MTAR Technologies Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript MTAR Technologies Ltd filed with BSE on 06 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
MTAR Technologies reported Q1 FY27 revenue of Rs 360.7 crore, up 130.4% year-on-year, with EBITDA margin at 23.6% and PAT of Rs 50.2 crore versus Rs 10.8 crore a year earlier. Management highlighted record order inflows in civil nuclear power and clean energy, a closing order book of Rs 5,143 crore plus a further Rs 800 crore received on the call day, and progress on capacity expansion for fuel cells, aerospace, and data center infrastructure. The company also reported a reduction in working capital days to 59 from 172 in FY26, supported by improved commercial terms with customers.
Numbers mentioned
Revenue: INR360.7 crores (Q1 FY27)
p. 7
“revenue from the operation is at INR360.7 crores in Q1 FY27 as against INR156.6 crores in Q1 FY26, which resulted 130.4% increase in revenue”
Gunneswara Rao, page 7 of the filed PDF · View the filing
EBITDA: INR85.1 crores (Q1 FY27)
p. 7
“EBITDA reported at INR85.1 crores in Q1 FY27 as compared to INR28.4 crores in Q1 FY26, and this has translated to 199.7% increase compared to the last year first quarter”
Gunneswara Rao, page 7 of the filed PDF · View the filing
Profit before tax: INR67.4 crores (Q1 FY27)
p. 7
“Profit before tax stands at INR67.4 crores in Q1 FY27 as against INR14.8 crores in Q1 FY26, which is 355% increase”
Gunneswara Rao, page 7 of the filed PDF · View the filing
Profit after tax: INR50.2 crores (Q1 FY27)
p. 7
“Profit after tax was at INR50.2 crores in Q1 FY27 as against INR10.8 crores in Q1 FY26, which is 364.5% increase compared to the last year first quarter”
Gunneswara Rao, page 7 of the filed PDF · View the filing
Working capital days: 59 days (Q1 FY27)
p. 7
“we have achieved 59 days compared to the 172 days during the FY26 entire year”
Gunneswara Rao, page 7 of the filed PDF · View the filing
Gross margin: 45.61% (Q1 FY27)
p. 7
“Gross margins we achieved as 45.61% in this quarter, as compared to the last year 47.65%”
Gunneswara Rao, page 7 of the filed PDF · View the filing
EBITDA margin: 23.54% (Q1 FY27)
p. 7
“Then EBITDA margins are at INR85.1 crores in this quarter, which is actually 23.54% we achieved as against yearly guidance of 24% we have given, and last quarter EBITDA margins was at 20.11%”
Gunneswara Rao, page 7 of the filed PDF · View the filing
ROCE: 17.2% (Q1 FY27)
p. 7
“ROCE at 17.2% versus 11.4%, and we expected to reach 23% next year”
Gunneswara Rao, page 7 of the filed PDF · View the filing
PAT margin: 13.92% (Q1 FY27)
p. 7
“Our PAT is at INR50.22 crores for this quarter, which is 13.92% as against 6.9% in Q1 FY26”
Gunneswara Rao, page 7 of the filed PDF · View the filing
Cash flow from operations: INR247.69 crores (Q1 FY27)
p. 8
“cash flow from operations is at INR247.69 crores in this quarter as against INR191.66 crores in the last year”
Gunneswara Rao, page 8 of the filed PDF · View the filing
Debt: INR423.6 crores (As of 30 June 2026)
p. 8
“our debt is at INR423.6 crores as of 30th June 2026”
Gunneswara Rao, page 8 of the filed PDF · View the filing
Closing order book: INR5,143 crores (End of Q1 FY27)
p. 6
“Our closing order book by end of this quarter already stands at INR5,143 crores, and we have received additional INR800 crores of orders today”
Srinivas Reddy, page 6 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue growth — 80% growth · FY27
stated firmly by Srinivas Reddy
p. 6
“I would like to reiterate our confidence in achieving the guidance given earlier at 80% revenue growth for the current fiscal year with an EBITDA margin of 24% plus-minus 100 basis points, and we are pretty confident to do better than the guidance given earlier to everyone”
Srinivas Reddy, page 6 of the filed PDF · View the filing
Closing order book — INR5,000 crores · End of FY27
stated firmly by Srinivas Reddy
p. 6
“we expect a robust closing order book of INR5,000 crores by end of this fiscal year, providing a strong revenue visibility”
Srinivas Reddy, page 6 of the filed PDF · View the filing
Working capital days — 100 days · End of FY27
stated conditionally by Gunneswara Rao
p. 7
“By end of the year, we were expecting to maintain 100 days as compared to the previous guidance of 150 to 175 days in that range”
Gunneswara Rao, page 7 of the filed PDF · View the filing
ROCE — 23% · Next year
stated as an aspiration by Gunneswara Rao
p. 7
“ROCE at 17.2% versus 11.4%, and we expected to reach 23% next year”
Gunneswara Rao, page 7 of the filed PDF · View the filing
Capex — INR500 crores · This year and next year
stated firmly by Gunneswara Rao
p. 8
“this requires almost INR500 crores of capex for this year and also next year put together, this capex required for the existing expansion plans whatever we have undertaken”
Gunneswara Rao, page 8 of the filed PDF · View the filing
Fuel cell Phase 2 commissioning — September-October 2026
stated firmly by Srinivas Reddy
p. 4
“Phase 2 to be commissioned by September-October of this year”
Srinivas Reddy, page 4 of the filed PDF · View the filing
Fuel cell Phase 3 commissioning — March 2027
stated firmly by Srinivas Reddy
p. 4
“Phase 3, which is a multifold capacity expansion, will be completed in March of 2027”
Srinivas Reddy, page 4 of the filed PDF · View the filing
Aerospace and defense revenue — double · Current fiscal year
stated firmly by Srinivas Reddy
p. 5
“We expect to double our revenues in aerospace and defense segment during the current fiscal year, with a significant ramp-up from this base and spread over the next 3 to 4 years”
Srinivas Reddy, page 5 of the filed PDF · View the filing
Oil & Gas facility — operational · October 2026
stated firmly by Srinivas Reddy
p. 6
“The Oil & Gas facility will be operational by this October”
Srinivas Reddy, page 6 of the filed PDF · View the filing
GST refund generation — INR70 crores per year
stated as an aspiration by Gunneswara Rao
p. 9
“we are targeting to generate GST refund of almost INR70 crores per year”
Gunneswara Rao, page 9 of the filed PDF · View the filing
Nuclear order execution start — Second half of FY27
stated firmly by Srinivas Reddy
p. 12
“In this year, Sumant. Second half of this year, the execution will commence, and it will continue to grow from there on”
Srinivas Reddy, page 12 of the filed PDF · View the filing
Products business revenue — more than INR1,000 crores · FY30
stated as an aspiration by Srinivas Reddy
p. 19
“I can't say the exact number, but the kind of roadmap we have, it might cross INR1,000 crores very comfortably”
Srinivas Reddy, page 19 of the filed PDF · View the filing
Aerospace business revenue — INR600-700 crores · FY30
stated as an aspiration by Srinivas Reddy
p. 19
“aerospace, probably, you're looking at INR600 crores, INR700 crores, and products should cross more than INR1,000 crores”
Srinivas Reddy, page 19 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management confirmed execution timeline is for next year, depending on how quickly expansion plans are implemented.
Answered by Srinivas Reddy
Asked by Mohit Kumar: Will the newly announced Rs 31 billion of orders be executed only in FY28/FY29 with nothing in FY27?
p. 8
“the orders what we received today, the execution timeline is for next year”
Srinivas Reddy, page 8 of the filed PDF · View the filing
Management said refurbishment orders overall would be about Rs 200-plus crores, with Rs 130-140 crores expected this quarter.
Answered by Srinivas Reddy
Asked by Mohit Kumar: How large is the refurbishment order expected for nuclear reactors this quarter?
p. 8
“the refurbishment orders overall would be about around 200-plus crores that we need to do for various reactors. We're expecting another INR130 crores-INR140 crores of orders coming in in this quarter”
Srinivas Reddy, page 8 of the filed PDF · View the filing
Management attributed it to better negotiated commercial and credit terms and close monitoring, targeting about 100 days for the year.
Answered by Gunneswara Rao
Asked by Balasubramanian: What drove the dramatic reduction in working capital days and is it sustainable?
p. 9
“our target is for this year is around 100 days we are targeting to reach that, including keeping consideration of all long-cycle projects into consideration”
Gunneswara Rao, page 9 of the filed PDF · View the filing
Management said the new product segment would continue to grow, with the second half stronger than the first.
Answered by Srinivas Reddy
Asked by Gaurav Nagori: Is the new product revenue growth a one-off or a sustainable run rate?
p. 11
“it's going to continue to grow more than what it has grown in Q1. Second half would be even stronger than the first half in all these segments that we are talking about, including the product division”
Srinivas Reddy, page 11 of the filed PDF · View the filing
Management said they remain confident of beating current guidance and will update after next quarter.
Answered by Srinivas Reddy
Asked by Sumant Kumar: Given the key client raised its revenue guidance, is there a higher chance MTAR upgrades its own 80% growth guidance?
p. 12
“definitely we have given a certain guidance, which we are very confident of, and we'll definitely do better than that”
Srinivas Reddy, page 12 of the filed PDF · View the filing
Management dismissed reports of delays, calling them unwanted noise and saying orders continue to come in.
Answered by Srinivas Reddy
Asked by Jenish Karia: Is there any on-ground indication of delays in US data center capex from the customer?
p. 16
“all this is unwanted noise. I really want to express this very clearly”
Srinivas Reddy, page 16 of the filed PDF · View the filing
Management estimated products could cross Rs 1,000 crore and aerospace could reach Rs 600-700 crore.
Answered by Srinivas Reddy
Asked by Pritesh Chheda: What size could the products and aerospace/defense businesses reach in 3-4 years?
p. 19
“aerospace, probably, you're looking at INR600 crores, INR700 crores, and products should cross more than INR1,000 crores”
Srinivas Reddy, page 19 of the filed PDF · View the filing
Risks flagged
Execution timeline for nuclear orders depends on how quickly capacity expansion plans can be implemented.
p. 8
“it all depends on how soon we can implement our expansion plan and then take it forward”
Srinivas Reddy, page 8 of the filed PDF · View the filing
Interest cost break-up was not fully available and management could not immediately clarify the fund-based versus non-fund-based split.
p. 17
“I don't have the exact break-up of that, but probably CFO or Srilekha can give it a little later to you”
Srinivas Reddy, page 17 of the filed PDF · View the filing
Capacity and numbers for Phase 3 fuel cell expansion cannot be disclosed due to a signed NDA with the customer.
p. 11
“I can't specify the numbers because of the NDA being signed, but it's going to be a multifold expansion plan”
Srinivas Reddy, page 11 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.