| Q2 Revenue | ₹406.8 CrUp 200% YoY |
|---|---|
| Net Profit | ₹59.8 CrUp 1203.5% YoY |
| EBITDA Margin | 24.4%vs 12.5% YoY |
| Market Cap | ₹22,019 Cr |
Key highlights
- Record quarterly revenue of ₹406.8 crore, representing 200% YoY and 12.8% QoQ growth
- EBITDA grew 483.3% YoY to ₹99.2 crore, with margins expanding to 24.4% from 12.5% a year ago
- Net profit surged 1203.5% YoY to ₹59.83 crore for the September quarter
- Robust order book stands at ₹805 crore following record H1 FY27 inflows of ₹1,102 crore
- Management reaffirmed FY27 guidance of ~80% revenue growth with 24% EBITDA margins
- MNC Aerospace segment on track to achieve ₹150 crore plus revenue in the current fiscal year
Execution Ramp-Up Drives Record Topline
MTAR Technologies reported its highest-ever quarterly revenue of ₹406.8 crore for the quarter ended September 30, 2026. This performance marks a triple-digit year-on-year surge of 199.99%, driven by a rapid acceleration in project execution across its core segments. The company has successfully navigated long lead times to deliver significant volumes in clean energy and aerospace.
Management indicated that execution in the second half of FY27 is expected to exceed the first half, supported by a healthy opening order book of ₹805 crore and a record inflow of ₹1,102 crore during H1 FY27. The company continues to prioritize scaling operations to meet high demand from global and domestic partners.
Strategic Segment Milestones and Capacity Expansion
- MNC Aerospace segment hit ₹80 crore in H1 FY27, with a target of ₹150 crore plus for the full year.
- Phase 2 fuel cell capacity expansion is nearing completion and is expected to be operational by late November 2026.
- NCLT approved the merger of wholly owned subsidiaries Gee Pee Aerospace and Magnatar Aero Systems on October 28, 2026.
- New oil and gas facility expected to become operational in November 2026 to support upcoming volume production.
- The company is establishing a full-fledged data center infrastructure facility, targeted for completion by March 2027.
- Nuclear segment outlook remains strong with budgetary quotations submitted for upcoming fast breeder reactor programs.
Management on Operational Continuity
Execution continues to be our key priority in the near term as we remain focused on translating these opportunities into sustainable growth.
Financial Efficiency and Capital Structure
The company reported a structural improvement in profitability, with EBITDA margins reaching 24.4% compared to 12.5% in the year-ago quarter. This expansion was supported by a better product revenue mix and increased operating leverage as fixed costs were spread over a larger revenue base. While working capital needs remain high, with inventory levels at 50 days of revenue as of September 2026, the company generated positive cash flow from operations of ₹350 crore in H1 FY27.
Total debt stands at ₹465 crore, including ₹189 crore in long-term debt, as MTAR continues to invest in a ₹500 crore total capex program slated for completion by the end of this fiscal year.
| Date | Announcement | Amount |
|---|---|---|
| 29 Oct 2026 | Q2 FY27 Consolidated Revenue from OperationsSource: univest.in | ₹406.77 Cr |
| 29 Oct 2026 | Q2 FY27 Management Guidance: H2 FY27 execution expected to exceed H1 FY27Source: BSE filing | – |
| 30 Jul 2026 | Q1 FY27 Earnings Call Guidance: Annual FY27 revenue growth target of ~80% with ~24% EBITDA marginSource: BSE filing | – |
| 29 Jul 2026 | Q1 FY27 Consolidated Revenue from OperationsSource: nivatawealth.in | ₹360.72 Cr |
| 29 Jan 2026 | Q3 FY26 Consolidated Revenue from OperationsSource: mtar.in | ₹278.00 Cr |
What to watch next
- Operationalization of Phase 2 fuel cell expansion expected by end of November 2026
- Completion of the data center infrastructure facility by end of March 2027
- Tendering process for the four proposed 700 MW nuclear reactors at Mahi Banswara
- Volume deliveries under long-term agreements for aerospace first articles starting in FY28
“Our MNC aerospace business continues to witness a robust demand with products that have already been qualified seeing a significant ramp up in volumes.”
“Our working capital days came down to 50 as of September 2026 from 172 days in March 2026, helped by better margins and tighter working capital management.”
| Share price | ₹7158.5 |
|---|---|
| Market capitalisation | ₹22,019.26 Cr |
| Revenue (annual) | ₹876.11 Cr |
| Net profit (annual) | ₹95.32 Cr |
| Revenue (latest quarter) | ₹406.76 Cr+12.76% vs previous quarter |
| Net profit (latest quarter) | ₹59.83 Cr+18.47% vs previous quarter |
| P/E (TTM) | 115.99×Sector 52.82× |
| Promoter holding | 29.23%-0.13% QoQ |
| FII holding | 20.87%Current quarter |
Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.
Exchange filing by MTAR Technologies Limited announcing financial results and operational updates for Q2 FY27. Market figures from a third-party data provider.
