MTAR Technologies Q2 Revenue Jumps 200% to ₹407 Crore; Reiterates 80% FY27 Growth Target

Key numbers

Q2 Revenue Growth	200%Year-on-Year
Market Cap	₹22,019 CrAerospace & Defence
Order Book	₹5,977 CrAs of Sep 2026
Day RSI	50.09Neutral Zone

Key highlights

• Revenue from operations grew 200% YoY to ₹406.8 crore in Q2FY27
• Net profit surged to ₹59.8 crore from ₹4.2 crore in the previous year's quarter
• EBITDA margins expanded to 24.4%, up from 12.5% in Q2FY26
• Closing order book stood at ₹5,976.5 crore as of September 30, 2026
• Secured new orders worth ₹1,207.2 crore during the September quarter

Clean Energy and Aerospace Drive Tripling of Topline

MTAR Technologies recorded revenue from operations of ₹406.8 crore in the quarter ended September 30, 2026, marking a significant increase from ₹135.6 crore in the same period last year. Net profit for the quarter soared to ₹59.8 crore, compared to ₹4.2 crore a year ago, reflecting strong operating leverage and execution across its primary verticals. The EBITDA margin improved to 24.4%, up from 12.5% in Q2FY26, though gross margins saw a slight compression to 46.8% from 51.2%.

This performance was supported by a massive order book of ₹5,976.5 crore, with the Clean Energy segment contributing ₹4,075.5 crore to the total visibility.

Scaling Manufacturing and New Sector Diversification

• A new greenfield facility for Oil & Gas and Phase 2 Fuel Cell expansion is scheduled for commissioning by end-November 2026.
• Phase 3 expansion for Fuel Cell capacities is on track for completion by March 2027 to meet rising global demand.
• The company entered the Data Centre Infrastructure vertical with ₹45 crore in first-article orders from SLB.
• Development of Main Landing Gear Support Structures for the AMCA program is currently underway in the domestic defence segment.
• Export volume production has commenced for MNC Aerospace partners including GKN Aerospace and Israel Aerospace Industries.

Management Reaffirms Aggressive FY27 Guidance

For the current fiscal year, we have guided for revenue growth of 80%, with an EBITDA margin of 24% ±100 bps. Beyond near-term financial performance, our focus remains on building a diversified and resilient business by expanding our product portfolio, increasing wallet share with existing customers and growing our global customer base.

Managing Working Capital Amid Capacity Build-Up

Despite the rapid growth, MTAR is managing a capital-intensive phase with total borrowings rising to approximately ₹466 crore as of September 2026, compared to ₹369 crore in March 2026. Inventory days stood at 162 in Q2FY27, up from 145 in the previous quarter, as the company stocks raw materials for upcoming execution cycles. Strategic priorities now include reducing net working capital through improved collections and inventory optimization.

On October 28, 2026, the NCLT Hyderabad Bench approved the merger of subsidiaries Gee Pee Aerospace and Magnatar Aero Systems with MTAR, a move expected to streamline operations and enhance administrative efficiency.

What to watch next

• Commissioning of the new greenfield facility for Oil & Gas and Fuel Cells by November 30, 2026
• Execution completion of first-article orders for data center infrastructure over the next six months
• Finalization of Phase 3 capacity expansion in the Fuel Cells vertical by March 2027
• Updates on potential order inflows from the Fast Breeder Reactor (FBR) program tenders

“The MNC Aerospace vertical is poised for significant growth as programmes transition from first article qualification to volume ramp-up across a majority of its customers.”

MTAR Technologies · financial snapshot

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.