MTAR Raises FY27 Revenue Guidance to 80%
MTAR Technologies Limited reported a 76.2% YoY increase in consolidated net profit to INR 94.0 Crs for FY26, with revenue growing 29.6% to INR 876.2 Crs. The company raised its FY27 revenue growth guidance to 80% (+/- 5%) and guided for EBITDA margins of around 24%, driven by strong order inflows and capacity expansion plans.
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MTAR Technologies Limited reported robust audited financial results for the year ended March 31, 2026, with consolidated net profit rising 76.2% year-on-year to INR 94.0 Crs. The Board of Directors approved the results at a meeting held on May 12, 2026, at Hyderabad. The company achieved its highest ever order inflows during the year, reaching INR 2,453.3 Crs, and secured orders worth INR 481.6 Crs in Q4 FY26 alone. The total order book stood at INR 2,581.9 Crs as on March 31, 2026. In a subsequent concall, the company raised its FY27 revenue growth guidance from 50% to 80%, plus or minus 5%, with clear EBITDA margins of around 24% for the year, reflecting strong business momentum. The company anticipates order inflow of around INR 40 billion from the Clean Energy sector in FY27 and expects the closing order book to reach approximately INR 5,000 Crs by the end of the year.
Consolidated Financial Performance
Consolidated revenue from operations for FY26 grew to INR 876.2 Crs, a 29.6% increase from INR 676.0 Crs in FY25. Net profit for the year increased to INR 94.0 Crs from INR 53.4 Crs in the prior year. Full-year consolidated EBITDA stood at INR 171.2 Crs, a 41.7% increase year-on-year, with an EBITDA margin of 19.5%. An exceptional item of INR 3.8 Crs was recognized during the year regarding the statutory implementation of the New Labour Codes. Total income from operations on a consolidated basis stood at INR 899.3 Crs for FY26.
The following table summarizes key consolidated financial metrics:
| Metric: | Q4 FY26 | Q4 FY25 | FY26 | FY25 |
|---|---|---|---|---|
| Revenue from Operations (INR Crs): | 306.1 | 183.1 | 876.2 | 676.0 |
| Gross Profit (INR Crs): | 135.4 | 95.7 | 417.8 | 334.1 |
| Gross Profit Margin (%): | 44.2% | 52.3% | 47.7% | 49.4% |
| EBITDA (INR Crs): | 61.8 | 34.2 | 171.2 | 120.9 |
| EBITDA Margin (%): | 20.2% | 18.7% | 19.5% | 17.9% |
| PBT (INR Crs): | 59.5 | 18.6 | 126.1 | 72.1 |
| PAT (INR Crs): | 44.3 | 13.7 | 94.0 | 53.4 |
| PAT Margin (%): | 14.5% | 7.5% | 10.7% | 7.9% |
Operational Highlights and Order Book
The company reported a significant improvement in operating profitability for Q4 FY26. Consolidated EBITDA for the quarter rose to INR 61.8 Crs from INR 34.2 Crs in Q4 FY25, representing an 80.9% year-on-year increase. Sequentially, revenue grew 10.1% quarter-on-quarter, while profit after tax increased 27.7%. The order book is well-balanced across segments, with Clean Energy – Fuel Cell, Hydel & Others leading at 51.2%, followed by Clean Energy – Civil Nuclear Power at 26.3%.
FY27 Outlook
MTAR Technologies raised its FY27 revenue growth guidance from 50% to 80%, plus or minus 5%, a significant upgrade reflecting the company's strengthened confidence in its business trajectory. The company guided for clear EBITDA margins of around 24% for the year. Additionally, the company anticipates order inflow of around INR 40 billion from the Clean Energy sector in FY27 and expects the closing order book to reach approximately INR 5,000 Crs by the end of the year. This revised guidance is underpinned by the company's diversified order book, ongoing capacity expansion initiatives, and strong momentum across its Clean Energy, Aerospace & Defence, and Oil & Gas segments.
| Parameter: | Details |
|---|---|
| Revised FY27 Revenue Growth Guidance: | 80% (+/- 5%) |
| Previous FY27 Revenue Growth Guidance: | 50% |
| Guided FY27 EBITDA Margin: | ~24% |
| Anticipated Clean Energy Order Inflow (FY27): | ~INR 40 billion |
| Expected Closing Order Book (FY27): | ~INR 5,000 Crs |
Expansion Plans and Strategic Shift
To support growing demand, MTAR Technologies is expanding capacities in Clean Energy in a phased manner, in line with customer requirements. The company is also setting up a greenfield facility for Oil & Gas to cater to customers like Weatherford, expected to be commissioned by September 2026. Strategically, the company is shifting its focus from mechanical engineering to integrated systems, a transition expected to drive meaningful margin improvement. The company is targeting a 200-300 basis points improvement in margins over the next 2 years as its production facility completes full utilization. Management indicated a capex plan of approximately INR 250 Crs to INR 300 Crs over the next 2 years to support these expansions.
| Parameter: | Details |
|---|---|
| Strategic Shift: | Mechanical Engineering to Integrated Systems |
| Margin Improvement Target: | 200-300 basis points |
| Target Timeline: | Next 2 years |
| Greenfield Facility (Oil & Gas): | Expected commissioning by September 2026 |
| Capex Plan (Next 2 Years): | INR 250 Crs - INR 300 Crs |
Historical Stock Returns for MTAR Technologies
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -6.42% | -0.25% | +9.00% | +202.88% | +298.35% | +597.42% |
Which specific customers or contracts are expected to drive the anticipated INR 40 billion Clean Energy order inflow in FY27, and how dependent is MTAR on a single client like Bloom Energy for this target?
How will MTAR Technologies' transition from mechanical engineering to integrated systems affect its competitive positioning against larger defence and aerospace manufacturers in India?
Given the aggressive 80% revenue growth guidance, what execution risks could arise from simultaneous capacity expansions across Clean Energy, Oil & Gas, and Aerospace segments within the same 12-month window?
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