Any current/future new fundraising through debt or equity?

The company plans a capex of around INR100 crores for the current financial year, primarily funded through debt (~70%) and internal accruals (~30%). Existing debt stands at around INR120 crores, which the company aims to repay within 2 to 3 years. The debt funding will come via term loans, indicating no immediate plans for equity fundraising. For the next financial year, sustenance capex is expected to be around INR25-30 crores, with further capex decisions dependent on new customer acquisition. No explicit mention of any current or planned equity fundraising was made during the call.

Any current/future capex/capital investment/strategic investment?

For FY 2026, MTAR plans a capex of around INR 100+ crores, primarily for the oil & gas sector (INR 70 crores) and sustenance capex (INR 25-30 crores). Capex funding will be approximately 70% debt and 30% internal accruals; current debt is about INR 120 crores and expected to be repaid within 2-3 years. A dedicated new facility is being set up near the airport for Weatherford in oil & gas, expected to be commissioned by June next year, supporting a 10-year program. Another small dedicated facility near existing units is being created for the nuclear division to address bottlenecks, partic

Future growth expectations in sales/revenue/volumes?

Bloom Energy partnership is expected to drive significant growth with a forecasted 25%+ increase in orders next financial year, specifically for MTAR’s share. Clean Energy segment guidance is conservatively set at 15%-20% growth, but prospects indicate potential for higher growth beyond that. Nuclear sector is poised for exponential growth with expected INR1,000 crores order inflow in the next 3 to 6 months, driven by new reactors and refurbishment projects over the next 3 years. Aerospace segment targeting 80% revenue growth in FY '26, with expansion in European and Israeli markets. N

Future growth expectations in earnings/operating earnings/profits/EPS?

Expecting revenue growth of approximately 25% in FY '26 with further acceleration in FY '27. Clean Energy segment guidance: 15% to 20% growth, with optimism for better percentages in FY '27 due to increased wallet share with Bloom Energy. Significant order inflows of nearly INR1,000 crores anticipated in the Civil Nuclear segment over the next 3-6 months, leading to exponential growth from FY '27 onwards. Product division targeting around 20% growth in FY '26 with expansion into new products and client segments. EBITDA margin guidance around 21%, plus/minus 100 basis points, supported

Current/ Expected Orderbook/ Pending Orders?

MTAR Technologies expects to receive approximately INR 1,000 crores worth of orders in the next 3 to 6 months, mainly from the civil nuclear power segment. Orders include packages for Kaiga 5 and 6 reactors, refurbishment projects across Madhya Pradesh, Rajasthan, Chennai, and Tarapur. Final negotiations for Kaiga 5 and 6 orders are expected to be completed by August or September 2025. Refurbishment project tenders are mostly quoted, with L1 announcements expected by September-October 2025. Additionally, new tenders for 700 MW reactors in Mahi Banswara (Rajasthan) will be quoted in the second

IN US

Sale is live|00:00:00left today

MTAR Technologies LtdQ2 FY25Electrical Equipment

MTAR Technologies Ltd Q2 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹7,818P/E: 292.6Market Cap: ₹19.9K CrSector: Electrical Equipment

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

Yes

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 2

→Bloom Energy partnership is expected to drive significant growth with a forecasted 25%+ increase in orders next financial year, specifically for MTAR’s share.
→Clean Energy segment guidance is conservatively set at 15%-20% growth, but prospects indicate potential for higher growth beyond that.
→Nuclear sector is poised for exponential growth with expected INR1,000 crores order inflow in the next 3 to 6 months, driven by new reactors and refurbishment projects over the next 3 years.
→Aerospace segment targeting 80% revenue growth in FY '26, with expansion in European and Israeli markets.
→New product developments with Fluence and Weatherford are expected to start contributing incrementally from FY '27 onwards.
→Overall, revenue growth is expected to be stronger in the second half of FY '26, helped by increased wallet share with Bloom and new contracts in nuclear and oil & gas sectors.
→MTAR targets sustained revenue growth of 25% for FY '26 and anticipates even better growth rates for FY '27.

Margin guidance

Category 3

→Expecting revenue growth of approximately 25% in FY '26 with further acceleration in FY '27.
→Clean Energy segment guidance: 15% to 20% growth, with optimism for better percentages in FY '27 due to increased wallet share with Bloom Energy.
→Significant order inflows of nearly INR1,000 crores anticipated in the Civil Nuclear segment over the next 3-6 months, leading to exponential growth from FY '27 onwards.
→Product division targeting around 20% growth in FY '26 with expansion into new products and client segments.
→EBITDA margin guidance around 21%, plus/minus 100 basis points, supported by operating leverage and scale-up in production.
→Margin improvement expected due to long operating cycle projects and increased production efficiencies.
→Long-term contracts, including a 5-year deal with Weatherford, to support steady revenue and profit growth.
→No pressure on realizations; optimistic about improved profitability and operational performance in coming years.

3 more insights locked — sign up free to unlock

Fundraise plans

Yes

→The company plans a capex of around INR100 crores for the current financial year, primarily funded through debt (~70%) and internal accruals (~30%).
→Existing debt stands at around INR120 crores, which the company aims to repay within 2 to 3 years.
→The debt funding will come via term loans, indicating no immediate plans for equity fundraising.
→For the next financial year, sustenance capex is expected to be around INR25-30 crores, with further capex decisions dependent on new customer acquisition.
→No explicit mention of any current or planned equity fundraising was made during the call.

Order book

Yes

→MTAR Technologies expects to receive approximately INR 1,000 crores worth of orders in the next 3 to 6 months, mainly from the civil nuclear power segment.
→Orders include packages for Kaiga 5 and 6 reactors, refurbishment projects across Madhya Pradesh, Rajasthan, Chennai, and Tarapur.
→Final negotiations for Kaiga 5 and 6 orders are expected to be completed by August or September 2025.
→Refurbishment project tenders are mostly quoted, with L1 announcements expected by September-October 2025.
→Additionally, new tenders for 700 MW reactors in Mahi Banswara (Rajasthan) will be quoted in the second half of 2025, outside the INR 1,000 crores mentioned.
→Orders are to be executed on a fast-track basis within 3 years.
→The company is also preparing support infrastructure to handle increased order execution needs.

Capex plans

Yes

→For FY 2026, MTAR plans a capex of around INR 100+ crores, primarily for the oil & gas sector (INR 70 crores) and sustenance capex (INR 25-30 crores).
→Capex funding will be approximately 70% debt and 30% internal accruals; current debt is about INR 120 crores and expected to be repaid within 2-3 years.
→A dedicated new facility is being set up near the airport for Weatherford in oil & gas, expected to be commissioned by June next year, supporting a 10-year program.
→Another small dedicated facility near existing units is being created for the nuclear division to address bottlenecks, particularly for time-bound projects like Kaiga 5 & 6 and refurbishment reactors.
→Capacity expansion supports expected nuclear orders worth about INR 1,000 crores over the next 3-6 months, with execution planned over three years.

How does MTAR Technologies Ltd rank vs peers in Electrical Equipment?

Pro feature

1MTAR Technologies Ltd

Rev 2Mar 3

See full Electrical Equipment sector rankings

Want more stocks like MTAR Technologies Ltd?

Build an AI portfolio filtered by sector, market cap, and growth rank. Takes 2 minutes.

Build my portfolio