MTAR Technologies FY26 Net Profit Surges 76%; Record Order Inflows of Rs. 2,453 Cr
MTAR Technologies reported strong FY26 audited results with consolidated net profit rising 76.2% YoY to INR 940.30 mn and revenue growing 29.6% to INR 8,762.06 mn. The company achieved record order inflows of Rs. 2,453.3 Crs, with a total order book of Rs. 2,581.9 Crs. The Board also approved auditor appointments and received an unmodified audit opinion from M/s. S.R. Batliboi & Associates LLP.
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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 940.30 million. 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 Rs. 2,453.3 Crs, and secured orders worth Rs. 481.6 Crs in Q4 FY26 alone. The total order book stood at Rs. 2,581.9 Crs as on March 31, 2026, diversified across Clean Energy, Aerospace & Defence, and other sectors. Statutory auditors M/s. S.R. Batliboi & Associates LLP issued an unmodified/unqualified opinion on both the standalone and consolidated audited financial results.
Consolidated Financial Performance
Consolidated revenue from operations for FY26 grew to INR 8,762.06 million, a 29.6% increase from INR 6,759.95 million in FY25. Net profit for the year increased to INR 940.30 million from INR 528.87 million in the prior year. Full-year consolidated EBITDA stood at Rs. 171.2 Cr, a 41.7% increase year-on-year, with an EBITDA margin of 19.5%. An exceptional item of INR 37.67 million was recognized during the year regarding the statutory implementation of the New Labour Codes, effective November 21, 2025, which resulted in a one-time increase in provision for employee benefits.
The following table summarizes key consolidated financial metrics:
| Metric: | Q4 FY26 (Audited) | Q4 FY25 (Audited) | FY26 (Audited) | FY25 (Audited) |
|---|---|---|---|---|
| Revenue from Operations (INR mn): | 3,060.69 | 1,830.88 | 8,762.06 | 6,759.95 |
| Total Income (INR mn): | 3,224.64 | 1,831.18 | 8,992.96 | 6,811.45 |
| Total Expenses (INR mn): | 2,629.22 | 1,644.98 | 7,693.83 | 6,095.75 |
| Profit Before Tax (INR mn): | 595.42 | 186.20 | 1,261.46 | 715.70 |
| Net Profit (INR mn): | 442.83 | 137.22 | 940.30 | 528.87 |
| Basic EPS (INR): | 14.40 | 4.46 | 30.57 | 17.19 |
Standalone Financial Performance
On a standalone basis, MTAR Technologies reported revenue from operations of INR 8,761.08 million for FY26, compared to INR 6,759.57 million in FY25. Standalone net profit for the year stood at INR 953.24 million, up from INR 538.53 million in the prior year. For Q4 FY26, standalone revenue from operations was INR 3,060.30 million, with a net profit of INR 443.37 million.
Key standalone financial metrics are presented below:
| Metric: | Q4 FY26 (Audited) | Q4 FY25 (Audited) | FY26 (Audited) | FY25 (Audited) |
|---|---|---|---|---|
| Revenue from Operations (INR mn): | 3,060.30 | 1,831.00 | 8,761.08 | 6,759.57 |
| Total Income (INR mn): | 3,225.71 | 1,832.70 | 8,997.96 | 6,816.93 |
| Total Expenses (INR mn): | 2,629.61 | 1,642.78 | 7,687.60 | 6,092.35 |
| Profit Before Tax (INR mn): | 596.10 | 189.92 | 1,272.69 | 724.58 |
| Net Profit (INR mn): | 443.37 | 141.96 | 953.24 | 538.53 |
| Basic EPS (INR): | 14.41 | 4.62 | 30.99 | 17.51 |
Operational Highlights and Order Book
The company reported a significant improvement in operating profitability for Q4 FY26. EBITDA for the quarter rose to Rs. 61.8 Cr from Rs. 34.2 Cr in Q4 FY25, with the margin expanding to 20.2% from 18.7%. Sequentially, revenue grew 10.1% quarter-on-quarter, while profit after tax increased 27.7%. The order book is well-balanced, with Clean Energy (Fuel Cell, Hydel & Others) comprising 51.2%, Clean Energy (Civil Nuclear Power) at 26.3%, and Aerospace & Defence at 14.0%.
Segment Performance and Expansion
Revenue from the Clean Energy – Fuel Cells, Hydel & Others segment surged to Rs. 615.4 Crs in FY26, while Aerospace & Defence revenue reached Rs. 103.8 Crs. Geographically, exports constituted 82% of total revenue for FY26. To support this growth, the company is expanding capacities in Clean Energy and setting up a greenfield facility for Oil & Gas, expected to be commissioned by September 2026, to cater to customers like Weatherford.
Balance Sheet and Cash Flow
Consolidated total assets as of March 31, 2026, stood at INR 17,434.25 million compared to INR 11,302.82 million in the prior year. Net cash from operating activities for FY26 was INR 1,969.03 million, a significant increase from INR 1,012.53 million in FY25. On a standalone basis, total assets stood at INR 17,443.04 million as of March 31, 2026, compared to INR 11,281.85 million in the prior year, with net cash from operating activities of INR 1,916.57 million.
| Metric: | Standalone FY26 | Standalone FY25 | Consolidated FY26 | Consolidated FY25 |
|---|---|---|---|---|
| Total Assets (INR mn): | 17,443.04 | 11,281.85 | 17,434.25 | 11,302.82 |
| Net Cash from Operating Activities (INR mn): | 1,916.57 | 1,017.87 | 1,969.03 | 1,012.53 |
| Cash & Cash Equivalents (INR mn): | 9.10 | 18.72 | 9.96 | 19.34 |
Corporate Governance and Auditor Appointments
At the Board meeting held on May 12, 2026, the company also approved the appointment of M/s. Sagar & Associates as Cost Auditors and M/s. Seshachalam & Co. as Internal Auditors, each for a three-year term covering FY 2026-27, FY 2027-28, and FY 2028-29. M/s. Sagar & Associates is a professional services firm specializing in cost accountancy, cost audit, systems development, and GST. M/s. Seshachalam & Co., Chartered Accountants, brings over six decades of experience across audit, direct and indirect tax, financial services, and corporate advisory. The company has also filed a scheme for the merger of its wholly owned subsidiaries, Gee Pee Aerospace and Defence Private Limited and Magnatar Aero Systems Private Limited, into the holding company with the National Company Law Tribunal.
Historical Stock Returns for MTAR Technologies
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -4.16% | +1.97% | +49.71% | +141.10% | +329.51% | +591.36% |
How will the commissioning of the greenfield Oil & Gas facility in September 2026 impact MTAR's revenue diversification and reduce its current 82% export dependency?
What is the potential financial and operational impact of merging Gee Pee Aerospace and Defence and Magnatar Aero Systems into the holding company once the NCLT approves the scheme?
Given that Clean Energy and Civil Nuclear Power together constitute over 77% of the order book, how vulnerable is MTAR to policy shifts or funding changes in global clean energy programs?
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