MTAR Technologies Ltd.

•

mtar.inBSE: 543270NSE: MTARTECH

Market Cap₹ 22,526 Cr.

Current Price

High / Low₹ 8,714 / 1,540

Stock P/E168.8

Book Value₹ 284

Price to Book5.41

Dividend Yield0.00 %

ROCE10.6 %

ROE7.5 %

Face Value₹ 10

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ABOUT

AI Sector View

AI GENERATED

Capital Goods

Buy

Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.

Confidence

72%

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PROS

Latest quarter profit grew 364.5% YoY, showing strong momentum
Company has consistently been profitable over the last 5 years
Company has delivered good sales growth of 25.9% CAGR over last 5 years
Institutional investors have been accumulating - FII+DII up 16.1pp
Working capital cycle has improved - days down from 224 to 177
Company maintains a comfortable, low leverage position

CONS

Receivables are growing faster than sales - a possible quality concern
Promoter holding has decreased over last 2 years: -7.1pp
Operating margins have contracted to 17.9% from 32.0%
Stock is trading at 5.4x its book value
Though reporting repeated profits, the company pays out little dividend (0.0%)
Growth is decelerating - 3Y profit CAGR (-4.6%) trails the 5Y trend (11.0%)

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Capital GoodsCapital GoodsEngineering

Part ofNIFTY MICROCAP250 NIFTY TOTAL MKT

S.No.	Name
1.	MTARTECH	7323.30	168.81	22526.17	50.23	364.51	360.72	133.61	10.57	23.58
2.	SOUTHWEST	213.75	17.47	697.92	9.34	288.51	61.68	53.36	13.57	26.33
3.	AFFORDABLE	159.95	32.36	189.56	-4.80	-30.14	11.09	-40.93	-2.63	-29.57
4.	TMTINDIA	8.45	0.00	4.19	-0.05	36.25	0.00	—	-110.50	—

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	151	165	116	142	126	187	172	179	154	134	274	303	361
	118	131	95	125	112	153	141	149	128	119	214	244	301
Operating Profit	33	34	22	17	14	34	31	30	26	16	60	59	60
OPM %	21.60%	20.57%	18.70%	11.91%	11.39%	18.02%	18.06%	16.90%	16.97%	11.73%	21.85%	19.35%	16.50%
	4	1	0	0	1	1	3	0	1	4	-1	16	8
Interest	6	5	6	6	5	5	6	6	6	6	8	10	16
Depreciation	6	6	6	6	6	8	9	10	8	9	9	9	10
Profit before Tax	27	26	13	7	6	25	21	19	15	6	46	60	67
Tax %	25.44%	20.36%	18.93%	32.27%	28.66%	25.84%	25.52%	26.32%	27.01%	25.18%	24.78%	25.63%	25.48%
Net Profit	0	0	0	0	4	19	16	14	11	4	35	44	50
	6.61	6.65	3.40	1.58	1.44	6.10	5.19	4.46	3.52	1.38	11.28	14.40	16.33

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	184	214	246	322	574	581	676	1,072
	130	156	163	228	420	468	555	878
Operating Profit	54	58	83	94	154	113	121	194
OPM %	29.25%	27.12%	33.71%	29.32%	26.84%	19.41%	17.87%	18.07%
	4	4	1	9	19	6	5	27
Interest	4	5	7	7	15	22	22	39
Depreciation	11	12	13	14	19	23	32	36
Profit before Tax	42	46	65	82	140	73	72	179
Tax %	5.67%	31.22%	28.94%	25.96%	26.25%	23.17%	26.10%	25.34%
Net Profit	39	31	46	61	103	56	53	133
EPS	13.89	11.11	17.00	19.79	33.62	18.24	17.19	—
Dividend Payout %	35.99%	25.63%	40.06%	15.16%	0.00%	0.00%	0.00%	—

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: 26%
3 Years:: 28%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: 11%
3 Years:: -5%

STOCK PRICE CAGR

10 Years:: —
5 Years:: 40%
3 Years:: 41%
1 Year:: 377%

RETURN ON EQUITY

10 Years:: —
5 Years:: 12%
3 Years:: 11%
Last Year:: 8%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	28	27	31	31	31	31	31
	207	198	446	489	589	646	698
	29	29	17	96	146	148	134
Trade Payables	6	31	35	57	218	62	106
	35	62	58	55	79	120	161
Total Liabilities	305	346	586	728	1,063	1,008	1,130
	162	155	167	196	291	341	439
Capital Work in Progress	6	12	11	44	64	73	53
	0	0	0	62	27	0	0
	41	75	103	170	387	348	346
	0	0	0	0	0	147	210
Cash & Bank	11	23	191	67	31	51	17
	86	81	115	188	263	49	66
Total Assets	305	346	586	728	1,063	1,008	1,130

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	40	63	20	-12	40	57	101
Cash from Investing	-23	-12	-22	-145	-87	-56	-103
Cash from Financing	-6	-41	180	54	32	25	-36
	2	3	167	-121	-47	27	-37

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	36.42	36.42	31.42	31.77	31.65	31.41	30.60	30.44	29.36
	7.74	7.81	7.01	6.74	7.57	9.21	12.24	17.31	24.79
	15.96	17.28	23.16	24.40	23.51	24.81	29.96	27.66	22.35
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Public	39.88	38.49	38.40	37.10	37.27	34.58	27.20	24.59	23.50

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-07

Copy of Newspaper Publication

2026-09-07 - Mtar Technologies Limited has informed the Exchange about Copy of Newspaper Publication

2026-09-05

General Updates

2026-09-05 - Mtar Technologies Limited has informed the Exchange about General Updates

2026-09-05

General Updates

2026-09-05 - Mtar Technologies Limited has informed the Exchange about General Updates

2026-09-05

Shareholders meeting

2026-09-05 - Mtar Technologies Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 28, 2026

2026-08-26

Bagging/Receiving of orders/contracts

2026-08-26 - Mtar Technologies Limited has informed the Exchange about Bagging/Receiving of orders/contracts

2026-08-18

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-18 - Mtar Technologies Limited has informed the Exchange about Schedule of meet

2026-08-17

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-17 - Mtar Technologies Limited has informed the Exchange about Schedule of meet

2026-08-06

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-06 - Mtar Technologies Limited has informed the Exchange about Transcript

2026-07-30

Analysts/Institutional Investor Meet/Con. Call Updates

2026-07-30 - Mtar Technologies Limited has informed the Exchange about Schedule of meet

News

Recent coverage and analyst commentary for MTARTECH

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MTAR Technologies Ltd.

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Free 5nance Account

Name

MTARTECH

7323.30

168.81

22526.17

0.00

50.23

364.51

360.72

133.61

10.57

23.58

SOUTHWEST

213.75

17.47

697.92

0.00

9.34

288.51

61.68

53.36

13.57

26.33

AFFORDABLE

159.95

32.36

189.56

0.00

-4.80

-30.14

11.09

-40.93

-2.63

-29.57

TMTINDIA

8.45

0.00

4.19

0.00

-0.05

36.25

0.00

—

-110.50

—

Jun 2023

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

151

165

116

142

126

187

172

179

154

134

274

303

361

118

131

125

112

153

141

149

128

119

214

244

301

Operating Profit

OPM %

21.60%

20.57%

18.70%

11.91%

11.39%

18.02%

18.06%

16.90%

16.97%

11.73%

21.85%

19.35%

16.50%

-1

Interest

Depreciation

Profit before Tax

Tax %

25.44%

20.36%

18.93%

32.27%

28.66%

25.84%

25.52%

26.32%

27.01%

25.18%

24.78%

25.63%

25.48%

Net Profit

6.61

6.65

3.40

1.58

1.44

6.10

5.19

4.46

3.52

1.38

11.28

14.40

16.33

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

TTM

184

214

246

322

574

581

676

1,072

130

156

163

228

420

468

555

878

Operating Profit

154

113

121

194

OPM %

29.25%

27.12%

33.71%

29.32%

26.84%

19.41%

17.87%

18.07%

Interest

Depreciation

Profit before Tax

140

179

Tax %

5.67%

31.22%

28.94%

25.96%

26.25%

23.17%

26.10%

25.34%

Net Profit

103

133

EPS

13.89

11.11

17.00

19.79

33.62

18.24

17.19

—

Dividend Payout %

35.99%

25.63%

40.06%

15.16%

0.00%

—

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Equity Capital

207

198

446

489

589

646

698

146

148

134

Trade Payables

218

106

120

161

Total Liabilities

305

346

586

728

1,063

1,008

1,130

162

155

167

196

291

341

439

Capital Work in Progress

103

170

387

348

346

147

210

Cash & Bank

191

115

188

263

Total Assets

305

346

586

728

1,063

1,008

1,130

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

-12

101

Cash from Investing

-23

-12

-22

-145

-87

-56

-103

Cash from Financing

-6

-41

180

-36

167

-121

-47

-37

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

36.42

31.42

31.77

31.65

31.41

30.60

30.44

29.36

7.74

7.81

7.01

6.74

7.57

9.21

12.24

17.31

24.79

15.96

17.28

23.16

24.40

23.51

24.81

29.96

27.66

22.35

Government

0.00

Public

39.88

38.49

38.40

37.10

37.27

34.58

27.20

24.59

23.50

MTAR Technologies Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI

MTAR Technologies Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI