While ISRO was busy sending rockets sky-high, MTAR decided to launch its own mission: EBITDA 🚀. In a quarter where PVC pipes cried and FMCG groaned, MTAR casually threw out 70% EBITDA growth like it was a Diwali discount. Nuclear tenders worth ₹1,000 Cr are on the horizon, Bloom Energy keeps ordering “hot boxes,” and defence customers from Israel to Europe are knocking. Only catch? Working capital days are longer than the waitlist for Shatabdi tickets. Stick around—this one’s a cross between Mission Mangal and Scam 1992.
2. At a Glance
Revenue ₹156.6 Cr (+22%) – Engineers clearly did more than tightening screws.
EBITDA ₹28.4 Cr (+71%) – Margin flex like Hrithik’s abs.
PAT ₹10.8 Cr (+144%) – Doubled profits without jugaad.
Margins 18%+ – Not 21% guided yet, but close enough for applause.
Working capital 267 days – Cash flow stuck in traffic, Israeli war didn’t help.
3. Management’s Key Commentary
MD: “Q1 revenue grew 22%; EBITDA up 71%.” (Translation: Finally, a concall where margins don’t play hide-and-seek.)
On Bloom Energy: “Forecasts up 25%, wallet share increasing.” (Read: U.S. data centers are addicted to our hot boxes, and we’re the only dealer on speed-dial.)
On Nuclear: “Expect ₹1,000 Cr orders in 3–6 months.” (That’s not an order book, that’s a Netflix plot twist.)
On Aerospace & Defence: “Revenue to double from ₹45 Cr to ₹100–120 Cr.” (Translation: Europe can’t build fast enough, so MTAR is now their Plan B—and proud of it.)
On Oil & Gas: “Signed long-term contract with Weatherford.” (Yes, they make nuclear reactors and drill rigs. Truly the Tinder profile of engineering.)
On Semi-Cryo Engines: “Working day and night with ISRO; expect dispatch this year.” (Read: If this engine takes off, stock price might too.)
On Working Capital: “267 days, but will reduce to 200 by year-end.” (Investors: Sure, and I’ll lose 10 kgs by Diwali.)
4. Numbers Decoded
Source table
Metric
Value (Q1 FY26)
YoY Change
One-Line Analysis
Revenue – The Fuel
₹156.6 Cr
+22%
Growth engine revved, despite cash stuck abroad.
EBITDA – The Booster
₹28.4 Cr
+71%
High-thrust quarter, clean energy did the heavy lifting.
EBITDA Margin – The Shield
18%
+600bps
Defence-level protection for profitability.
PAT – The Rocket
₹10.8 Cr
+144%
Doubled profits—rare species in Q1 season.
Working Capital Days
267
+38 days
Cash cycle stretched like ISRO’s satellite orbits.
5. Analyst Questions
PhillipCapital: “WC days 267—when will this improve?” Mgmt: “200 days by FY26 end.” (Investors: Translation = cash flow hostage negotiation in progress.)
IIFL: “Capex ₹100 Cr—debt-funded?” Mgmt: “70% debt, 30% internal.” (So, more leverage, but
