Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 21 Sep
Source: Bse
Mtar Technologies Limited (MTARTECH)
Micro CapIndustrials stocks · Micro cap · NSE
MTAR Technologies is a leader in critical and differentiated engineered products, focused on indigenisation of technologies in strategic sectors. It pioneers complex mechanical systems across civil nuclear, aerospace & defence, and clean energy (fuel cells, hydel, wind). The company is expanding into data centre infrastructure solutions and global aerospace.
₹7,178
+123.50 · +1.75%
Market cap ₹23,769 Cr
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result29 Jul, 10:14 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags04 Oct 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
57NeutralSMA20 +4.8% / mo · MACD −
Stock trend: 61
Sector RS: 50
Sector 3M: -6.3% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
MTARTECHD candles · FIT view+39.7%Latest close ₹7178.00 on 2026-10-19
Bar
+2.7%
RSI
45
MACD hist
-75.58
52W pos
77%
2026-10-19O ₹6990.50H ₹7224.00L ₹6801.50C ₹7178.00Vol 2.1L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
MTARTECHNifty India ManufacturingNifty 500
- MTARTECH
- +25.0%
- Nifty 500
- -5.6%
- Nifty India Manufacturing
- -5.8%
- Vs Nifty 500
- +30.5 pp
Chart stats
19 Oct 2026- From 52W high
- -17.6%
- 52W range position
- 78%
- ATR (14)
- 4.8%
- Volume vs 20D
- 1.59x
- Avg traded value
- ₹102 Cr
- 20D price channel
- ₹6,750 - ₹8,186.5
₹8,714
₹1,866.2 - ₹8,714
₹341.8
Latest completed session
20-session average
42.1% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST32
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent100
Revenue +129.9% · PAT +354.6% YoY
Technical
Neutral57
Price trend and sector-relative-strength timing.
Valuation
Legacy model-320.9%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence64
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 100/100Rev +130% YoY · PAT +355% YoY · margin expansion · +18% QoQ · operating leverage
Filed 29 Jul 2026
Open results browser →| 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.
Fundamentals
Valuation
- P/E
- 175.00
- P/B
- 28.91
- EV/EBITDA
- 91.46
- Market Cap
- 23769.00Cr
Profitability
- ROE
- 12.40%
- 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
- 85%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 876+29.6% vs prev
Net Profit
₹ CrLatest: 94.0+77.4% vs prev
Return on Equity
%Latest: 11.4+57.1% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 45. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~4.6% over last month) — short-term momentum positive.
- RSI(14) at 45 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 18% off 52W high · 240% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
97
RS percentile
Stage 2 UptrendEstablished S2
1M return
-0.3%
3M return
+25.0%
6M return
+36.0%
1Y return
+214.7%
RS 1D
0
RS 20D
-1
Sector rank
#2
Industry rank
#6
Stage evidence
- Price is 9.7% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +8.4%.
- Both 3-month and 6-month returns are positive.
50-DMA
price below
200-DMA
price above
S2 entered
25 Sept 2025
S2 age
275 trading sessions
Sector
leading
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 393.65+2.80%
RS vs Nifty 500394
Valuation & peers
U-Score 32 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 32 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation0/30
Growth14/25
Quality7/20
Balance Sheet4/15
Cash Flow2/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
32
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
32/100 · legacy band WATCHLIST
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 -320.9%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Cash flow is weaker at 2/10; verify the latest quarterly trend.
Sector valuation model
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Primary lens
EV/EBITDA and PE against execution quality and margin stability.
Secondary checks
Order book, receivables, working capital, debt, operating cash flow.
Main risk check
Order wins matter only if they convert into cash and margins.
PE
175.0
PB
28.9
EV/EBITDA
91.5
ROE
12.4%
ROCE
15.1%
FCF Yield
—
Debt/Equity
0.5
MoS
-320.9%
Score movement
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.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
32
Previous: 32
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-320.9%
Previous: -320.9%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
32
32
32
32
32
32
32
32
32
32
32
32
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹510.55
-1305.9% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹1,705.23
-320.9% MoS
PEG
10.94
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
UNIMECH
Small
Unimech Aerospace and Manufacturing Limited
Defence / Aerospace
match 156
28
130.0
8.0%
-202%
OVERVALUED
VAISHALI
Small
Vaishali Pharma Limited
Defence / Aerospace
match 147
24
24.2
6.0%
+44%
OVERVALUED
SHAHALLOYS
Small
Shah Alloys Limited
Defence / Aerospace
match 147
43
23.6
-55.5%
+58%
WATCHLIST
SHALPAINTS
Small
Shalimar Paints Limited
Defence / Aerospace
match 147
16
—
-21.4%
—
OVERVALUED
KAUSHALYA
Small
Kaushalya Infrastructure Development Corporation Limited
Defence / Aerospace
match 147
14
—
0.4%
—
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-10-11T16:14:16.713Z
Management commentary snapshot
Q1 FY27 revenue surged 130.4% YoY to Rs 360.7 Cr, with EBITDA up 199.7% YoY to Rs 85.1 Cr. PAT grew 364.5% YoY to Rs 50.2 Cr. The company secured a record Rs 2,895.1 Cr in new orders, boosting the order book to Rs 5,143.3 Cr.
Strong Q1 FY27 performance with significant YoY growth in revenue and profitability. Record order inflow provides robust revenue visibility, particularly in Clean Energy and Civil Nuclear. Expansion into new verticals and capacity additions support future growth, aligning with strategic priorities.
Current business mix
Q1 FY27 Revenue by Geography
Latest issuer-disclosed distribution across 2 reported categories.
Domestic82.0%
Export18.0%
Growth engines
Civil Nuclear Power
Received single largest order inflow of Rs. 504 Cr for Kaiga 5 & 6 projects, strengthening order visibility.
MNC Aerospace
MNC Aerospace vertical is poised for significant growth as programmes transition from first article qualification to volume ramp-up.
Clean Energy - Fuel Cells
Robust closing order book of Rs. 3431 Cr in Clean Energy by end of Q1 FY27, with significant growth expected.
Data Centre Infrastructure Solutions
Recently bagged an order from SLB to supply components; robust orders expected post qualification, further diversifying portfolio.
Capacity and execution
Dedicated Aerospace Facility
Commissioned a dedicated Aerospace facility in January 2025, tailored to specific customer requirements.
Nadcap Accredited Special Processes Facility
Established a Nadcap accredited special processes facility with approvals covering more than 30 processes.
Greenfield Facility for Oil & Gas and Clean Energy (Phase 2)
Setting up a greenfield facility to cater to Oil & Gas and support phase 2 expansion of Clean Energy – Fuel cells, expected to be commissioned by Q3 FY27.
New Facility for Clean Energy (Phase 3)
New facility to support Phase 3 expansion of Clean Energy – Fuel Cells, to be completed by March 2027.
Tailwinds
Government Focus on Nuclear Energy
Government of India aims to achieve 100 GWe capacity in civil nuclear sector by 2047, creating significant long-term opportunities.
Global Energy Transition
Significant growth expected across Clean Energy business, driven by structural tailwinds including the global energy transition.
Rising Power Demand & Data Centre Ecosystem
Clean Energy growth driven by structural tailwinds including rising power demand and the rapidly expanding data centre ecosystem.
Indigenisation of Critical Technologies
Company has consistently focused on the indigenisation of critical technologies in strategic sectors.
Management accountability
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.
Analyst reading lens
Compare BOTH
Q1 FY27 results show strong YoY growth, indicating recovery and expansion from the previous year. QoQ comparison is also relevant to assess sequential momentum after a strong Q4 FY26, especially for execution and margin trends.
Sector KPIs management disclosed
Order Inflow
Company secured orders worth Rs 2,895.1 Cr across various sectors during Q1 FY27, marking the highest order inflow ever achieved in a single quarter.
Order Book
Diversified Order Book of Rs. 5,143.3 Cr as on 30th Jun 2026.
Revenue Cover
Order book of Rs 5,143.3 Cr as of June 30, 2026, provides revenue visibility of ~5.9x FY26 revenue (FY26 Revenue: Rs 876.2 Cr).
EBITDA Margin
Q1 FY27 EBITDA % at 23.6% (vs 18.1% YoY, 20.2% QoQ).
Management forward view
FY27 Revenue and Margin Guidance
Guided for revenue growth of 80% for the current fiscal year, with an EBITDA margin of 24% ±100 bps.
Strategic Focus
Focus remains on building a diversified and resilient business by expanding product portfolio, increasing wallet share, and growing global customer base.
Leveraging Capabilities
Committed to leveraging engineering heritage and execution capabilities to strengthen capabilities further to build a world-class manufacturing institution.
Capital Discipline
Pursue prudent capital allocation by prioritising opportunities across various sectors with strong growth potential and attractive returns.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Order Inflow | Rs 2,895.1 Cr in Q1 FY27 | Sustained high order inflows to maintain robust order book and revenue visibility. |
| EBITDA Margin | 23.6% in Q1 FY27 | Adherence to guided EBITDA margin of 24% ±100 bps for FY27. |
| Working Capital Management | Net Working Capital Days at 59 in Q1 FY27 | Continued improvement in working capital management and receivables days. |
| Capacity Commissioning | Greenfield facility by Q3 FY27, Clean Energy Phase 3 by Mar 2027 | Timely commissioning and ramp-up of new manufacturing facilities to support growth. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
64Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: 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.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
96 docs text-extracted · 37 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
42nd percentile
overall median 67 · Industrials: 40th pctile, median 68 · Micro: 25th pctile, median 73
Evidence depth
Financial-only
96 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read 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.
Promoter
48
watch · holding, pledge, alignment
Cash flow
55
watch · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
56
watch · capital discipline
Results
80
strong · quarterly consistency
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.
Continue researching Mtar Technologies Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 7 Sep - News paper publication for Notice, Book closure & record date for the Annual General Meeting
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 17 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 30 Jul - Newspaper publication for the results of the quarter ended 30.06.2026
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 30 Jul - MTAR received amended purchase order worth USD 324.62 million, including USD 85.86 million incremental value.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 15 Jul - Newspaper Publication for Notice of hearing of petition
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 7 Jul - ICRA upgraded MTAR Technologies' ratings to A+ Stable on facilities worth Rs 1,470 crore.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 2 Jul
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 17 Jun - Intimation of Analyst / Institutional Investor meeting on 22.06.2026
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 8 Jun - Intimation of Schedule of Analyst / Institutional Investor meetings and plant visit
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 2 Jun
Source: Bse
Announcement
Disclosures under Reg. 31(1) and 31(2) of SEBI (SAST) Regulations, 2011. 29 May
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.