Order Book (FY26 close)
₹2,580 crore
+8% YoY
Closing order book slightly below guidance of ₹2,800 crore due to deferred nuclear/defense orders.
MTARTECHNOLOGIES
Information Technology
15 May 2026
MTAR Technologies Ltd — Q4 FY26
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).
✓ Verified against BSE filing
2-Min Summary
✦ AI-Generated from Full Transcript
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.
Key Numbers
Order Book Target (FY27 close)
₹5,000 crore
+94% YoE
Management expects order book to nearly double by end of FY27 driven by clean energy and nuclear.
Working Capital Days
172 days
-106 days QoQ
Improved from 278 days in Q3 FY26 due to better payment terms and collections.
Operating Cash Flow
₹196.9 crore
+3% YoY
Strong cash generation despite growth; management expects to sustain similar levels.
Management Guidance
FY27 revenue growth guidance of 80% ±5%
Management raised guidance from 50% to 80%+ revenue growth for FY27, driven by capacity expansions and strong order book.
Management guidance revenueFY27 EBITDA margin guidance of ~24%
Management expects EBITDA margin to improve to around 24% in FY27 from 19.5% in FY26, driven by operating leverage.
Management guidance marginsCapex of ₹250-300 crore over FY27-28
Capex plan to support multi-fold capacity expansions across clean energy, oil & gas, and other sectors.
Management guidance capexOil & gas plant commissioning by September 2026
Dedicated oil & gas plant will be operational by September, targeting ₹400-500 crore revenue over 3-4 years.
Management guidance expansionKey Risks
Geopolitical uncertainty and input cost inflation
Management cited geopolitical tensions and rising input costs as reasons for gross margin pressure in FY26, which could persist.
medium · management_commentaryExecution risk on aggressive 80% growth target
Analyst questioned the achievability of 80% growth; management expressed confidence but acknowledged the steep ramp-up.
high · analyst_questionCompetition and capacity expansion by peers
Analyst raised concern about competitors increasing capacity in home markets; management downplayed but did not quantify competitive risk.
medium · analyst_questionFluence project stalled due to battery duties
Management confirmed the Fluence project is on hold due to export duties on batteries, and has been dropped from the customer list.
low · management_commentaryNotable 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.
Frequently Asked Questions
What was MTAR Technologies's revenue in Q4 FY26?
MTAR Technologies reported revenue of ₹306 Cr in Q4 FY26, representing a +29.6% change compared to the same quarter last year.
What guidance did MTAR Technologies management give for FY27?
FY27 revenue growth guidance of 80% ±5%: Management raised guidance from 50% to 80%+ revenue growth for FY27, driven by capacity expansions and strong order book. FY27 EBITDA margin guidance of ~24%: Management expects EBITDA margin to improve to around 24% in FY27 from 19.5% in FY26, driven by operating leverage. Capex of ₹250-300 crore over FY27-28: Capex plan to support multi-fold capacity expansions across clean energy, oil & gas, and other sectors. Oil & gas plant commissioning by September 2026: Dedicated oil & gas plant will be operational by September, targeting ₹400-500 crore revenue over 3-4 years.
What are the key risks for MTAR Technologies in FY27?
Key risks include Geopolitical uncertainty and input cost inflation — Management cited geopolitical tensions and rising input costs as reasons for gross margin pressure in FY26, which could persist.; Execution risk on aggressive 80% growth target — Analyst questioned the achievability of 80% growth; management expressed confidence but acknowledged the steep ramp-up.; Competition and capacity expansion by peers — Analyst raised concern about competitors increasing capacity in home markets; management downplayed but did not quantify competitive risk.; Fluence project stalled due to battery duties — Management confirmed the Fluence project is on hold due to export duties on batteries, and has been dropped from the customer list..
Did MTAR Technologies meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full MTAR Technologies Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.