MTAR Technologies (MTARTECH) Q4 25/26 earnings summary

Executive summary

• Achieved record FY26 sales of INR 876 crore, EBITDA of INR 171.2 crore, and PAT of INR 94 crore, with robust year-over-year growth and record order inflows of ₹2,453.3 crore, diversifying across clean energy, aerospace, and defense.

• Exports now contribute a significant portion of revenues, with strategic focus on technology-intensive, differentiated products and rapid capacity expansion in clean energy and oil & gas.

• Expanded production capabilities with new facilities for clean energy and oil & gas, supporting future growth and customer demand.

• Audited standalone and consolidated financial results for FY26 were approved, showing strong revenue and profit growth year-over-year, with clean audit opinions.

• Board approved appointment of new cost and internal auditors for three financial years starting FY 2026-27.

Financial highlights

• FY26 revenue grew 30% year-over-year to INR 876 crore; EBITDA up 41.7% to INR 171 crore; PAT up 76.2% to INR 94 crore; Q4 FY26 revenue was INR 306 crore, up from INR 183 crore in Q4 FY25.

• Gross margin for FY26 at 47.7% (down from 49.4% last year) due to higher input and freight costs; EBITDA margin at 19.5%.

• Operating cash flow for FY26 was INR 196.9 crore, nearly doubling from INR 101 crore in FY25.

• Exceptional item of INR 3.8 crore recorded due to statutory impact of new Labour Codes.

• Earnings per share (consolidated, basic and diluted) for FY26 was INR 30.57, up from INR 17.19 in FY25.

Outlook and guidance

• FY27 revenue growth guidance raised to 80% ±5%, with targeted EBITDA margin of ~24%.

• Ongoing capacity expansion in clean energy and oil & gas to meet rising demand, with a greenfield oil & gas facility expected by September 2026.

• Clean energy expected to contribute about 70% of FY27 revenue; remaining growth from nuclear, defense, and oil & gas.

• CapEx of INR 250–300 crore planned over FY27–28 for capacity expansion, with incremental CapEx of INR 500–700 crore estimated to reach INR 5,000 crore revenue by FY30.

• The company is pursuing a merger of its wholly owned subsidiaries, with the scheme filed with the National Company Law Tribunal.