Mtar Technologies Limited (MTARTECH)
Micro CapIndustrials stocks · Micro cap · NSE
MTAR Technologies Limited is a leader in critical and differentiated engineered products, serving sectors like Clean Energy (Civil Nuclear Power, Fuel Cell, Hydel & Others), Aerospace & Defence, and Products & Others.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Excellent · 100/100Rev +130% YoY · PAT +355% YoY · margin expansion · +18% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹361 Cr | +129.9% | +18.0% |
| EBITDA | ₹85 Cr | +203.6% | +37.1% |
| Operating margin | 24.0% | +600 bps | +400 bps |
| PAT | ₹50 Cr | +354.6% | +13.6% |
| PAT margin | 13.8% | +684 bps | -53 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
MTARTECH reports strong Q4 FY26 revenue growth of 67.2% YoY to Rs. 306.1 Crs and PAT up 222.3% YoY to Rs. 44.3 Crs. FY26 revenue grew 29.6% YoY to Rs. 876.2 Crs, with PAT up 76.2% YoY. The company achieved record order inflows of Rs. 2453.3 Crs in FY26.
MTARTECH delivered strong revenue growth and record order inflows in FY26, building a robust order book. However, gross and EBITDA margins have seen a multi-year decline, and debt-to-equity has significantly increased. While working capital days improved QoQ, the overall balance sheet leverage and margin trajectory warrant close monitoring despite strong demand.
Revenue by Vertical (FY26)
Latest issuer-disclosed distribution across 4 reported categories.
Clean Energy - Civil Nuclear Power
This segment is the largest revenue contributor, accounting for 71% of FY26 revenue.
Aerospace & Defence
Volume production is underway for engine components and storage boxes, with significant orders expected for LCA Tejas Mark IA actuator assemblies.
New Customer Acquisition
New customers added over the past 2-3 years across MNC Aerospace, Oil & Gas, and Clean Energy – Data Center Infrastructure Solutions.
Data Center Infrastructure Solutions
Received Rs. 35 Crs of orders from SLB to supply components and assemblies for data center infrastructure solutions.
Clean Energy Capacity Expansion
The company is expanding capacities in a phased manner to support growing demand in Clean Energy.
Oil & Gas Greenfield Facility
A new greenfield facility for Oil & Gas is being set up to cater to Weatherford and other customers, expected to be commissioned by September’ 26.
Growing Demand in Clean Energy
Capacity expansion plans are in line with customer requirements to support the growing demand in the Clean Energy sector.
Fighter Jet Programs
The company is participating in various tenders for structural assemblies for fighter jet programs, indicating future order potential.
Increased Borrowings
Total borrowings increased significantly from Rs. 177.3 Crs in Mar-25 to Rs. 369.3 Crs in Mar-26.
Debt to Equity Ratio
The Debt to Equity ratio rose to 0.45x in Mar-26 from 0.24x in Mar-25, indicating higher leverage.
Gross Profit Margin Compression
Gross Profit Margin declined to 47.7% in FY26 from 49.4% in FY25 and 53.0% in FY23.
Working Capital Management
Despite QoQ improvement, Total Working Capital Days remain high at 172 days in Mar-26, indicating capital intensity.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is essential for assessing annual growth and overall business expansion in the industrials sector. QoQ comparison provides insight into sequential execution momentum, operational efficiency, and working capital management, which are critical for project-based businesses.
Order Inflow (FY26)
Received highest order inflows of Rs. 2453.3 Crs in FY26.
Order Inflow (Q4 FY26)
Secured orders worth Rs. 481.6 Crs across various sectors during Q4 FY26.
Order Book (as on Mar 31, 2026)
Diversified Order Book of Rs. 2581.9 Crs as on 31st Mar 2026.
Revenue from Operations (Q4 FY26)
Rs. 306.1 Crs, up 67.2% YoY and 10.1% QoQ.
Phased Capacity Expansion
Management is expanding capacities in a phased manner to meet growing customer demand.
Oil & Gas Facility Commissioning
The greenfield facility for Oil & Gas is expected to be commissioned by September’ 26.
Future Order Expectations
Significant orders are expected for actuator assemblies for the LCA Tejas Mark IA program.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Book Execution | Rs. 2581.9 Crs as on Mar 31, 2026. | Sustained revenue conversion from the strong order book and continued healthy order inflows. |
| Oil & Gas Facility Commissioning | In process, expected by September’ 26. | Timely commissioning and subsequent revenue ramp-up from the new greenfield facility. |
| Working Capital Days | 172 days in Mar-26. | Further reduction in working capital days and improved cash conversion cycle. |
| Debt to Equity Ratio | 0.45x in Mar-26. | Stabilization or reduction in the debt-to-equity ratio as operations scale and cash flows improve. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
65Bullishfull bull SMA stack · SMA20 +15.2% / mo · MACD −
Technical chart
MTARTECHdaily · 1Y · AUTO+100.1%Daily technical trend read
Bullish setupTrend is constructive — long-term uptrend intact. RSI 58.
- Price > SMA20 > SMA50 > SMA200 — full bullish stack.
- SMA20 rising (~13.2% over last month) — short-term momentum positive.
- RSI(14) at 58 — rising, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 18% off 52W high · 412% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & score drivers
U-Score 32 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 32 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 14/25 to the score.
- Quality contributes 7/20 to the score.
Main drags
- Fair-value margin of safety is negative at -316.8%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Cash flow is weaker at 2/10; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 42nd percentile of the scored universe and 40th percentile within Industrials. Main check: promoter alignment is weak at 48/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: Promoter holding fell 7%.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Industrials: 40th pctile, median 68 · Micro: 25th pctile, median 73
96 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸3/4 latest quarters had positive YoY revenue growth.
- ▸3/4 latest quarters had positive YoY PAT growth.
- ▸Latest 3 quarters had positive YoY PAT growth.
Trust risks
- ▸Promoter holding fell 7%.
- ▸Promoter holding is only 15%.
- ▸Revenue CAGR is 15% but EPS CAGR is -2%.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 162.00
- P/B
- 26.82
- EV/EBITDA
- 84.86
- Market Cap
- 22027.00Cr
Profitability
- ROE
- 12.50%
- ROCE
- 15.10%
- ROA
- 7.63%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 29.00%
- EPS 5Y
- 16.00%
- Revenue 3Y
- 15.00%
- EPS 3Y
- -2.00%
Balance Sheet
- Debt/Equity
- 0.46
- Interest Coverage
- 5.85×
- Altman Z
- 7.86
- Book Value
- 267.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 2/5
- OCF
- 197.00 Cr
- EPS TTM
- 43.39
Shareholding
- Promoter Hold
- 15.00%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 79%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.