DYNAMATECH
Micro CapDynamatic Technologies Limited
Industrials
Dynamatic Technologies Limited is an Indian manufacturer of highly engineered products for the aerospace, hydraulics, and metallurgy industries. It serves as a Tier I supplier to global OEMs like Airbus and Boeing, holds a 70% share in India's organized tractor hydraulics market, and operates facilities in India, UK, and Germany.
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, management trust is acceptable, price trend is neutral, and recent execution is weak.
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 31 Mar 2026
Bad · 5/100PAT -19% YoY · Rev +14% YoY · margin expansion
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹433 Cr | +13.7% | +1.9% |
| EBITDA | ₹49 Cr | +28.9% | -2.0% |
| Operating margin | 11.0% | +100 bps | -100 bps |
| PAT | ₹13 Cr | -18.8% | +116.7% |
| PAT margin | 3.0% | -120 bps | +159 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
FY26 revenue grew 15.5% YoY to Rs. 16,213.4 mn, driven by Aerospace (+27.6%). Q4FY26 revenue rose 13.8% YoY to Rs. 4,331.6 mn. FY26 EBITDA up 15.4% YoY, with margins stable at 11.3%. Q4 EBITDA up 28.1% YoY, margin improved to 11.2%. PAT (ex-exceptional) up 39.4% for FY26 and 17.9% for Q4.
The Aerospace segment continues to be the primary growth driver, anchoring overall performance with robust revenue growth and strategic partnerships. Hydraulics India shows stable demand, while UK restructuring aims for margin recovery. Metallurgy faces significant headwinds, but management is diversifying. Overall, the core thesis of aerospace-led growth appears intact, though European operations remain a drag.
FY2026 Revenue Breakup
Latest issuer-disclosed distribution across 3 reported categories.
Aerospace Segment Performance
Aerospace segment revenue up by 27.6% for FY26, anchoring company performance and remaining largest contributor to revenues and profitability.
Global Aerospace Supply Chain Position
Strengthened position in global aerospace supply chain through deeper OEM engagement and advanced manufacturing expansion.
India Hydraulics Demand
India business benefited from improving mechanisation trends and infrastructure activity, supporting stable Hydraulics performance.
Airbus A220 Doors Delivery Readiness
Successful delivery readiness of the first complete ship-set of all eight Airbus A220 doors from Bengaluru facility, completed ahead of schedule.
Strong Global Aerospace Demand
Aerospace segment remains well positioned for strong growth, supported by strong demand across commercial and defence aerospace programs.
Increasing India's Role in Aerospace
India's growing role in the global aerospace supply chain and emergence as a competitive manufacturing hub.
Domestic Hydraulics Demand
Stable domestic demand, increasing farm mechanization, and infrastructure activity in India for Hydraulics segment.
German Automotive Sector Weakness
Metallurgy segment faced challenging market conditions due to weakness in the German automotive sector.
Elevated Energy Costs in Europe
Metallurgy segment impacted by elevated energy costs and geopolitical uncertainties in Europe.
UK Hydraulics Reduced OEM Demand
UK Hydraulics revenue declined due to reduced OEM demand and planned operational rationalization.
European Market Volatility
Metallurgy segment faces cautious demand environment in Europe, particularly across automotive-linked industrial markets, and fierce global competition in Germany.
Margin Pressure in Aerospace
Aerospace profitability was broadly stable in Q4 and grew moderately for the year, indicating some margin normalization amid growth investments.
Foreign Exchange Fluctuations
Foreign exchange impact was favorable YoY, but currency movements can significantly alter reported revenue and EBITDA on a constant currency basis.
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.
The presentation provides detailed YoY comparisons for both Q4 and FY26, which are crucial for assessing annual performance and seasonal trends. QoQ comparisons are also provided, useful for tracking sequential momentum and recent operational shifts.
FY26 Revenue Growth
Revenue of Rs. 16,213.4 mn; up by 15.5% from Rs. 14,038.0 mn in FY2025.
FY26 EBITDA Margin
EBITDA margin of 11.3%; down by 1 bps from FY2025.
Q4FY26 EBITDA Margin
Q4FY2026 EBITDA margin of 11.2%; up by 120 bps from Q4FY2025.
FY26 Net Cash Generated from Operating Activities
Net cash generated from operating activities (A) FY26: Rs. 953.4 mn vs FY25: Rs. 1,443.3 mn.
Aerospace Strategic Focus
Focus remains on scaling complex aerostructure programs, deepening OEM relationships, and strengthening advanced manufacturing and engineering capabilities.
Hydraulics Restructuring & Efficiency
UK restructuring program progressed steadily with rationalisation of selected product lines and workforce optimisation to improve long-term competitiveness and margins.
Metallurgy Diversification
Advancing diversification into aerospace, defence, and specialised engineering segments to strengthen margins and reduce dependence on traditional automotive.
New Aerospace Composites Collaboration
Entered collaboration with Hutchinson to expand capabilities across advanced aerospace composites for next-generation platforms.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Aerospace Segment Revenue Growth | FY26: +27.6% YoY; Q4FY26: +21.6% YoY | Sustained high growth rates and new program wins, especially from strategic partnerships and defence initiatives. |
| Metallurgy Segment Profitability | FY26 EBITDA: Rs. 28.3 mn (-71.8% YoY); Q4FY26 EBITDA: Rs. 31.5 mn (-17.3% YoY) | Signs of margin recovery and successful diversification into higher-value aerospace/defence applications to offset automotive weakness. |
| Net Debt/LTM EBITDA | 2.5x as of Mar-26 | Trend in leverage, especially with ongoing investments and potential working capital changes. |
| UK Hydraulics Restructuring Impact | Revenue declined due to reduced OEM demand and planned operational rationalization. | Evidence of margin recovery and improved operational efficiency from restructuring initiatives over the medium term. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
56NeutralSMA20 +16.8% / mo
Technical chart
DYNAMATECHweekly · 1Y+45.5%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 49. Wait for confirmation.
- SMA20 rising (~14.4% over last month) — short-term momentum positive.
- RSI(14) at 49 — sideways, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 21% off 52W high · 59% 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, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 10/25 to the score.
- Cash flow contributes 4/10 to the score.
Main drags
- Fair-value margin of safety is negative at -342.1%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
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
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 53rd percentile of the scored universe and 49th percentile within Industrials. Main check: results consistency is weak at 47/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: 4 recent quarters had PAT decline worse than 25% YoY.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Industrials: 49th pctile, median 68 · Micro: 36th pctile, median 71
0 documents indexed, 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.
- ▸FCF yield is positive at 0.4%.
- ▸11 years of positive FCF.
- ▸6/8 recent quarters had positive YoY revenue growth.
Trust risks
- ▸4 recent quarters had PAT decline worse than 25% YoY.
- ▸ROE is low at 6.6%.
- ▸1/8 recent quarters had positive YoY PAT growth.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 138.00
- P/B
- 8.13
- EV/EBITDA
- 28.98
- Market Cap
- 6898.00Cr
Profitability
- ROE
- 6.62%
- ROCE
- 9.98%
- ROA
- 1.73%
- Dividend Y
- 0.05%
Growth (CAGR)
- Revenue 5Y
- 8.00%
- EPS 5Y
- 34.00%
- Revenue 3Y
- 7.00%
- EPS 3Y
- 6.00%
Balance Sheet
- Debt/Equity
- 0.80
- Interest Coverage
- 3.16×
- Altman Z
- 5.87
- Book Value
- 1251.00
Cash Flow
- FCF Yield
- 0.41%
- FCF Positive Y
- 11/5
- OCF
- 95.00 Cr
- EPS TTM
- 51.11
Shareholding
- Promoter Hold
- 41.50%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 59%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%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.