MTAR Technologies (MTARTECH) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 revenue from operations was INR 4,067.65 million, up 200% YoY; EBITDA margin was 24.4% and net profit was INR 598.32 million.

• H1 FY27 revenue was INR 7,674.86 million and net profit was INR 1,100.58 million; H1 order inflows reached a record INR 4,102 crore.

• Total order book was INR 5,976.5 crore at September 30, 2026; management expects stronger H2 and remains confident of exceeding original FY27 guidance.

Financial highlights

• Q2 EBITDA was INR 992 million, up 483.3% YoY; Q2 profit before tax was INR 802.79 million and net profit was INR 598.32 million.

• H1 FY27 EBITDA was INR 184.2 crore, up 305.9% YoY; PBT was INR 147.7 crore and PAT was INR 110.1 crore.

• H1 revenue was INR 767.5 crore, up 162.7% YoY; gross profit was INR 354.5 crore, with a gross margin of 46.2%.

• Q2 revenue increased 12.8% QoQ, EBITDA 16.6% and PAT 19.1%.

Outlook and guidance

• FY27 guidance remains 80% revenue growth and 24% EBITDA margin ± 100 bps; management expects to outperform but will not revise guidance mid-year.

• H2 FY27 is expected to exceed H1; nuclear execution is expected to ramp in H2, with most nuclear revenue anticipated from FY28 onward.

• Product division revenue is expected to approach INR 500 crore in FY27; data-centre infrastructure could scale to INR 350–450 crore over two years following first-article qualification.

• Most of the order book is scheduled for execution within 12–18 months.