MTAR Technologies Ltd.
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ABOUT
AI Sector View
AI GENERATEDCapital Goods
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.
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
| 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 | — |
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 | |
|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-07 - Mtar Technologies Limited has informed the Exchange about Copy of Newspaper Publication
2026-09-05 - Mtar Technologies Limited has informed the Exchange about General Updates
2026-09-05 - Mtar Technologies Limited has informed the Exchange about General Updates
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 - Mtar Technologies Limited has informed the Exchange about Bagging/Receiving of orders/contracts
2026-08-18 - Mtar Technologies Limited has informed the Exchange about Schedule of meet
2026-08-17 - Mtar Technologies Limited has informed the Exchange about Schedule of meet
2026-08-06 - Mtar Technologies Limited has informed the Exchange about Transcript
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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