Read the quarter in context.
A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹306 Cr
verified against source
Revenue YoY
29.6%
reported change
EBITDA
₹171.2 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
MTAR delivered a record Q4 with revenue of ₹306 crore and PAT of ₹44 crore, driving FY26 revenue to ₹876 crore (+30% YoY) and PAT to ₹94 crore (+76% YoY). The standout was a sharp guidance upgrade to 80%+ revenue growth for FY27, underpinned by a ₹2,580 crore order book and multi-fold capacity expansions in clean energy, nuclear, and oil & gas. Management cited strong customer visibility, new AI data center orders (₹35 crore first article, potential ₹400-500 crore over 2 years), and nuclear order inflows as key drivers. EBITDA margin contracted 150bps to 19.5% due to input cost inflation and first-article costs, but management expects 24% margins in FY27 from operating leverage. Risk: Execution on the aggressive 80% growth target amid geopolitical uncertainty and input cost volatility.
Colored figures show movement against the previous available record.
Guidance to track
- Management raised guidance from 50% to 80%+ revenue growth for FY27, driven by capacity expansions and strong order book.
- Management expects EBITDA margin to improve to around 24% in FY27 from 19.5% in FY26, driven by operating leverage.
- Capex plan to support multi-fold capacity expansions across clean energy, oil & gas, and other sectors.
- Dedicated oil & gas plant will be operational by September, targeting ₹400-500 crore revenue over 3-4 years.
Risks flagged
- Management cited geopolitical tensions and rising input costs as reasons for gross margin pressure in FY26, which could persist.
- Analyst questioned the achievability of 80% growth; management expressed confidence but acknowledged the steep ramp-up.
- Analyst raised concern about competitors increasing capacity in home markets; management downplayed but did not quantify competitive risk.
- Management confirmed the Fluence project is on hold due to export duties on batteries, and has been dropped from the customer list.
Key quotes
- We are raising our guidance for FY27 from 50% revenue growth to 80% plus 80% revenue growth plus - 5% with clear margins of around 24%.
- The closing order book for FY26 is at 2580 crores and we had given a guidance of 2,800 crores. The marginal difference is due to some nuclear orders and the defense orders being deferred to the current quarter which does not have any impact on our business outlook for this year.
- We have secured orders of 481 crores during the quarter and we are very confident of receiving large orders across various sectors during FY27 and we will end up with a very strong order book by end of FY27 much larger than the closing order book of FY26 and the estimated closing order book would be close to about 5,000 crores at the end of the year.
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