MTAR Technologies Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript MTAR Technologies Ltd filed with BSE on 20 May 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 record Q4 FY26 revenue of Rs 306 crore with EBITDA of Rs 61.8 crore and PAT of Rs 44.3 crore, while full-year FY26 revenue reached Rs 876 crore with EBITDA of Rs 171.2 crore and PAT of Rs 94 crore. Management raised FY27 revenue growth guidance from 50% to 80% plus/minus 5%, citing capacity expansion in clean energy, an oil and gas plant commissioning by September, and growth in nuclear and aerospace order execution. The company closed FY26 with an order book of Rs 2,580 crore and management said it expects to end FY27 with an order book of around Rs 5,000 crore.
1 statement from this call is not shown because its supporting quote could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Revenue: INR306 crores (Q4 FY26)
p. 3
“MTAR has achieved record fourth quarter sales of INR306 crores and EBITDA of INR61.8 crores with PAT of about INR44.3 crores.”
Srinivas Reddy, page 3 of the filed PDF · View the filing
Revenue: INR876 crores (FY26)
p. 3
“For the year, we have achieved revenue of INR876 crores with EBITDA of INR171.2 crores and PAT of INR94 crores.”
Srinivas Reddy, page 3 of the filed PDF · View the filing
Closing order book: INR2,580 crores (FY26)
p. 3
“The closing order book for FY '26 is at INR2,580 crores, and we had given a guidance of INR2,800 crores.”
Srinivas Reddy, page 3 of the filed PDF · View the filing
Orders secured: INR481 crores (Q4 FY26)
p. 3
“We have secured orders of INR481 crores during the quarter.”
Srinivas Reddy, page 3 of the filed PDF · View the filing
Revenue growth YoY: 30% (FY26 vs FY25)
p. 5
“revenue from operation stood at INR876 crores in FY '26 as against INR676 crores in FY '25, which is around 30% increase in YoY.”
Gunneswara Rao, page 5 of the filed PDF · View the filing
EBITDA: INR171 crores (FY26)
p. 5
“EBITDA reported at INR171 crores in the FY '26, as compared to INR121 crores in FY '25, an increase of 41.7% increase.”
Gunneswara Rao, page 5 of the filed PDF · View the filing
Profit after tax: INR94 crores (FY26)
p. 5
“Profit after tax was at INR94 crores in FY '26, as against INR53.4 crores in FY '25, registered as a 76.2% increase.”
Gunneswara Rao, page 5 of the filed PDF · View the filing
EBITDA margin: 19.5% (FY26)
p. 6
“Our EBITDA margin is at INR171 crores, which is 19.5%.”
Gunneswara Rao, page 6 of the filed PDF · View the filing
Gross margin: 47.7% (FY26)
p. 6
“Our gross margins are at 47.7% and when compared to last year's 49.4%, were also impacted due to increased input prices of consumables and other freight costs amid the prevailing geopolitical uncertainties.”
Gunneswara Rao, page 6 of the filed PDF · View the filing
ROCE: 17.2% (FY26)
p. 6
“Our ROCE is at 17.2% versus 11.4% in the last year.”
Gunneswara Rao, page 6 of the filed PDF · View the filing
PAT margin: 10.7% (FY26)
p. 6
“Our PAT is at 10.7% versus 7.8% compared to the previous year.”
Gunneswara Rao, page 6 of the filed PDF · View the filing
Net working capital days: 172 days (FY26)
p. 5
“And we ended with net working capital days of 172 days compared to the previous quarter of 278 days.”
Srinivas Reddy, page 5 of the filed PDF · View the filing
Cash flow from operations: INR196.9 crores (FY26)
p. 6
“Other important aspect we would like to highlight is, our cash flow from operations are INR196.9 crores in this fiscal year compared to INR101 crores in the last financial year.”
Gunneswara Rao, page 6 of the filed PDF · View the filing
Other income: INR25 crores (FY26)
p. 11
“Other income is INR25 crores, mainly because of the foreign exchange gain we have received in this year.”
Gunneswara Rao, page 11 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% plus/minus 5% · FY27
stated firmly by Srinivas Reddy
p. 3
“we are raising our guidance for FY '27 from 50% revenue growth to 80% plus - revenue growth, plus/minus 5%, with clear EBITDA margins of around 24% for the year”
Srinivas Reddy, page 3 of the filed PDF · View the filing
EBITDA margin — around 24% · FY27
stated firmly by Srinivas Reddy
p. 3
“with clear EBITDA margins of around 24% for the year, mainly due to our initial expansion of capacities in various sectors in clean energy, which has already commissioned”
Srinivas Reddy, page 3 of the filed PDF · View the filing
Closing order book — close to about INR5,000 crores · end of FY27
stated conditionally by Srinivas Reddy
p. 4
“And the estimated closing order book would be close to about INR5,000 crores at the end of the year.”
Srinivas Reddy, page 4 of the filed PDF · View the filing
Oil and gas plant commissioning — September end
stated firmly by Srinivas Reddy
p. 3
“Apart from clean energy, the oil and gas plant will also be commissioned by September end and will be fully operational.”
Srinivas Reddy, page 3 of the filed PDF · View the filing
Capex — INR250 crores to INR300 crores · 2 years
stated conditionally by Srinivas Reddy
p. 8
“we're looking at around INR250 crores to INR300 crores of capex, which we are looking at to build all these capacities, multiple capacities for the customer.”
Srinivas Reddy, page 8 of the filed PDF · View the filing
Debt-to-equity ratio — around 0.5 · next 2 years
stated as an aspiration by Gunneswara Rao
p. 9
“we wanted to maintain a debt-to-equity ratio of, for next 2 years, in the range of around 0.5.”
Gunneswara Rao, page 9 of the filed PDF · View the filing
Working capital — similar level · current fiscal year
stated firmly by Gunneswara Rao
p. 6
“The company is targeting to maintain a working capital level at a similar level by end of the current fiscal year.”
Gunneswara Rao, page 6 of the filed PDF · View the filing
AI data center revenue potential — INR400 crores to INR500 crores · next couple of years
stated conditionally by Srinivas Reddy
p. 10
“we're looking at almost like INR400 crores to INR500 crores of revenues being generated from that.”
Srinivas Reddy, page 10 of the filed PDF · View the filing
Oil and gas plant peak revenue — INR450 crores to INR500 crores · 3 to 4 years
stated conditionally by Srinivas Reddy
p. 19
“we are looking at about the oil and gas plant, which is getting commissioned in September can grow up to INR450 crores to INR500 crores of revenue in that one plant itself.”
Srinivas Reddy, page 19 of the filed PDF · View the filing
Revenue of INR5,000 crores — INR5,000 crores · FY30
stated as an aspiration by Srinivas Reddy
p. 14
“we have a clear road map to be where we want to be by FY '30.”
Srinivas Reddy, page 14 of the filed PDF · View the filing
Capex for INR5,000 crore revenue target — INR500 crores to INR700 crores
stated as an aspiration by Srinivas Reddy
p. 15
“We can't exactly specify that right now, but probably between INR500 crores to INR700 crores, I guess.”
Srinivas Reddy, page 15 of the filed PDF · View the filing
Actuator assembly order — INR130 crores to INR150 crores · this quarter
stated conditionally by Srinivas Reddy
p. 19
“We're supposed to get it in the last quarter itself, but hopefully, we should get that in this quarter.”
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.
Clean energy will contribute around 70% of the growth, with other verticals also growing strongly but at a slower pace.
Answered by Srinivas Reddy
Asked by Mohit Kumar: How will the 80% FY27 revenue growth break up across clean energy, nuclear and defense?
p. 6
“Basically, the clean energy sector would be around close to about 70%, and the rest would be all the other verticals.”
Srinivas Reddy, page 6 of the filed PDF · View the filing
New reactor tenders under the ASHVINI project are expected this year, and refurbishment orders already quoted were deferred to the current quarter.
Answered by Srinivas Reddy
Asked by Mohit Kumar: Are Mahi Banswara or refurbishment reactor tenders progressing?
p. 7
“Mahi Banswara is new reactors. This is called the ASHVINI project in joint collaboration with NTPC and NPCIL. So those tenders are expected this year.”
Srinivas Reddy, page 7 of the filed PDF · View the filing
Capex of Rs 250-300 crore is planned over two years for multiple capacity expansions, though exact figures are limited by an NDA.
Answered by Srinivas Reddy
Asked by Renu Baid: What is the capex plan given the largest clean energy customer's aggressive US expansion?
p. 8
“We can't disclose the numbers as such because we have signed NDA, but we are moving ahead rapidly with multiple capacity expansions required by the customer, and that's on track right now.”
Srinivas Reddy, page 8 of the filed PDF · View the filing
Management said better payment terms are negotiated across multiple customers and expect continued improvement, not a one-time event.
Answered by Srinivas Reddy
Asked by Renu Baid: Will OCF-to-EBITDA and improved working capital terms sustain with 70-80% revenue growth?
p. 9
“So this is a continuous endeavor from our side, and you will see improvements happening during the current financial year as well.”
Srinivas Reddy, page 9 of the filed PDF · View the filing
Fluence is still deliberating due to duties on battery exports; MTAR has done the prototype and can resume if the customer proceeds.
Answered by Srinivas Reddy
Asked by Somil Jain: What is the status of the Fluence project after being dropped from the customer list?
p. 10
“Fluence is still deliberating because of the various factors on the duties imposed on batteries and various other things for exports.”
Srinivas Reddy, page 10 of the filed PDF · View the filing
Other income of Rs 25 crore came mainly from forex gains, and management expects the rupee to depreciate further, benefiting exports.
Answered by Gunneswara Rao
Asked by Vipraw Srivastava: What is the hedging policy given the large other income from currency depreciation?
p. 11
“we have spoken to the bankers, The U.S. the dollar will be in the similar range, and/or rupee will depreciate.”
Gunneswara Rao, page 11 of the filed PDF · View the filing
Management denied any price renegotiation, attributing the dip to increased input costs from geopolitical situations.
Answered by Srinivas Reddy
Asked by Piyush Sevaldasani: Why did gross margins dip 190 bps sequentially, and was it due to customer renegotiation?
p. 13
“It's purely because of the last quarter was mainly certain costs have gone up because of all of you are aware about certain geopolitical situations.”
Srinivas Reddy, page 13 of the filed PDF · View the filing
Management declined to give a specific timeline but expressed confidence in reaching it possibly by FY30.
Answered by Srinivas Reddy
Asked by Dhavan Shah: By when can MTAR achieve Rs 5,000 crore of revenue?
p. 14
“Hopefully, yes. Let's see how it goes. I can't commit right now on that, but we have a clear road map to be where we want to be by FY '30.”
Srinivas Reddy, page 14 of the filed PDF · View the filing
Management estimated the plant could generate Rs 450-500 crore of revenue over a 3-4 year horizon.
Answered by Srinivas Reddy
Asked by Aman: What is the peak revenue potential from the new oil and gas plant?
p. 19
“we are looking at about the oil and gas plant, which is getting commissioned in September can grow up to INR450 crores to INR500 crores of revenue in that one plant itself.”
Srinivas Reddy, page 19 of the filed PDF · View the filing
Risks flagged
Increased input costs of consumables and freight amid geopolitical uncertainties impacting gross margins
p. 6
“Our gross margins are at 47.7% and when compared to last year's 49.4%, were also impacted due to increased input prices of consumables and other freight costs amid the prevailing geopolitical uncertainties.”
Gunneswara Rao, page 6 of the filed PDF · View the filing
Deferral of nuclear and defense orders to the current quarter
p. 3
“The marginal difference is due to some nuclear orders and the defense orders being deferred to the current quarter, which does not have any impact on our business outlook for this year.”
Srinivas Reddy, page 3 of the filed PDF · View the filing
Geopolitical crisis affecting business environment
p. 3
“We can also look ahead with confidence in spite of geopolitical crisis as we are now well prepared and we are in much stronger position now to achieve the required growth and the required margins as well.”
Srinivas Reddy, page 3 of the filed PDF · View the filing
Duties imposed on battery exports affecting the Fluence project
p. 10
“Fluence is still deliberating because of the various factors on the duties imposed on batteries and various other things for exports.”
Srinivas Reddy, page 10 of the filed PDF · View the filing
Increased headcount from ongoing expansion activities impacting EBITDA margin
p. 6
“which is due to the gross margin impact due to prevailing geopolitical uncertainities and also increase in headcount due to ongoing expansions activities in the company.”
Gunneswara Rao, page 6 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.