Remember when “Make in India” was just a slogan on hoardings? MTAR seems to be taking it as a literal manufacturing marathon. Q1 FY26 saw revenue jump 22% YoY despite juggling clean energy, aerospace, nuclear, oil & gas, and the occasional ISRO hardware. EBITDA grew 71% YoY, proving that if you bolt enough high-precision metal together, margins do follow.
Why it matters? Because MTAR isn’t just chasing orders — it’s lining up billion-rupee nuclear contracts, multi-year oil & gas deals, and a 25% wallet-share bump from Bloom Energy.Stick around—things get spicier two scrolls down.
AT A GLANCE
• Revenue up 22% YoY – engineers worked overtime, not Excel.• EBITDA margin at 18.1% – precision parts, precision profits.• PAT up 144% YoY – nuclear reactors and hot boxes pay well.• Order book visibility: ₹1,000 cr nuclear pipeline – the real heavy metal.
MANAGEMENT’S KEY COMMENTARY
Srinivas Reddy (MD):“We anticipate sequential improvements, especially in H2.”– Translation: Q4 will be a blockbuster if tenders land.
On Clean Energy:“Bloom gave us the highest forecast ever post-tariffs.”– Translation: trade wars are someone else’s problem, not ours.
On Nuclear:“₹1,000 crore orders expected in 3–6 months.”– Translation: reactor core parts are the new blue-chip.
On Aerospace:“Targeting 80% revenue growth in FY26.”– Translation: Europe’s defence supply chain crisis = our sales pipeline.
On Oil & Gas:“Long-term deal with Weatherford, new SEZ
facility.”– Translation: drilling down into another 10-year cash stream.
NUMBERS DECODED
| Revenue – The Hero | EBITDA – The Sidekick | Margins – The Drama Queen |
|---|---|---|
| ₹156.6 Cr (+22.1% YoY) | ₹28.4 Cr (+70.9% YoY) | 18.1% (+540 bps YoY) |
- Revenue:Clean Energy led, with ₹105 cr from Bloom alone.
- EBITDA:Scale + high-tech orders = fattened margins.
- Margins:Boosted by long-cycle nuclear work in WIP.
ANALYST QUESTIONS
Q:“When will big nuclear orders actually hit?”A:“Within 3–6 months.”– Translation: mark your calendar, but in pencil.
Q:“Bloom guiding strong — why is MTAR’s clean energy growth ‘only’ 15–20%?”A:“We’re being conservative, expect more.”– Translation: under-promise, over-deliver.
Q:“Any tariff hit in the US?”A:“None.”– Translation: our tech > your import duty.
GUIDANCE & OUTLOOK
FY26 guidance stays at 25% revenue growth, EBITDA margin at ~21% ±100 bps. H2 will carry the weight —
