MTARTECH
Micro CapMtar Technologies Limited
Industrials
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 other specialized products. The company focuses on precision engineering and manufacturing.
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
Excellent · 100/100Rev +67% YoY · PAT +214% YoY · margin expansion · +10% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹306 Cr | +67.2% | +10.1% |
| EBITDA | ₹62 Cr | +82.4% | -3.1% |
| Operating margin | 20.0% | +100 bps | -300 bps |
| PAT | ₹44 Cr | +214.3% | +25.7% |
| PAT margin | 14.4% | +673 bps | +179 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
MTARTECH reports strong Q4 FY26 and FY26 performance with record order inflows, significant revenue growth, and improved profitability, despite a sequential dip in Q4 EBITDA margin and increased debt.
The company demonstrated robust order book growth and execution, with record order inflows in FY26. Revenue and PAT saw substantial YoY growth. While Q4 EBITDA margin dipped sequentially, full-year margins improved. Increased debt and receivables warrant monitoring.
Revenue by vertical (FY26)
Latest issuer-disclosed distribution across 4 reported categories.
Clean Energy - Civil Nuclear Power
This segment contributed 70% of FY26 revenue, indicating strong demand and execution in the largest vertical.
Aerospace & Defence
Volume production is underway for engine components and storage boxes; significant orders are expected for LCA Tejas Mark IA actuator assemblies.
New Product Development
Successfully completed design and development of the Z Adapter for Thales Alenia Space; first articles are under progress for other products.
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 its capacities in a phased manner, in line with customer requirements to support growing demand in Clean Energy.
Oil & Gas Greenfield Facility
A greenfield facility for Oil & Gas is being set up to cater to Weatherford and other customers, expected to be commissioned by September’ 26.
Increased Borrowings
Total borrowings increased significantly from Rs. 177.3 Crs in Mar-25 to Rs. 369.3 Crs in Mar-26, leading to a higher Debt to Equity ratio of 0.45x.
Working Capital Management
Receivables days increased slightly QoQ to 140 days in Q4 FY26 from 134 days in Q3 FY26, indicating potential pressure on working capital efficiency.
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 crucial for assessing annual growth and overall business trajectory, especially for full-year results. QoQ comparison is important for tracking sequential momentum, execution efficiency, and margin trends in the latest quarter.
Order Inflow
Received highest order inflows of Rs. 2453.3 Crs in FY26, including Rs. 481.6 Crs in Q4 FY26.
Order Book
Diversified order book of Rs. 2581.9 Crs as on 31st Mar 2026.
Revenue Growth
Revenue from Operations grew 67.2% YoY in Q4 FY26 to Rs. 306.1 Crs and 29.6% YoY in FY26 to Rs. 876.2 Crs.
EBITDA Margin
EBITDA margin for Q4 FY26 was 20.2% (vs 18.7% YoY, 23.0% QoQ). Full-year FY26 EBITDA margin was 19.5% (vs 17.9% YoY).
Capacity Expansion
The company is expanding capacities in a phased manner, in line with customer requirements to support growing demand.
New 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 LCA Tejas Mark IA.
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 31st Mar 2026 | Timely execution and conversion of the strong order book into revenue. |
| Oil & Gas Facility Commissioning | Expected by September’ 26 | Successful and on-schedule commissioning and ramp-up of the new greenfield facility. |
| Working Capital Cycle | Total Working Capital Days at 172 in Mar-26 | Sustained improvement in working capital management, particularly receivables. |
| Debt Levels | Debt to Equity at 0.45x in Mar-26 | Stabilization or reduction in debt levels as new capacities become operational and generate cash. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
56NeutralSMA20 +132.5% / mo · near 52W high
Technical chart
MTARTECHdaily · 1Y+187.8%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 56. Wait for confirmation.
- SMA20 rising (~23.9% over last month) — short-term momentum positive.
- RSI(14) at 56 — sideways, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 12% off 52W high · 233% 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
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.
- Balance sheet contributes 6/15 to the score.
Main drags
- Fair-value margin of safety is negative at -442.1%.
- 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: +1 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 46th percentile of the scored universe and 41st percentile within Industrials. Main check: results consistency is weak at 53/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: 2 recent quarters had PAT decline worse than 25% YoY.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Industrials: 41st pctile, median 68 · Micro: 30th 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.
- ▸6/8 recent quarters had positive YoY revenue growth.
Trust risks
- ▸2 recent quarters had PAT decline worse than 25% YoY.
- ▸Promoter holding fell 1.2%.
- ▸Revenue CAGR is 15% but EPS CAGR is -2%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 224.00
- P/B
- 26.41
- EV/EBITDA
- 107.06
- Market Cap
- 21677.00Cr
Profitability
- ROE
- 12.50%
- ROCE
- 15.10%
- ROA
- 5.39%
- 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
- 5.90×
- Altman Z
- 7.63
- Book Value
- 267.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 2/5
- OCF
- 197.00 Cr
- EPS TTM
- 30.57
Shareholding
- Promoter Hold
- 30.44%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 80%
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.