exports to MNCs like Thales, GKN, IAI, Rafael, and Elbit. The MNC vertical is poised for volume ramp-up.
  • Clean Energy - Others: Includes Fuel Cells (Solid Oxide), Hydro Power (draft tubes, spiral casings), and Wind Energy.
  • Products & Others: Supplies import substitutes to diverse sectors.

Ownership Structure (As of June-26)

  • Promoters: 29.35%
  • FIIs: 24.80%
  • DIIs: 22.35%
  • Public: 23.51%