MTAR Technologies Ltd
MTAR Technologies Q2 FY26 earnings call: Revenue & Margins
Q2 FY26 earnings call: what management said on revenue, margins and capex.
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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.
2 more points from MTAR Technologies Ltd's call on revenue
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Profitability & Margins
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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
2 more points from MTAR Technologies Ltd's call on capex
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Top-ranked in Electrical Equipment
Ranked on what management guided this quarter
Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.
Fundraising & Capital Structure
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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.
2 more points from MTAR Technologies Ltd's call on order book
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MTAR Technologies Ltd — Quarterly revenue & net profit
MTAR Technologies Ltd Q2 FY26 results — key figures
| ₹ Cr | Q2 FY26 | Q2 FY25 | YoY | Q1 FY26 | QoQ |
|---|---|---|---|---|---|
| Revenue | 136 | 190 | -28.4% | 157 | -13.4% |
| Operating profit (EBITDA) | 17 | 37 | -54.1% | 28 | -39.3% |
| Operating margin | 13% | 19% | -6 pp | 18% | -5 pp |
| Profit before tax | 6 | 25 | -76% | 15 | -60% |
| Net profit (PAT) | 4 | 19 | -78.9% | 11 | -63.6% |
| EPS (₹) | 1.38 | 6.11 | -77.4% | 3.65 | -62.2% |
Source: reported quarterly figures (Screener), ₹ crore.
Reported quarterly figures (₹ Cr). Latest (Q2 FY27): revenue ₹407 Cr, net profit ₹60 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
Full financials →Continue your research
What MTAR Technologies Ltd's management said in earlier quarters
- Q4 FY26 earnings call analysis →
- Q2 FY27 earnings call analysis →
- Q3 FY26 earnings call analysis →
- Q1 FY27 earnings call analysis →
- Q4 FY25 earnings call →
- Q3 FY25 earnings call →
- Q2 FY25 earnings call →
- Q1 FY25 earnings call →
- Q4 FY24 earnings call →
- Q3 FY24 earnings call →
- Q2 FY24 earnings call →
- Q1 FY24 earnings call →
Potential multibaggers · Q2 FY27
Potential multibaggers in Electrical Equipment
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
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Frequently Asked Questions
What were MTAR Technologies Ltd Q2 FY26 results?
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.
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 the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.