Any current/future new fundraising through debt or equity?

No explicit mention of new fundraising through equity or debt in the call transcript. The company currently maintains healthy debt levels with an outstanding fund-based debt of INR190 crores and net debt of INR54.7 crores in FY'24. Cost of capital for working capital is around 6%, and for capex related loans (in USD), cost is expected not to exceed 7.5-8%. They plan to use USD loans for capex due to natural hedging. Positive cash flows from operations have improved, with a target to further increase by end of the current fiscal year. No announcements regarding fresh fundraising rounds; focus i

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

FY '25 Capex guidance is around INR 70-75 crores, including existing purchase orders from last year. FY '26 Capex will depend on new program wins and business cases; not yet factored into FY '25 plans. Separate capex may be required for specific projects like Fluence, decided based on business case analysis. Expansion of aerospace division with commissioning of Unit 7 in Hyderabad planned in June to cater to MNC orders. Working capital cost of capital remains low (~6%), with US dollar loans planned for capex to maintain cost under 7.5-8%. Strategic focus on growing defense and aerospace vertic

Future growth expectations in sales/revenue/volumes?

MTAR Technologies expects a revenue growth of 30% to 35% for FY ’25. For FY ’26, they anticipate growth of a minimum of 30% to 35% with improved EBITDA margins of 24%+. The company aims to diversify its customer base, reducing Bloom Energy's contribution to about 35%-40% of revenues by FY ’26. Bloom-related volumes are expected to recover and increase from the second half of FY ’25, improving margins. Aerospace revenues are expected to grow substantially, from INR 8 crores in FY ’24 to around INR 72 crores in FY ’25, backed by long-term agreements. The order book is expected to grow from INR 9

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

MTAR Technologies expects 30%-35% revenue growth for FY ’25 and continuing at least 30%-35% for FY ’26. EBITDA margins are projected to improve to around 22% in FY ’25 and further to 24%+ in FY ’26. Bloom Energy revenues are expected to grow modestly (~15% in FY ’25), with significant growth coming from other sectors like aviation. Margins are anticipated to improve in the second half of FY ’25 as operating leverage recovers, especially from Bloom and new verticals. Long-term, MTAR aims to diversify its customer base, reducing dependence on Bloom Energy to about 35%-40% revenue share by FY ’26

Current/ Expected Orderbook/ Pending Orders?

The company closed FY'24 with an order book of INR 915 crores. Expecting to grow the order book to INR 1,400–1,500 crores by the end of FY'25. Strong order inflows expected from nuclear, space, defense, MNCs, and clean energy sectors. Anticipating about INR 650+ crores of nuclear orders flowing in, to be executed in the next financial year. Expecting another INR 70-80 crores in space orders within the current financial year. Significant aerospace orders expected, with ongoing development of first articles for various MNC customers. Orders linked to refurbishment at Tarapur nuclear reactor (INR

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MTAR Technologies LtdQ1 FY24Electrical Equipment

MTAR Technologies Ltd Q1 FY24 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 1

Fundraise

N/A

Order

Yes

Capex

Yes

3 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 2

→MTAR Technologies expects a revenue growth of 30% to 35% for FY ’25.
→For FY ’26, they anticipate growth of a minimum of 30% to 35% with improved EBITDA margins of 24%+.
→The company aims to diversify its customer base, reducing Bloom Energy's contribution to about 35%-40% of revenues by FY ’26.
→Bloom-related volumes are expected to recover and increase from the second half of FY ’25, improving margins.
→Aerospace revenues are expected to grow substantially, from INR 8 crores in FY ’24 to around INR 72 crores in FY ’25, backed by long-term agreements.
→The order book is expected to grow from INR 915 crores at FY ’24-end to INR 1,500 crores by March FY ’25.
→New sectors like nuclear, space, defense, and clean energy will contribute to future sales growth.
→First articles development costs impact current margins but are expected to generate strong revenue streams moving forward.

Margin guidance

Category 1

→MTAR Technologies expects 30%-35% revenue growth for FY ’25 and continuing at least 30%-35% for FY ’26.
→EBITDA margins are projected to improve to around 22% in FY ’25 and further to 24%+ in FY ’26.
→Bloom Energy revenues are expected to grow modestly (~15% in FY ’25), with significant growth coming from other sectors like aviation.
→Margins are anticipated to improve in the second half of FY ’25 as operating leverage recovers, especially from Bloom and new verticals.
→Long-term, MTAR aims to diversify its customer base, reducing dependence on Bloom Energy to about 35%-40% revenue share by FY ’26.
→The company plans to benefit from new long-term contracts (e.g., aviation, defense) and expansion into aerospace verticals.
→Positive cash flows and order book growth support sustained earnings growth over the next 3-5 years.

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Fundraise plans

→No explicit mention of new fundraising through equity or debt in the call transcript.
→The company currently maintains healthy debt levels with an outstanding fund-based debt of INR190 crores and net debt of INR54.7 crores in FY'24.
→Cost of capital for working capital is around 6%, and for capex related loans (in USD), cost is expected not to exceed 7.5-8%.
→They plan to use USD loans for capex due to natural hedging.
→Positive cash flows from operations have improved, with a target to further increase by end of the current fiscal year.
→No announcements regarding fresh fundraising rounds; focus is on internal cash flow generation and cost management.

Order book

Yes

→The company closed FY'24 with an order book of INR 915 crores.
→Expecting to grow the order book to INR 1,400–1,500 crores by the end of FY'25.
→Strong order inflows expected from nuclear, space, defense, MNCs, and clean energy sectors.
→Anticipating about INR 650+ crores of nuclear orders flowing in, to be executed in the next financial year.
→Expecting another INR 70-80 crores in space orders within the current financial year.
→Significant aerospace orders expected, with ongoing development of first articles for various MNC customers.
→Orders linked to refurbishment at Tarapur nuclear reactor (INR 130-150 crores) expected in the second half of the year.
→Fluence Energy orders are tied to tender wins; currently not factored into the financial year revenue.
→Overall, a healthy and diversified order pipeline is projected, supporting robust revenue growth.

Capex plans

Yes

→FY '25 Capex guidance is around INR 70-75 crores, including existing purchase orders from last year.
→FY '26 Capex will depend on new program wins and business cases; not yet factored into FY '25 plans.
→Separate capex may be required for specific projects like Fluence, decided based on business case analysis.
→Expansion of aerospace division with commissioning of Unit 7 in Hyderabad planned in June to cater to MNC orders.
→Working capital cost of capital remains low (~6%), with US dollar loans planned for capex to maintain cost under 7.5-8%.
→Strategic focus on growing defense and aerospace verticals, ongoing R&D and product development requiring investment.
→Future investments linked to order wins in nuclear, space, defense, clean energy sectors.
→Contract manufacturing poised to benefit as hydrogen fuel projects gain traction, though MTAR not directly entering hydrogen projects now.

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