MTAR Technologies (MTARTECH) Q1 25/26 earnings summary

Executive summary

• Q1 FY26 revenue from operations reached ₹156.6 crore, up 22.1% year-over-year, with EBITDA at ₹28.4 crore, a 70.9% increase year-over-year, and net profit at ₹10.8 crore, up 144.2% year-over-year.

• Achieved strong order inflow of ₹105.3 crore in Q1 FY26, with a diversified order book of ₹930.2 crore as of June 30, 2025, spanning clean energy, aerospace & defense, and other sectors.

• Added new customers in clean energy, hydro, aerospace, and oil & gas, with batch production and first article execution underway for several major clients.

• Entered long-term agreements and commenced production for key clients in naval, aerospace, and oil & gas sectors.

• The Board approved the merger of two wholly owned subsidiaries, pending regulatory approvals.

Financial highlights

• Q1 FY26 revenue from operations at ₹156.6 crore, up 22.1% year-over-year; EBITDA at ₹28.4 crore, up 70.9% year-over-year; PAT at ₹10.8 crore, up 144.2% year-over-year.

• Gross profit margin improved to 54.2% in Q1 FY26 from 47.9% in Q1 FY25.

• Profit before tax for Q1 FY26 was ₹114.8 crore, up 138.7% year-over-year.

• Working capital days increased to 267 from 229 sequentially, mainly due to delayed receivables from conflict-affected regions, but targeted to reduce to 200 days by year-end.

• CapEx for FY26 is projected at ₹100+ crore, with major investments in oil & gas and sustenance; 70% to be funded by debt.

Outlook and guidance

• Guidance reaffirmed for FY26: 25% revenue growth and EBITDA margin of 21% ±100 bps, with stronger H2 expected due to operating leverage and new product scale-up.

• Batch production for new aerospace products and execution of first articles for major clients expected to drive revenue growth in FY26.

• Clean Energy segment guided for 15–20% growth in FY26, with higher wallet share from Bloom Energy and robust export momentum despite tariff uncertainties.

• Aerospace & Defense segment expected to grow ~80% in FY26, with exponential growth anticipated in coming years.

• Civil Nuclear segment anticipates ₹1,000 crore in orders over the next 3–6 months, with exponential growth from FY27.