MTAR Technologies Ltd.

•

mtar.inBSE: 543270NSE: MTARTECH

Market Cap₹ 22,526 Cr.

Current Price

High / Low₹ 8,714 / 1,540

Stock P/E167.4

Book Value₹ 285

Price to Book5.39

Dividend Yield0.00 %

ROCE10.7 %

ROE7.7 %

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%

View full sector analysis →

PROS

Latest quarter profit grew 349.7% YoY, showing strong momentum
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 226 to 178
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 17.8% from 32.0%
Stock is trading at 5.4x its book value
Growth is decelerating - 3Y profit CAGR (-4.0%) trails the 5Y trend (11.5%)

* 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

Standalone Figures in Rs. Crores / View Consolidated

	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
	150	165	116	142	126	187	171	181	154	134	274	303	361
	119	130	95	125	112	154	141	149	128	119	214	244	301
Operating Profit	32	34	22	17	14	33	30	32	26	16	60	58	60
OPM %	21.06%	20.71%	18.65%	11.85%	11.26%	17.90%	17.40%	17.68%	17.01%	11.74%	21.87%	19.27%	16.52%
	4	1	1	1	1	2	3	0	1	4	-1	17	8
Interest	6	5	6	6	5	5	6	6	6	6	8	10	16
Depreciation	5	6	6	6	6	8	9	10	8	9	9	9	9
Profit before Tax	27	26	13	7	6	25	22	19	15	6	46	60	68
Tax %	25.66%	20.28%	18.96%	31.58%	28.28%	25.86%	25.13%	25.28%	26.12%	23.50%	24.30%	25.62%	25.33%
Net Profit	20	21	11	5	5	19	16	14	11	5	35	44	51
	6.44	6.77	3.43	1.65	1.48	6.11	5.31	4.62	3.65	1.49	11.43	14.41	16.42

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	81	101	157	184	214	246	322	573	580	676	1,072
	69	113	125	130	156	163	228	419	468	555	878
Operating Profit	12	-12	32	54	58	83	94	154	112	121	194
OPM %	14.84%	-11.90%	20.35%	29.25%	27.12%	33.72%	29.33%	26.85%	19.25%	17.85%	18.07%
	1	1	1	4	4	1	9	20	6	6	27
Interest	7	5	4	4	5	7	7	15	22	22	39
Depreciation	5	11	11	11	12	13	14	18	23	32	36
Profit before Tax	1	-27	17	42	46	65	82	141	73	72	180
Tax %	79.80%	31.22%	62.60%	5.67%	31.22%	28.93%	25.96%	26.13%	23.15%	25.68%	25.10%
Net Profit	0	-19	6	39	31	46	61	104	56	54	135
EPS	0.06	-6.64	2.27	13.89	11.11	17.00	19.79	33.83	18.29	17.51	—
Dividend Payout %	0.00%	0.00%	0.00%	35.99%	25.63%	40.05%	15.16%	0.00%	0.00%	0.00%	—

COMPOUNDED SALES GROWTH

10 Years:: 24%
5 Years:: 26%
3 Years:: 28%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: 11%
3 Years:: -4%

STOCK PRICE CAGR

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

RETURN ON EQUITY

10 Years:: 9%
5 Years:: 12%
3 Years:: 12%
Last Year:: 8%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	28	28	28	28	27	31	31	31	31	31
	181	174	177	207	198	446	489	590	646	700
	26	29	20	29	29	17	96	143	148	134
Trade Payables	4	21	14	6	31	35	57	218	61	105
	18,353	48	46	35	62	58	55	81	120	158
Total Liabilities	18,591	301	285	305	346	586	728	1,063	1,006	1,128
	146	156	152	162	155	167	196	282	332	425
Capital Work in Progress	8	8	2	6	12	11	44	63	68	53
	0	0	0	0	0	0	62	34	7	7
	37	32	42	41	75	103	170	386	347	345
	0	0	0	0	0	0	0	0	146	209
Cash & Bank	7	10	9	11	23	191	67	31	51	17
	18,394	97	80	86	81	115	188	266	56	72
Total Assets	18,591	301	285	305	346	586	728	1,063	1,006	1,128

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	33	12	17	52	63	20	-12	41	55	102
Cash from Investing	-6	-7	-1	-33	-12	-22	-145	-88	-54	-104
Cash from Financing	-30	-5	-4	-7	-41	180	54	32	25	-35
	-2	-1	9	2	3	167	-121	-47	27	-37

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	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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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

150

165

116

142

126

187

171

181

154

134

274

303

361

119

130

125

112

154

141

149

128

119

214

244

301

Operating Profit

OPM %

21.06%

20.71%

18.65%

11.85%

11.26%

17.90%

17.40%

17.68%

17.01%

11.74%

21.87%

19.27%

16.52%

-1

Interest

Depreciation

Profit before Tax

Tax %

25.66%

20.28%

18.96%

31.58%

28.28%

25.86%

25.13%

25.28%

26.12%

23.50%

24.30%

25.62%

25.33%

Net Profit

6.44

6.77

3.43

1.65

1.48

6.11

5.31

4.62

3.65

1.49

11.43

14.41

16.42

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

TTM

101

157

184

214

246

322

573

580

676

1,072

113

125

130

156

163

228

419

468

555

878

Operating Profit

-12

154

112

121

194

OPM %

14.84%

-11.90%

20.35%

29.25%

27.12%

33.72%

29.33%

26.85%

19.25%

17.85%

18.07%

Interest

Depreciation

Profit before Tax

-27

141

180

Tax %

79.80%

31.22%

62.60%

5.67%

31.22%

28.93%

25.96%

26.13%

23.15%

25.68%

25.10%

Net Profit

-19

104

135

EPS

0.06

-6.64

2.27

13.89

11.11

17.00

19.79

33.83

18.29

17.51

—

Dividend Payout %

0.00%

35.99%

25.63%

40.05%

15.16%

0.00%

—

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Equity Capital

181

174

177

207

198

446

489

590

646

700

143

148

134

Trade Payables

218

105

18,353

120

158

Total Liabilities

18,591

301

285

305

346

586

728

1,063

1,006

1,128

146

156

152

162

155

167

196

282

332

425

Capital Work in Progress

103

170

386

347

345

146

209

Cash & Bank

191

18,394

115

188

266

Total Assets

18,591

301

285

305

346

586

728

1,063

1,006

1,128

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

-12

102

Cash from Investing

-6

-7

-1

-33

-12

-22

-145

-88

-54

-104

Cash from Financing

-30

-5

-4

-7

-41

180

-35

-2

-1

167

-121

-47

-37

Mar 2016

Mar 2017

Mar 2018

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

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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