MTAR Technologies logo

MTAR Technologies

MTARTECH NSE

Key Fundamentals

SmallcapEngineeringAerospace & Defense
Market Cap
₹21,965 Cr
Volatility
Moderate
P/E Ratio
167.1
EBITDA
₹157 Cr
Return on Equity
7.26%
Debt to Equity
0.46
Book Value
₹267.43
52W High
₹8,714
52W Low
₹1,456

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

3
  • Company is expected to give good quarter
  • Company's median sales growth is 20.4% of last 10 years
  • Company's working capital requirements have reduced from 145 days to 70.7 days

Weaknesses

5
  • Stock is trading at 27.2 times its book value
  • Though the company is reporting repeated profits, it is not paying out dividend
  • Promoter holding has decreased over last quarter: -1.09%
  • Company has a low return on equity of 9.58% over last 3 years.
  • Debtor days have increased from 115 to 140 days.

Growth Rate

Revenue Growth
27.06% higher than 3Y
Net Income Growth
82.85% higher than 3Y
Cash Flow Change
76.42%
ROE
-12.53% lower than 3Y
ROCE
-6.38% higher than 3Y
EBITDA Margin (Avg.)
-4.7% higher than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk high

MTAR Technologies, with a market cap of ~₹21,965 Cr, operates in the Aerospace & Defense space and has delivered TTM sales growth of 53% and TTM profit growth of 127%. However, the stock trades at a PE of 168x and 27.25x book value, while 3-year ROE averages around 10%, presenting a sharp contrast between strong recent momentum and elevated valuations.

Bull Case 8
  • TTM revenue growth of 53% signals a significant acceleration compared to the 3-year compounded sales CAGR of 15%, suggesting improving order execution
  • TTM profit growth of 127% indicates strong operating leverage as the company scales up deliveries
  • 5-year compounded sales CAGR of 29% and 10-year CAGR of 27% reflect a durable long-term growth track record
  • Median sales growth of 20.4% over the last 10 years demonstrates consistent top-line expansion across business cycles
  • ROE has improved to 13% in the last year from a 3-year average of 10% and 5-year average of 11%, indicating improving capital efficiency
  • Stock CAGR of 41% over 3 years and 40% over 5 years reflects sustained market confidence in the company's defence and clean energy positioning
  • Company is expected to deliver a good quarter, suggesting near-term earnings momentum remains intact
  • Operating in the Aerospace & Defense sector positions MTAR to benefit from India's rising indigenous defence procurement budgets and export opportunities
Bear Case 8
  • PE ratio of 168x is extremely elevated, leaving very little margin of safety if growth disappoints even marginally
  • Price-to-book of 27.25x is exceptionally high, meaning investors are paying a steep premium over the company's net asset base
  • 3-year compounded profit CAGR of -1% shows that until the recent TTM surge, earnings growth had effectively stalled
  • 3-year average ROE of ~9.63% is modest for a stock commanding such premium multiples, indicating capital is not generating proportionate returns
  • Debtor days have increased from 115 to 140 days, signalling deteriorating working capital efficiency and potential cash flow strain
  • Dividend yield of just 0.04% and no meaningful payout despite repeated profitability means shareholders receive almost no cash return
  • Promoter holding declined by 1.09% in the last quarter, which can signal reduced insider confidence at current valuations
  • 5-year compounded profit CAGR of only 16% versus 29% sales CAGR suggests margins have not consistently expanded with scale over the medium term

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Headwinds 5
  • Extreme valuation at 166x PE Sep 10

    MTAR trades at a P/E of 166.43 and P/B of 25.44 with zero dividend yield, leaving little margin for execution misses despite strong growth.

  • Promoter share sale and pledges Sep 8

    Promoter K Shalini sold 18,000 shares on Sep 4, and promoter Saranya Loka Reddy pledged 1,05,000 shares on Aug 28 as loan collateral, though the pledge was subsequently released.

  • Stock volatile, down 2.6% intraday Sep 10

    Despite tripling in 2026, the stock fell 2.61% on Sep 10 amid broader market volatility and trades well off its 52-week high of ₹8,714.

  • ₹2,000 crore borrowing limit sought Sep 5

    MTAR is seeking AGM approval to raise borrowing limit to ₹2,000 crore for capex and expansion, signaling significant future capital needs against a total asset base of ₹1,743 crore.

  • 5-year returns lag peers Sep 10

    On a 5-year basis MTAR has underperformed HAL (47.81%) and BEL (43.80%), suggesting the recent rally is concentrated rather than sustained.

Positives 7
  • ₹1.1L crore defence approval wave Sep 10

    India's Defence Acquisition Council approved ₹1.1 lakh crore in purchases with 98% earmarked for domestic companies. MD Reddy called the opportunity 'sizable' for MTAR.

  • ₹127 crore NPCIL nuclear order Aug 26

    MTAR won ₹127 crore in orders from NPCIL for coolant channel assemblies for RAPS-4 and MAPS-2 reactor refurbishment, taking the nuclear order book to a record ₹775 crore.

  • Overall order book crosses ₹5,000 crore Aug 26

    Total order book exceeds ₹5,000 crore with an 8.31-quarter revenue backlog. The company also secured its largest-ever civil nuclear order of ₹504 crore for Kaiga 5&6.

  • Q1 FY27 revenue surges 130% Aug 26

    Revenue grew 130.4% YoY to ₹360.7 crore in Q1 FY27, EBITDA nearly tripled to ₹85.1 crore, and PBT jumped 355% to ₹67.4 crore.

  • New oil & gas vertical launch Sep 10

    MTAR plans to enter the oil and gas business starting Oct-Nov 2026, adding a new revenue vertical alongside defence, nuclear, and space.

  • Defence sector rally leader Sep 4

    MTAR led the defence stock rally on Sep 4, gaining 3.80% to ₹7,079.50 and outperforming the Nifty India Defence index's 1.6% gain.

  • 100 GWe nuclear capacity tailwind Aug 26

    Government target of 100 GWe civil nuclear capacity by 2047 and proposed 4 new reactors at Mahi Banswara provide long-term order pipeline visibility.

Neutral 2
  • FY26 sustainability report filed Sep 5

    MTAR submitted its Business Responsibility and Sustainability Report for FY26 to stock exchanges on Sep 5, complying with SEBI regulations.

  • Analyst meet and plant visit Aug 17

    MTAR held an in-person analyst meeting and plant visit on Aug 21, 2026, in Hyderabad under SEBI LODR regulations.

TL;DR: MTAR Technologies is firing on all cylinders with Q1 FY27 revenue up 130% YoY, a record ₹5,000+ crore order book, and a massive ₹1.1 lakh crore domestic defence procurement wave ahead. The nuclear business is at its strongest ever with ₹775 crore in orders and the company is diversifying into oil & gas. Key risks are the stretched valuation at 166x PE, promoter share activity, and the need to raise borrowing limits to ₹2,000 crore to fund growth. The trend is strongly positive but execution against the elevated order book and capital discipline will determine whether the premium valuation is justified.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
152
167
118
143
128
190
174
183
157
136
278
306
361
Expenses
119
130
95
125
112
154
141
149
128
119
214
244
276
Operating Profit
34
36
24
18
16
37
33
34
28
17
64
62
85
OPM %
22%
22%
20%
13%
13%
19%
19%
19%
18%
13%
23%
20%
24%
Other Income
4
1
1
1
1
2
3
0
1
4
-1
17
8
Interest
6
5
6
6
5
5
6
6
6
6
8
10
16
Depreciation
5
6
6
6
6
8
9
10
8
9
9
9
9
PBT
27
26
13
7
6
25
22
19
15
6
46
60
68
Tax %
26%
20%
19%
32%
28%
26%
25%
25%
26%
24%
24%
26%
25%
Net Profit
20
21
11
5
5
19
16
14
11
5
35
44
50
EPS in Rs
6.44
6.77
3.43
1.65
1.48
6.11
5.31
4.62
3.65
1.49
11.43
14.42
16.42
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
81
81
101
157
184
214
246
322
573
580
676
876
1,080
Expenses
79
71
113
125
130
156
163
228
419
468
555
705
853
Operating Profit
2
11
-12
32
54
58
83
94
154
112
121
171
228
OPM %
2.3%
13%
-12%
20%
29%
27%
34%
29%
27%
19%
18%
20%
21%
Other Income
3
1
1
1
4
4
1
9
20
6
6
20
27
Interest
8
7
5
4
4
5
7
7
14
22
22
29
39
Depreciation
5
5
5
11
11
12
13
14
18
23
32
34
36
PBT
-7
-1
-22
17
42
46
65
82
141
73
72
127
180
Tax %
-36%
-133%
-30%
68%
6%
31%
29%
26%
26%
23%
26%
25%
—
Net Profit
-5
0
-15
5
39
31
46
61
104
56
54
95
135
EPS in Rs
-1.64
0.06
-5.34
1.92
13.89
11.7
14.98
19.79
33.84
18.29
17.51
30.99
43.76
Div. Payout %
0%
0%
0%
0%
22%
43%
40%
15%
0%
0%
0%
0%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
28
28
28
28
28
27
31
31
31
31
31
31
Reserves
180
181
166
177
207
198
446
489
590
646
700
795
Borrowings
49
26
29
20
29
29
17
96
143
190
177
377
Other Liabilities
48
38
71
56
41
92
93
112
299
139
220
542
Total Liabilities
306
273
294
281
305
346
586
728
1,063
1,006
1,128
1,744
Fixed Assets
145
146
148
152
162
155
167
196
282
332
425
497
CWIP
8
8
8
2
6
12
11
44
63
68
53
34
Investments
0
0
0
0
0
0
0
62
34
7
7
222
Other Assets
152
119
138
127
137
179
409
425
683
600
643
990
Total Assets
306
273
294
281
305
346
586
728
1,063
1,006
1,128
1,744
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
—
—
—
14
42
56
9
-30
9
55
102
192
Investing
—
—
—
-1
-33
-12
-22
-145
-88
-54
-104
-347
Financing
—
—
—
-14
-7
-41
180
54
32
25
-35
155
Net Cash Flow
—
—
—
-1
2
3
167
-121
-47
27
-37
-1
Free Cash Flow
—
—
—
12
18
44
-14
-121
-97
-35
2
65
CFO/OP
—
—
—
53
96
109
24
-12
27
69
96
127
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
71
88
140
114
100
105
114
154
132
92
113
140
Inventory Days
—
—
—
269
240
382
467
535
524
421
369
397
Days Payable
—
—
—
87
35
155
158
179
296
74
112
119
Cash Conversion Cycle
71
88
140
296
305
332
423
510
360
438
370
419
Working Capital Days
418
331
177
132
114
59
175
191
189
194
170
71
ROCE %
0%
2%
-7%
10%
18%
19%
19%
16%
22%
11%
11%
15%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view MTAR Technologies insights

64 extracted metrics + investor summaries across FY15–FY27.

Log in — free

Shareholding Pattern

Promot.29.36%FIIs24.79%Others2.89%Public20.61%DIIs22.35%As ofJun 2026
3.52% of promoter holding pledged as of Jun 2026

Documents

Frequently Asked Questions about MTAR Technologies

What does MTAR Technologies Ltd do?
MTAR develop and manufactures components and equipment for the defense, aerospace, nuclear and clean energy sectors. The co. was incorporated in 1970 by the promoters, Mr PR Reddy, Mr KSN Reddy and Mr PJ Reddy, to cater to the technical and engineering needs of the Indian govt in the post embarg...
Where is MTAR Technologies Ltd (MTARTECH) listed?
MTAR Technologies Ltd trades as MTARTECH on the NSE and under code 543270 on the BSE.
Which sector does MTAR Technologies Ltd belong to?
MTAR Technologies Ltd is classified under the Aerospace & Defense sector, in the Engineering industry.
What is the market capitalisation of MTAR Technologies Ltd?
MTAR Technologies Ltd has a market capitalisation of ₹21,965 Cr, which places it in the Large Cap band.
What is the PE ratio of MTAR Technologies Ltd?
MTAR Technologies Ltd trades at a PE ratio of 167.10, against a book value of ₹267.43 per share.
What is the 52-week high and low of MTAR Technologies Ltd?
Over the last 52 weeks MTAR Technologies Ltd has traded between ₹1,456 and ₹8,714.
Does MTAR Technologies Ltd pay dividends?
MTAR Technologies Ltd has a dividend yield of 0.04%.
What is the Return on Equity (ROE) of MTAR Technologies Ltd?
MTAR Technologies Ltd reported a return on equity of 7.26%. Its debt-to-equity ratio is 0.46.

Company Information

MTAR develop and manufactures components and equipment for the defense, aerospace, nuclear and clean energy sectors. The co. was incorporated in 1970 by the promoters, Mr PR Reddy, Mr KSN Reddy and Mr PJ Reddy, to cater to the technical and engineering needs of the Indian govt in the post embargo regime. MTAR has manufacturing footprints in Hyderabad with seven units spread across a 4 km radius and a dedicated export facility as well. [1]In addition, the company also supplies specialised products such as Ball Screws, Water Lubricated Bearings, Roller Screws, Electro-Mechanical Actuation Systems, ASP assemblies etc. that find applications across diverse sectors.[2]

Website mtar.in
Listed 2021-03-15
Face Value ₹ 10
Issued Size 3,07,59,591

For AI agents and developers

Reading this as an AI agent, LLM or automated pipeline? Every page on Tapetide is also published as clean Markdown — no navigation, no scripts, just the data. Fetch https://tapetide.com/stocks/MTARTECH.md for MTAR Technologies Ltd: company profile, latest price, key fundamentals, the Tapetide Score, growth rates, quarterly and annual financial statements, shareholding pattern, technical indicators, analyst ratings and exchange filings.

Append .md to any Tapetide URL for the same treatment. A full index of what we publish is at /llms.txt and /llms-full.txt. For live, structured queries instead of documents, use our MCP server.

Explore More

More in Aerospace & Defense → FII DII Data Stock Screener Nifty 50 Heatmap F&O Ban List