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Swing Capital

MTAR Technologies Ltd

NSE: MTARTECH BSE: 543270Energy

MTAR develops and manufactures components and equipment for the defense, aerospace, nuclear and clean energy sectors. The company was incorporated in 1970 by the promoters, Mr PR Reddy, Mr KSN Reddy and Mr PJ Reddy, to cater to the technical and engineering needs of the Indian government in the post embargo regime. MTAR has manufacturing footprints in Hyderabad with seven units spread across a 4 km radius and a dedicated export facility as well. [1]

₹7,116
52W: ₹1390 — ₹7730
PE 223 · Book ₹268 · +2555% vs book
Market Cap₹21,890 Cr
Stock P/E223Price to Earnings
ROCE15.2%Return on Capital
ROE12.6%Return on Equity
Div. Yield0%Face Value ₹10

Strengths

  • +Company is expected to give good quarter
  • +Company's median sales growth is 20.4% of last 10 years

Weaknesses

  • −Stock is trading at 25.7 times its book value
  • −Though the company is reporting repeated profits, it is not paying out dividend
  • −Company has a low return on equity of 9.63% over last 3 years.
  • −Debtor days have increased from 115 to 140 days.
  • −Promoter holding has decreased over last 3 years: -16.2%

Shareholding Pattern

Promoters30.44%
FIIs17.31%
DIIs27.66%
Public24.59%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters36.42%36.42%31.42%▼5.031.77%▲0.331.65%▼0.131.41%▼0.230.59%▼0.830.44%▼0.1
FIIs7.74%7.81%▲0.17.01%▼0.86.74%▼0.37.57%▲0.89.21%▲1.612.24%▲3.017.31%▲5.1
DIIs15.96%17.28%▲1.323.17%▲5.924.4%▲1.223.51%▼0.924.81%▲1.329.96%▲5.227.66%▼2.3
Public39.88%38.49%▼1.438.39%▼0.137.1%▼1.337.26%▲0.234.58%▼2.727.19%▼7.424.59%▼2.6

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales118143128190174183157136278306
Expenses95125112154141149128119214244
Operating Profit24181637333428176462
OPM %20%13%13%19%19%19%18%13%23%20%
Net Profit11551916141153544
EPS ₹3.431.651.486.115.314.623.651.4911.4314.42

AI Insights

Revenue Trend

Mar 2026 revenue at ₹876Cr, up 29.6% YoY. OPM at 20%.

Debt Position

Borrowings at ₹377Cr. Debt-to-equity ratio: 0.47x. Healthy balance sheet.

Capex Cycle

CWIP at ₹34Cr (7% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 27.66% (-0.36pp change). FIIs: 17.31% (+12.79pp change). Promoters hold 30.44%.

Margin & Efficiency

ROCE improving from 0% (Mar 2015) to 15% (Mar 2026). Working capital days: 160.

Valuation

PE 223x with 15.2% ROCE. Price is 2555% above book value of ₹268. Dividend yield: 0%.

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