A leading manufacturer engaged in the manufacturing and development of mission-critical precision-engineered systems catering to clean energy (civil nuclear power, fuel cells, hydel & others), aerospace and defence sectors, has reported an order book of Rs. 930.2 crores.
We’re talking about MTAR Technologies Limited, a one-stop solution provider for complex manufacturing requirements and is a leading manufacturer engaged in the business of manufacturing and development of high precision and heavy equipment, components, and machines, catering to civil nuclear power, fuel cells, hydel & others, aerospace and defence sectors. In this article, we’ll take a closer look at the company’s financial performance, key ratios, management guidance, order book and more.
With a market cap of Rs. 4,485 crores, shares of MTAR Technologies Limited were trading flat at Rs. 1,458.05 on Thursday, as against its previous closing price of Rs. 1,457.55. The stock hit its 52-week high at Rs. 1,858 on 30th August 2024, and compared to the current trading price, the stock is trading at a discount of nearly 21 percent.
Order Book
As of June 2025, MTAR Technologies reported an order book of around Rs. 930.2 crores, compared to Rs. 979.4 crores at the end of March 2025. The order book as of June 2025 reflects a well-diversified mix, with Clean Energy (Fuel Cell, Hydel & Others) contributing 47.6 percent, Aerospace & Defence contributing 30 percent, Clean Energy – Civil Nuclear Power at 16.6 percent, and Products & Others comprising 5.8 percent.
By the end of Q1 FY26, the company secured fresh orders worth Rs. 105.3 crore across multiple verticals, including Clean Energy (Civil Nuclear, Fuel Cells, and Hydel), Aerospace & Defence, as well as Products & Others.
Management Guidance
The company expects stronger execution in the second half of FY26 compared to the first, backed by its cost competitiveness and engineering depth. The management remains confident in sustaining export momentum despite tariff-related uncertainties.
Additionally, the company anticipate increased order inflows over the coming quarters, supported by a robust demand pipeline in clean energy, civil nuclear, aerospace and defence sectors.
For FY26, the company has guided for 25 percent YoY revenue growth, with H2 expected to be stronger. EBITDA margins are projected at over 21 percent (±100 basis points).
On the capex front, the company has earmarked Rs. 100+ crore for FY26, including Rs. 70 crore for the oil & gas sector, with the rest allocated to sustenance and equipment upgrades. For FY27, planned capex is expected to moderate to Rs. 25–30 crore, primarily for maintenance, with additional investments based on new customer requirements. Further, the company anticipates 15-20 percent growth in FY26 across the clean energy segment, including fuel cells, hydropower, and battery storage systems.
In Aerospace and Defence, strong traction continues, with ~Rs. 25 crore of orders secured in Q1. The company is actively expanding its defence portfolio and participating in tenders for several major Government of India programs.
Financial Performance
MTAR Technologies reported a significant growth in its revenue from operations, showing a year-on-year increase of around 23 percent from Rs. 128 crores in Q1 FY25 to Rs. 157 crores in Q1 FY26. Similarly, its net profit increased during the same period from Rs. 4 crores to Rs. 11 crores, representing an impressive rise of about 175 percent YoY.
In terms of key financial metrics, the company has a Return on Equity (RoE) of 7.53 percent and a return on capital employed (RoCE) of 10.6 percent, with a debt-to-equity ratio of 0.24.
Written by Shivani Singh
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