MTAR Technologies Ltd

Q2 FY26Electrical Equipment

MTAR Technologies Ltd Q2 FY26 Results & Concall Highlights: Revenue, Margins & Order Book

Q2 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹7,030

Market cap₹20.4K Cr

P/E148.5

Updated23 Aug 2026

Read4 min read

The short version

Aerospace business aims to reach approximately INR 500 crores in 4 to 5 years. MTAR Technologies aims to achieve a 2x revenue growth in the second half of FY '26 compared to H1, targeting revenues around INR900 crores for the full year.

From MTAR Technologies Ltd's Q2 FY26 earnings-call transcript · updated 23 Aug 2026.

Revenue & Sales Performance

Aerospace business aims to reach approximately INR 500 crores in 4 to 5 years.
Fuel cell segment (Bloom Energy) expects significant growth with capacity expansion from 8,000 units to 20,000 units over 18 months.
Revenue guidance for FY '26 upgraded to INR 900 crores with 30%-35% growth, exceeding prior 25% estimate.
Q3 and Q4 expected to achieve 2x sales compared to H1 FY '26.
Product vertical anticipated to exceed INR 100 crores in the current financial year with robust future growth.
Fluence battery storage program projects INR 200-400 crores revenue over next 2-3 years, with commercialization starting in H2 FY '27.
Overall strong order book and multiple sector growth engines (fuel cells, aerospace, nuclear, oil & gas, defense) ensure diversified and sustained sales expansion.

Profitability & Margins

MTAR Technologies aims to achieve a 2x revenue growth in the second half of FY '26 compared to H1, targeting revenues around INR900 crores for the full year.
EBITDA margin guidance is maintained at around 21% for FY '26, with expectations of substantial margin improvement in subsequent years.
Revenue growth guidance has been upgraded from 25% to between 30% and 35% for FY '26.
Strong order inflows, particularly in fuel cells, civil nuclear power, and aerospace, support confident growth projections.
Operating margins expected to improve due to higher revenues, reduced overheads as a percentage, and inventory reduction.
Long-term growth is supported by expansions in clean energy (fuel cells capacity increased from 8,000 to 20,000 units), nuclear projects, and new product verticals.
EPS and profit growth are expected to follow revenue and margin improvement trends, though specific numbers were not disclosed.

See what MTAR Technologies Ltd said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

INR150+ crores capex planned across FY '25 and FY '26, mainly for:
- Fuel cells clean energy business: INR40-60 crores
- Oil and gas sector: INR90 crores
Expansion of fuel cell (hot box) capacity from 8,000 to 12,000 units by March and further to 20,000 units by March FY '27 with approx INR60 crores capex for incremental expansion
Capex primarily focused on equipment, furnaces, balancing equipment within existing plants; no significant new facility required initially
Working capital and expansion funded via internal accruals and raising additional debt (~INR150-200 crores)
Long-term debt expected to peak around INR250 crores, existing debt being repaid steadily
Oil and gas dedicated asset/facility commissioning planned by Q2 FY '26
No capex on speculative orders; only on confirmed forecasts and orders

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Fundraising & Capital Structure

The company plans to raise debt of approximately INR150 to INR200 crores to support capex and working capital requirements, especially for expansion in oil and gas and fuel cells capacity.
Current long-term debt is around INR100 crores, with annual repayments of INR46 crores, expected to be zero in about 2 years.
Total debt is projected to not exceed INR250 crores in the near future.
No mention of equity fundraising; expansions and growth are primarily funded through a mix of internal accruals and planned debt.
Capex incurred only after confirmed orders to avoid speculation-based spending.

See what MTAR Technologies Ltd said on fundraising & capital structure — free account, 30 seconds.

Order Book & Pipeline

As of September 30, 2025, the order book stood at INR 1,297 crore; by November 5, 2025, it increased to INR 1,703 crore.
Expected to close the year with an order book of approximately INR 2,800 crore after execution.
Highest pending order is from the nuclear division for Kaiga 5 and 6 reactors, totaling around INR 500 crore, with purchase orders expected anytime in November 2025.
Additional expected orders from refurbishment of 5 nuclear reactors, contributing to a total of about INR 800 crore in nuclear orders by year-end.
Significant order inflows from the fuel cell division (Bloom Energy) with expansion of hotbox capacity planned from 8,000 to 20,000 units by March 2027 based on demand.
Robust demand in clean energy, nuclear, aerospace, and defense sectors driving the order book growth.

MTAR Technologies Ltd — Quarterly revenue & net profit

Revenue Net profit

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Reported quarterly figures (₹ Cr). Latest: revenue ₹306 Cr, net profit ₹44 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

Full financials →

What MTAR Technologies Ltd's management said in earlier quarters

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Frequently Asked Questions

What were MTAR Technologies Ltd Q2 FY26 results?

What is MTAR Technologies Ltd share price analysis?

MTAR Technologies Ltd currently shows a neutral. The stock trades at a P/E of 148.5 with a market cap of ₹20,387 Cr. Investors should review the full earnings analysis for detailed insights.

Is MTAR Technologies Ltd planning capital expenditure?

INR150+ crores capex planned across FY '25 and FY '26, mainly for: - Fuel cells clean energy business: INR40-60 crores - Oil and gas sector: INR90 crores - Expansion of fuel cell (hot box) capacit

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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.