MTAR Technologies Q1 FY27 Results: Revenue Jumps 130%, Record ₹2,895 Crore Order Inflow Lifts Order Book Above ₹5,100 Crore

What Happened ?

MTAR Technologies reported one of its strongest quarters since listing, supported by rapid execution across Clean Energy, Aerospace & Defence, Civil Nuclear and Industrial engineering businesses.

Apart from the impressive earnings growth, the biggest highlight was the record order inflow, which significantly strengthened revenue visibility for the coming years. The company continues expanding its presence in high-growth sectors such as civil nuclear power, aerospace manufacturing, fuel cells and data centre infrastructure while broadening its global customer base. 

key details

Management Reaffirms FY27 Growth Guidance:

Managing Director Parvat Srinivas Reddy reiterated management’s confidence in sustaining strong momentum.

For FY27, the company continues to guide for:

• Around 80% revenue growth
• EBITDA margin of approximately 24% (±100 basis points)

Management highlighted that MTAR has spent decades building indigenous engineering capabilities in strategic sectors and is now benefiting from multiple structural growth opportunities across aerospace, defence, nuclear energy, clean energy and data centre infrastructure.

Record Order Inflow Drives Multi-Year Revenue Visibility:

MTAR secured ₹2,895.1 crore of fresh orders during Q1 FY27—the highest quarterly order inflow in the company’s history.

This exceeded the company’s entire FY26 order inflow of ₹2,453.3 crore.

Following these wins:

• Opening Order Book (March 2026): ₹2,581.9 crore
• New Orders: ₹2,895.1 crore
• Closing Order Book: ₹5,143.3 crore

This nearly doubled the executable order book within one quarter.

Clean Energy Remains the Largest Growth Engine:

Clean Energy continues to dominate MTAR’s business.

The order book composition includes:

• Clean Energy – Fuel Cells, Hydel & Others: 66.7%
• Clean Energy – Civil Nuclear: 13.3%
• Products & Others: 12.6%
• Aerospace & Defence: 7.4%

The company expects continued momentum from:

• Nuclear reactors
• Fuel cells
• Hydro power
• Wind energy
• Data centre infrastructure solutions

Strong global power demand and increasing investment in clean energy are expected to remain structural growth drivers. 

Civil Nuclear Business Enters a New Growth Phase:

The Civil Nuclear segment continues to receive significant policy support.

Key developments include:

• Received its largest-ever nuclear order worth ₹504 crore for Kaiga Units 5 & 6.
• Expects another ₹150 crore of refurbishment-related orders during FY27.
• Anticipates substantial opportunities from NTPC-NPCIL’s Mahi Banswara nuclear project.
• Government aims to expand India’s nuclear capacity to 100 GWe by 2047, creating long-term opportunities.

MTAR manufactures critical fuel handling assemblies and reactor core equipment, making it a strategic supplier to India’s nuclear programme.

Aerospace & Defence Continues Expanding:

The Aerospace & Defence business remains another major growth pillar.

The company supplies:

• Vikas Engines
• Cryogenic Engine assemblies
• Electro-pneumatic modules
• Launch vehicle structures
• Components for LCA Tejas
• Assemblies for AMCA programme

MTAR also supplies global aerospace majors including:

• Thales
• GKN
• IAI
• Rafael
• Elbit

Management expects meaningful growth as multiple customer programmes move from qualification to volume production.

Data Centre Infrastructure Opens a New Opportunity:

The company is expanding beyond its traditional businesses into data centre infrastructure manufacturing.

Recent developments include:

• First articles under qualification.
• New order from SLB for sheet metal assemblies.
• Expected ramp-up after customer qualification.

Management views this as a long-term diversification opportunity driven by rapid expansion of global AI and cloud infrastructure.

Data Centre Business Continues to Expand:

Data centre infrastructure has emerged as one of the company’s fastest-growing verticals.

Highlights include:

• EPC construction for hyperscale data centres.
• Mechanical, Electrical, Plumbing and Fire (MEPF) works.
• Testing and commissioning services.

The company currently has:

• ₹4,154 crore order book.
• Multiple EPC projects under execution in Maharashtra.

Growing demand from hyperscale cloud providers is expected to remain a key growth driver. 

Product Development Strategy Continues Delivering Results:

Management highlighted several achievements over the past five years.

Highlights include:

• More than 25% of current revenue comes from products developed over the last four to five years.
• New aerospace products successfully qualified with global OEMs.
• Expansion of fuel cell product portfolio.
• Entry into Oil & Gas.
• Development of data centre infrastructure products.
• Dedicated aerospace manufacturing facility commissioned.
• Nadcap-accredited special process facility established with approvals across more than 30 processes.

These investments position the company for higher-value manufacturing opportunities. 

Working Capital Improves Significantly:

Operational efficiency also improved during the quarter.

Compared to Q4 FY26:

• Receivable days reduced from 140 to 82
• Inventory days reduced from 208 to 145
• WIP reduced from 88 to 56 days
• Net Working Capital reduced from 266 to 172 days

The improvement reflects stronger execution and better cash conversion.

Strong Export Business:

MTAR continues deriving the majority of revenue from exports.

Revenue mix:

• Exports: 81%
• Domestic: 19%

This diversified international exposure provides access to global aerospace, defence and clean energy programmes.

Risk Analysis

Summary:

• Despite strong momentum, MTAR remains dependent on execution of large strategic projects across nuclear, aerospace and clean energy sectors.

Key Risks:

• Delay in execution of large government projects.
• Customer qualification timelines.
• Export demand fluctuations.
• Dependence on strategic sector capital expenditure.
• Raw material cost volatility.
• Geopolitical risks affecting aerospace programmes.

Worst Case:

• Delays in project execution or slower order conversion could postpone revenue recognition despite a record order book.

Risk Level: Medium

Company Commentary

• Managing Director Parvat Srinivas Reddy stated that MTAR continues to leverage five decades of engineering expertise to deepen participation in strategic sectors while expanding into emerging opportunities such as data centre infrastructure.
• The company remains committed to achieving approximately 80% revenue growth with EBITDA margins of around 24% during FY27 while strengthening its global customer base and expanding its portfolio of differentiated engineering products.