MTAR Technologies Ltd.Revenue more than doubles, order book already tops full-year target

MTAR Technologies delivered an exceptional start to FY27, with revenue up 130.4% YoY to Rs. 360.7 crore and PAT up 364.5% to Rs. 50.2 crore, as EBITDA margin held at 23.54%, in line with full-year guidance of 24%.

The order book closed the quarter at Rs. 5,143 crore, plus another Rs. 800 crore announced on the day of the call -- already ahead of the company's own full-year target -- driven by record order inflows in both Civil Nuclear (on Kaiga 5&6 reactors) and Clean Energy. Working capital days improved dramatically to 59 from 172 for all of FY26, and management revised its year-end target down to 100 days from a previously guided 150-175 day range.

Management reaffirmed its guidance of 80% (+/-5%) revenue growth and 24% (+/-100 bps) EBITDA margin for the year and said explicitly it expects to beat both. Growth drivers include a new Products division that scaled to roughly Rs. 100 crore -- nearly half of Clean Energy's revenue run-rate -- an Aerospace & Defense business guided to double this year as qualified products move into volume production, and a fresh entry into export-only data center infrastructure.

The company remains effectively debt-free on a net basis and plans roughly Rs. 500 crore of capex over the next two years, split roughly 70:30 between Clean Energy and other verticals, to support its next phase of growth.