Disclosure Context

MTAR Technologies Limited (BSE: 543270, NSE: MTARTECH, ISIN: INE864I01014) submitted a revised investor presentation to the exchanges on October 30, 2026. The revision was necessitated to correct inadvertent errors identified in the original presentation concerning revenue classification on Slides 9 and 10, order book details on Slide 15, and the shareholding pattern of Foreign Institutional Investors (FIIs) on Slide 34. The management has rectified these errors and enclosed the revised presentation for records.

Financial Performance (Q2 & H1 FY27 Consolidated)

Profit & Loss Statement

Q2 FY27 Performance:

  • Revenue from Operations: ₹406.8 Cr, a 200.0% increase from ₹135.6 Cr in Q2 FY26 and a 12.8% sequential increase from ₹360.7 Cr in Q1 FY27.
  • Gross Profit: ₹190.3 Cr, up 174.1% YoY, with a Gross Profit margin of 46.8% (vs. 51.2% in Q2 FY26).
  • EBITDA: ₹99.2 Cr, up 483.3% YoY, with an EBITDA margin of 24.4% (vs. 12.5% in Q2 FY26).
  • Profit Before Tax (PBT): ₹80.3 Cr, a 1314.6% increase from ₹5.7 Cr in Q2 FY26.
  • Profit After Tax (PAT): ₹59.8 Cr, a 1309.5% increase from ₹4.2 Cr in Q2 FY26, with a PAT margin of 14.7%.

H1 FY27 Performance:

  • Revenue from Operations: ₹767.5 Cr, a 162.7% increase from ₹292.2 Cr in H1 FY26.
  • EBITDA: ₹184.2 Cr, a 305.9% increase YoY, with a margin of 24.0%.
  • PAT: ₹110.1 Cr, a 630.9% increase YoY, with a margin of 14.3%.

Balance Sheet (as of September 30, 2026)

  • Total Equity: Increased to ₹932.7 Cr from ₹822.6 Cr as of March 31, 2026.
  • Total Borrowings: ₹466.3 Cr (Non-current: ₹147.8 Cr, Current: ₹318.5 Cr).
  • Total Assets: ₹2,328.2 Cr, up from ₹1,743.4 Cr in Mar-26.
  • Inventories: ₹678.8 Cr (Mar-26: ₹500.5 Cr).
  • Trade Receivables: ₹285.8 Cr (Mar-26: ₹336.8 Cr).
  • Investments: ₹362.0 Cr, primarily in mutual funds (Mar-26: ₹215.3 Cr).

Cash Flow (for period ended September 30, 2026)

  • Cash Generated from Operations: ₹382.4 Cr (Sep-25: ₹48.3 Cr).
  • Net Cash from Operating Activities: ₹350.0 Cr after direct taxes paid of ₹32.4 Cr.
  • Net Cash used in Investing Activities: ₹(407.3) Cr.
  • Net Cash from Financing Activities: ₹56.6 Cr.

Business Updates & Operational Highlights

Order Book & New Contracts

  • The company holds a robust closing order book of ₹4,075.5 Cr in the Clean Energy sector as of Q2 FY27.
  • Received a single largest order inflow of ₹504 Cr for the Kaiga 5 & 6 nuclear projects.
  • Received over ₹130 Cr of orders in FY27 from reactors due for refurbishment.
  • Received ₹45 Cr in first article orders from SLB to supply sheet metal components and assemblies for data center infrastructure solutions.

New Product Development & Qualification

  • Added new products like the Fuel Transfer system in Civil Nuclear Power and qualified for new products like End Shield and Calandria.
  • Expanded wallet share in the fuel cell segment by adding various new products.
  • Successfully qualified first articles for global aerospace customers including Thales and GKN.
  • Developed and delivered critical aerospace components, including landing gear parts for the LCA Tejas program.
  • Engaged in developing the Main Landing Gear Support Structure assembly for the AMCA program.
  • More than 25% of revenue is derived from products developed over the past 4-5 years.

Capacity Expansion & New Facilities

  • A new greenfield facility to cater to Oil & Gas (e.g., Weatherford) and support Phase 2 expansion of Clean Energy – Fuel Cells is expected to be commissioned by the end of November 2026.
  • Phase 3 expansion for Clean Energy – Fuel Cells capacities at the new facility is targeted for completion by March 2027.
  • The company has leased a dedicated manufacturing facility for Data Centre Infrastructure Solutions, with first article execution expected over the next 6 months.
  • Commissioned a dedicated Aerospace facility in January 2025 and established a Nadcap-accredited special processes facility with approvals for over 30 processes.

Historical Financial Performance (Annual)

| Particulars (₹ Cr) | FY26 | FY25 | FY24 | FY23 |

| Revenue | 876.2| 676.0| 580.8| 573.8|

| EBITDA | 171.2| 120.9| 112.7| 154.0|

| EBITDA % | 19.5%| 17.9%| 19.4%| 26.8%|

| PAT | 94.0 | 52.9 | 56.1 | 103.4|

| PAT % | 10.7%| 7.9% | 9.7% | 18.0%|

Guidance & Outlook

For the current fiscal year (FY27), the company has guided for revenue growth of 80% and an EBITDA margin of 24% ±100 bps.

Ownership Structure (as of September 30, 2026)

  • Outstanding Shares: 3,07,59,591
  • Market Capitalization: ₹23,886 Cr
  • Promoter Holding: 29.23%
  • FII Holding: 20.87%
  • DII Holding: 27.09%
  • Public Holding: 22.80%