MTAR Technologies Ltd (NSE: MTARTECH) — Aamara Capital Research

Summary & Verdict

MTAR Technologies Ltd: build-to-print precision engineering for clean energy (Bloom Energy SOFC hot boxes), civil nuclear, space, aerospace & defence, and products. Consolidated, Rs crore.

Data as of 9 Oct 2026. Price Rs 7,660 (NSE, ~09:54 IST, Screener; intraday range ~Rs 7,613-7,700). Latest results: FY26 (audited, 12 May 2026) and Q1 FY27 (reviewed, 29 Jul 2026). Q2 FY27 not yet reported (trading window closed 23 Sep 2026).

Rs 7,660

CMP

52W Rs 1,866 / 8,715

Rs 23,563 cr

Market cap

3.076 cr shares

Rs 876.2 cr

FY26 revenue

+29.6% YoY; TTM 1,080

Rs 94.0 cr

FY26 PAT

+78% (FY25 52.9); TTM 133

19.5%

FY26 EBITDA margin

Q1 FY27 23.6%

12.1% / 15%

FY26 RoE / RoCE

Screener RoCE 15.1%

Rs 5,143 cr

Order book 30 Jun 26

~Rs 5,963 cr incl. 30 Jul PO amendment

72.3%

Bloom share FY26

AR note 40(c)

82%

Exports FY26

~72% of FY25 sales exported to US (ICRA)

~80% ±5%

FY27 revenue guide

EBITDA 24% ±100 bps

29.36%

Promoter (Jun 26)

39.14% Sep 23

A+ (Stable)

ICRA, 7 Jul 2026

limits Rs 1,470 cr

Company overview

Balanagar, Hyderabad, Telangana

Founded

1969-70 (partnership, M/s Machine Tools Aids and Reconditioning)

Incorporated / listed

Pvt Ltd 1999; public 2 Nov 2020; IPO Mar 2021 at Rs 575

Employees

3,000+ skilled staff

Promoters

Parvat, Kallem, Akepati, Gangapatnam, Mitta families (14 holders)

Parvat Srinivas Reddy (son of founder P. Ravindra Reddy)

Chairman

B.V.R. Subbu (Independent)

Plants

9 manufacturing units incl. 100% EOU, all around Hyderabad

Sector

Precision engineering / capital goods (clean energy, nuclear, A&D)

Auditor

S.R. Batliboi & Associates LLP (EY), unmodified

Surveillance

T2T from 25 Jun 2026; LT-ASM Stage IV (Jul 2026); current status unverified

Dividend

None since FY22; no buybacks ever

What it is, in plain English

MTAR machines, fabricates, brazes, surface-treats, assembles and tests low-volume, high-mix, mission-critical hardware to customers' drawings. For 55 years its name was made in Indian strategic programmes: fuelling-machine heads and drive mechanisms for NPCIL's PHWRs, control-rod drives for the fast-breeder programme, Vikas and cryogenic engine hardware for ISRO, Agni missile assemblies for DRDO. Since 2011-12 it has also built the "hot boxes" (power-module enclosures) for Bloom Energy's solid-oxide fuel-cell servers. As AI data centres turned to on-site power, Bloom became the business: the single customer above 10% of revenue took Rs 633.4 cr, 72.3% of FY26 revenue (AR note 40(c)). The order book went from ~Rs 930 cr (Jun 2025) to Rs 5,143 cr (Jun 2026), management guides ~80% revenue growth for FY27, and the stock is up ~4x in 52 weeks to ~177x trailing earnings. Fact

Analyst notes — the read before the data

What just happened. MTAR has gone from a flat, cash-hungry FY24-FY25 (revenue Rs 581 cr then Rs 676 cr; PAT down to Rs 52.9 cr; EBITDA margin 17.9%) to a step-change. Q3 FY26 to Q1 FY27 revenue ran Rs 278 cr, Rs 306 cr and Rs 361 cr. Q1 FY27 EBITDA was Rs 85.1 cr (23.6%) and PAT Rs 50.2 cr (+365%). Record inflows (Rs 2,453 cr in FY26 and Rs 2,895 cr in Q1 FY27 alone) mean the Jun-26 book is ~4.8x TTM revenue. Fact

What drives it is one customer. Bloom's CY26 revenue guide went to USD 3.9-4.2 bn (about 2x CY25) on Oracle (2.8 GW), AEP (up to 1 GW) and other data-centre deals. MTAR is scaling hot-box capacity from 8,000 to 12,000 (Mar-26), then 20,000 (Dec-26), then 30,000 units. The May 2026 blanket POs (USD 238.76 mn, amended on 30 Jul to USD 324.62 mn, ~Rs 3,100 cr) from an "existing international customer" are not named in the filings. The clean-energy jump in the Jun-26 order-book mix (51% to 67%) points to Bloom. Analyst View Bloom took 70.2%, 71.6% and 72.3% of revenue in FY24-FY26. That share is slightly above the whole fuel-cell segment's 70.2%, because Bloom also buys products-segment parts (ASP assemblies). The "diversified platform" description is a pipeline, not yet the P&L. Fact

Margins and cash need closer reading. The EBITDA expansion is operating leverage, not pricing power. Gross margin has fallen from 63.9% (FY22) to 47.7% (FY26) and 45.6% (Q1 FY27) as low-margin, material-heavy hot boxes dominate. FY26 operating cash flow of Rs 196.9 cr (209% of PAT) came from customer advances: other liabilities rose ~Rs 320 cr, while inventory (+Rs 155 cr) and receivables (+Rs 117 cr) both grew. Five-year cumulative FCF is −Rs 194 cr. Working capital fell to 59 days in Q1 FY27 because of advances, and management itself guides it back to ~100 days. Fact / Analyst View

Walk-the-talk is two-speed. Where Bloom drives the number, management has hit or beaten: clean energy grew +48% in FY26 against a +15-20% guide, and the FY27 order-book target was beaten in Q1. Elsewhere the record is weak. The FY26 margin band was missed (19.5% vs 21% ±1%). A&D grew +11% vs +80% guided. Nuclear revenue was Rs 23.6 cr vs Rs 60 cr. The FY25 and FY26 closing order books missed guidance. Fluence was dropped and the oil & gas plant slipped ~4 months. The CFO's "debt won't exceed Rs 250 cr" (Nov 2025) became Rs 369 cr by Mar-26 and Rs 424 cr by Jun-26. Fact

Insiders sell while foreigners buy. Promoter holding fell from 39.14% to 29.36% in 11 quarters. About 3.35 lakh shares (~Rs 265 cr) were sold in Q1 FY27 alone at Rs 7,500-8,400, with sales continuing in Sep 2026 (the trading window for designated persons and their immediate relatives has been closed since 1 Oct, until 48 hours after Q2 results). FPIs rose from 6.74% to 24.80% in five quarters, while legacy domestic MFs (Nippon, HDFC Defence, Franklin) trimmed. The sell-side is 3/3 Buy (TP Rs 8,294-9,375), but MOSL has issued seven successively higher targets (six raises) in 14 months, largely through multiple expansion. Fact

What the price assumes. At Rs 7,660 the stock trades at ~177x TTM EPS, ~28.6x book, ~104x TTM EV/EBITDA, ~51x MOSL's FY28E EPS and ~34-35x JM's FY29E. That is about 2x its own 3-year averages, with an FCF yield of ~0.27%. Paying this means believing that (a) Bloom keeps MTAR as majority supplier through a 3-4x volume ramp with no dual-sourcing, tariff or data-centre wobble; (b) three concurrent capacity ramps land on time; and (c) the non-Bloom verticals finally convert. Each is plausible, but all three are priced in together. Late September showed how (a) trades: Oracle's force-majeure notice on Project Jupiter (24 Sep) took MTAR down ~5% in two sessions, and Oracle's and Bloom's reaffirmation of the 2.4 GW contract brought two upper circuits. The scare passed, but the pipeline slip to Feb 2027 is a timing risk for Bloom shipments into that site. This does not change the verdict. Analyst View

Our stance: TRACK. This is a real business inflection with a qualification moat in nuclear and space. At this price there is no margin of safety for the most concentrated, buyer-dominated part of the business. We would engage on price, or on evidence that diversification is real. Analyst View

House view — scorecard

Business Quality

Strong niche

Decades-long nuclear/space qualification, sole SOEC supplier; but build-to-print, 72% one customer

Management & Governance

Medium

Clean audit, independent chair, ICRA A+; vs relentless family selling, revolving pledges, missed non-Bloom guidance

Financial Quality

Medium, improving

Margins and RoE recovering; FCF −Rs 194 cr over 5 yrs; advance-funded OCF; debt up 2x

Valuation

Expensive

~177x TTM, ~29x P/B, ~2x own 3-yr avg; ~51x FY28E

Overall

TRACK

Inflection real, price ahead of proof; re-engage on triggers below

Colour key: green = strong / attractive amber = medium / neutral red = weak / expensive.

Bull case

Bloom is supply-constrained and MTAR is the binding constraint. Bloom's CY26 revenue guide is USD 3.9-4.2 bn, its backlog ~USD 20 bn (product ~USD 6 bn). MTAR holds a "majority" of hot-box supply (~50-60% reported) and is sole supplier of SOEC electrolysers. The blanket PO (~Rs 3,100 cr) alone is ~3.5x FY26 revenue. Fact
Operating leverage is visible. A ~28% fixed-cost base gives "at least 5%" leverage. Q1 FY27 EBITDA was 23.6% against a 24% ±100 bps FY27 guide. Brokers model 82-118% PAT CAGR and RoE of 29-37% by FY29E. Est.
Real second legs. Nuclear book ~Rs 684 cr plus Rs 126.74 cr NPCIL (Aug-26), with Mahi Banswara and SHANTI-Act tailwinds. A&D is guided to double in FY27 (LCA Mk1A Rs 130-150 cr). SLB data-centre (Rs 45 cr, 8x potential) and Weatherford O&G (Rs 450-500 cr over 3-4 years) add more. Analyst View

Base case (12-18 months)

FY27 lands near guidance: ~Rs 1,550-1,620 cr revenue, EBITDA ~23-24%, PAT ~Rs 220-260 cr (EPS ~Rs 72-85). Working capital drifts back toward ~100 days and FCF stays thin on ~Rs 500 cr capex. On a sustained ~45-55x one-year-forward (FY28E ~Rs 150 EPS per MOSL), fair value is ~Rs 6,750-8,250, which brackets today's price. Expected return is roughly market-like, with high volatility (beta 1.39, 34% drawdown in Jul-26). Analyst View

Bear case

A Bloom wobble is a direct P&L hit. FY24 showed how fragile it is: a Bloom deferral left revenue +1% and cut EBITDA 27%. A Taiwanese second supplier exists; Bloom owns the IP; tariffs on the ~72% of sales shipped to the US (FY25, ICRA) keep moving; Crusoe/Oracle pauses triggered −34% to −37% in a month. Fact
Quality of growth. Gross margin is falling (45.6%). OCF depends on advances, 5-yr FCF is −Rs 194 cr, debt has doubled (Rs 369 cr, Rs 424 cr in Jun-26) and the borrowing limit was lifted to Rs 2,000 cr. A QIP is plausible. Fact / Analyst View
Price and insider signal. At ~177x TTM, a de-rating to 30-35x FY28E (~Rs 150) gives ~Rs 4,500-5,250 (Aamara bear case, Valuation tab). Promoters have sold into every rally, MFs are distributing and the register has rotated to momentum FPIs. Analyst View

5 things to remember

Bloom Energy = 72.3% of FY26 revenue (one customer above 10%; every other customer below 10%). The unnamed USD 324.62 mn blanket PO is very likely Bloom. Fact / Inferred
Order book Rs 5,143 cr (Jun-26; ~Rs 5,963 cr after the 30 Jul amendment), mix 66.7% clean energy, 13.3% nuclear, 7.4% A&D, 12.6% products.
Gross margin is falling (63.9% FY22 to 45.6% Q1 FY27). EBITDA gains are operating leverage, not pricing.
Cash: cumulative 5-yr FCF −Rs 194 cr; FY26 OCF was advance-funded; WC of 59 days is guided back to ~100.
Promoters 29.36% and selling (~Rs 265 cr in Q1 FY27); FPIs 24.80%; stock in T2T/ASM; valuation ~2x 3-yr average.

5 questions before investing

What is MTAR's hot-box share at Bloom after Phase 3 (Mar-27), and what does the Taiwanese second source do to pricing?
When does the USD 324.62 mn blanket PO actually execute ("to be decided"; MD: "next year"), and how firm is a call-off blanket PO?
Does H2 FY27 nuclear revenue reach the "≥Rs 150 cr very comfortably" guide when Q1 was Rs 3.2 cr?
How much of the 59-day WC and Rs 379 cr of investments is customer advances that reverse on delivery?
Will Rs 500 cr of capex, a Rs 2,000 cr borrowing limit and a high share price lead to a QIP, and why do promoters keep selling?

Aamara Capital verdict

TRACK

MTAR is a genuine inflection: a qualified, vertically integrated precision engineer riding AI-driven on-site power and India's nuclear build-out. At ~177x TTM and ~51x FY28E for a build-to-print supplier with 72% of revenue from one customer, advance-funded cash flow and steady promoter selling, the price already discounts flawless execution. Track, do not engage yet.

Upgrade to ENGAGE if: (1) price falls to ≤~35-40x FY28E (~Rs 5,300-6,000); or (2) Q2-Q3 FY27 show observable proof: a revenue run-rate of Rs 400 cr+ per quarter with gross margin stable at ≥45%, nuclear plus A&D revenue of ≥Rs 60 cr per quarter combined, and named non-Bloom orders converting (LCA Mk1A actuators, Mahi Banswara packages, Weatherford volume production). Bloom's share can only be tested annually, in the FY27 annual report (note 40(c)), because no quarterly customer split is published; a fall below ~65% there would confirm diversification. Downgrade to DECLINE if: Bloom dual-sources or defers, gross margin falls below 43%, WC goes back above 150 days, an equity raise is priced at peak, or promoter selling accelerates.

Business 101

Products, processes, facilities, certifications, segments, order book and the full supply chain (upstream and downstream). Tags: [Co] company filing; [Rpt] media/broker; [ICRA]; [Derived] desk arithmetic; [Inferred] analyst inference.

Entity guard

This report covers MTAR Technologies Ltd (NSE: MTARTECH, BSE: 543270, CIN L72200TG1999PLC032836), Hyderabad. The history runs: partnership M/s Machine Tools Aids and Reconditioning (1969-71), then MTAR Technologies Pvt Ltd (1999), then public limited company (2 Nov 2020), then IPO in March 2021. Wholly owned subsidiaries are Gee Pee Aerospace & Defence Pvt Ltd and Magnatar Aero Systems Pvt Ltd; a merger of both is pending at NCLT.

Products, product by product

Vertical	Product	What it is / customer	Status / data point
Clean Energy - Fuel Cells, Hydel & Others (70.2% of FY26)	SOFC hot boxes / power units / power modules	Core electrochemical enclosure assemblies of Bloom Energy Servers: manifolds, heat exchangers, insulation enclosure, brazed/welded assemblies	Supplier since 2011-12 (14+ yrs); ~50-60% of Bloom's hot-box need (FY26 AR, as reported) [Rpt]; one hot box = 65 kW; ~16 ASP assemblies per hot box
	SOEC electrolyser units	Solid-oxide electrolyser modules for hydrogen (Bloom)	Reported sole supplier [Rpt]
	Sheet-metal assemblies & enclosures	Cabinets/enclosures for Bloom systems, Unit 6 Adibatla	[Co][Rpt]
	Hydel components	Turbine and governor parts for Andritz Hydro, Voith Hydro, GE	Andritz orders ~Rs 40 cr/yr; hydro/other Rs 100-120 cr "next year" (Q3 FY26 call)
	Other clean energy	Hitachi Zosen; Fluence (BESS)	Fluence prototype done; project deferred over battery export duties; dropped from list (May-26)
Civil Nuclear (2.7% of FY26; 13.3% of Jun-26 book)	Fuelling-machine heads & assemblies	For NPCIL 700 MWe PHWRs (on-power refuelling); also bridge & column, drive mechanisms, sealing plugs, fuel-handling assemblies	Flagship nuclear product; ~2 fuelling machines and 392 coolant channels per PHWR
	Coolant channel assemblies	En-masse coolant channel replacement (refurbishment)	NPCIL Rs 126.74 cr PO (26 Aug 2026; execution by 26 May 2028); RAPS-4/MAPS-2 per media
	CSRDM / DSRDM	Control & safety rod drive mechanisms for IGCAR/BHAVINI fast breeders	Since 2003; grid plate for 500 MW PFBR (2008)
	Calandria / end-shield (new)	Qualified for Mahi Banswara tenders	Content per reactor: Kaiga ~Rs 250 cr; new reactors with end-shield and calandria Rs 350-400 cr (Q3 FY26 call)
Aerospace & Defence (11.8% of FY26)	Space (ISRO)	Vikas, cryogenic and semi-cryogenic engines; electro-pneumatic modules; turbo- and booster-pumps (LPSC, SAC)	Supplier since 1983; first Vikas engine 1989; ISRO EMA opportunity Rs 60-70 cr; SSLV paused
	Missiles / strategic	Agni base shroud, fin assemblies, pneumatics (DRDO)	Since 1999; defence customer since 1986; HAL, GTRE, ADA 1988; BEL
	Military aircraft	LCA Tejas Mk1A actuator assemblies; AMCA structural assembly	LCA Rs 130-150 cr expected (free-issue material, value-add only; still pending); AMCA Rs 4 cr order, one of 8 qualified vendors
	Export aerospace	Build-to-print parts and structures for GKN, Thales, Collins, IAI, Rafael, Elbit; Thales Alenia Space load-bearing structure	GKN and Thales in volume; IAI 15-yr pipeline USD 90-120 mn (contract value); IAI FAI Sep-26, volume Oct-26
Products & Others (15.3% of FY26; 27.8% of Q1 FY27)	Ball screws	Since 1985; indigenous import substitute (2021); Unit 3; ISRO, MNCs, defence	MNC ball-screw contract; export orders growing
	Roller screws	From 2020; substitute for Rollvis (Sweden) imports	[Co history]
	Water-lubricated bearings	Hydro and marine	Proto valves to Indian Navy; qualified for volume in naval programmes
	Actuation systems	Electro-mechanical, electro-pneumatic, electro-hydraulic actuators	Aerospace, defence, space
	Oil & gas	BOP reconditioning, parts for TechnipFMC, SLB, Kongsberg; whipstocks for Weatherford	Greenfield plant "operational by Oct-26"; Rs 450-500 cr potential over 3-4 yrs; Weatherford USD 35-40 mn
	Data-centre infrastructure (SLB)	Sheet-metal components and assemblies, all for export	Rs 35 cr (FY26), Rs 45 cr cumulative; execution by Feb-Mar 2027; "eight times" potential; ~70% value-add; dedicated facility planned

Products launched in the last 4-5 years are more than 25% of revenue [Rpt]. [Inferred] Products & Others jumped +369% YoY to Rs 100.4 cr in Q1 FY27. Neither ball screws nor first-article O&G/data-centre work explains this, so part of it probably reflects non-hot-box Bloom work (electrolysers, enclosures, ASP assemblies). Composition is not disclosed.

How they make it: processes and inputs

Capability	Detail
Business model	Mostly build-to-print, plus build-to-spec and developed products (screws, actuators); "from mechanical engineering toward integrated systems"
Machining	600+ CNC machines (3- and 5-axis mills, Akira Seiki 3+2, turning centres, heavy VMCs); tolerances ~5-10 microns; Zeiss CMMs
Fabrication	Specialised and heavy fabrication (Unit 6 Hangars 2-3), precision sheet metal, welding
Brazing / heat treatment	Vacuum brazing (critical for hot-box heat exchangers and rocket engines); heat treatment; induction hardening
Surface treatment (NADCAP)	Nitriding; anodising (sulphuric/chromic/hard); passivation; hard chrome; nickel and electroless nickel; cadmium; zinc; chromate conversion; chemical milling; electropolishing; pickling; phosphating; titanium cleaning; dry-film lubricant; painting; powder coat
Assembly, integration & test	Class 10,000 clean rooms (28x9 m, 14x7 m) and Class 100,000 area at Unit 2; functional and environmental test labs; electronics/cable harness (Unit 6 Hangar 1)
In-house testing	Destructive testing, NDT, chemical lab, all NABL-accredited
Workforce	3,000+; headcount added ahead of expansion weighed on FY26 GM; automation being added for the Bloom ramp

Facilities

Unit	Location	Year	Area	What is made	Certs
Unit 1 (HO)	18 Technocrats Industrial Estate, Balanagar 500037	1970-71	n.d.	High-precision machining: nuclear (fuelling machines, drives), aerospace	ISO 9001:2015
Unit 1A	Plot 21, Gagillapur, Dundigal 500043	n.d.	n.d.	Extension of Unit 1	-
Unit 2	Sy 149/P, IDA Jagadgirigutta Rd, Gandhinagar	2002	2 clean rooms + Class 100,000	Space/defence: Vikas, cryogenic and semi-cryogenic engine integration and test	-
Unit 3	Plots 97 & 100A, Co-op Indl Estate, Gandhinagar	1980	n.d.	Ball screws; nuclear and aerospace parts	-
Unit 3A	Plot 21, Gagillapur	n.d.	n.d.	Extension of Unit 3	-
Unit 4 "Montage"	B-34, EEIE, Balanagar Township	1975	n.d.	Rough machining (feeder)	-
Unit 5	58/C Phase-1, IDA Jeedimetla 500055	1978	n.d.	Heat and surface treatment plant	AS9100D, NADCAP
Unit 6	Samuha Aerospace Park, Adibatla, Ranga Reddy 501510	~2019-20 [Est.]	9 acres; 1,55,000 sq ft; 3 hangars	Clean energy: hot boxes, electrolysers, enclosures; 8,000 → 12,000 → 20,000 → 30,000 units/yr	-
Unit 7	17/A Phase-III, IDA Pashamylaram, Sangareddy 502307	Commissioned Jan 2025	n.d.	Dedicated aerospace (GKN, Thales, IAI)	-
Unit 7A	Plot 22, Patancheru, Sangareddy	n.d.	n.d.	Expansion; possibly O&G/data-centre [Inferred]	-
Unit 8 Gee Pee (subsidiary)	Plots 75 & 81, Phase III, TSIIC Pashamylaram	Acquired May 2022	n.d.	Chemical processing / special processes; DT/NDT	NADCAP (2025), AS9100
100% EOU	Plot 149/P, IDA Balanagar	2010	n.d.	Export precision: aerospace, oilfield, energy; NADCAP paint booth	AS9100D
New SEZ unit	15 acres SEZ near Unit 6 (Adibatla)	Announced 2025	15 acres	O&G, machining, fabrication; all Bloom work moving to new SEZ plant near airport	-
Greenfield O&G	Likely the SEZ site [Inferred]	Target Sep/Oct 2026	n.d.	Whipstocks and oilfield tools (Weatherford)	-
Data-centre facility	Planned	After SLB qualification	n.d.	Data-centre assemblies	-

Only the fuel-cell line has a disclosed unit capacity. Fuel-cell phasing: Phase 1 commissioned; Phase 2 Sep-Oct 2026; Phase 3 "multi-fold" by ~Mar 2027 (numbers under NDA).

Certifications, IP, ratings and exports

Item	Detail
Quality systems	ISO 9001:2015; AS9100 Rev D (Unit 5, EOU, Gee Pee); NADCAP (Unit 5, EOU paint booth, Gee Pee 2025); NABL labs. No IATF 16949 or ISO 13485.
Nuclear/space qualification	NPCIL, BARC, IGCAR/BHAVINI, ISRO (LPSC, SAC): multi-year qualification, a licence-like barrier
Patents / IP	No material patent portfolio. IP = process know-how and qualifications. Customer owns designs on build-to-print (incl. Bloom, NPCIL) [Inferred]
ESG ratings	CRISIL ESG 63 "Strong" (FY2025-26, 6 Oct 2026); SES ESG "Medium" (7 Jan 2026)
Credit	[ICRA]A (Stable)/A1 reaffirmed 13 Oct 2025; upgraded to [ICRA]A+ (Stable)/A1 on 7 Jul 2026; limits Rs 670 cr → Rs 1,470 cr
Awards	SIDM Champion Award (2021); accolade for indigenous ball screws (2021)
Export footprint	Exports 82% of FY26 (83% Q4 FY26; 81% Q1 FY27); ~72% of FY25 sales were exports to the US (ICRA). A Q4 FY25 results summary put FY25 exports at 64%/36% export/domestic, which conflicts with ICRA's ~72% US share and Bloom's 71.6% FY25 revenue share; unreconciled (the ICRA ~72% is consistent with Bloom's 71.6% share). Israel (IAI, Rafael, Elbit), Europe (GKN, Thales, Collins), oilfield MNCs.

Segment revenue

Rs cr	FY22	FY23	FY24	FY25	FY26	FY26 YoY	FY26 mix
Clean Energy - Fuel Cells, Hydel & Others	201.6	441.7	351.2	416.9	615.4	+47.6%	70.2%
Civil Nuclear	45.7	43.8	61.9	18.4	23.6	+28.3%	2.7%
Aerospace & Defence	56.4	64.5	58.7	93.2	103.8	+11.4%	11.8%
Products & Others	18.3	23.7	108.3	147.5	134.1	−9.1%	15.3%
Total	322.0	573.8	580.8	676.0	876.2	+29.6%	100%

FY22-FY24 from company deck charts: FY23 sums to 573.7, FY24 to 580.1. A&D chart % labels (15/9/7%) do not match values (~17/11/10%), so treat the FY22-24 A&D split as ±Rs 1 cr. MNC aerospace exports were only Rs 9-10 cr (FY24) and Rs 45-48 cr (FY25) (MD, Q4 FY25 call); the rest of A&D is space and defence. Segment EBITDA/EBIT is not disclosed.

Rs cr (quarterly)	Q1 FY26	Q2+Q3 FY26	Q4 FY26	Q1 FY27	Q1 FY27 YoY	Q1 FY27 mix
Clean Energy - Fuel Cells, Hydel & Others	105.1	~293.0	217.3	220.8	+110.1%	61.2%
Civil Nuclear	5.4	~11.2	7.0	3.2	−40.7%	0.9%
Aerospace & Defence	24.8	~47.6	31.4	36.4	+46.8%	10.1%
Products & Others	21.4	~62.3	50.4	100.4	+369.2%	27.8%
Total	156.6	414.2	306.1	360.7	+130.4%	100%

Q1 FY27 from Arihant Q1 FY27 note (Rs mn 2,208/32/364/1,004). Q1 and Q4 FY26 back-calculated from reported YoY/QoQ % [Derived], reconciling to reported totals. Management cited 9M FY26 fuel-cell revenue of ~Rs 387 cr against ~Rs 398 cr derived for the whole segment (~Rs 11 cr gap = hydel/other, rounding).

Fastest grower

Products & Others (+369% YoY in Q1 FY27, ~28% of revenue). Fuel cells +47.6% in FY26 and +110% in Q1 FY27. A&D accelerating (+46.8% in Q1 FY27; guided to double in FY27).

Under pressure

Civil nuclear: Rs 23.6 cr in FY26 (2.7%; historically ~20-30% share), Rs 3.2 cr in Q1 FY27 (−40.7%). The book is strong (Kaiga Rs 504 cr, refurbishment Rs 126.74 cr) but large-order execution only starts in H2 FY27.

Order book

Rs cr	31 Mar 2026	%	30 Jun 2026	%
Clean Energy - Fuel Cell, Hydel & Others	~1,322	51.2%	~3,431	66.7%
Civil Nuclear	~679	26.3%	~684	13.3%
Aerospace & Defence	~361	14.0%	~381	7.4%
Products & Others	~219	8.5%	~648	12.6%
Total	2,581.9		5,143.3

Order book trajectory (Rs cr)

ReportedIncl. USD 85.86 mn amendment (not a reported quarter-end)

Date	Order	Value	Execution / note
10 Sep 2025	Bloom Energy Corp (named), fuel cells	Rs 386.06 cr (USD 43.87 mn)	Rs 204.86 cr by Mar-26; Rs 181.20 cr by Jun-26
H2 CY2025	Overseas customer	USD 29.95 mn	[Rpt]
6 Dec 2025	Megha Engineering & Infrastructures (MEIL), Kaiga 5&6 end fittings	Rs 194 cr	By Apr 2028; booked Q3 FY26
18 Dec 2025	MEIL, Kaiga 5&6 various equipment	Rs 310 cr	Staggered to Feb 2030; booked Q3 FY26
~Apr-May 2026	SLB data-centre first articles	Rs 35 cr → Rs 45 cr cum.	Export; by Feb-Mar 2027
14 May 2026	Blanket POs, unnamed existing international customer	USD 238.76 mn (Rs 2,278.96 cr @ 95.50)	Execution timing undecided; forums cite 6-8 months from CY27
22 May 2026	Existing international customer	~Rs 467 cr (USD 48.68 mn)	50% by 20 Mar 2027, rest by 20 Jun 2027
30 Jul 2026	Amendment of 14 May blanket PO	+USD 85.86 mn (~Rs 819.94 cr); total USD 324.62 mn (~Rs 3,100.09 cr)	"To be decided later"; MD: "next year". Not nuclear.
26 Aug 2026	NPCIL coolant channel assemblies (refurbishment)	Rs 126.74 cr	By 26 May 2028

Order inflow: FY25 Rs 720 cr; FY26 Rs 2,453.3 cr (Q3 FY26 ~Rs 645 cr in fuel cells alone; Q4 Rs 481.6 cr); Q1 FY27 Rs 2,895.1 cr. FY27 guidance included ~Rs 4,000 cr clean-energy inflow. [Inferred] If the ~Rs 3,100 cr blanket PO is Bloom, Bloom-linked work is roughly 60%+ of the Jun-26 book.

Supply chain — ↑ Upstream: what MTAR depends on

Dimension	Finding
Key materials (AR FY26 MD&A)	Inconel, aluminium, titanium, 17-4 PH, SS 410, 13-8 Mo, mostly imported from "authorized international suppliers". Also [Inferred] stainless and nickel alloys for hot boxes, ceramics/insulation, maraging steel, nuclear-grade stainless and zirconium-interface parts, bearing steels, brazing alloys, fasteners, electronics.
Fuel-cell procurement	Most raw materials from customer-directed sources, prices contracted a year ahead, increases passed through. Bloom uses a pass-through cost model (Q2 FY26 call).
Free-issue material	Some defence projects (e.g., LCA Mk1A actuators) and nuclear/space jobs use customer-issued material.
Named suppliers	None disclosed (AR FY26 checked). Call mentions: a US plasma-coating vendor (outsourced; being in-sourced) and Rollvis (Sweden), the import MTAR substitutes.
Contracts	No formal long-term contracts with most suppliers. MSME direct sourcing 31.37% of inputs (FY25: 20.55%) per BRSR.
Import / country dependence	Aerospace and nickel alloys largely imported (Europe, US, Japan) or customer-nominated; imports 30-35% of cost mix (Q4 FY26 call). ICRA credits indigenisation for Bloom cost-competitiveness.
Single-source risks	(a) Special processes in-house (NADCAP/AS9100), which lowers risk; (b) few approved specialty-alloy mills, so lead-time risk; (c) capacity ramp depends on imported CNCs and CMMs (Akira Seiki Taiwan, Zeiss Germany).
Cost structure FY26	Net materials Rs 458.4 cr (52.3%; materials 503.5 less inventory build 45.1); employee Rs 150.9 cr (17.2%); other expenses Rs 95.7 cr (10.9%); Q4 FY26 materials Rs 165.0 cr (Q4 FY25 Rs 95.7 cr).
Pass-through	Partial and lagged on non-material costs: FY26 GM −170 bps on consumables, freight and headcount.
Supplier credit	Rs 74.5 cr interest-bearing supplier credit (6.73-9.15%) at Mar-26 (FY25 Rs 16.3 cr); import suppliers give 30-120 days (ICRA).

Supply chain — ↓ Downstream: who depends on MTAR

End market	Customers	End products containing MTAR output	Tenor / stickiness
Distributed power / AI data centres; hydrogen	Bloom Energy (to Oracle, AEP, Equinix, data-centre developers)	Bloom Energy Servers, Bloom electrolysers	Blanket/annual POs with multi-year forecasts; 14+ yrs; Taiwanese second source exists
Indian nuclear power	NPCIL, MEIL (EPC), BARC, IGCAR, BHAVINI, NFC, DAE, ECIL	700 MWe PHWRs (Kaiga 5&6, RAPP, Gorakhpur, Mahi Banswara), refurbishments, PFBR	Kaiga 1-3.5 yrs; refurbishment ~2 yrs; years-long qualification
Indian space	ISRO (LPSC, SAC)	GSLV, PSLV, LVM3 engines (Vikas, CE-20)	Programme-linked POs; since 1983
Indian defence	DRDO, ADA/HAL, BEL	Agni missiles, LCA Mk1A actuators, AMCA structures	Programme-linked
Global aerospace	GKN, Thales, Collins, IAI, Rafael, Elbit, Thales Alenia	Aircraft, militaries, satellites	LTAs; IAI 15-yr pipeline
Oilfield services	SLB, Weatherford, TechnipFMC, Kongsberg	Whipstocks, BOPs; data-centre infrastructure (SLB)	Weatherford LTA (forums cite 10-yr, ~Rs 90 cr/yr from FY27, unverified)
Hydro OEMs / others	Andritz, Voith, GE; Tata, Hitachi Zosen, Fluence	Hydro turbines; storage	Repeat

Customer concentration	FY19	FY20	FY21	FY23	FY24	FY25	FY26
Bloom Energy share of revenue	61%	64%	~50% (9M)	>75% (ICRA)	70.2%	71.6%	72.3%
Bloom revenue (Rs cr, AR note 40(c))	-	-	-	-	407.6	483.7	633.4

Bloom Energy share of MTAR revenue (%)

Concentration: the hard numbers

Top-1 = Rs 633.4 cr = 72.3% of FY26 revenue from operations (73.2% of revenue from contracts, Rs 865.4 cr). This exceeds the whole fuel-cell segment (Rs 615.4 cr), so Bloom also buys products-segment items. Every other customer is below 10%. Top-5/top-10 are not disclosed; [Est.] top-5 is ~85-90%. The earlier "~55-60% by Q1 FY27" media figure is unsupported, and no quarterly customer split is published.

Value chain and where pricing power sits

RAW INPUTS                    MTAR (Hyderabad, 9 units)               CUSTOMER / OEM                       END-USER
Stainless & Ni alloys,  -->   CNC machining (600+), vacuum brazing, --> Bloom Energy (hot boxes, SOEC)  -->  Data centres (Oracle...), utilities, H2
maraging/Ti/Al, forgings,     heavy & sheet fab, NADCAP heat/surface --> NPCIL / MEIL / IGCAR / BARC     -->  Indian nuclear grid
insulation, bearings,         treatment, clean-room assembly & test--> ISRO (LPSC, SAC)                -->  Launch vehicles / satellites
electronics, imported CNCs    Products: ball/roller screws,        --> DRDO / HAL / ADA / BEL          -->  Armed forces
(mills, importers,            actuators, water-lubricated bearings --> GKN, Thales, Collins, IAI...    -->  Airlines, militaries, space
 customer-directed)                                                --> SLB, Weatherford, TechnipFMC    -->  O&G operators, data centres
                                                                   --> Andritz, Voith, GE              -->  Hydro utilities

Pricing power [Analyst View]

Pricing power sits with the OEMs (Bloom, NPCIL, ISRO, aero primes), who own the designs. MTAR's leverage comes from qualification scarcity and switching costs, not IP. It is moderate in nuclear/space/defence (few vendors, cost-plus or tender, high GM). It is weakest in Bloom hot boxes (one of two sources, volume pricing, lower GM), though stronger while Bloom is capacity-constrained and in electrolysers (sole source). The improved Q1 FY27 commercial terms (WC 59 days via advances) suggest bargaining power rose as the book swelled to ~6x FY26 revenue.

Disclosure gaps: not disclosed are segment EBITDA, named suppliers, top-5/10 %, patent count and non-fuel-cell capacity. Upcoming: Q2 FY27 results (Oct-Nov 2026), Phase 2 capacity (Sep-Oct 2026), O&G plant, NCLT merger order.

Industry

Four end-markets: SOFC on-site power for AI data centres, Indian civil nuclear, space, and defence/aerospace, plus O&G and data-centre hardware. Market position, policy, Porter's five forces and moat.

Industry-size figures are government/industry targets as widely reported; not independently re-verified for this report.

Where MTAR sits in each market

Market	MTAR position	Rank / competitors	Key data
Bloom SOFC hot boxes	Key strategic outsourced supplier of hot-box and power-module assemblies; "majority" wallet share (no % given; NDA)	Taiwanese second supplier; Bloom in-house (Newark DE, Fremont); possible Mexico/Asia second sources	72.3% of FY26 revenue; capacity 8,000 → ~30,000 units
Indian PHWR nuclear	One of a handful of NPCIL-qualified private suppliers (~40 yrs) for fuelling-machine heads, coolant channels, drives, refurbishment	Top 2-3 private, with Godrej Enterprises (Precision & Aerospace), L&T Heavy Engineering, Walchandnagar; no share data	Book ~Rs 684 cr (Jun-26) + ~Rs 130 cr expected (incl. L1) = ~Rs 815 cr; Rs 126.74 cr NPCIL Aug-26
ISRO / space	30+ yr supplier of Vikas, cryogenic subsystems, turbopumps, electro-pneumatic modules	Godrej Aerospace, Walchandnagar, HAL, L&T, Ananth Technologies	Domestic space opportunity >Rs 250 cr (mgmt)
Defence / aerospace	Niche in actuators, screws, assemblies; exports to global and Israeli OEMs	Smaller than Azad, Aequs, Dynamatic, Tata Advanced Systems in aerostructures/engine parts	A&D Rs 103.8 cr FY26; double in FY27; Rs 600-700 cr ~FY30; Tejas actuators ~Rs 140-150 cr
Products	Ball/roller screws, actuators, WLB	Import substitution (Rollvis etc.)	~Rs 100 cr run-rate (Q1 call); target >Rs 1,000 cr ~FY30
Oil & gas	Greenfield facility for Weatherford and others	Azad, Unimech, Aequs, Bharat Forge court US energy OEMs	Rs 450-500 cr over 3-4 yrs
AI data-centre hardware	SLB first-article orders	Azad (Baker Hughes), Unimech	Rs 35 cr (Q4 FY26), Rs 45 cr order by Feb-Mar 2027; ~8x potential

Clean energy: SOFC / on-site power for AI data centres

Bloom Energy (US)	Revenue	YoY	Guidance at the time
CY2025	USD 2.02 bn	-	-
Q1 CY26	USD 751 mn	+130%	CY26 raised to USD 3.4-3.8 bn (from 3.1-3.3 bn)
Q2 CY26 (Jul 2026)	USD 1.07 bn	+165%	CY26 raised again to USD 3.9-4.2 bn
Backlog	~USD 20 bn	-	Product backlog approaching ~USD 6 bn
Installed base (2025)	~1.4 GW	-	1,000+ sites, 9 countries

Bloom demand / event	Detail	MTAR tape
Oracle partnership (Apr 2026)	Up to 2.8 GW (from 1.2 GW), incl. Project Jupiter 2.45 GW, New Mexico	+10% on the day (15 Apr 2026)
AEP	Up to 1 GW; USD 2.65 bn agreement (Q3 FY26 call)	-
Others	Equinix >100 MW; Quanta; SK Eternix (Korea); Brookfield USD 5 bn AI-infrastructure deal (Oct 2025)	-
Crusoe "Project Jade", Cheyenne, Wyoming (1.8 GW)	Paused 11 Jun 2026 per Bloomberg; later reported continuing / early-2028 start	−10% intraday to Rs 6,389 (~−15% over 2 sessions); +12% on 12 Jun after denial
Oracle-linked project regulatory delay (Jul 2026)	Bloom −38% to −46% in a month (sources vary by window)	Lower circuit in 6 of 7 sessions; Rs 5,457 on 21 Jul (−35% in a month)
Bloom S&P 500 inclusion (announced early Sep 2026)	Index event	5% upper circuit to Rs 7,519 on 7 Sep 2026
Oracle force-majeure notice on Project Jupiter (24 Sep 2026)	Oracle served a force-majeure notice on the developer of Project Jupiter, Doña Ana County, New Mexico (STACK Infrastructure/Blue Owl; capacity for OpenAI), allowing it to defer rent if the 2028 opening slips. Cited issues: the gas pipeline's in-service date has moved from Aug 2026 to Feb 2027, and the fuel-cell air-quality permit is still pending. On 25 Sep Oracle said the project "remains on our planned schedule"; Bloom said Oracle remains committed to the 2.4 GW fuel-cell contract and that it expects to deliver on Oracle's timeline. Bloom fell ~6% on 24 Sep, then rose ~8% on 25 Sep and ~11% on 29 Sep (US sessions).	−3.2% (24 Sep) and −2.1% (25 Sep, ~2.5x normal volume); then 5% upper circuits on 29 Sep (Rs 7,426, ~3.5 lakh shares) and 30 Sep (locked at Rs 7,797) [Inferred: tracking Bloom's rebound; no MTAR filing]
Bloom Fremont expansion (reported 6 Oct 2026)	Bought a ~158,000 sq ft building in Fremont, California, roughly the size of its existing ~164,000 sq ft plant; no capacity figure given. Barclays raised its BE target to USD 308 (Equal Weight) and TD Cowen upgraded to Hold (6 Oct). Bloom Q3 CY26 results expected ~27 Oct.	Flat to +2% (6-8 Oct)

Drivers: AI-led power scarcity, and grid interconnection queues of 3-7 years that push behind-the-meter generation.
Competing technologies: gas turbines and aeroderivatives (GE Vernova, Siemens Energy, Mitsubishi; multi-year slot shortages); reciprocating engines (Caterpillar, Wärtsilä, Cummins); other fuel cells (FuelCell Energy, Ceres licensees Doosan/Delta/Shell, Doosan PAFC); SMRs in the 2030s.
Policy and trade: US fuel-cell ITC under 48E (as amended by 2025 OBBBA) still supports Bloom. US tariffs on Indian goods (reciprocal/IEEPA 2025, later legal challenges and replacement tariffs in 2026) are a moving target; check the current rate. ~72% of MTAR's FY25 sales were exports to the US (ICRA). MD (Q2 FY26): MTAR's BoM is "hardly less than single-digit percentage" of Bloom's total; tariffs are passed through.
Hydel: CEA target of ~50+ GW pumped storage by 2032, a small steady line.

Civil nuclear (India)

Item	Detail
Installed capacity	~8.8 GW, 24-25 reactors
Targets	22.5 GW by ~2031-32; 100 GW by 2047
Fleet-mode programme (2017, ~Rs 1.05 lakh cr)	10 x 700 MWe PHWRs: Kaiga 5&6; Gorakhpur (GHAVP) 3&4; Mahi Banswara 1-4 (foundation Sep 2025); Chutka 1&2
MTAR content	~2 fuelling machines, 392 coolant channels per PHWR. Kaiga ~Rs 250 cr per reactor; new reactors Rs 350-400 cr (Q3 FY26 call). MOSL: Rs 110-190 cr per reactor, ~15 nuclear-island products, ~Rs 19,500 cr cumulative opportunity.
Refurbishment	En-masse coolant channel replacement on five reactors; Rs 200 cr+ opportunity; Rs 130-140 cr expected in Q2 FY27
Nuclear Energy Mission (Budget 2025-26)	Rs 20,000 cr for SMRs; ≥5 indigenous SMRs by 2033; Bharat Small Reactors (220 MWe PHWR variant) with private participation
SHANTI Act (Dec 2025)	Opens nuclear to private/JV operators; reforms CLNDA supplier liability. Positive for supplier volumes; competitive negative as Tata, Reliance, Adani, NTPC-JVs, L&T and foreign vendors enter
Timing	Nuclear execution ramps H2 FY27. NPCIL ordering is lumpy and deferral-prone; ~Rs 250 cr of nuclear orders deferred out of FY26. Management "cannot assure timing" of tenders.

Space, defence and aerospace

Market	Size / target	Policy / programmes
Space	~USD 8.4 bn (2022); IN-SPACe target ~USD 44 bn by 2033 incl. ~USD 11 bn exports	FDI liberalised Feb 2024 (100% automatic for satellite components; 49% for launch vehicles); Gaganyaan; NGLV; Bharatiya Antariksh Station; SSLV tech transfer to HAL (2025). New-space players Skyroot, Agnikul are integrating vertically.
Defence production	~Rs 1.51 lakh cr (FY25); target Rs 3 lakh cr by 2029	DAP 2020 Buy-Indian-IDDM; 5 Positive Indigenisation Lists + 5 DPSU lists; UP and TN corridors; iDEX; 75% of capital procurement reserved for domestic
Defence exports	~Rs 23,600 cr (FY25); target Rs 50,000 cr by 2029	No PLI applies directly to MTAR products. Tejas Mk1A: 83 + 97 aircraft ordered from HAL
Global aerospace	Airbus/Boeing backlog ~15,000 aircraft	OEM supply-chain diversification (China+1) favours Indian precision suppliers

Key trends

AI power demand drives on-site generation.
India's nuclear opening and SMR push.
Defence indigenisation and exports.
Global OEM de-risking toward India.
A capex supercycle among Indian precision engineers, which could compress pricing by FY28-30.
Listed peers at 100-300x P/E, so the sector is priced for perfection.

Barriers, Porter's five forces and moat

Barriers to entry: high. Qualification takes 2-5 years (NPCIL/AERB, ISRO/VSSC/LPSC, CEMILAC/DGAQA, AS9100, NADCAP, Bloom FAI/PPAP). The work involves micron tolerances, special materials (Inconel, Zr-Nb, maraging, Ti), clean rooms, brazing/welding certifications and decades of track record. Barriers are highest in nuclear and space and lowest in O&G and data-centre machined parts. Capex intensity is moderate (~Rs 500 cr FY27-28, ~70% clean energy).

Force	Intensity	Comment
Threat of new entrants	Low-Medium	Low in nuclear/space. Medium in fuel cell/O&G/data centre, where Bloom or SLB can qualify vendors in ~12-24 months. Rising after SHANTI.
Supplier power	Medium	Limited specialty-alloy mills, often imported; GM 49.4% (FY25) → 47.7% (FY26) → 45.6% (Q1 FY27)
Buyer power	High	Bloom = 72.3% of revenue; NPCIL/ISRO monopsony buyers with L1/negotiated pricing; build-to-print, customer-driven cost-downs
Threat of substitutes	Medium	Turbines, recip engines, grid, SMRs, other fuel cells; Bloom in-sourcing/second-sourcing is the key one
Rivalry	Medium	Fragmented niches; no single peer across all segments; intensifying as Azad, PTC, Unimech, Aequs add capacity

Moat by vertical	Rating	Why
Nuclear & space	Durable 7-8/10	Multi-decade qualification, small vendor pool. Risk: government pricing caps; SHANTI entrants over 5-10 yrs
Bloom hot boxes	Moderate 5-6/10	10+ yr relationship, co-developed processes, dedicated capacity on a multi-year forecast. But the moat is customer-granted; Bloom owns the IP and can dual-source. FY24 destocking: growth ~1%, OPM 27% → 19%.
Defence & products	Early-stage	Import substitutes with indigenisation tailwinds; scale small (~Rs 100-135 cr)

Pricing power: limited [Analyst View]

Suppliers are fragmented and buyers concentrated (Bloom, NPCIL, ISRO, HAL/DPSUs), which structurally favours buyers. The Q1 FY27 EBITDA of 23.6% is operating leverage on volume, not price: gross margin fell YoY (45.6% vs 54.2%). Pricing power is best in nuclear spares/refurbishment, first-of-kind indigenised products and export defence.

Financials

Consolidated, Rs cr, FY = April-March. Consolidated ≈ standalone (subsidiaries immaterial; standalone FY26 PAT Rs 95.32 cr vs consolidated Rs 94.03 cr). EBITDA excludes other income; EBIT = PBT + finance cost.

Key takeaways [Analyst View]

Growth inflection: TTM (Q2 FY26-Q1 FY27) revenue Rs 1,080 cr (+53%). FY27 guide of ~80% ±5% at 24% ±100 bps implies FY27E revenue ~Rs 1,533-1,621 cr and EBITDA ~Rs 353-405 cr.
Five-year record is mixed: EBITDA margin 29-34% (FY21-22) fell to 17.9% (FY25), recovering to 19.5% (FY26) and 23.6% (Q1 FY27). 3-yr PAT CAGR is negative (Rs 103.4 cr FY23 vs Rs 94.0 cr FY26).
Cash conversion only recently positive: cumulative FCF FY22-26 −Rs 194.3 cr; FY26 FCF +Rs 63.3 cr on advance-funded OCF.
Leverage rising but moderate: borrowings Rs 369.2 cr (AR note 17) at Mar-26, D/E ~0.45x; Rs 423.6 cr gross at Jun-26.
No equity dilution since IPO: 3.076 cr shares since Mar 2021; no dividend since FY22.

Five-year P&L

Rs cr	FY21	FY22	FY23	FY24	FY25	FY26	TTM Jun-26
Revenue from operations	246	322	574	581	676.0	876.2	1,080
YoY growth	15%	31%	78%	1%	16.4%	29.6%	53%
Gross profit (co. definition)	n.a.	205.8	304.2	278.4	334.1	417.8	Q1: 164.2
Gross margin	~67-68% (mgmt)	63.9%	53.0%	47.9%	49.4%	47.7%	Q1: 45.6%
EBITDA	83	94	154	113	120.9	171.2	228
EBITDA margin	34%	29.2%	26.8%	19.4%	17.9%	19.5%	21.1%
Other income	1	9	19	6	5	23.1	27
Depreciation	13	14	19	23	32	35.0	36
EBIT	72	89	155	95	94	155	218
EBIT margin	29%	27.6%	27.0%	16.4%	13.9%	17.7%	20.2%
Finance cost	7	7	15	22	22	29.4	39
PBT	65	82	140	73	71.6	126.1	179
PBT margin	26%	25.5%	24.4%	12.6%	10.7%	14.4%	16.6%
Tax rate	29%	26%	26%	23%	26%	25%	~25%
PAT	46	60.9	103.4	56.1	52.9	94.0	133
PAT margin	18.7%	18.9%	18.0%	9.6%	7.9%	10.7%	12.3%
EPS (Rs)	14.98	19.79	33.62	18.24	17.19	30.57	43.39
Dividend payout	40%	15%	0%	0%	0%	0%	-

Sources: Screener; company deck annexures (GP FY22-FY26); DSIJ/Multibagg. Reconciliations: FY25 PAT Rs 52.9 cr (deck, Q4 FY25 call, ICRA) vs Screener/CFO Rs 53.4 cr; FY25 PBT Rs 71.6 cr (deck) vs Screener 72.1; FY26 other income Rs 23.1 cr (deck) vs Screener 19 (mgmt: ~Rs 25 cr, mainly forex gains). StockAnalysis shows GM ~1-1.5 pts lower on a different cost definition (FY24 46.7%, FY25 47.9%, FY26 46.6%). FY26 standalone check: revenue 876.11, materials 503.43, inventory change −44.76, GM 47.65%. FY26 cost lines: materials 503.5; inventory change −45.1; employee 150.9; other exp. 95.7; D&A 35.0; finance 29.4; tax 32.1. Screener CAGRs: sales 5Y 29%, 3Y 15%; PAT 5Y 16%, 3Y ~−2%; ROE 5Y 11%, 3Y ~9-10%.

Revenue (bars, Rs cr) and EBITDA margin (line, %)

RevenueEBITDA margin

Margin / earnings-quality flag	Detail
FY24-25 compression	EBITDA margin −~1,000 bps FY22→FY24. CRISIL tied FY23 to lower GM, mix and employee cost. FY24 was flat revenue (Bloom deferral) on a larger fixed base (depreciation 14→23, finance 7→22).
FY26 gross margin	−170 bps (49.4% → 47.7%). Q4 FY26 GM 44.2% vs 52.3% Q4 FY25 (mix, materials). EBITDA expansion comes from operating leverage.
One-offs FY26	Exceptional Rs 3.77 cr Labour-Codes employee-benefit provision (Q3 FY26).
Other income dependence	Q4 FY26 other income ~Rs 16.4 cr (incl. treasury income on ~Rs 215 cr investments). Ex-OI, Q4 PBT ~Rs 43 cr vs Rs 59.5 cr. ~18% of FY26 PBT came from other income (23.1 / 126.1; ~15% on Screener's Rs 19 cr).
Guidance track FY26	Guided ~25% growth, ~21% margin (May-25); actual 29.6% (beat), 19.5% (miss by ~150 bps).
Growth composition	Entirely organic (only acquisition: Gee Pee, Rs 8.82 cr, 2022). Volume-led (hot-box units); price not disclosed (NDA).

Last 8 quarters

Quarter	Revenue	YoY	QoQ	EBITDA	Margin	EBITDA YoY	PAT	PAT YoY	PAT QoQ
Q2 FY25 (Sep-24)	190	+13.8%	+48.4%	37	19.5%	+3%	18.8	−8%	+327%
Q3 FY25 (Dec-24)	174	+47.5%	−8.4%	33	19.0%	+38%	16.0	+52%	−15%
Q4 FY25 (Mar-25)	183.1	+28.0%	+5.2%	34.2	18.7%	+90%	13.7	+180%	−14%
Q1 FY26 (Jun-25)	156.6	+22.1%†	−14.5%	28.4	18.1%	+71%†	10.8	+144%†	−21%
Q2 FY26 (Sep-25)	136.2*	−28.4%	−13.2%	~17	~12.5%	−54%	~4.2	−78%	−61%
Q3 FY26 (Dec-25)	278.0	+59.8%	+104%	~64	23.0%	+94%	34.7	+117%	+726%
Q4 FY26 (Mar-26)	306.1	+67.2%	+10.1%	61.8	20.2%	+80.9%	44.3	+222%	+27.7%
Q1 FY27 (Jun-26)	360.7	+130.4%	+17.9%	85.1	23.6%	+199.7%	50.2	+364.5%	+13.4%

*Discrepancy: Q2 FY26 revenue Rs 136.2 cr (Screener) vs Rs 135.6 cr (CFO, filed Q2 transcript). Q2/Q3 FY26 EBITDA ±Rs 1 cr. Base quarters for YoY: Q2 FY24 167/36/20.5; Q3 FY24 118/24/10.5; Q4 FY24 143/18/4.9; Q1 FY25 128/17/4.4. †Q1 FY26 growth rates are company-reported (unrounded Q1 FY25 base), matching the Concall tab; on the rounded 128/17/4.4 base they compute to +22.3% / +67% / +145%. Some aggregators show Q1 FY27 margin as 23.86% (different definition); CFO cited 23.54%.

Quarterly revenue (bars, Rs cr) and EBITDA margin (line, %)

Q1 FY27 detail	Rs cr
Total income	368.59
Sale of products / other operating revenue	355.89 / 4.82
Other income	~7.9
Gross profit (45.6%; company 45.61%)	164.2
Finance cost (Q4 FY26 ~10; Q1 FY26 ~6, so 2.7x YoY)	~16 (15.8)
Depreciation	~10
PBT (+355% YoY)	67.4
PAT (13.9% margin; standalone 50.5)	50.2
EPS (Rs)	16.33
Subsidiaries (revenue / net loss in quarter)	1.68 / −0.72

Unaudited cash-flow claim (discrepancy)

CFO on the filed Q1 FY27 transcript: "cash flow from operations is at INR247.69 crores in this quarter as against INR191.66 crores in the last year." The comparator equals FY26 standalone full-year OCF (Rs 191.66 cr, NSE integrated filing), not Q1 FY26. No Q1 cash-flow statement is filed (not required under LODR), so treat Rs 247.69 cr as unaudited. Consolidated FY26 OCF was Rs 196.9 cr.

Five-year balance sheet (31 March)

Rs cr	FY22	FY23	FY24	FY25	FY26
Net fixed assets	196	291	341	439	514
CWIP	44	64	73	53	34
Goodwill	Not separately reported (immaterial; Gee Pee ~Rs 6.5 cr cash outlay FY23)
Other intangibles	1.0	0.8	0.7	2.5	2.1
Inventory	170.3	386.6	347.6	346.1	500.5
Trade receivables	136.2	208.4	146.6	209.8	336.8
Cash and bank	59.6	12.2	30.7	1.9	1.0
Liquid investments	69.7	46.5	0	0.4	217.5
Total cash + liquid investments	129.3	58.7	30.7	2.3	218.5
Trade payables	57.0	218.2	62.4	106.1	149.9
Borrowings (Screener)	96	143	191	177	377
Borrowings (AR FY26 note 17)	-	-	-	-	369.2
Total debt incl. leases and supplier credit (StockAnalysis)	95.9	143.4	190.9	193.6	451.1
· short-term / WC debt	47.2	38.3	48.4	66.6	251.7
· current maturities of LTD	22.8	27.4	45.5	46.0	44.3
· long-term debt	25.9	77.7	97.0	81.0	147.7
Net worth (equity Rs 30.76 cr + reserves)	520	620	677	729	823
Book value per share (Rs)	169.0	201.6	219.9	237.0	267.4
Total assets	728	1,063	1,008	1,130	1,743
Current assets / current liabilities	463 / 165	697 / 342	565 / 208	618 / 290	1,128 / 727
Net debt (Screener borrowings − cash & inv.)	−33	84	160	175	~159

FY26 debt reconciliation (AR notes 17/17A) [Fact]

Borrowings Rs 369.2 cr: term loans Rs 192.0 cr (LT 147.7 + current maturities 44.3) plus cash credit / USD export packing credit Rs 177.2 cr, all secured. Add interest-bearing supplier credit Rs 74.5 cr (in other financial liabilities; FY25 Rs 16.3 cr) and leases ~Rs 7.3 cr = ~Rs 451 cr debt-like. Screener shows Rs 377 cr. Company D/E 0.45x; ICRA gearing 0.46x. Standalone: non-current borrowings Rs 147.66 cr, current Rs 221.56 cr, equity Rs 825.68 cr. Net debt FY26 ~Rs 151-233 cr depending on definition. Jun-26 balance sheet not filed (half-yearly under LODR). Call figures only: gross debt Rs 423.6 cr (30 Jun), investments Rs 379 cr ("as of July end", a different date), net debt "INR20-30 crores".

Other liabilities rose Rs 224 → 544 cr in FY26. Of current liabilities of Rs 727 cr, ~Rs 281 cr is neither debt nor payables: mostly customer advances / contract liabilities. These can reverse as orders execute.
Inventory +45% to Rs 500 cr and receivables +61% to Rs 337 cr, both faster than revenue (+30%). Short-term debt ~3.8x (Rs 67 → 252 cr), into WC and partly ~Rs 215 cr treasury investments.
Net worth CAGR FY22-26 ~12%, entirely retained earnings.

Five-year cash flow and PAT-to-OCF reconciliation

Rs cr	FY22	FY23	FY24	FY25	FY26	5-yr
PAT	60.9	103.4	56.1	52.9	94.0	367.3
D&A	13.8	18.0	22.6	31.5	33.7	119.6
Change in receivables	−57.3	−71.2	+61.1	−63.1	−116.7	−247.2
Change in inventory	−67.8	−216.2	+38.9	+1.6	−154.5	−398.0
Change in payables	+22.6	+160.4	−155.8	+43.8	+42.1	+113.1
Operating cash flow	−29.8	7.4	57.4	101.3	196.9	333.2
OCF / PAT	−49%	7%	102%	192%	209%	91%
OCF / EBITDA (Screener)	−12%	26%	70%	95%	130%	-
Capex	−91.1	−108.4	−94.2	−100.3	−133.6	−527.6
Free cash flow	−120.9	−101.0	−36.8	+0.9	+63.3	−194.3
Investments in securities	−57.5	+26.0	+29.8	0	−215.0	-
Acquisitions	-	−6.45	-	-	-	-
Debt raised / repaid	83.9 / −5.0	73.1 / −27.4	77.8 / −30.3	30.9 / −44.6	237.1 / −53.4	502.8 / −160.7
Dividends paid	−18.5	0	0	0	0	−18.5
CFI / CFF (Screener)	−145 / 54	−87 / 32	−56 / 25	−103 / −36	−353 / 155	-
FCF yield on Rs 23,563 cr mcap	n.m.	n.m.	n.m.	~0.0%	~0.27%	-

Free cash flow (Rs cr), FY22-FY26

PAT vs OCF divergences (flagged)

FY22-23 (since resolved): PAT Rs 164 cr vs OCF −Rs 22 cr; ~Rs 284 cr absorbed by inventory ahead of Bloom/nuclear orders. CRISIL (Jun 2023) flagged negative cash conversion and GCA of 433 days. FY23 OCF was rescued by a Rs 160 cr payables stretch (payable days 296), which reversed in FY24 (−Rs 156 cr).
FY24: OCF ≈ PAT only because inventory and receivables released Rs 100 cr.
FY25-26: FY26 OCF ~2.1x PAT despite inventory (−155) and receivables (−117), funded by payables (+42) and ~+Rs 320 cr of advances/other liabilities. Advance-funded OCF is lumpy and reverses on execution.
Through the cycle: OCF/PAT 91%, but FCF −Rs 194 cr, funded by ~Rs 342 cr net new debt and IPO cash.
Forward: Rs 500 cr capex over FY27-28 is ~2x the FY26 run-rate, so FCF likely stays thin or negative unless advances persist. Analyst View

Working capital

Days	FY22	FY23	FY24	FY25	FY26	Q1 FY27
Debtor days (on revenue)	154	133	92	113	140	82 (deck)
Inventory days (on COGS, Screener)	535	524	420	369	399	-
Inventory days (on revenue)	193	246	218	187	208	145 (deck)
Creditor days (on COGS)	179	296	75	113	119	-
Cash conversion cycle (gross)	510	361	436	369	419	-
WC days (Screener, net of other liabilities)	191	189	192	168	69	-
Company-reported WC days	-	-	-	229	172	59
NWC / operating income (ICRA)	75%	~63%	-	62%	44%	-

Discrepancies shown, not resolved

FY26 WC: 172 days (company) vs 69 (Screener) vs CCC 419 (gross). These are different definitions: the gross cycle worsened while advances shrank the net figure.
Dec-25 WC: 260 days (CFO, Q3 FY26 call); 266 (Q1 FY27 deck chart); 267 (CFO, Q4 FY26 call); 278 (MD, Q4 FY26 call). A genuine management inconsistency.
Jun-25 WC 267 days ("delayed receivables from conflict-affected regions"). Q1 FY27 59 days vs a year guide of 175; ~100 days expected at FY27-end. GST refunds ~Rs 70 cr/yr help.
Rating thresholds: CRISIL 2023 upgrade trigger inventory <220 days, downgrade >300 days; ICRA Oct-25 trigger TD/OPBDITA >2.0x (FY26 2.2x on Screener debt; ~2.6x on Rs 451 cr; ~1.7x on TTM).

Return, leverage and efficiency ratios

Ratio	FY22	FY23	FY24	FY25	FY26	TTM / latest
RoE (PAT / avg equity)	12.2%	18.1%	8.7%	7.5%	12.1%	~16%; Screener 12.4%
RoCE (Screener, pre-tax)	16%	22%	11%	10-11%	15%	15.1%; ROIC 14.2%
RoCE (mgmt, Q4 FY26 call)	-	-	-	11.4%	17.2%	target 23% FY27
Debt / equity	0.18	0.23	0.28	0.24	0.45	target ~0.5x
Net debt / equity	net cash	0.14	0.24	0.24	~0.19	-
Total debt / EBITDA	1.0x	0.9x	1.7x	1.5x	2.2x	~1.7x TTM
EBIT / interest	12.7x	10.3x	4.3x	4.3x	5.3x	Q1 FY27 5.2x
EBITDA / interest	13.4x	10.3x	5.1x	5.5x	5.9x	Q1 FY27 5.3x
Interest cover (ICRA)	-	-	5.1x	5.4x	5.8x	trigger <5x
TOL / TNW (ICRA)	-	-	0.5x	0.6x	1.1x	-
Current ratio	2.80	2.04	2.72	2.13	1.55	-
Asset turnover	0.49	0.64	0.56	0.63	0.61	-
Fixed-asset turnover	1.64	1.97	1.70	1.54	1.70	new capex target 4-5x (CFO also said 6x)

RoE of ~9-12% (FY24-26) is far below what ~177x P/E implies; Q1 FY27 annualised RoE ~22-24%. Interest cover has roughly halved since FY22; finance cost is the fastest-rising P&L line. CRISIL adjusted interest cover 15.25x (FY22), 11.91x (FY23).

Debt structure, lenders and credit rating

ICRA rated facilities (Rs cr)	Sep 2024	Oct 2025	7 Jul 2026
Fund-based cash credit / WC	297.00	280.00	530.00
Term loans	139.00	108.49	248.24
Non-fund-based (BG/LC)	214.00	200.00	304.00
Unallocated	~20	81.51	387.76
Total / rating	670 · A (Stable)/A1	670 · A (Stable)/A1	1,470 · A+ (Stable)/A1

Date	Agency	Rating	Note
2016	SMERA (Acuité)	B / A4 on Rs 134 cr	Pre-IPO; withdrawn Nov 2018
Jul 2020	ICRA	BBB (Stable)	-
Apr 2021	ICRA	A- (Positive) / A2+	Up from BBB+ after IPO money repaid WC debt
Oct 2021	CRISIL	A- (Stable) / A2+	Up from BBB+/Positive; Rs 200 → 285 cr
Jan 2023	CRISIL	A- (Stable) / A2+ reaffirmed	Order pipeline Rs 1,289 cr (Sep-22)
4 Apr / 16 Jun 2023	ICRA	A (Stable) / A1	-
30 Jun 2023	CRISIL	Reaffirmed, then withdrawn at company request	Lender NOCs
23 Sep 2024	ICRA	A (Stable) / A1	Rs 670 cr
13 Oct 2025	ICRA	A (Stable) / A1	TD/OPBITDA 1.5x, cover 5.4x (FY25); US-tariff flag
7 Jul 2026	ICRA	A+ (Stable) / A1	Upgrade; limits Rs 1,470 cr; liquidity "Adequate"

ICRA Jul-2026 rationale

Upgrade drivers: scale (FY26 Rs 876 cr, +30%); book Rs 2,582 cr + May-26 orders Rs 2,279 cr and Rs 467 cr; stable margins.
Strengths: promoters since 1970; key supplier to BEC, ISRO, NPCIL, DRDL; gearing 0.46x; TD/OPBDITA 2.2x; cover 5.8x; free cash Rs 218.5 cr.
Challenges: >70% of FY26 revenue from BEC; NWC/OI ~44% (62% FY25); credit to customers 30-120 days; forex exposure.
Upgrade trigger: customer diversification + better WC. Downgrade: margin/accrual fall, WC stretch, higher debt capex, interest cover <5x. The Oct-25 trigger (TD/OPBDITA >2x) would have been breached by FY26's 2.2x and was changed with the upgrade.
Liquidity: avg fund-based utilisation 39.2% (12m to May-26); repayments ~Rs 44.5 cr FY27, ~Rs 60 cr FY28; capex Rs 250-300 cr.

Lenders, rates, maturities

Lenders (FY26 Directors' Report item 36): SBI, HDFC Bank, ICICI Bank, Union Bank of India, EXIM Bank (multiple banking); security trustee SBICAP Trustee.
Last lender-wise split (CRISIL Jun-23, Rs 285 cr): SBI BG 100, CC 30, EPC 28, LC 10, TL 25 + 5.8, WC 1.2; HDFC Bank TL 85.
Rates FY26: TL 7.30-9.85%; CC 6.67-9.69%; USD EPC 4.69%.
Security: TL exclusive charge on financed assets + collateral; CC/EPC on current assets + certain land/buildings.
Maturity ladder (AR note 17, drawn TL Rs 192.0 cr): Rs 44.3 cr <1 yr; Rs 60.5 cr 1-2 yrs; Rs 87.1 cr 2-5 yrs; nil >5 yrs. Monthly loans 7-36 instalments; quarterly 5-15.
ICRA Annexure II, 8 term loans = Rs 248.24 cr: 20.88 (FY26-30), 30.00 (FY26-30), 10.12 (FY24-28), 14.36 (FY26-29), 14.00 (FY27-30), 8.88 (FY25-29), 80.00 (FY26-31), 70.00 (FY26-33). PDF column alignment inferred.

Borrowing headroom

Postal ballot (19 Feb-20 Mar 2026) raised the limit from Rs 730.72 cr to Rs 800 cr standalone (Rs 900 cr group). The 27th AGM (28 Sep 2026) raised the Sec 180(1)(c) limit to Rs 2,000 cr (99.18% for). Q1 FY27 finance cost was Rs 15.8 cr vs Rs 5.8 cr a year earlier. [Est.] Debt could exceed Rs 600-700 cr by FY28 on Rs 500 cr capex plus WC.

Equity dilution and share count

Event	Date	Detail	Shares after
Pre-IPO base	FY20	Equity ~Rs 26.6-27 cr (FV Rs 10)	~2.66 cr
Pre-IPO placement	Feb 2021	~18.51 lakh shares at Rs 540 (~Rs 100 cr) to SBI MF and Axis MF	~2.86 cr
IPO	3-5 Mar 2021; listed 15/16 Mar	Band Rs 574-575; fresh 21,48,149 sh (~Rs 123.5 cr: debt repayment, WC, GCP); OFS 82,24,270 sh (~Rs 473 cr); anchor Rs 178.92 cr; 200.79x (QIB 165x, NII 650.8x, retail 28.4x); JM Financial, IIFL	3.076 cr
Since IPO	FY22-Q1 FY27	No QIP, preferential, warrants, rights, bonus, split, ESOP or buyback. Equity Rs 30.76 cr (3,07,59,591 sh); authorised Rs 66 cr	3.076 cr

Forward dilution: no enabling QIP resolution on record (Sep-26 AGM covered borrowing/charges only). Rs 500 cr capex and peers' QIPs (Azad, PTC) make a raise plausible but not announced. Dividend history: payout 22% FY19, 43% FY20, 40% FY21, 15% FY22; none since (Dividend Distribution Policy cites capex/WC). Secondary-market ownership dilution: promoter holding went 50.26% (Mar-22), 46.63% (Mar-23), 37.26% (Mar-24), 31.77% (Mar-25), 29.36% (Jun-26), via the Jun-2023 Plutus deal, Dec-2023 open-market sales, the Q3 FY25 ~5-pt drop and 2025-26 family sales.

Management & Governance

Promoters, KMP, board, shareholding, pledges, insider trades, related parties, auditors, subsidiaries and red flags. FY26 annual report sourced from the NSE archive.

Governance scorecard	Reading
Ownership	Family promoters (Parvat, Kallem, Akepati, Gangapatnam, Mitta); 14 promoter/group holders, none above 6%; SHP "significant beneficial owner": No
Promoter holding	29.36% (30 Jun 2026; Screener 29.35%), down from 39.14% (Sep 2023): ~9.8 pp over 11 quarters
Pledge	3,18,000 sh at 30 Jun 2026 = 3.52% of promoter holding / 1.03% of equity (peak 10.90% of promoter holding, Sep 2025). Est. ~2.45 lakh sh (~0.8% of equity) after filings to 6 Oct 2026
Board	9 directors: 5 independent (56%) incl. independent Chairman; 3 executive family; 1 non-executive family; 1 woman
Auditor	S.R. Batliboi & Associates LLP (EY); second 4-yr term to FY2029-30; Rs 0.72 cr p.a.; FY25 and FY26 unmodified; Q1 FY27 review unmodified
Ratings	ICRA A+ (Stable)/A1 (7 Jul 2026); CRISIL ESG 63 "Strong" (6 Oct 2026; prior rationale 3 Oct 2025); SES ESG "Medium" (7 Jan 2026)
Regulatory	No SEBI/MCA/exchange enforcement found; no material litigation or tax-demand disclosures (Reg 30)

Main governance concerns, ranked

Relentless promoter-family selling into the rally: ~Rs 265 cr in Q1 FY27 alone; sales continuing in Sep 2026.
Revolving pledges by individual family members.
Loss-making acquired subsidiary (Gee Pee), now being merged.
High executive pay vs profit in FY25 (~13.5% of PAT).
Fast-rising borrowing authority: Rs 730.72 cr → Rs 800 cr (Mar-26) → Rs 2,000 cr (Sep-26).
Three Company Secretaries in ~20 months.
Two minor employee insider-trading violations (2021, Nov 2025).
Business concentration: >70% of FY26 revenue from Bloom (ICRA).

Founders and promoter history

Person	Role / background
P. Ravindra Reddy (died Jan 2016)	Founder Chairman. Mechanical engineering, College of Engineering Anantapur (JNTU-A); briefly IISc; began at HMT Hyderabad; Governing Body of Antrix (1992-2013); National Academy of Engineering; chaired the planned Rs 1,500 cr Samuha Aerospace Park. Built the NPCIL, ISRO (PSLV/GSLV, Mangalyaan engines) and defence franchise. Father of the MD.
K. Satyanarayana Reddy (late)	Technocrat co-founder. The Kallem family link (K. Vamshidhar Reddy, K. Shalini) is inferred from the surname, not stated in filings.
P. Jayaprakash Reddy	Ravindra Reddy's brother; joined a year after founding to run finances; 0 shares; still promoter group.

Founding: Business Today says 1969; ICRA says a partnership firm in 1970; seed capital Rs 3 lakh; Balanagar machine shop. No listed group company or promoter business transacting with MTAR; no holding company.

Promoter and promoter-group holdings (SHP 30 Jun 2026; 3,07,59,591 shares)

Holder	Category	Shares	% equity	Pledged	Notes
K. Vamshidhar Reddy	Group	17,56,087	5.71%	0	Largest promoter holder; subsidiary director; sold 1,00,000 on 21 May 2026 at ~Rs 7,910 (~Rs 79 cr)
Mitta Madhavi	Promoter	13,65,983	4.44%	0	Sold 30k (Aug-25), 18k (Feb-26), 17k (Jun-26)
Leelavathi Parvatha Reddy	Promoter	13,18,712	4.29%	0	Got 2,97,000 by gift (Feb-26); sold 20,000 on 16 Sep 2026 → 4.22%
P. Srinivas Reddy (MD)	Promoter	11,92,903	3.88%	0	Gifted 2,00,000 to Leelavathi (24 Feb 2026); no market sales
A. Manogna	Promoter	8,33,497	2.71%	0	Pledge of 1,25,000 (Bajaj Financial Securities) released 22 May 2026; gifted 2.5 lakh to Akepati Pranay (Jun-25); serial seller
P. Kalpana Reddy	Promoter	7,86,199	2.56%	0	Sold 15k (May-25), 20k (Jun-25), 25k (Sep-25), 27.8k (May-26)
Saranya Loka Reddy	Promoter	5,02,666	1.63%	2,65,000 (52.7%)	Most heavily pledged (97.88% in Mar-26); near-monthly create/release; likely related to director Rohith Loka Reddy (inference)
K. Shalini	Promoter	4,10,483	1.33%	0	Only open-market buyer: 1,05,000 on 20 Feb 2025 at ~Rs 1,432 (Rs 15.0 cr); sold 18,000 on 4 Sep 2026
Anushman Reddy (WTD)	Promoter	2,68,128	0.87%	0	Executive director
Kavitha Reddy Gangapatnam	Promoter	2,00,000	0.65%	43,000 (21.5%)	Sold 2.5 lakh in Nov/Dec 2025; 22,741 (May-26); 20,000 (Jun-26). Pledged 32,000 on 17 Sep 2026 (360 One) → 75,000 encumbered
Akepati Praval Reddy	Group	1,95,000	0.63%	0	Sold 55,000 on 20-25 Jun 2026 (~Rs 45.6 cr)
Akepati Pranay Reddy	Group	1,90,000	0.62%	0	Got 2.5 lakh by gift; sold 60,000 in May-26
Northeast Broking Services Ltd	Group (corporate)	10,000	0.03%	10,000 (100%)	Only corporate promoter; sold 2,500 (disclosed Jul-26)
Venkata Suprathik Reddy G.	Group	6	0.00%	0	-
Usha Reddy C., D. Anitha Reddy, P. Jayaprakash Reddy	Promoter/Group	0	0.00%	-	Usha and Anitha exited via the Plutus deal (Jun 2023)
Total		90,29,664	29.36%	3,18,000	3.52% of promoter holding

Key management

Name	Role	Since	Background / pay
Parvat Srinivas Reddy (DIN 00359139)	MD; promoter	Board since ≥2015; MD/CEO since Sep 2020	Son of founder; director of both subsidiaries; Technology Committee. FY25 pay Rs 4.00 cr (69x median); FY26 Rs 3.10 cr (AR note 38). Education not disclosed.
Akepati Praveen Kumar Reddy	WTD	Re-appointed 3 yrs (Sep 2025 AGM)	Related to Anushman Reddy. Salary Rs 0.96 cr + up to 30% variable. FY25 Rs 1.28 cr (22x); FY26 ~Rs 1.0-1.3 cr (PDF alignment uncertain)
M. Anushman Reddy (DIN 08104131)	WTD; Export Division & Supply Chain	Re-appointed Sep 2025; by rotation 28 Sep 2026 (98.13%)	BE Mech (JNTU); MS Global SCM (USC Marshall); NMIMS EPGD. Salary Rs 1.44 cr + 30% variable. FY25 Rs 1.90 cr (32x); FY26 Rs 1.49 cr
Gunneswara Rao Pusarla	CFO	2 Nov 2021	~23 yrs at appointment (planning, P&L, fund-raising, greenfield); fronts calls
Arun Kumar Ojha	Chief Commercial Officer	27 Apr 2024	Hired for diversification away from Bloom; prior employers not found
Raja Sheker Bollampally	COO	n/a	Listed on mtar.in
Priyanka Agarwal	CS & Compliance Officer	2 Feb 2026	Replaced Naina Singh

KMP churn: Shubham Sunil Bagadia (CS) resigned eff. 31 May 2024; Naina Singh (CS from 1 Jun 2024) resigned eff. 20 Jan 2026 (filed 28 Nov 2025); Pusparaj Satpathy (SVP-HR) eff. 16 Dec 2024. Sreeram Sambasiva Srinivasan (IIT Madras; PhD NCSU; ex-Shanthi Gears) is described by third parties as a pre-IPO CEO (low confidence). FY25 executive pay ~Rs 7.2 cr = ~13.5% of PAT Rs 52.9 cr (~7.6% of FY26 PAT if flat). ID commission cap raised from Rs 15 lakh to Rs 25 lakh per ID (≤1% of NP; aggregate Rs 1.25 cr p.a. for five years from FY27; 99.96% for).

Board of directors

#	Name	Role	Category	Tenure	Background / committees
1	B.V.R. Subbu (DIN 00289721)	Chairman	Independent	From 5 Dec 2018; to Dec 2028	Ex-President Hyundai Motor India, ex-Tata Motors (not re-verified). Chairs SRC, RMC; Audit, NRC, Technology
2	Parvat Srinivas Reddy	MD	Executive, promoter	Rotation Sep 2025	Technology Committee
3	A. Praveen Kumar Reddy	WTD	Executive, family	Sep 2025 (3 yrs)	-
4	M. Anushman Reddy	WTD	Executive, promoter	Rotation 28 Sep 2026	CSR
5	Rohith Loka Reddy (DIN 06464331)	Director	Non-exec, non-indep.	Additional 10 Feb 2025; rotation 28 Sep 2026	MBA ISB; BSc Bentley. Related to MD. Highest dissent at 2026 AGM (2.77% against)
6	A. Krishna Kumar	Director	Independent	5 Dec 2018; re-appt 5 Dec 2023	Ex-MD SBI (not re-verified). Audit Chair; NRC, SRC, RMC
7	Ameeta Chatterjee	Director	Independent (sole woman)	5 Dec 2018; re-appt 2023	Infra finance / IB. NRC Chair; Audit, RMC
8	Dr V.G. Sekaran	Director	Independent	Continuation beyond age 75 approved Sep 2025	Ex-DG Missiles & Strategic Systems, DRDO. Technology Chair; SRC, CSR, RMC
9	U.C. Muktibodh	Director	Independent	Dec 2018; re-appt 2023	Ex-Director (Technical), NPCIL. CSR Chair; RMC, Technology

Committee	Chair	Members
Audit	A. Krishna Kumar	Ameeta Chatterjee, BVR Subbu
Nomination & Remuneration	Ameeta Chatterjee	A. Krishna Kumar, BVR Subbu
Stakeholders Relationship	BVR Subbu	A. Krishna Kumar, V.G. Sekaran
CSR	U.C. Muktibodh	V.G. Sekaran, Anushman Reddy
Risk Management	BVR Subbu	Chatterjee, Krishna Kumar, Sekaran, Muktibodh
Technology (non-statutory)	V.G. Sekaran	Subbu, Muktibodh, P. Srinivas Reddy

Audit, NRC and RMC are 100% independent. The ID domain mix fits the business. Cliff risk: all five IDs started Dec 2018 and hit the 10-year limit together in Dec 2028. FY25: 4 board meetings (28 May, 13 Aug, 29 Oct 2024; 10 Feb 2025); board evaluation done. Past director G.V. Satish Kumar Reddy re-appointed at the 2024 AGM, resigned 13 Dec 2024 (no reason found); still a director of both subsidiaries.

Shareholding trend

Quarter	Promoter	FII/FPI	DII (MF)	Public	Shareholders
Jun 2026	29.36	24.80	22.35 (20.36)	23.51	2,58,386
Mar 2026	30.44	17.31	27.66 (23.49)	24.59	2,09,273
Dec 2025	30.59	12.24	29.96 (24.80)	27.19	2,18,461
Sep 2025	31.41	9.21	24.81 (19.81)	34.58	2,75,940
Jun 2025	31.65	7.57	23.51 (18.71)	37.26	2,97,581
Mar 2025	31.77	6.74	24.40 (19.36)	37.10	3,01,097
Dec 2024	31.42	7.01	23.17 (18.40)	38.39	3,04,480
Sep 2024	36.42	7.81	17.28	38.49	3,17,125
Sep 2023	39.14	8.81	24.06	27.98	2,75,168

FII is shown as 24.79% in the SHP category split and 24.80% on Trendlyne/Screener; 24.80% is used throughout. Sep-26 SHP is due ~21 Oct 2026. FPI Cat I 21.21%, Cat II 3.59%; FPI-limit utilisation 8.69 → 10.34 → 13.3 → 18.36 → 25.7%. Dec 2024: promoter −5.0 pp in one quarter (36.42 → 31.42); mechanism not identified (gap).

Pledged % of promoter holding	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26	Jun26
%	6.64	9.16	8.59	8.50	8.50	9.86	10.36	9.53	10.90	8.98	8.94	3.52

Current estimate: Saranya ~1,60,000 (repeated 1.05-lakh cycles in Sep-26; 1 lakh with HDFC Bank Jan-26); Kavitha 75,000 (360 One; released 1.77 lakh by end-Jun 2026, disclosed 9 Jul, and 2 lakh Dec-25. [Inferred] The release predates 30 Jun: NSE pledge data show 3,18,000 promoter shares pledged at 30 Jun 2026, too few for Kavitha's 2.2 lakh plus Manogna's 1.25 lakh); Northeast Broking 10,000. Lenders: Bajaj Financial Securities, HDFC Bank, 360 One. Purpose: "availing a loan" (personal).

Insider / SAST transactions (Apr 2025 - Sep 2026)

Date	Person	Txn	Qty	Avg Rs	~Rs cr	Holding after
16 Sep 2026	Leelavathi Parvatha Reddy	Sale	20,000	n/a	~15 (est.)	4.22%
4 Sep 2026	K. Shalini	Sale	18,000	n/a	~13-14 (est.)	1.27%
20-25 Jun 2026	Akepati Praval Reddy	Sale (3)	55,000	8,120-8,396	45.6	0.63%
16 Jun 2026	Kavitha Reddy G.	Sale	20,000	7,696	15.4	0.65%
Jun 2026	Mitta Madhavi	Sale	17,000	7,582.5	12.9	4.44%
27 May 2026	P. Kalpana Reddy	Sale	27,802	7,884.6	21.9	2.56%
21 May 2026	K. Vamshidhar Reddy	Sale	1,00,000	7,910	79.1	5.70%
21 May 2026	Kavitha Reddy G.	Sale	22,741	7,622.5	17.3	0.72%
20-21 May 2026	A. Manogna	Sale	30,000	7,532.3	22.6	2.71%
19-20 May 2026	Akepati Pranay Reddy	Sale	60,000	~7,900	~42-47	0.61-0.62%
Jul 2026 (disclosed)	Northeast Broking	Sale	2,500	n/a	~2	-
Mar 2026	A. Manogna	Sale	13,274	n/a	-	8,63,497
20-24 Feb 2026	A. Manogna / Mitta Madhavi	Sale	15,000 / 18,000	3,287 / 3,720	4.9 / 6.7	-
27 Nov / 1 Dec 2025*	Kavitha Reddy G.	Sale	2,45,500 / 2,50,000	2,444 / 2,373.7	~59-60	0.79%
Sep 2025	P. Kalpana Reddy / A. Manogna	Sale	24,999 / 14,000	1,781 / 1,441	4.5 / 2.0	-
Aug 2025	Mitta Madhavi; A. Manogna	Sale	30,000; 6,118	~1,510	4.5; 0.9	-
May-Jun 2025	P. Kalpana Reddy	Sale	15,000 + 20,000	1,642 / 1,753	2.5 / 3.5	-
20 Feb 2025	K. Shalini	Buy	1,05,000	~1,432	15.0	~1.3%

Reconciliation and discrepancy flags

*Probable single event, conflicting date and price: exchange block-deal data show a 27 Nov 2025 block (Kavitha, 2,45,500 sh at Rs 2,444, ~Rs 60 cr; buyers Motilal Oswal MF 2,04,580 and Bajaj Finserv MF 40,920). The SAST disclosure record shows a 1 Dec 2025 sale (2,50,000 at Rs 2,373.7, ~Rs 59.3 cr). Counted once.
Q1 FY27 promoter shares fell 93,64,707 → 90,29,664 = 3,35,043 shares, matching the insider filings exactly (Vamshidhar 1,00,000 + Pranay 60,000 + Praval 55,000 + Manogna 30,000 + Kalpana 27,802 + Kavitha 42,741 + Madhavi 17,000 + Northeast 2,500), at ~Rs 7,500-8,400, so ~Rs 260-270 cr. [Est.]
Totals. Q1 FY27: ~Rs 260-270 cr (SHP share count and SAST filings above). FY26 to Q1 FY27 (Apr 2025-Jun 2026): ~Rs 340 cr+. Nov 2025-Sep 2026: ~Rs 360 cr+ [Est.: Aamara arithmetic summing the SAST/insider rows in the table above: Nov/Dec block ~60 + Feb ~12 + Mar ~5 + Q1 FY27 ~264 + Sep ~28]. A secondary tally of "~Rs 250-270 cr including the Nov block" understates: it omits the Akepati Praval Reddy sale (55,000 sh, Rs 45.6 cr) and treats ~Rs 57 cr of Mar-Jun 2026 tranches as small. Since IPO: OFS ~Rs 473 cr, Plutus ~Rs 247 cr (Jun 2023), the Dec-2024 tranche, and the above.
The MD made no market sales (gifts only), but holds just 3.88%. Sellers are mostly non-management family.

Related-party transactions (FY26 AR note 38; H2 FY26 Reg 23(9))

Counterparty	Relationship	Nature	FY26	FY25	Balance 31 Mar 2026
Gee Pee Aerospace & Defence	100% sub	Job-work purchases by MTAR	2.44 (sub books 2.48)	3.20	Advance from customers (in sub) 5.79
Gee Pee	100% sub	Trade advance from MTAR	5.23	10.28	Trade advance 5.86 (FY25 0.47)
Gee Pee	100% sub	Term loan from MTAR (~10%)	-	-	6.12 + interest accrued 1.82 = ~7.94
Gee Pee	100% sub	Interest income to MTAR	0.61	0.55	-
Gee Pee	100% sub	Corporate guarantee for bank loan	nil	19.5	-
Magnatar Aero Systems	100% sub	Reimbursement of expenses	0.012	0.008	Advance ~0.05
K. Shalini	Promoter	Rent	~0.08	~0.08	-
P. Sasidhar Reddy	Relative of MD	Rent (new)	~0.12	-	-
Nettlinx Ltd	Common KMP	Internet charges (new)	~0.12	-	-
MD / WTDs / CFO	KMP	Remuneration	MD 3.10; Anushman 1.49; Praveen ~1.0-1.3	4.00 / 1.90 / 1.28	Payable: MD 1.17, Anushman 0.41, Praveen 0.36, CFO 0.26
Independent directors / Rohith Loka Reddy	Directors	Sitting fees + commission	~0.21-0.24 each / ~0.04	n/a	-

Discrepancy, not reconciled: the H2 FY26 RPT filing totals Rs 5.12 cr (Gee Pee "sale, purchase and supply of goods" Rs 4.93 cr; Sasidhar rent 0.105; Nettlinx 0.05; Shalini 0.04), which exceeds the AR's full-year Gee Pee job-work of Rs 2.44 cr, likely because it includes the ~Rs 5.4 cr rise in trade advance. All approved by the audit committee (22 May / 5 Aug 2025); RPT policy updated 12 May 2026. Note-38 columns are misaligned in the PDF text (±1 row risk on pay). No material-RPT shareholder approvals were sought; no material RPTs.

Auditors

Role	Firm	Notes
Statutory	S.R. Batliboi & Associates LLP (FRN 101049W/E300004); Q1 FY27 partner Atin Bhargava (M.No. 504777)	Re-appointed 26th AGM (18 Sep 2025) to 30th AGM; Rs 72 lakh p.a.; peer review valid to 31 Jul 2027. 2025 AGM notice needed a corrigendum (omitted explanatory statement).
Secretarial	S.S. Reddy & Associates	FY26-FY30, Rs 2.40 lakh p.a.; also e-voting scrutiniser
Cost	Sagar & Associates	FY27-FY29, Rs 6 lakh p.a. + 10% escalation (FY26 Rs 4 lakh)
Internal	Seshachalam & Co.	Re-appointed FY27-FY29 (May 2026)
IFC reviewer	Pundarikashyam & Associates (FRN 011330S)	Also statutory auditor of Gee Pee, so not fully independent of the group
Magnatar auditor	M.V. Vijaya Kumar & Co. (FRN 007890S)	FY26 unmodified

FY26: unmodified standalone and consolidated, no emphasis of matter. Only KAM: revenue recognition (Ind AS 115, incoterms cut-off; domestic Rs 147.4 cr, export Rs 717.9 cr). Audit trail operated with no tampering. FY25: clean; no Sec 143(12) fraud; secretarial and cost audits clean. FY25 Directors' Report contradicts itself on cost records. Gee Pee CARO: cash losses FY26 and FY25; gratuity/leave not provided; Rs 5.66 lakh TDS/ESI interest and penalties; presentation errors. Magnatar: statutory dues "with some delays".

Subsidiaries and acquisitions

Entity	Business	FY25	FY26	Verdict
Gee Pee Aerospace & Defence (CIN U29100TG1988PTC008777); bought May 2022 for Rs 8.82 cr (FY21 revenue Rs 1.68 cr; NW Rs 1.34 cr)	CNC parts and special processes; AS9100D, ISO 9001, NADCAP	Rev 3.24; loss 0.86	Rev 2.54 (~97% to MTAR); loss 1.19; NW −1.25	Captive job-shop. Debt to parent 7.94; capex 3.82; deficit 3.66; employee cost 2.08 (~82% of revenue)
Magnatar Aero Systems (CIN U29308TG2019PTC136567); inc. 4 Nov 2019	Intended heavy precision equipment	Loss 0.0076	Loss 0.0094; NW −0.045	Dormant shell, never operational

Merger step (Sec 230-232)	Date
Subsidiary boards approve	22 May 2025
MTAR board approves	6 Nov 2025
Filed with NCLT Hyderabad	16 Mar 2026
Petition presented / admitted	19 Jun / 10 Jul 2026
Hearing (objections by 2 Sep)	4 Sep 2026; outcome not reported as of 9 Oct 2026

No associates, JVs, overseas subsidiaries or cross-holdings. Capital-allocation risk sits in organic capex, not M&A.

Governance red flags

#	Item	Finding	Severity
1	Promoter-family selling	39.1% → 29.4%; ~Rs 265 cr in Q1 FY27; continuing Sep-26	High
2	Revolving pledges	Peak 10.90%; now ~0.8% of equity; near-monthly cycles	Medium
3	Customer concentration	72.3% Bloom; customer withheld in PO disclosures (confidentiality)	Medium
4	Leverage authority	Rs 730.72 → 800 → 2,000 cr; TOL/TNW 0.6 → 1.1x; TD/OPBDITA 1.5 → 2.2x	Medium
5	Executive pay	FY25 ~13.5% of PAT; MD 69x median	Medium-Low
6	Subsidiary quality	Gee Pee loss-making, negative NW, sloppy statements	Low
7	KMP churn	3 CSs in ~20 months; CFO stable since 2021	Low
8	Director exit	G.V. Satish Kumar Reddy, 13 Dec 2024, unexplained	Low
9	Insider trading	Nov 2025 VP-Production Sidda Reddy Doggala contra trade, Rs 1,252 disgorged 6 Feb 2026; 2021 DGM-Accounts Rs 73,224 disgorged; self-reported. (Forum describes the 2025 case as a "COO" trade of ~Rs 1.06 lakh; filing says VP-Production.)	Low
10	Board succession	All IDs exit Dec 2028; one ID over 75; MD's relative on board	Low-Medium
11	SEBI/MCA actions	None found	None
12	Contingent liabilities (note 34)	Claims not acknowledged Rs 2.27 cr (unchanged); capital commitments Rs 160.0 cr (FY25 12.1); BG/LC Rs 149.9 cr	Low
13	Procedural	AGM corrigendum; cost-records inconsistency	Low
14	Dividend	None FY23-FY26 (capex/WC)	Info

Positives: Big-4-network auditor with clean opinions; independent chair; ICRA A+; CRISIL ESG Strong; ≥97% approval on all resolutions; prompt Reg 30/SAST disclosures. CSR FY25 Rs 2.00 cr spent vs Rs 1.98 cr obligation. ~73% of FY26 revenue from clean energy incl. nuclear (ICRA).

Heard on Street

Brokerage coverage, target revisions, smart-money flows, bulk/block deals, named voices and forum sentiment. Upside vs Rs 7,660.

Limits: Reddit, X and StockTwits were not accessible; broker PDFs (MOSL 30 Jan 2026, Arihant Q2 FY26) were not renderable, so their figures come from summaries. Sep-26 SHP not yet filed.

Street snapshot	Reading
Current named calls	3 Buy / 0 Hold / 0 Sell: Motilal Oswal Rs 9,000; JM Financial Rs 9,375; Arihant Rs 8,294
Named target range	Low 8,294 (+8.3%) / median 9,000 (+17.5%) / high 9,375 (+22.4%) / mean 8,890 (+16.1%)
Aggregators	MarketScreener 5 analysts, mean Buy, mean Rs 9,200 (+20.1%), high 10,240 (+33.7%), low 8,000 (+4.4%); TradingView 7 analysts (header 8,940); Trendlyne consensus Rs 9,200
Performance	~+220% YTD 2026 (+226.8% at Rs 7,820 on 8 Sep); ~+1,230% vs Rs 575 IPO; ATH Rs 8,714.95 (19 Jun 2026)
52-week low (discrepancy)	Rs 1,866 within the 52-week window (Screener); Rs 1,390.5-1,391 (29 Aug 2025, DSIJ) falls just outside it
Drawdown	−34% to Rs 5,741.50 on 20 Jul 2026 (third straight 5% lower circuit); Rs 5,457 on 21 Jul (sixth lower circuit in seven sessions, −35% in a month); recovered ~+33-40%
Surveillance	T2T (BSE 'T' / NSE 'BE', 5% band) from 25 Jun 2026; LT-ASM Stage IV (Jul 2026); current status unverified
Dominant debate	Bloom concentration (72.3% of FY26 revenue) vs diversification optionality; ~51x FY28E / ~35x FY29E consensus EPS

Current calls

House	Rating	TP (Rs)	Date	Basis	Upside	Thesis
Motilal Oswal (Sumant Kumar)	Buy	9,000	24 Sep 2026	60x FY28E EPS; ~0.5x PEG	+17.5%	Rev/EBITDA/PAT CAGR 78/98/118% FY26-28E; "multi-vertical manufacturing platform"; nuclear ~Rs 19,500 cr cumulative; A&D ~Rs 200 cr FY27, Rs 600-700 cr in 3-4 yrs; SLB Rs 400-500 cr potential; capex ~Rs 500 cr at 4-5x turns (~70% fuel cells)
JM Financial	Buy (initiation)	9,375	~8 Sep 2026	42x FY29E; 49x FY28E / 32x FY29E at initiation; PEG 0.46x	+22.4%	Revenue CAGR 66%, PAT 92% FY26-29E; RoE 37%, RoCE 33% by FY29E; book Rs 5,100 cr = 4.8x trailing; Bloom ~USD 6 bn product backlog; Bloom "more than half" of revenue
Arihant Capital (Bala Subramanian)	Buy (re-upgraded)	8,294	Aug 2026	n.d.	+8.3%	Rev/EBITDA/PAT CAGR 56.3/71.4/82% FY26-29E; ROE/ROCE 29.3/33.4% FY29E; FY27E 80% growth, 24% margin; WC 59 days; net debt Rs 20-30 cr; capex ~Rs 500 cr (source misprinted "Rs 5 crore")

Implied EPS [Est.]: MOSL FY28E ~Rs 150 (≈Rs 447 cr PAT); JM FY29E ~Rs 223 (9,375/42; but 32x at ~Rs 7,820 implies ~Rs 244, not reconciled); Arihant FY29E PAT ~Rs 567 cr (EPS ~Rs 184). At Rs 7,660: ~51x MOSL FY28E, ~34-35x JM FY29E.

Stale, superseded or unverified calls

House	Rating	TP	Date	Status
Motilal Oswal	Buy	7,550	30 Jul 2026 (CMP 5,453.5)	Superseded; WC "addressed", NWC ~100 days FY27
Motilal Oswal	Buy	6,000	15 Apr 2026	Superseded; FY27E/28E revenue +16%/+33%
Motilal Oswal	Buy	4,810	26/27 Feb 2026 (CMP 3,683)	Superseded; FY25-28E rev/EBITDA/PAT CAGR 40/55/78%
Motilal Oswal	Buy	3,900	30 Jan 2026 (CMP 2,931.5)	Superseded; 40x FY28E; 0.7x PEG; WC/negative OCF concern
Motilal Oswal	Buy	2,900	6 Nov 2025	Superseded
Motilal Oswal	Buy	1,900	17 Jul 2025	Superseded; 35x FY27E
Avendus Spark (Gaurav Nagori)	Buy (initiation)	3,200	19 Jan 2026	Stale
IIFL Securities	Buy (from Add)	3,270	7 Nov 2025	Stale
PhillipCapital (Viprav Shrivastava)	Buy (initiation)	2,190	~FY25 (35x FY27E EPS Rs 63)	Stale
Arihant Capital	Reduce	2,219	7 Nov 2025 (CMP 2,374)	Reversed later
ICICI Securities (Mohit Kumar)	Buy	7,000	2026 (Univest only)	Unverified; same source cites JM at 7,500 vs verified 9,375
Edelweiss	Buy	1,770-2,450	Aug 2022-Aug 2023	Dormant
Macquarie; HDFC Sec, ICICI Sec, PL, Ashika (IPO notes)	-	n/a	2021-2022	Historical

Ignored aggregator artefacts: Trendlyne 7,400.50 and 7,358.25; TradingView BSE 2,028; Simply Wall St Rs 1,979 (Sep 2025); TipRanks (only MOSL 4,810).

Rating actions, last 12 months

Date	House	Action	Reason
6 Nov 2025	MOSL	TP 1,900 → 2,900	Q2 FY26; H2 visibility; Bloom orders reviving
7 Nov 2025	Arihant	Downgrade Buy → Reduce, TP 2,219	H2 FY26 margin pressure from US tariffs; ~50x P/E rich; Q2 PAT Rs 4.2 cr vs Rs 19.8 cr estimate
7 Nov 2025	IIFL	Upgrade Add → Buy, TP 3,270	Order momentum
19 Jan 2026	Avendus Spark	Initiation Buy, TP 3,200	-
30 Jan 2026	MOSL	TP 2,900 → 3,900	Q3: revenue 278 (vs 174), PAT 35 (vs 16); book 2,394.9 (from 1,296.6)
26 Feb 2026	MOSL	TP 3,900 → 4,810	AI-infra demand via Bloom
15 Apr 2026	MOSL	TP 4,810 → 6,000	Bloom-Oracle 1.2 → 2.8 GW; stock +10%
May-Aug 2026	Arihant	Re-upgrade Reduce → Buy, TP 8,294	80% guide; WC 59 days
30 Jul 2026	MOSL	TP 6,000 → 7,550	Q1 beat; WC fix
~8 Sep 2026	JM Financial	Initiation Buy, TP 9,375	Rs 5,100 cr book; Bloom backlog
24 Sep 2026	MOSL	TP 7,550 → 9,000	60x FY28E; platform thesis

Motilal Oswal target-price ladder (Rs) vs CMP Rs 7,660

Seven successive targets (six raises) in 14 months; the multiple went from 35x FY27E to ~40x FY28E to 60x FY28E. Trendlyne marks every MOSL target up to 7,550 as "met". Part of each raise was multiple expansion following price; estimate upgrades were real too (PAT CAGR 78% → 118%).

Smart-money flows

Category (% equity)	Jun-25	Sep-25	Dec-25	Mar-26	Jun-26	4Q change
Promoter & group	31.65	31.41	30.59	30.44	29.36	−2.29 pp
Pledged (% of promoter holding)	9.53	10.90	8.98	8.94	3.52	−6.0 pp
FII / FPI	7.57	9.21	12.24	17.31	24.80	+17.2 pp
DII total	23.51	24.81	29.96	27.66	22.35	−1.2 pp
· Mutual funds	18.71	19.81	24.80	23.49	20.36	+1.65 pp (−4.44 from peak)
· Insurance	3.94	3.84	2.53	1.71	0.80	−3.1 pp
Public / retail	37.26	34.58	27.19	24.59	23.51	−13.8 pp
Individuals ≤Rs 2 lakh	n/a	n/a	22.91	20.65	20.35	-
No. of FPIs	n/a	n/a	87	161	230 (Trendlyne 281)	-
No. of MF schemes	n/a	n/a	19	21	23	-

Shareholding mix (% of equity), Jun-25 to Jun-26

PromoterFII/FPIDIIPublic (23.5 at Jun-26)

Register rotated domestic → foreign: FPI 6.74% (Mar-25) → 24.80% (Jun-26); FE called MTAR an "FII favourite defence stock in FY26"; FPI count ~2.6x in two quarters.
Domestic funds distributing: MF peak 24.80% (Dec-25) → 20.36%; ABSL Insurance 3.32% → <1%. Monthly MF data for Jul-Sep 2026 not retrieved.
Pledge largely cleaned up (10.90% → 3.52% of promoter holding).
Retail pro-cyclical: holders −92k Mar-25 to Mar-26, then +49k in the Jun-26 quarter into the peak.

Bulk and block deals (directional)

Date	Type	Party	Side	Shares	Price	~Rs cr
17 Oct 2025	Bulk	BNP Paribas Financial Markets (ODI)	Buy	3,53,102	2,288.52	80.8
27 Nov 2025	Block	Kavitha Reddy Gangapatnam	Sell	2,45,500	2,444	60.0
27 Nov 2025	Block	Motilal Oswal MF (Focused)	Buy	2,04,580	2,444	50.0
27 Nov 2025	Block	Bajaj Finserv MF	Buy	40,920	2,444	10.0
9 Jan 2026	Bulk	BofA Securities Europe SA	Buy (0.66%)	2,06,076	2,665.45	54.9
30 Jul 2026	Bulk	BNP Paribas Financial Markets	Buy 26,172 / Sell 2,15,319	net −1.89 lakh	~5,426-5,444	net −102.6
Jun 2023	Bulk	Plutus Wealth Management	Buy	13,15,000*	-	247.22

Non-directional: ~70 matched HFT/prop prints (HRTI, Jump Trading, Junomoneta, Microcurves, QE Securities, NK Securities, Graviton) Feb 2025-Jun 2026, clustered on 13-22 May 2026 (Rs 6,575 → 8,304), 11 Jun (Crusoe, ~Rs 6,500) and 12-18 Jun (Rs 7,028 → 8,412), which is part of why the stock moved to T2T. Some secondary coverage reported "no 2025-26 block deals"; the Nov 2025 block above supersedes that. *Plutus bought 13.15 lakh shares in total (Rs 247.22 cr). Of these, ~11.2 lakh shares (3.6%) came from promoters Usha Reddy C., Anitha Reddy D. and Kavitha Reddy G.; the balance came from other sellers. Pre-IPO investor Florintree separately exited ~10% via block deals (~Rs 500 cr at ~Rs 1,800).

Scheme-level holders

Holder	Type	Jun-25	Dec-25	Mar-26	Jun-26	Trend
Nippon India (Small Cap/Growth)	MF	6.74%	5.82%	5.43%	4.29%	Steady trimming; sold 20,000 on 3 Jun 2026
HSBC Small Cap	MF	n/a	4.33%	4.33%	3.73%	Trimmed
Sundaram (SC / Business Cycle / LT Micro Cap)	MF	1.30%	1.47%	1.21%	2.91%	Added; only domestic house clearly adding
Motilal Oswal Focused	MF	n/a	2.61%	3.07%	2.50%	Bought Nov block; trimmed. Sister of most bullish broker (disclosure-conflict flag)
HDFC Defence	MF	3.45%	3.45%	2.60%	2.44%	Cut 3.1 lakh sh since Dec-25
Bajaj Finserv Flexi Cap	MF	n/a	2.15%	1.70%	<1%	Largely exited
Franklin India Small Cap	MF	n/a	1.75%	1.75%	1.00%	Cut ~43%
Kotak Multicap	MF	3.41%	<1%	<1%	<1%	Exited
MO Nifty Microcap 250 Index	MF passive	1.38%	n/a	n/a	n/a	Likely <1%
ABSL Insurance	Insurance	3.32%	2.07%	1.35%	<1%	Steady exit
BNP Paribas Fin. Markets (ODI)	FPI Cat II	-	-	-	1.57%	Net seller 30 Jul; ~0.95% likely (inference)
SmallCap World Fund (Capital Group)	FPI	-	-	-	1.24%	New long-only entry
Vanguard Total Intl Stock Index	FPI passive	-	-	-	1.02%	Index weight
iShares Core MSCI EM ETF	FPI passive	-	-	1.04%	<1%	-
AIFs / insurers (aggregate)	DII	-	-	-	1.19% / 0.80%	No PMS/AIF above 1%

Q1 FY27 call participants (coverage interest, not holdings): Mohit Kumar (ICICI Sec), Bala Subramanian (Arihant), Gaurav Nagori (Avendus Spark), Sumant Kumar (MOSL), Viprav Shrivastava (PhillipCapital), Viraj Parekh (Carnelian), Jenish Karia (Union AMC), Rohit Natarajan (Axis Max Life), Piyush Dasani (Sundaram Alternates), Pritesh Chheda (Lucky Investments). Cyriac Mathew (ex-Blackstone) reported on ValuePickr as an investor (unverified).

Named voices

Voice	Platform	Stance	Thesis
Parvat Srinivas Reddy (MD)	ET Now (12 Jun 2026), CNBC-TV18 (15 Apr 2026), calls	Bull	No cancellation/deferment communication from Bloom; "pretty confident to do better than the guidance"; US DC slowdown "no issue at all"
HDFC SKY (4 May 2026)	Broker media	Cautious	Valuations "leave little room for disappointment"; Bloom a "single-point vulnerability"; dip "a valuation-led pause"
Financial Express (May 2026)	Media	Neutral-cautious	P/E 213.8x vs industry 64.6x; P/B 25.4x vs 7.9x; ROCE 15.2% vs 16.6%
Business Standard / Hans India / NewKerala	Media	Event-negative	Crusoe pause; three lower circuits; −34%
Business Today (3 Aug, 8 Sep 2026)	Media	Constructive	"16x rally in 5 yrs... analysts see 45% upside"
Ankit Jaiswal (Univest, 21 May 2026)	Technical	Neutral-bull	Resistance ~Rs 7,305; target 8,200; bull 10,000 / bear 5,500
Akshay Jogani	ValuePickr (Dec 2025)	Bull	PAT ~Rs 90 cr → ~Rs 300 cr in two years
Karan Shah (karanshah137)	ValuePickr / Substack	Nuanced	"The Order Book Is Exploding... But the P&L is not"; FII demand absorbs promoter supply
phreakv6 / Karnik_Shah1 / Prabhat_Mohanty	ValuePickr	Bull	Guidance upgrade; 4.6% allocation; listed among multibaggers
The Motley Fool (US)	Bloom coverage, 11 Jun 2026	Context	Wyoming project continues even though Crusoe stepped back

ValuePickr mood timeline (topic 99156, ~264 posts; quiet after 29 Jul 2026)

Period	Mood	Key posts
Jun 2025	Cautious bull	Dayalal_Bhut wants Q1 proof given past misses
Oct 2025	Bull	Adani-MTAR AMCA tie-up; Bloom-Brookfield USD 5 bn; ~Rs 800 cr FY26 orders tallied
Jan-Feb 2026	Bull, valuation questions	SEBI insider-trading findings (small); NAMAN_PARMAR flags capacity mismatch: Bloom 1-2 GW vs MTAR 2-4 GW
Mar-Apr 2026	Mixed	"Waiting for dips"; data-centre PO Rs 35.56 cr; Oracle +10%
13 May 2026	Split	Q4 operating profit dipped QoQ (~64 → 62); 80% guide
14-21 May 2026	Euphoric	USD 238.76 mn blanket PO; FY28 growth 80-100% hoped
22-24 May 2026	Peak debate	akacker exits above Rs 6,000 (30k hot boxes = Rs 3,100-3,500 cr revenue FY29-30; FY29 EPS ~Rs 190 = 40x+); Taiwanese supplier ~50% (AI-sourced, unverified); "why are promoters selling?"
27 May 2026	Negative	Adani exits AMCA race (non-selection inferred, not confirmed by MTAR)
11-12 Jun 2026	Fear then rebuttal	Crusoe pause; shyamutty: 3x 65% / 5x 30% / 10x 8% probabilities
23 Jun 2026	Profit-taking	murali603/BMK exits at 4-5x
29 Jul 2026	Relief	FY27 EPS Rs 60-70 projected; calandria (3-4 global suppliers) as nuclear moat

Synthesis [Analyst View]

Sell-side conviction is higher than six months ago: more houses, higher targets, longer-dated multiples. Forum conviction is lower and more valuation-aware. Insiders remain net sellers. Contention points: (1) valuation method drift (35x FY27E → 60x FY28E); (2) Bloom dependence vs the "platform" narrative, with Bloom's own stock setting MTAR's tape (+10% Oracle, −10/11% Crusoe, −34% while Bloom fell ~38%); (3) insiders and legacy MFs selling to FPIs and the sell-side. The margin guide is not contested: 24% ±100 bps is verified in the Q1 FY27 transcript and deck; "22%" readings were transcription errors. Watch: Sep-26 SHP (~21 Oct), Q2 FY27 (early Nov), Bloom Q3 CY26, Phase-2 commissioning, SAST filings, T2T exit.

Peers

FY26 consolidated; market data 9 Oct 2026. Desk-recomputed ratios. P/E FY26 = mcap ÷ FY26 PAT; EV = mcap + gross borrowings (Mar-26; cash not netted, so an upper bound); EV/EBITDA on FY26 EBITDA.

Company	Rev FY26	YoY (base)	EBITDA / %	PAT / %	RoE	P/E FY26 (TTM)	Mcap	Gross debt	EV/EBITDA	Moat
MTAR Technologies	876.2	29.6% (676.0)	171.2 / 19.5%	94.0 / 10.7%	12.1%	250.7x (~177x)	23,563	377	140x (105x TTM)	Bloom hot-box qualification; NPCIL/ISRO decades; multi-sector precision
Azad Engineering	603.0	31.9% (457)	225.3 / 37.4%	133.6 / 22.2%	9.1%	139.1x (134x)	18,580	474	84.6x	GE Vernova, Siemens Energy, MHI, Baker Hughes airfoils; book ~6,500 (~11x rev); 93% exports
PTC Industries	602.8	95.7% (308)	134 / 22.2%	101.6 / 16.9%	7.2%	362.9x (293x)	36,857	261	277x	Only private Indian aero-grade Ti/superalloy melt-to-part (Aerolloy); Lucknow corridor
Unimech Aerospace	240.5	−1.0% (242.9)	75.1 / 31.2%	63.3 / 26.3%	8.0%	141.2x (124x)	8,940	127	120.7x	Aero tooling and precision assemblies for global OEMs
Paras Defence & Space	477	30.7% (365)	122 / 25.6%	89 / 18.7%	12.4%	111.8x (108x)	9,953	27	81.8x	Defence optronics/electronics; space optics; ~debt-free
Dynamatic Technologies	1,621	15.5% (1,404)	186 / 11.5%	32 / 2.0%	6.7%	284.6x (155x)	9,108	638	52.4x	Airbus/Boeing/Bell/HAL aerostructures; hydraulics
Aequs (listed Dec 2025)	1,230	33.0% (925)	92 / 7.5%	(113) / loss	−10.0%	NM	17,997	701	203x	Belagavi SEZ ecosystem; Airbus/Boeing/Safran; consumer drag

MTAR's TTM P/E is shown as ~177x (Rs 7,660 ÷ TTM EPS Rs 43.39), the house value used throughout; Screener displays 173x. PTC company-defined EBITDA is 172.3 / 26.8% of total income. MTAR RoE = 94 ÷ avg equity 776. On a net-debt EV basis MTAR's FY26 EV/EBITDA is ~139x (Valuation tab).

Q1 FY27 (Jun-26, Screener)	Sales	PAT
MTAR	361	50
Azad	173	35
PTC	192	29
Unimech	108	28
Paras	128	21
Dynamatic	425	21
Aequs	396	(53)

Leverage	Gross debt / equity (Mar-26)	Promoter holding
MTAR	0.46x (377/823)	29.36%
Azad	~0.3x	55.8%
PTC	n/a	59.7%
Unimech	n/a	79.8%
Paras	~debt-free (27)	n/a
Dynamatic	highest absolute (638)	n/a

Derived observations

Growth: MTAR's FY26 +29.6% is mid-pack (PTC 95.7%, Aequs 33%, Azad 31.9%, Paras 30.7%); its FY27 ~80% guide would be the fastest (Azad 25%+).
Margins: 19.5% is the lowest among profitable focused peers (Azad 37.4%, Unimech 31.2%, Paras 25.6%, PTC 22.2%); above only Dynamatic and Aequs. 3-yr avg OPM ~19% vs 27-29% in FY22-23.
Returns: ROE ~12% is joint-highest with Paras; peers diluted by IPO/QIP equity.
Valuation: FY26 P/E 251x is below PTC (363x) and Dynamatic (285x) but above Azad, Unimech, Paras. TTM ~177x is at a premium to all except PTC. EV/EBITDA 140x is third-richest (after PTC 277x and Aequs 203x).
Forward illustration (desk): FY27E PAT ~Rs 210-230 cr (Rs 1,590 cr revenue; EBITDA ~22.5% ≈ 358; D&A ~50; interest ~60; tax 25%) → ~100-110x. At the verified 24% guide, PAT ~Rs 220-260 cr → ~90-105x.
Scale: MTAR now has the largest quarterly revenue among focused precision players (ex-Dynamatic, Aequs).

Unlisted / segment competitors

Godrej Enterprises (Precision Engg / Aerospace): fuelling machines, steam generators; ISRO Vikas and CE-20 hardware
L&T Heavy Engineering / Precision: end-shields, calandria, PSLV boosters; HAL-L&T PSLV consortium
Walchandnagar Industries: calandria, end-shields, ISRO motor casings
HAL (cryogenic stages); Tata Advanced Systems; Bharat Forge / Kalyani Strategic Systems
Ananth Technologies, Centum, Data Patterns (space electronics)
Bloom chain: Bloom in-house assembly (Newark DE, Fremont), a Taiwanese second source, possible Mexico/Asia sources

Strengths and weaknesses vs each peer

Peer	MTAR strengths	MTAR weaknesses
Azad Engineering	Faster near-term growth (~80% vs 25%+); multi-sector vs Azad's 81.5% energy/turbine; FY26 OCF +197 vs Azad standalone −123; WC ~59 days vs Azad 158 inventory + 164 receivable days; ROE 12% vs 9%	EBITDA margin about half (19.5% vs 37.4%), PAT margin under half (10.7% vs 22.2%); single customer 72.3% vs Azad's four OEMs; Azad backlog ~11x revenue vs MTAR ~3.3x FY27E (Jun-26 book ÷ guided ~Rs 1,577 cr); promoter 29.4% vs 55.8%
PTC Industries	Higher ROE (12% vs 7%); cheaper (251x vs 363x; 140x vs 277x EV/EBITDA); diversified civil customers	PTC owns upstream Ti/superalloy melting with higher pricing power; 96% growth; UP corridor; Rolls-Royce/Safran qualification; promoter 59.7%
Unimech Aerospace	Scale (876 vs 241); +30% vs −1% (Unimech hit by US tariffs); nuclear/space niches	Unimech margins higher (31% / 26%); lighter capex; promoter 79.8%; MTAR's US tariff exposure is larger in absolute terms
Paras Defence	Bigger revenue; heavier assemblies with higher entry barriers (nuclear cores, rocket engines)	Paras near debt-free, EBITDA 25.6%, domestic (less FX/tariff risk), P/E 112x vs 251x
Dynamatic	Much higher margins (19.5% vs 11.5%; 10.7% vs 2.0%); debt 377 vs 638; higher ROE	Larger aerostructure scale (1,621); long Airbus/Boeing/HAL contracts; more diversified customers
Aequs	Profitable vs loss-making; no consumer drag	Integrated Belagavi ecosystem; deeper Airbus/Safran ties; larger aerospace scale
Godrej / L&T (unlisted)	Nimble, focused, lower-cost in fuelling-machine heads, coolant channels, engine hardware; export-certified	Group balance sheets, EPC capability, bigger fabrication; can bid full packages; may capture more value under SHANTI

Concall & Guidance

Six calls (Q4 FY25 to Q1 FY27), all checked against NSE-filed transcripts. Walk-the-talk ledger, contradictions, analyst Q&A and tone. Q2 FY27 not yet reported.

Where the narrative stands (Oct 2026)

"Inflection" phase. MD (30 Jul 2026): "the company is at an inflection point with each of our key business verticals." FY27 guide: ~80% ±5% revenue growth and 24% ±100 bps EBITDA. Verified in the Q1 FY27 transcript ("80% revenue growth ... with an EBITDA margin of 24% plus-minus 100 basis points") and deck; the May-26 call said "around 24%". "22%" readings in secondary summaries were transcription errors. A formal revisit is promised "by end of next quarter". Implied FY27 revenue Rs 1,533-1,621 cr; after Q1's Rs 360.7 cr, the remaining 9 months need ~Rs 391-420 cr/quarter vs Q1's Rs 361 cr. [Derived]

Quarter-by-quarter log

Quarter / call	Results	Orders	Guidance / key statements	Tone
Q4 FY25 call 23 May 2025	Q4 rev 183.1 (+28.1%), EBITDA 34.2, PAT 13.7. FY25 rev 676.0 (+16.4%), EBITDA 120.9 (17.9%), PAT 52.9 (−5.7%), OCF 101. WC 229 days; LT debt 127; D/E 0.24x	FY25 inflow 720; book 979.4 (guided ~1,500; MD: Kaiga "getting deferred")	FY26: +25% "basic minimum ... worst case", 21% ±100 bps; clean energy +15-20%; A&D ~+80%; nuclear 19 → 60; products +20%; ~25% avg growth for 3 yrs. MNC aero Rs 9-10 cr FY24, 45-48 cr FY25, ≥Rs 145 cr FY26. Bloom FY25 "450 plus"; ~4,000 hot boxes. Nuclear Rs 700-800 cr "over next one, two quarters". GM fell from 67-68% (FY21) "basically the product mix". MD: "over the last one year there was some misses"	Cautious
Q1 FY26 call 6 Aug 2025	Rev 156.6 (+22.1%), EBITDA 28.4 (18.1%), PAT 10.8; GM 54.2% (flattered by nuclear WIP build). WC 267 days; OCF ~−1	Inflow 105.3; book 930.2 (down)	FY26 reaffirmed; Bloom "highest ever forecast", ~25% higher; run-rate Rs 100-110 cr/qtr → Rs 130-150 cr/qtr in FY27; Taiwanese second supplier exists, MTAR "major wallet share". Nuclear ~Rs 1,000 cr "in next 3 to 6 months"; 16 Kaiga packages quoted to MEIL. Aero FY26 cut to Rs 100-120 cr. Weatherford LTA; O&G plant "by June of next year". Capex Rs 100+ cr (~70% debt)	Cautious-confident
Q2 FY26 call 6 Nov 2025	Rev 135.6 (CFO; Screener 136.2), EBITDA 17.0 (12.5%), PAT 4.2 (vs Arihant est. 19.8); GM 51.2%; OCF 39.8	Inflow 497.7; book 1,296.6 (1,703 at 5 Nov)	Raised to 30-35% (>Rs 900 cr), H2 ~2x H1, ~21% EBITDA; FY26 book ~2,800; WC target 220. Dip = 3-3.5 weeks of US tariff talks ("if we absorb the tariff then we don't stand a chance"). Hot boxes 8k → 12k (Mar-26) → 16k (Sep-26) → 20k (Mar-27); historic "hardly 3,500" per yr. CFO: "total debt won't be more than INR250 crores". Fluence LTA by Q4 (Rs 200-400 cr). AMCA EoI with Adani. Aero ~Rs 500 cr in 4-5 yrs	Defensive / bullish outlook
Q3 FY26 call 30 Jan 2026	Rev 278.0 (+59.3%), EBITDA 64.0 (23.0%), PAT 34.7; GM 46.1%; Labour-Codes Rs 3.77 cr; 9M OCF −22; WC 260 days (CFO)	Inflow 1,368.8; book 2,394.9; 9M fuel-cell orders 1,080 (Q3 645); Kaiga "INR500 crores plus" received	FY26 Rs 900 cr+, 21% ±1% (9M 19.2%); FY27 ~+50% with "much higher" margins; Q4 inflow 700-800. AEP USD 2.65 bn; "retain a majority market share"; 8,000 capacity at "100%"; 12k → 20k (Dec-26) → 30k; FY27 base 12,000 "conservatively". Nuclear FY27 "Rs 150 cr very comfortably". A&D book 325 (MNC ~120, space ~120, defence ~80). Weatherford Rs 150-200 cr (50-70 in FY27)	Confident
Q4 FY26 call 13 May 2026	Q4 rev 306.1, EBITDA 61.8 (20.2%), PAT 44.3. FY26 rev 876.2, EBITDA 171.2 (19.5%, miss), PAT 94.0; GM 47.7%; OI ~25 (forex); OCF 196.9; ROCE 17.2%; WC 172	FY26 inflow 2,453.3; Q4 481.6; book 2,581.9 vs 2,800 (~Rs 250 cr nuclear deferred)	FY27 raised 50% → "80% plus ... ±5%", EBITDA "around 24%"; book ~5,000; clean energy ~70%; capex Rs 250-300 cr (internal Rs 500-700 cr for ~Rs 5,000 cr revenue; FY30 "aspirational"). ~28% fixed costs → "at least 5%" leverage. SLB Rs 35 cr (~70% value-add); O&G Rs 450-500 cr; LCA Rs 130-150 cr pending; AMCA Rs 4 cr. Wallet share: "we are really not concerned". Fluence deferred.	Euphoric
Q1 FY27 call 30 Jul 2026	Rev 360.7 (+130.4%), EBITDA 85.1 (23.6%), PBT 67.4, PAT 50.2; GM 45.61%; exports ~81%; WC 59 (inv. 145, rec. 82)	Inflow 2,895.1; book 5,143; +USD 85.86 mn amendment "today"	80% / 24% ±100 bps, "pretty confident to do better"; WC ~100 at year-end; debt 423.6, investments 379, net debt 20-30; capex ~Rs 500 cr FY27-28 (~70% clean energy; Q1 Rs 30-35 cr; ~80 capitalised); Phase 2 Sep-Oct, Phase 3 ~Mar-27; O&G by Oct-26; ROCE 23% target. Nuclear book 684 + ~130 (incl. L1). A&D double; aero Rs 600-700 cr, products >Rs 1,000 cr by ~FY30. DC slowdown: "unwanted noise ... no issue at all". CFO: "very short cycle orders"	Confident, guarded (NDA)

Walk-the-talk: guidance vs actual

Item	Guided (when)	Actual	Verdict
FY25 closing order book	~Rs 1,500 cr (FY25)	Rs 979.4 cr	Miss
FY26 revenue growth	+25% (May-25) → 30-35%, >Rs 900 cr (Nov-25, Jan-26)	+29.6%, Rs 876.2 cr	Beat original; missed raised band/Rs 900 cr
FY26 EBITDA margin	21% ±100 bps (all four FY26 calls)	19.5%	Miss
H2 FY26 ≈ 2x H1	Nov-25	H1 292 / H2 584 = 2.0x	Met
FY26 closing book	~Rs 2,800 cr (Nov-25, Jan-26)	Rs 2,581.9 cr	Miss (~8%)
Q4 FY26 inflow	Rs 700-800 cr (Jan-26)	Rs 481.6 cr	Miss
FY26 WC days	200 → 220	172 (advance-aided)	Beat
Clean energy FY26	+15-20% (May-25)	417 → 615 (+48%)	Large beat
A&D FY26	~+80% (May/Aug-25)	93 → 104 (+11%)	Large miss
Aerospace (MNC) FY26	~Rs 145 cr → 100-120 → ~100	A&D segment 103.8	Cut twice
Products FY26	+20% minimum	148 → 134 (−9%)	Miss
Nuclear FY26 revenue	Rs 60 cr (May-25)	Rs 23.6 cr	Miss
Nuclear orders (May-25)	Rs 700-800 cr "next one, two quarters"	Kaiga Rs 504 cr booked Dec-25 (2-3 qtrs later); book ~Rs 650-684 cr by Mar/Jun-26	Late, short
Nuclear orders (Aug/Nov-25)	~Rs 1,000 cr in 3-6 months → ~Rs 500 cr Kaiga + ~Rs 800 cr by FY-end	Kaiga Rs 504 cr booked Q3 FY26 (MEIL, 6 & 18 Dec 2025); nuclear book ~Rs 679 cr at Mar-26	Repeatedly late
Fluence BESS	Proto-2 by Q2 FY26; LTA "this quarter or next"; Rs 200-400 cr over 2-3 yrs	Deferred; dropped from list (May-26)	Miss
Oil & gas plant	"June 2026" (Aug/Nov-25) → Jun/Sep-26 → Sep-26	"Operational by Oct-26"; deck Q3 FY27	Slip ~4+ months
Total debt ceiling	"won't be more than INR250 crores" (CFO, Nov-25)	Rs 369.2 cr (Mar-26); Rs 423.6 cr (Jun-26)	Miss
Bloom run-rate FY27	Rs 130-150 cr/qtr (Aug-25)	Q1 FY27 clean energy Rs 220.8 cr	Beat
Q4 FY26 fuel cells	~Rs 250 cr (Jan-26)	Whole segment ~Rs 217 cr	Miss (≥13%)
Hot box 16,000 units	Sep-26 (Nov-25)	Phase 2 "Sep-Oct 2026"; figures now NDA	Slip / opacity
LCA Mk1A order	Rs 130-150 cr expected Q4 FY26	Still pending	Late
FY27 nuclear revenue	"≥Rs 150 cr very comfortably" (Jan-26)	Q1 FY27 Rs 3.2 cr; ramp "from Q2 onwards"	At risk
FY27 revenue growth	~50% (Nov-25/Jan-26) → 80% ±5% (May-26)	Q1 +130%	On track
FY27 EBITDA	~24% (May-26) → 24% ±100 bps (Jul-26)	Q1 23.6%	Within band
FY27 closing book	~Rs 5,000 cr (May-26)	Rs 5,143 cr at Q1	Achieved early
Capex envelope	>100 (FY26) → ~150 (FY26-27) → 250-300 (FY27-28) → ~500 (FY27-28)	n/a	~3x in 8 months

Pattern [Analyst View]

Reliable on top-line and order-book direction when Bloom drives it. Unreliable on non-Bloom verticals (A&D, products, nuclear timing, Fluence, O&G plant), on margins (missed the FY26 band) and on the debt ceiling. Guidance was raised after a weak quarter (Q2 FY26) and again after big Bloom orders (Q4 FY26). The FY27 margin band was not softened: it was stated as 24% ±100 bps in Jul-26. GM path: 54.2% (Q1 FY26) → 51.2% → 46.1% → ~44-45% (Q4) → 45.6% (Q1 FY27); EBITDA gains are operating leverage.

Contradictions and data conflicts

Issue	Status
FY27 EBITDA guide (22% vs 24%)	Resolved: 24% ±100 bps (transcript and deck)
Kaiga 5&6 timing	Resolved: Rs 194 cr (6 Dec) + Rs 310 cr (18 Dec 2025) from MEIL = Q3 FY26. The Q1 FY27 "highest ever nuclear inflow" remark referred to "the last quarter". Mar-26 book ~679 vs Jun-26 ~684 is consistent with no fresh Kaiga in Q1.
Q1 FY27 inflow arithmetic	Blanket POs 2,278.96 (14 May NSE filing) + 467 + ~36 early-Q1 = ~2,782 of 2,895.1; ~Rs 113 cr residual. Roll-forward 2,581.9 + 2,895.1 − 360.7 = ~5,116 vs 5,143 reported (~Rs 27 cr unexplained; possibly FX revaluation). [Derived]
"Rs 800 cr on call day"	Resolved: the 30 Jul NSE-filed amendment (+USD 85.86 mn / ~Rs 819.94 cr). The "Rs 3,200 cr" cited by an analyst was the amended PO total (CFO: "not a full order... a partial communication"). Another analyst cited a Rs 5,500 cr book.
Dec-25 WC days	Unresolved: 260 (CFO, Q3 call), 266 (deck), 267 (CFO, Q4 call), 278 (MD, Q4 call)
Blanket PO firmness	Call-off dependent and softer than fixed-quantity orders; customer unnamed (presumed Bloom)
FY30 Rs 5,000 cr revenue	Media call it a target; management said "aspirational", "a hope"
Debt vs WC	Debt 370 → 423.6 while WC fell to 59 days; net debt only ~20-30 because of Rs 379 cr investments (likely parked advances)
Nuclear PHWR share	"60% to 70% share of orders" appears in an [inaudible]-tagged passage; attribution uncertain (may be the analyst)
Q1 OCF Rs 247.69 cr	Comparator Rs 191.66 cr = FY26 standalone full-year OCF; unaudited

Analyst Q&A that reveals hidden risk

Bloom dependence not quantified: no market share, Phase 2/3 numbers (NDA) or Bloom revenue share; DC capex delays called "unwanted noise".
Capacity tied to "a single large customer" (Q4 FY26).
Margins: pressed on the ~190 bps QoQ GM fall; the answer leaned on operating leverage.
WC sustainability: management itself guides 59 → ~100 days.
Nuclear timing: "cannot assure timing" of NPCIL tenders; Mahi Banswara via EPC next fiscal; PFBR follow-on with no firm timing.
Conversion: SLB, Weatherford, IAI, MNC ball screws and AMCA must convert from first articles; data-centre "meaningful ramp-up not expected until next year".
Execution: three concurrent ramps (fuel-cell Phase 2/3, O&G, data centre) plus hiring/automation.
Capex returns: asset-turn target wobbled between 4-5x and 6x in the same call.
Disclosure gaps: no per-platform content values, tender sizes or new-product development cost.

Call	Tone
Q4 FY25	Cautious; guidance "conservative"
Q1 FY26	Cautiously optimistic; nuclear promise over-reached; WC stress
Q2 FY26	Defensive on results ("temporary dip"), aggressive on outlook
Q3 FY26	Confident; first operating leverage
Q4 FY26	Euphoric (50% → 80% in-call raise); defensive on margin miss
Q1 FY27	Confident but guarded (NDA); dismissive of macro concerns

Recurring themes: Bloom capacity ramp; "H2 stronger than H1"; nuclear "next quarter"; A&D "volume production starting"; new O&G/aero customers; operating leverage; WC normalisation.

Order-book visibility

Metric	FY25	Q1 FY26	Q2 FY26	Q3 FY26	Q4 FY26	Q1 FY27
Order inflow (Rs cr)	720	105.3	497.7	1,368.8	481.6	2,895.1
Closing book (Rs cr)	979.4	930.2	1,296.6	2,394.9	2,581.9	5,143.3
Book-to-bill	~1.07x	-	-	-	FY26 ~2.8x	~8.0x (qtr)

Book ÷ FY26 revenue = 5.9x; ÷ FY27E guided (~Rs 1,577 cr) = ~3.3x. After Jun-26: +Rs 819.94 cr (30 Jul) and +Rs 126.74 cr NPCIL (26 Aug), so ~Rs 6,090 cr gross of Q2 execution. Rs 467 cr: 50% by 20 Mar 2027, rest by 20 Jun 2027. Most of the 30 Jul increment executes "next year". Q2 FY26 post-quarter orders ~Rs 480 cr (not itemised); Q4 FY26 small orders incl. ~Rs 34 cr clean energy + aerospace; early Q1 FY27 ~Rs 36 cr.

News flow and watch items

Date	Event
21 Feb 2025	K Shalini buys 1,05,000 sh; stock −3.7% to Rs 1,416 (mcap Rs 4,388 cr)
Feb 2026	CS resigned; successor 2 Feb; record Rs 3,686 on 10 Feb after Q3 (+10%)
Mar 2026	New cost and internal auditors for 3 yrs from FY27
19-27 May 2026	Promoter sales days after the Rs 2,279 cr order (~Rs 119 cr for the three 20-21 May sellers Vamshidhar, Kavitha and Manogna; ~Rs 185 cr across 19-27 May incl. Pranay and Kalpana [Derived from the insider table, Governance tab]); stock later Rs 5,457 (21 Jul)
11-12 Jun 2026	Crusoe pause; MTAR "received no communication on any project delay"; +12%
25 Jun 2026	Moved to T2T
Jul 2026	Oracle-linked DC delay; lower circuit 6 of 7 sessions; ASM Stage IV. Company: "order book remains healthy and committed business continues to be intact"; no undisclosed proceedings
7 Jul 2026	ICRA upgrade to A+
14 Jul 2026	A Manogna pledge release, 1,25,000 sh (0.41%)
30 Jul 2026	5% upper circuit after Q1 (ASM band)
7-16 Sep 2026	7 Sep: 5% upper circuit on Bloom S&P 500 inclusion (Rs 7,519). 15 Sep: 5% lower circuit (Rs 6,947); 16 Sep a further −2.2% (Rs 6,792). Promoter sales on 4 Sep (Shalini 18,000) and 16 Sep (Leelavathi 20,000), disclosed 23 and 28 Sep
21-28 Sep 2026	21 Sep: NSE intimation of 24 Sep one-on-one/group investor meetings (Mumbai). 23 Sep: trading window for designated persons and their immediate relatives closed from 1 Oct until 48 hours after Q2 FY27 results. 24-25 Sep: −3.2% / −2.1% on Oracle's Project Jupiter force-majeure notice (see Industry tab). 28 Sep: AGM passed all six resolutions (Rs 2,000 cr borrowing limit)
29 Sep-1 Oct 2026	29 Sep: 5% upper circuit to Rs 7,426 on ~3.5 lakh shares (~4x the month's typical volume). 30 Sep: locked at the 5% upper circuit all day (Rs 7,797). [Inferred] Both moves track Bloom's rebound after Oracle and Bloom reaffirmed the 2.4 GW contract; no MTAR-specific trigger was filed. 1 Oct: opened at the upper band (Rs 8,186.5), fell to Rs 7,525.5 intraday and closed flat at Rs 7,797
6 Oct 2026	CRISIL ESG 63 "Strong" (unsolicited; NSE disclosure). Last close before publication: Rs 7,849.5 (8 Oct), +2.5% vs the Rs 7,660 reference price used in this report
20 Sep-9 Oct 2026	No order filings, broker rating/target changes, ICRA actions, management changes or new insider/SAST disclosures for this period; Q2 FY27 board-meeting date not yet filed

Q2 FY27 watch (~late Oct/Nov): Bloom Q3 CY26 results (~27 Oct) and any Project Jupiter schedule change; guide revisit above 80%; Phase 2 and O&G commissioning; Sep-26 book reconciliation (+819.94 + 126.74); GM below 46%; WC drift 59 → 100; Bloom/Crusoe/Oracle newsflow; promoter sales.

SWOT & Risks

SWOT, full 21-item risk register and red-flag checklist. Bloom concentration uses the verified 72.3% (AR note 40(c)) throughout.

Strengths

55-year qualification with NPCIL, ISRO, DRDO, IGCAR/BHAVINI; one of top 2-3 private PHWR reactor-core suppliers
Vertically integrated: 600+ CNCs, vacuum brazing, NADCAP special processes, clean-room integration, NABL labs
Majority hot-box supplier and sole SOEC electrolyser supplier to Bloom; 14+ yr relationship; multi-year forecast
Order book Rs 5,143 cr (~4.8x TTM revenue); ICRA A+; clean audits; independent chair
No equity dilution since IPO; ROE among the best in the peer set

Weaknesses

72.3% of revenue from one customer; 82% exports; ~72% of FY25 sales US-bound (ICRA)
Build-to-print, no IP; gross margin down from 63.9% to 45.6%; EBITDA margin about half of Azad's
5-yr FCF −Rs 194 cr; gross cash cycle 360-510 days; advance-funded OCF
Weak walk-the-talk on non-Bloom verticals; debt ceiling broken
Promoter 29.36% and falling; revolving pledges

Opportunities

Bloom CY26 guide USD 3.9-4.2 bn; Oracle 2.8 GW, AEP 1 GW; capacity to ~30,000 units
India nuclear 100 GW by 2047; 10 fleet PHWRs (Rs 250-400 cr content each); refurbishment; SMR/BSR; SHANTI Act
A&D doubling (LCA Mk1A, AMCA, IAI 15-yr pipeline); space privatisation
SLB data centre (~8x), Weatherford O&G (Rs 450-500 cr), ball screws to MNCs
Products >Rs 1,000 cr and aerospace Rs 600-700 cr by ~FY30 (management)

Threats

Bloom dual-sourcing (Taiwanese supplier), in-sourcing or deferral (FY24 precedent)
US tariff swings; AI data-centre pauses (Crusoe, Oracle)
Conglomerates and foreign vendors entering nuclear post-SHANTI
Sector capex supercycle compressing pricing by FY28-30
Valuation de-rating (~177x TTM); surveillance; QIP risk

Risk register

#	Risk	Category	Severity	Explanation	Mitigant
1	Customer concentration (Bloom)	Business	High	Bloom = 72.3% of FY26 revenue; clean energy 70.2% of revenue and 66.7% of the Jun-26 book. Large May/Jul-26 export POs likely Bloom. A pause, insourcing, second-sourcing, inventory correction (FY24) or tax-credit loss flows straight through. Bloom shares fell ~38-46% in a month to end-Jul 2026. Sep 2026 showed the second-order exposure again: Oracle's force-majeure notice on Project Jupiter (24 Sep; gas pipeline slipped to Feb 2027, air permit pending) moved MTAR −5% over two sessions before Oracle and Bloom reaffirmed the 2.4 GW contract.	Bloom backlog ~USD 20 bn; multi-year forecast; diversification into nuclear, defence, O&G, DC; "no customer has signalled cuts"
2	US tariff / trade	Macro / Regulatory	High	82% of FY26 revenue is exports; ICRA (Oct 2025): ~72% of FY25 sales were exports to the US. US rates swung through 2025-26; Unimech's FY26 −1% is a sector precedent; Fluence lost to battery duties. Discrepancy: a Q4 FY25 results summary put FY25 exports at only 64% of revenue, below both ICRA's ~72% US share of sales and Bloom's 71.6% revenue share. That only reconciles if some Bloom billing was domestic or the 64% is misreported; unreconciled (the ICRA ~72% is consistent with Bloom's 71.6% share). FY26 is consistent: exports 82-83%; KAM split export Rs 717.9 cr / domestic Rs 147.4 cr; Bloom 72.3%.	Pass-through/DDP clauses; Bloom's US-sourcing needs; possible trade deal; ICRA Stable
3	Execution and capacity ramp	Execution	High	~80% growth to ~Rs 1,590 cr needs Phase 2 (Sep-Oct 26), Phase 3 (Mar-27), O&G plant and an H2 nuclear ramp on time, at ~177x TTM	Phase 1 commissioned; Q1 delivered 23% of guide; Bloom ramp record; ~Rs 80 cr CWIP capitalised in Q1
4	Valuation / sentiment	Market	High	TTM P/E ~177x, FY26 251x, P/B ~29x, EV/EBITDA FY26 ~139-140x; range Rs 1,866-8,715; −34% in Jul-26; T2T/ASM	TTM PAT 133 vs FY25 53; forward P/E ~90-105x on guide
5	Gross-margin deterioration	Business	Med	49.4% → 47.7% → 45.6% on material-heavy fuel-cell mix, consumables, freight; OPM 29% (FY22) → 18% (FY25)	Operating leverage; higher-margin nuclear/defence mix in H2
6	Rising debt and finance costs	Financial	Med	Borrowings 96 (FY22) → 177 (FY25) → 369 (FY26, AR) → 423.6 (Jun-26). D/E ~0.45x; Q1 finance cost ~Rs 16 cr (2.7x YoY). Total debt/EBITDA ~2.2x FY26 (377/171); ~1.7x on TTM EBITDA (FY26 debt / 228); ~1.9x on Jun-26 gross debt / TTM EBITDA (423.6/228). Rs 500 cr capex on accruals + debt	CFO net debt ~Rs 20-30 cr after Rs 379 cr investments; OCF 197; ICRA A+ (trigger now cover <5x)
7	Working-capital reversal	Financial	Med	WC 172 → 59 days, receivables 140 → 82, via advances; inventory days 145 still high; could revert to 100-150	Target ~100 days at FY27-end; improved terms with key customer
8	Weak cash conversion / no dividend	Financial / Governance	Med	FCF −120.9, −101.0, −36.8, +0.9, +63.3 (FY22-26; cumulative −194.3); no dividend since FY22	FY26 FCF positive; strong Q1 OCF claim (unaudited)
9	Promoter selling	Governance	Med	39.14% → 29.36%; repeated sales May-Sep 2026 (Vamshidhar 1,00,000; Pranay 60,000; Praval 55,000; Manogna 30,000; Kalpana 27,802; Kavitha 42,741; Madhavi 17,000; Shalini 18,000; Leelavathi 20,000). Dispersed family; theoretical takeover target; overhang	Individually <0.35% of equity; Kavitha Reddy pledge release of 1,77,000 sh with 360 One (released by end-Jun 2026; revised disclosure filed 9 Jul 2026); FII 12.2% → 24.8% in two quarters
10	Nuclear/defence order deferral	Business / Execution	Med	FY26 book missed 2,800 on deferrals; nuclear 2.7% of revenue vs 26% of Mar-26 book; policy/budget dependent	PHWR fleet pipeline; nuclear book ~Rs 815 cr incl. expected
11	SHANTI-era competition	Regulatory / Business	Med	Private/JV operators and global vendors bring supply chains; L&T, Godrej, Tata, Adani, Reliance bundle packages	Qualified-vendor status; SMR/BSR enlarge pie
12	Technology substitution	Business	Med	DC power could shift to turbines, SMRs or other chemistries; Bloom redesign could cut content or force requalification	Co-development; multi-sector capability
13	Currency	Macro	Low-Med	Net long USD; INR ~95.5/USD tailwind could reverse; FY26 OI mainly forex gains	Imported alloys hedge (30-35% imports); USD packing credit
14	Commodity / raw material	Macro	Low-Med	Imported Inconel, Ti, Zr alloys; critical-mineral export controls; Red Sea/Iran freight (oil above USD 100 in Oct 2026)	Pass-through; customer-directed and free-issue materials
15	Interest rate	Financial	Low	Floating WC and term debt ~Rs 424 cr	A+/A1 access; USD EPC at 4.69%
16	Key-person dependency	Governance / Execution	Med	MD-centric customer relationships; founding family	Professional CFO; long-tenured engineering cadre
17	Israel / Middle East exports	Macro / ESG	Low-Med	IAI, Rafael, Elbit exposure: ESG screens, shipping, payments; Jun-25 receivables delayed from "conflict-affected regions"	Small share; G2G licences
18	Subsidiary / RPT	Governance	Low-Med	Gee Pee/Magnatar merger pending; external RPTs ~Rs 0.1 cr each (Shalini rent, Sasidhar rent, Nettlinx); Gee Pee H2 Rs 4.93 cr vs AR Rs 2.44 cr unreconciled	Merger simplifies; audit-committee oversight
19	Litigation / tax	Regulatory	Low	Contingent liabilities Rs 2.27 cr; Gee Pee guarantee nil (was Rs 19.5 cr); capital commitments Rs 160.0 cr; BG/LC Rs 149.9 cr	Unmodified audit; clean ICRA upgrade
20	Dilution	Financial	Low-Med	No raise since 2021, but Rs 500 cr capex, high price and peer QIPs make one plausible	Accruals + debt stance; equity ~Rs 823 cr
21	ESG / safety	ESG	Low	Nuclear-grade QA, dual-use export controls, heavy-fab safety; Bloom runs largely on natural gas	AS9100/nuclear QA; CRISIL ESG 63

Red-flag checklist

Red flag	Status	Evidence
Rising debt	Yes (moderate)	177 → 369 → 423.6; borrowing limit Rs 2,000 cr; offset by ~Rs 379 cr investments
Margin deterioration	Partial	GM down three periods; OPM 18% (FY25) → 20% (FY26) → 24% (Q1 FY27) but below FY22-23
Auditor concerns	Not found	S.R. Batliboi unmodified; single KAM revenue recognition; no tampering
Related-party abuse	Not found	External RPTs immaterial
Promoter selling	Yes	Continuous Feb-Sep 2026; lowest promoter holding in peer set
Pledge	Minor	3.52% of promoter holding (Jun-26); est. ~0.8% of equity now
Dilution	No (so far)	Watch for QIP
Customer loss	Not found; concentration	Bloom PO upsized +USD 85.86 mn; FY24 destocking precedent
Litigation / tax	Not found	Rs 2.27 cr contingent
Commodity / FX / rates	Inherent	82% USD exports; imported alloys; floating debt
Tech obsolescence	Watch	Bloom vs turbines/SMRs; build-to-print redesign risk
Key-person	Moderate	Family-led, MD-centric
Surveillance	Yes	T2T (25 Jun 2026); LT-ASM Stage IV
Guidance reliability	Mixed	FY26 30-35% → 29.6%; book 2,800 → 2,582; FY27 50% → 80% within a quarter

Bottom line (risk view)

The tailwinds are real (AI on-site power, 100 GW nuclear and SHANTI, space privatisation, defence indigenisation), and nuclear/space qualification is a durable niche. But the P&L is effectively a leveraged derivative of one US customer shipped into a volatile tariff regime. Margins are structurally about half of Azad's and Unimech's. Promoter skin-in-the-game is thin and declining, and ~177x TTM leaves no room for a slip. Monitor: Bloom results and any dual-sourcing; Phase 2/3 dates; US tariff rate; Mahi Banswara orders; GM; WC days; promoter holding; any QIP.

Valuation

Price Rs 7,660 (9 Oct 2026, ~09:54 IST; Screener). 3.076 cr shares. Beta (5Y) 1.39. 52-week change ~+299% (StockAnalysis); 52-week range Rs 1,866-8,715.

Metric	Current	Basis
Market cap	~Rs 23,563 cr	3.076 cr x Rs 7,660
Enterprise value	~Rs 23,720 cr	Mcap + FY26 net debt ~Rs 159 cr (range Rs 151-233 cr by definition; StockAnalysis EV Rs 237.3 bn)
P/E (TTM EPS Rs 43.39)	~177x	Screener displays 173x; StockAnalysis 181x
P/E (FY26 EPS Rs 30.57)	~251x	-
P/E (forward, consensus)	~77x	StockAnalysis
P/E FY27E (PAT Rs 220-260 cr on guide)	~90-105x	[Est.]
P/E on MOSL FY28E (EPS ~Rs 150) / JM FY29E (~Rs 223)	~51x / ~34-35x	[Est.] implied from targets
P/B (BV Rs 267.4)	~28.6x	Screener 29.1x
EV / EBITDA (TTM Rs 228 cr)	~104x	Net-debt EV; peer table shows 105x on gross-debt EV; StockAnalysis 106.8x
EV / EBITDA (FY26 Rs 171.2 cr)	~139x	Peer table on gross-debt EV: 140x
EV / EBITDA FY27E (Rs 353-405 cr at 24% ±100 bps on Rs 1,533-1,621 cr)	~59-67x	Implied from guidance
EV / Sales (TTM)	~22x	-
P / FCF (FY26)	~370-380x	StockAnalysis 381x
FCF yield (FY26)	~0.27%	-
Dividend yield / buybacks	0% / none ever	Last dividend FY22

Versus own history

Year-end	Price (approx.)	P/E	P/B	EV/EBITDA
Mar-2024	~Rs 1,680	92.3x	7.7x	~47x
Mar-2025	~Rs 1,280-1,400	74.5x	5.4x	~34x
Mar-2026	~Rs 3,690	~121x	13.8x	~67x
3-year average		~96x	~9.0x	~49x
Current vs 3-yr average	Rs 7,660	~1.8x	~3.2x	~2.1x

Mar-24/Mar-25 P/E and P/B from Value Research year-end data, prices back-solved; Mar-26 from VR P/B 13.81x (19 Mar 2026). Earlier VR: P/E 68.4x (FY21), 88.3x (FY22), 47.0x (FY23); P/B 6.6x, 10.4x, 7.8x. Pocketful EV/EBITDA series (labels inconsistent): 31.9 / 56.0 / 31.8 / 46.3 / 33.4; 5-yr avg P/E ~74x, P/B ~7.6x. Treat averages as ±10%. Price markers: ~Rs 6,248 on Q4 FY26 results day; ~Rs 7,532 average on late-May promoter sales.

Peer multiples

Company	P/E FY26	P/E TTM	EV/EBITDA FY26	EBITDA %	RoE
MTAR	250.7x	~177x	140x	19.5%	12.1%
Azad	139.1x	134x	84.6x	37.4%	9.1%
PTC Industries	362.9x	293x	277x	22.2%	7.2%
Unimech	141.2x	124x	120.7x	31.2%	8.0%
Paras	111.8x	108x	81.8x	25.6%	12.4%
Dynamatic	284.6x	155x	52.4x	11.5%	6.7%
Aequs	NM	NM	203x	7.5%	−10.0%

Peer EV/EBITDA uses gross-debt EV (upper bound), so MTAR shows 140x here vs ~139x on net-debt EV above.

Targets and scenarios

Source	Value (Rs)	vs Rs 7,660	Basis
JM Financial (high, named)	9,375	+22.4%	42x FY29E
Motilal Oswal	9,000	+17.5%	60x FY28E
Arihant Capital (low, named)	8,294	+8.3%	n.d.
Aggregator mean / high / low	9,200 / 10,240 / 8,000	+20.1% / +33.7% / +4.4%	MarketScreener
Technical (Univest)	bull 10,000 / bear 5,500	+31% / −28%	Not a recommendation
Aamara base	6,750-8,250	−12% / +8%	45-55x FY28E EPS ~Rs 150 [Analyst View]
Aamara bull	~9,000-10,800	+17% / +41%	FY28E EPS ~Rs 165-180 on beat, 55-60x (9,075-10,800)
Aamara bear	~4,500-5,250	−41% / −31%	30-35x FY28E ~Rs 150 on Bloom wobble or derating; FY24-style miss would go lower
Engage zone	≤~5,300-6,000	−22% / −31%	~35-40x FY28E

Valuation read [Analyst View]

The stock trades at ~2x its own 3-year P/E and EV/EBITDA averages and ~3x its P/B average. The re-rating already prices in execution of the Rs 5,143 cr book and margins at 23-25%. On the sell-side's own numbers, upside to targets is +8% to +22%, which depends on FY28-29 estimates being met and 40-60x being paid for a build-to-print supplier with 72% from one customer. With FCF yield below 0.3% and beta 1.39, risk/reward is balanced to negative at today's price. Hence TRACK, not ENGAGE.

Sources

De-duplicated source list. All accessed up to 9 Oct 2026. Company PDFs were verified from NSE archives where available.

Company filings (NSE / annual reports / presentations / transcripts)

MTAR Annual Report FY2025-26 (notes 17/17A, 34, 38, 40(c); Directors' Report item 36; MD&A; BRSR) — https://nsearchives.nseindia.com/annual_reports/AR_31614_MTARTECH_2025_2026_A_11852571_05092026204125.pdf

MTAR Annual Report FY2024-25 (note 40(c)) — https://nsearchives.nseindia.com/annual_reports/AR_27744_MTARTECH_2024_2025_A_8423103_26082025195204.pdf

NSE integrated filing FY26 standalone results, BS, CF, auditor declaration, H2 RPT (12 May 2026) — https://nsearchives.nseindia.com/corporate/ixbrl/INTEGRATED_FILING_INDAS_157028_12052026195618_iXBRL_WEB.html

Q1 FY27 investor presentation — https://nsearchives.nseindia.com/corporate/MTARTECH_30072026001348_MTAR_Presentation_Q1FY27_final.pdf

Q4 FY25 investor presentation — https://nsearchives.nseindia.com/corporate/MTARTECH_23052025013117_MTAR_Q4_FY25_IP_V3.pdf

Transcript Q4 FY25 call (23 May 2025; filed 30 May 2025) — https://nsearchives.nseindia.com/corporate/MTARTECH_30052025165955_Intimation.pdf

Transcript Q1 FY26 call (6 Aug 2025) — https://nsearchives.nseindia.com/corporate/MTARTECH_13082025105330_Intimation.pdf

Transcript Q2 FY26 call (6 Nov 2025) — https://nsearchives.nseindia.com/corporate/MTARTECH_13112025191732_Intimation.pdf

Transcript Q3 FY26 call (30 Jan 2026) — https://nsearchives.nseindia.com/corporate/MTARTECH_05022026180745_Final_sw.pdf

Transcript Q4 FY26 call (13 May 2026) — https://nsearchives.nseindia.com/corporate/MTARTECH_20052026201204_Transcript_Final.pdf

Transcript Q1 FY27 call (30 Jul 2026; filed 6 Aug 2026) — https://nsearchives.nseindia.com/corporate/MTARTECH_06082026204853_Transcript_sw.pdf

NSE: Kaiga 5&6 order from MEIL Rs 194 cr (6 Dec 2025) — https://nsearchives.nseindia.com/corporate/MTARTECH_06122025112403_Intimation.pdf

NSE: Kaiga 5&6 order from MEIL Rs 310 cr (18 Dec 2025) — https://nsearchives.nseindia.com/corporate/MTARTECH_18122025091553_Intimation.pdf

NSE: amended blanket PO USD 324.62 mn (30 Jul 2026) — https://nsearchives.nseindia.com/corporate/MTARTECH_30072026085905_Baggingoforders_sw.pdf

NSE: NPCIL POs Rs 126.74 cr (26 Aug 2026) — https://nsearchives.nseindia.com/corporate/MTARTECH_26082026090645_Disclosure-_bagging_of_orders_Final.pdf

NSE: board outcome 29 Jul 2026 — https://nsearchives.nseindia.com/corporate/MTARTECH_29072026164820_Outcome_sw.pdf

NSE: ICRA intimation 7 Jul 2026 — https://nsearchives.nseindia.com/corporate/MTARTECH_07072026174322_ICRA.pdf ; 13 Oct 2025 — https://nsearchives.nseindia.com/corporate/MTARTECH_13102025151552_Intimation.pdf

BSE: CFO appointment Nov 2021 — https://bseindia.com/xml-data/corpfiling/AttachHis/5a13ff93-9a1c-413b-afc9-c55a1fc1edf1.pdf

NSE: blanket POs USD 238.76 mn / Rs 2,278.96 cr (14 May 2026) — https://nsearchives.nseindia.com/corporate/MTARTECH_14052026090236_Disc.pdf

NSE: investor-meet schedule, 24 Sep 2026 (filed 21 Sep 2026) — https://nsearchives.nseindia.com/corporate/MTARTECH_21092026200209_IM_sw.pdf ; trading-window closure from 1 Oct 2026 (23 Sep 2026) — https://nsearchives.nseindia.com/corporate/MTARTECH_23092026173057_Trading_window_closure.pdf ; AGM proceedings and voting results (28 Sep 2026) — https://nsearchives.nseindia.com/corporate/MTARTECH_28092026190024_FINAL_sw.pdf ; CRISIL ESG rating (6 Oct 2026) — https://nsearchives.nseindia.com/corporate/MTARTECH_06102026130831_ESG_Rating.pdf

NSE Reg 29(2) disclosures: K Shalini 18,000 sh (4 Sep 2026; filed 23 Sep) and Leelavathi Parvatha Reddy 20,000 sh (16 Sep 2026; filed 28 Sep) — https://nsearchives.nseindia.com/corporate/MTARTECH_09232026130544_53283.zip ; https://nsearchives.nseindia.com/corporate/MTARTECH_09282026145518_53486.zip ; NSE daily price/volume history, MTARTECH, 10 Sep-8 Oct 2026, and promoter pledge data (SHP 30 Jun 2026) — https://www.nseindia.com/get-quotes/equity?symbol=MTARTECH

Company website (mtar.in)

Home / capabilities / customers — https://www.mtar.in/ ; Our Units — https://mtar.in/our-units/ ; Credit rating — https://mtar.in/credit-rating/ ; Investors — https://www.mtar.in/investors ; Board — https://mtar.in/board-of-directors/ ; Management — https://mtar.in/management-team/

Committees PDF — https://mtar.in/wp-content/uploads/2026/04/05.-Composition-of-various-committees-of-Board-of-Directors.pdf ; SHP 30.06.2026 — https://mtar.in/wp-content/uploads/2026/07/Shareholding-Pattern_30.06.2026.pdf ; ICRA PDF — https://mtar.in/wp-content/uploads/2026/07/Credit-Rating-ICRA-Limited.pdf ; Q1 results — https://mtar.in/wp-content/uploads/2026/07/Q1-Results.pdf

Gee Pee FY26 financials — https://mtar.in/wp-content/uploads/2026/07/Financial-Statement-of-Gee-Pee-Aerospace-and-Defence-Private-Limited-FY-2025-26-1.pdf ; Magnatar FY26 — https://mtar.in/wp-content/uploads/2026/07/Financial-Statement-of-Magnatar-Aerosystems-Private-Limited-FY-2025-26-1.pdf

Credit ratings

ICRA rationale 7 Jul 2026 — https://www.icra.in/Rating/ShowRationalReportFilePdfViewer/144115

ICRA rationale 13 Oct 2025 — https://www.icra.in/Rating/GetRationalReportFilePdf?id=138317 ; Sep 2024 — https://www.icra.in/Rating/GetRationalReportFilePdf?id=130009

CRISIL 30 Jun 2023 — https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/MTARTechnologiesLimited_June%2030,%202023_RR_322246.html ; 18 Jan 2023 — ..._January%2018,%202023_RR_309789.html ; Oct 2021 — ..._October%2005,%202021_RR_276954.html

FilingReader ICRA upgrade — https://filingreader.com/news-wire/mumbai/2026-07-07/icra-upgrades-mtar-technologies-credit-rating-to-a-plus ; reaffirmation — https://filingreader.com/news-wire/mumbai/2025-10-13/mtar-technologies-credit-ratings-reaffirmed-by-icra ; Business Standard Apr 2021 upgrade — https://www.business-standard.com/amp/article/news-cm/icra-upgrades-credit-ratings-of-mtar-technologies-121042100634_1.html

Financial databases and aggregators

Screener consolidated — https://www.screener.in/company/MTARTECH/consolidated/ ; standalone — https://www.screener.in/company/MTARTECH/

StockAnalysis BS — https://stockanalysis.com/quote/nse/MTARTECH/financials/balance-sheet/ ; CF — .../cash-flow-statement/ ; statistics — https://stockanalysis.com/quote/nse/MTARTECH/statistics/

Value Research key ratios — https://www.valueresearchonline.com/stocks/278584/mtar-technologies-ltd/key-ratios/ ; Pocketful EV/EBITDA — https://www.pocketful.in/stocks/mtar-technologies-ltd/ratios/enterprise-value-to-ebitda-ratio

Trendlyne shareholding (Jun-26, Mar-26, Dec-25, Jun-25), insider/SAST, bulk/block, research reports, consensus — https://trendlyne.com/equity/share-holding/436155/MTARTECH/latest/mtar-technologies-ltd/ ; https://trendlyne.com/equity/insider-trading-sast/all/MTARTECH/436155/mtar-technologies-ltd/ ; https://trendlyne.com/equity/bulk-block-deals/MTARTECH/436155/mtar-technologies-ltd/ ; https://trendlyne.com/research-reports/stock/436155/MTARTECH/mtar-technologies-ltd/ ; https://trendlyne.com/equity/consensus-estimates/436155/MTARTECH/mtar-technologies-ltd/

MarketScreener consensus — https://in.marketscreener.com/quote/stock/MTAR-TECHNOLOGIES-LIMITED-120216301/consensus/ ; broker news — https://www.marketscreener.com/quote/stock/MTAR-TECHNOLOGIES-LIMITED-120216301/news-broker-research/ ; TradingView — https://in.tradingview.com/symbols/NSE-MTARTECH/forecast-price-target/ ; TipRanks — https://www.tipranks.com/stocks/in:mtartech/forecast ; Simply Wall St — https://simplywall.st/community/narratives/in/capital-goods/nse-mtartech/

Quartr company page and event summaries (Q4 FY25, Q1-Q4 FY26, Q1 FY27) — https://quartr.com/companies/mtar-technologies-limited_21788 ; Goodreturns history — https://www.goodreturns.in/company/mtar-technologies/history.html ; bulk deals — https://www.goodreturns.in/company/mtar-technologies/bulkdeals.html ; Groww — https://groww.in/stocks/mtar-technologies-ltd ; Zerodha — https://zerodha.com/markets/stocks/NSE/MTARTECH/ ; IndiaInfoline Directors' Report — https://www.indiainfoline.com/company/mtar-technologies-ltd/reports/directors-report ; Arihant company info — https://www.arihantcapital.com/company-information/board-of-directors/34242

Broker research

Arihant Q1 FY27 — https://arihantresearch.arihantcapital.com/Mumbai_Research/MTAR_Technologies_Q1FY27_Result_update.pdf ; Q2 FY26 — https://arihantresearch.arihantcapital.com/Mumbai_Research/MTAR_Technologies_Q2FY26_Result_update.pdf ; Rs 2,279 cr order note — https://www.arihantcapital.com/company-information/companynewsdetails/25134010147 ; Bloom note — https://www.arihantcapital.com/company-information/companynewsdetails/25120010232

MOSL TP 9,000 (24 Sep 2026) — https://investmentguruindia.com/newsdetail/buy-mtar-technologies-ltd-for-the-target-rs-9-000-by-motilal-oswal-financial-services-ltd992710 ; MOSL TP 4,810 — https://www.motilaloswal.com/news/stocks/118212 ; MOSL 30 Jan 2026 PDF — https://dsijpub.s3.ap-south-1.amazonaws.com/productAttachment/BrokerRecommendation/MTARTECH-20260130-MOSL-RU-PG012.pdf

Business Today JM initiation (8 Sep 2026) — https://www.businesstoday.in/markets/stocks/story/mtar-technologies-shares-rally-nearly-227-in-2026-so-far-brokerage-sees-further-upside-553967-2026-09-08 ; Arihant/MOSL post-Q1 (3 Aug 2026) — https://www.businesstoday.in/markets/stocks/story/16x-rally-in-5-yrs-multibagger-defence-stock-down-30-from-peak-analysts-see-45-upside-546819-2026-08-03 ; Rs 2,395 cr book/MOSL (11 Feb 2026) — https://www.businesstoday.in/amp/markets/stocks/story/rs-2395-cr-order-book-defence-stock-mtar-technologies-shares-rise-price-target-515661-2026-02-11

Business Standard MOSL 20% upside (Apr 2026) — https://www.business-standard.com/markets/news/motilal-oswal-sees-20-more-upside-in-mtar-after-multibagger-return-in-2026-126041600547_1.html ; Zee Business PhillipCapital — https://www.zeebiz.com/markets/stocks/news-phillip-capital-initiates-coverage-on-mtar-technologies-data-centre-bloom-energy-share-price-bse-nse-target-355102 ; Univest — https://univest.in/blogs/mtar-technologies-analyst-review-2026

Transcript summaries and results coverage

Investing.com Q1 FY27 transcript — https://www.investing.com/news/transcripts/earnings-call-transcript-mtar-technologies-posts-record-q1-fy-2027-growth-93CH-4822542 ; Yahoo/GuruFocus — https://finance.yahoo.com/markets/stocks/articles/mtar-technologies-ltd-bom-543270-030025372.html ; GuruFocus — https://www.gurufocus.com/stock/NSE:MTARTECH/transcripts/8999982 ; AlphaStreet Q4 FY26 — https://alphastreet.com/india/mtar-technologies-ltd-mtartech-q4-2026-earnings-call-transcript/

InvestyWise Q1 FY27 call — https://www.investywise.com/mtar-technologies-q1-fy27-earnings-conference-call-transcript/ ; FY26 — https://www.investywise.com/mtar-technologies-strong-q4-and-fy26-financial-growth/ ; Q4 outlook — https://www.investywise.com/mtar-technologies-q4-fy26-earnings-and-strong-growth-outlook/ ; Q3 — https://www.investywise.com/mtar-technologies-strong-q3-results-capacity-expansion/ ; Q3 board outcome — https://www.investywise.com/mtar-technologies-approves-financial-results-key-appointments/

Multibagg Q1 FY27 — https://www.multibagg.ai/market-pulse/articles/mtar-q1fy27-96793 ; profit jump — https://www.multibagg.ai/market-pulse/articles/mtar-technologies-q1fy27-profit-jump-cms66c7yx01u60zpbs3thdrtk ; Q4 FY26 — https://www.multibagg.ai/market-pulse/articles/mtar-q4fy26-93796 ; Azad FY26 — https://www.multibagg.ai/market-pulse/articles/azad-fy26-94086

Sahi Q1 blog — https://www.sahi.com/blogs/mtar-technologies-q1-results-fy27 ; Q1 order value — https://www.sahi.com/news/mtar-tech-q1-net-profit-rises-to-50-5-crore-order-value-reaches-3-100-09-crore-3824-PE1_COR ; Rs 2,279 cr contract — https://www.sahi.com/news/mtar-technologies-secures-2-279-crore-international-contract-increasing-order-book-by-3x-3824-PE1_COR ; share jump — https://www.sahi.com/blogs/mtar-technologies-share-price-jumps

ScanX Q1 — https://scanx.trade/stock-market-news/companies/mtar-technologies-q1-results-net-profit-surges-364-yoy-to-50-2-crore/47585276 ; FY26 / guide 80% — https://scanx.trade/stock-market-news/companies/mtar-technologies-schedules-board-meeting-on-may-12-2026-to-approve-q4fy26-audited-financial-results/39611363 ; Q2 FY26 book — https://scanx.trade/stock-market-news/earnings/mtar-technologies-reports-strong-order-book-growth-expects-revenue-surge-in-h2-fy26/24618760 ; Q3 call — https://scanx.trade/stock-market-news/stocks/mtar-technologies-schedules-q3fy26-earnings-conference-call-for-january-30-2026/31042888 ; Rs 386 cr Bloom — https://scanx.trade/stock-market-news/orders-deals/mtar-technologies-secures-rs-386-crore-orders-from-bloom-energy-strengthening-clean-energy-portfolio/19020335

ScanX AGM limit — https://scanx.trade/stock-market-news/companies/mtar-technologies-seeks-2-000-crore-borrowing-limit-agm/50172070 ; AGM results — https://scanx.trade/stock-market-news/companies/mtar-technologies-passes-all-resolutions-27th-agm/52154545 ; 26th AGM — https://scanx.trade/stock-market-news/stocks/mtar-technologies-to-hold-26th-agm-proposes-key-appointments-and-remuneration-changes/18616479 ; postal ballot — https://scanx.trade/stock-market-news/companies/mtar-technologies-shareholders-approve-enhanced-borrowing-limits-and-independent-director-commission/37214027 ; PIT violation — https://scanx.trade/stock-market-news/stocks/mtar-technologies-reports-insider-trading-policy-violation-by-deputy-general-manager/32003998 ; pledge — https://scanx.trade/stock-market-news/companies/mtar-technologies-promoter-pledges-32-000-shares-loan/51353017 ; NCLT — https://scanx.trade/stock-market-news/companies/mtar-technologies-merger-hearing-set-for-september-4/45668678 ; 60,000 sale — https://scanx.trade/stock-market-news/companies/mtar-technologies-co-promoter-divests-60-000-shares-via-open-market-transaction/40902360 ; 20,000 sale — https://scanx.trade/stock-market-news/companies/mtar-technologies-promoter-sells-20-000-shares-reduces-holding/43320407

DSIJ Q4 FY26 — https://insights.dsij.in/dsijarticledetail/mtar-technologies-reports-strong-q4fy26-results-pat-jumps-222-revenue-surges-67-id021-57050 ; promoter sale — https://insights.dsij.in/dsijarticledetail/defence-stock-gains-400-in-one-year-promoter-sells-stake-in-top-performing-multibagger-defence-stock-id021-57310 ; Q1 — https://insights.dsij.in/dsijarticledetail/80-returns-in-6-months-this-multibagger-defence-clean-energy-company-reports-364-yoy-pat-growth-in-q1-order-value-rises-to-rs-3100-crore-58676

HDFC Sky Q4 — https://hdfcsky.com/news/mtar-technologies-q4-fy26-results-shares-rise-over-8-percent-after-profit-jumps-222-percent ; valuations — https://hdfcsky.com/news/mtar-tech-falls-as-profit-booking-kicks-in-after-stellar-rally-valuations-in-focus ; Trade Brains Q4 — https://tradebrains.in/mtar-tech-q4-results-what-drove-76-earnings-growth-in-q4/ ; Bloom 55% — https://tradebrains.in/indian-markets/mtar-technologies-55-of-revenue-comes-from-bloom-energy-can-the-company-reduce-its-biggest-revenue-dependency-12612778 ; Bloom partnership — https://tradebrains.in/mtar-bloom-energy-partnership-how-big-is-the-opportunity-for-the-nuclear-firm/ ; FPJ Q4 — https://www.freepressjournal.in/amp/business/mtar-technologies-q4-profit-soars-222-to-44-crore-revenue-jumps-67

Machinist Q4 FY25 — https://machinist.in/2025/05/mtar-technologies-advances-on-new-product-initiatives-in-aerospace-defence-and-power/ ; Q2 FY26 merger — https://machinist.in/2025/11/mtar-technologies-approves-merger-of-subsidiaries-reports-inr-1-36-billion-revenue-in-the-second-quarter-of-financial-year-2025-26/ ; fuel-cell capacity — https://machinist.in/2026/02/mtar-technologies-expands-fuel-cell-manufacturing-capacity-amid-record-clean-energy-order-inflows/ ; Kotak Neo Q1 FY26 — https://www.kotakneo.com/financial-results/mtar-technologies-ltd-q1fy2025-26-results ; Rs 467 cr — https://www.kotakneo.com/news/global-markets/mtar-technologies-shares-jump-after-467-crore-order-win-strong-order-book-and-fy27-growth/ ; FilingReader Q2 book — https://filingreader.com/news-wire/mumbai/2025-11-05/mtar-technologies-reports-strong-order-book-and-diversified-revenue

News and market events

Upstox Rs 2,278 cr — https://upstox.com/news/market-news/stocks/mtar-technologies-hits-record-high-after-securing-2-278-crore-from-global-entity-shares-up-200-in-2026/article-193676/ ; Meyka — https://meyka.com/blog/mtar-technologies-soars-on-%E2%82%B92278-cr-global-order-shares-up-nearly-200-in-2026/ ; Business Upturn Rs 34 cr — https://businessupturn.com/business/corporates/mtar-technologies-wins-rs-34-crore-orders-in-clean-energy-and-aerospace-sectors/

BusinessToday Q1 order update (30 Jul 2026) — https://www.businesstoday.in/markets/stocks/story/mtar-technologies-shares-snap-five-session-losing-streak-climb-5-after-q1-results-order-update-546219-2026-07-30 ; 19% in four sessions — https://www.businesstoday.in/markets/stocks/story/why-multibagger-mtar-technologies-shares-tumbled-nearly-19-in-four-sessions-544146-2026-07-21 ; BW Businessworld upper circuit — https://www.businessworld.in/article/mtar-technologies-hits-5-upper-circuit-after-q1-beat-order-book-surpasses-fy27-target-617265 ; Outlook Business sixth lower circuit — https://www.outlookbusiness.com/markets/mtar-technologies-hits-sixth-lower-circuit-in-seven-sessions-stock-down-35-in-a-month

Business Standard 11% fall — https://www.business-standard.com/markets/news/mtar-tech-share-price-falls-11-as-us-client-faces-project-uncertainty-126061100545_1.html ; third lower circuit — https://www.business-standard.com/markets/news/mtar-technologies-hits-3rd-straight-5-lower-limit-down-34-from-june-high-126072000496_1.html ; 52-week high after Q3 — https://www.business-standard.com/markets/news/mtar-technologies-share-price-jump-10-to-52-week-high-after-strong-q3-results-126013000286_1.html ; promoter buys (Feb 2025) — https://www.business-standard.com/amp/markets/news/mtar-technologies-slips-4-after-promoter-buys-stake-via-open-market-125022100321_1.html ; Plutus Rs 247 cr — https://www.business-standard.com/companies/news/plutus-wealth-acquires-mtar-technologies-shares-for-rs-247-crore-123060501095_1.html

Angel One Bloom −10% — https://www.angelone.in/news/stocks/mtar-technologies-share-price-under-pressure-after-bloom-energy-falls-10-on-ai-data-centre-project-pause ; K Shalini buy — https://www.angelone.in/news/share-market/mtar-technologies-share-price-falls-4-percent-on-feb-21 ; Niftytrader — https://www.niftytrader.in/markets/mtar-tech-shares-rally-bloom-energy-outlook/ ; NewKerala — https://www.newkerala.com/news/a/mtar-technologies-hits-3rd-straight-lower-circuit-down-351.htm ; MarketsMojo 30 Sep — https://www.marketsmojo.com/news/stocks-in-action/mtar-technologies-ltd-opens-strong-with-5-gap-up-on-30-sep-2026-4209450 ; Muthoot Securities — https://www.muthootsecurities.com/News/Detailed-News/MTAR-Tech-surges-after-strong-results-from-key-client-Bloom-Energy/1688754 ; AskFuzz/FE FII favourite — https://askfuzz.ai/discover/news/companies/mtar-technologies-fii-favourite-defence-stock-in-fy26

Insider/pledge: InvestyWise Vamshidhar — https://www.investywise.com/mtar-technologies-promoter-sells-equity-shares/ ; pledge release — https://www.investywise.com/mtar-technologies-limited-promoter-encumbrance-release/ ; Shalini — https://www.investywise.com/mtar-technologies-limited-promoter-share-sale ; Kavitha — https://www.investywise.com/mtar-technologies-promoter-sells-shares-2/ ; 20,000 — https://www.investywise.com/mtar-technologies-limited-promoter-sells-shares ; Madhavi — https://www.investywise.com/mtar-technologies-limited-promoter-share-sale-disclosure/ ; FilingReader Kalpana — https://filingreader.com/news-wire/mumbai/2026-05-29/p-kalpana-reddy-reduces-stake-in-mtar-technologies ; Manogna — https://filingreader.com/news-wire/mumbai/2026-05-23/promoter-a-manogna-sells-stake-in-mtar-technologies ; pledge clear — https://filingreader.com/news-wire/mumbai/2026-07-14/mtar-technologies-promoter-clears-pledge-on-125-lakh-shares

History/people: Business Today obituary P. Ravindra Reddy — https://www.businesstoday.in/opinion/alchemy/story/the-passing-away-of-mtar-technologies-ravindra-reddy-strategic-developer-59952-2016-01-25 ; Wikipedia — https://en.wikipedia.org/wiki/Ravindra_Reddy ; Zonebourse Sreeram Srinivasan — https://www.zonebourse.com/insider/SREERAM-SAMBASIVA-SRINIVASAN-A0FWYI/ ; Venture Intelligence Gee Pee — https://news.ventureintelligence.com/ma/mtar-technologies-acquires-gee-pee-aerospace-and-defence- ; Florintree exit — https://news.ventureintelligence.com/private-equity/florintree-sells-10%25-stake-in-mtar-tech-for-rs.500-cr%3B-makes-47x-return

IPO: Business Today — https://www.businesstoday.in/amp/markets/ipo-corner/story/mtar-technologies-ipo-to-open-march-3-price-band-lot-size-289756-2021-03-02 ; ICICI Direct 200.79x — https://www.icicidirect.com/ipo/ipo-news/ipo/mtar-technologies-ipo-subscribed-20079-times/1236529

FilingReader: Kavitha Reddy Gangapatnam pledge release of 1,77,000 sh (revised disclosure 9 Jul 2026) — https://filingreader.com/news-wire/mumbai/2026-07-09/mtar-technologies-promoter-reduces-pledged-stake-following-loan-repayment ; Trade Brains: 5% upper circuit on Bloom S&P 500 inclusion (7 Sep 2026) — https://tradebrains.in/indian-markets/mtar-technologies-hits-5-upper-circuit-as-key-client-bloom-energy-enters-sp-500-12503121

Peers and industry

Screener: Azad — https://www.screener.in/company/AZAD/consolidated/ ; PTC — https://www.screener.in/company/PTCIL/consolidated/ ; Unimech — https://www.screener.in/company/UNIMECH/consolidated/ ; Paras — https://www.screener.in/company/PARAS/consolidated/ ; Dynamatic — https://www.screener.in/company/DYNAMATECH/consolidated/ ; Aequs — https://www.screener.in/company/AEQUS/consolidated/

Chola Securities Azad Q4 — https://www.cholasecurities.com/news/hot-pursuit/azad-engineering-q4-pat-climbs-42-yoy-to-rs-36-crore/1694256 ; PTC Q4 FY26 deck — https://www.ptcil.com/PDF/Investors/investor-presentations/2025-26/Investor-Presentation-Q4FY26.pdf ; Aviation-Defence Universe Unimech — https://www.aviation-defence-universe.com/unimech-aerospace-and-manufacturing-ltd-delivers-strong-q4-fy26-performance-with-sharp-sequential-recovery-and-significant-order-book/ ; Value Research Unimech peers — https://www.valueresearchonline.com/stocks/355691/unimech-aerospace-and-manufacturing-ltd/peer-comparison/

Wikipedia Bloom Energy (2026 results, Oracle/AEP, backlog) — https://en.wikipedia.org/wiki/Bloom_Energy. Policy figures (100 GW nuclear by 2047, Nuclear Energy Mission Rs 20,000 cr, SHANTI Act Dec 2025, IN-SPACe USD 44 bn, MoD production/exports, DAP 2020/PIL) are widely reported government targets, not re-verified for this report.

Oracle Project Jupiter force majeure and Bloom reaffirmation: 24/7 Wall St (25 Sep 2026) — https://247wallst.com/investing/2026/09/25/bloom-energy-jumps-8-as-oracle-reaffirms-2-4-gw-fuel-cell-contract-after-force-majeure-notice/ ; ROIC.ai (24 Sep 2026) — https://www.roic.ai/news/oracles-force-majeure-notice-on-new-mexico-ai-data-center-rattles-investors-09-24-2026 ; Free Press Journal — https://www.freepressjournal.in/tech/oracle-invokes-force-majeure-on-massive-new-mexico-ai-data-center-project ; Parameter — https://parameter.io/oracle-orcl-stock-slides-4-amid-project-jupiter-data-center-payment-clash/

Bloom Sep-Oct 2026: Motley Fool, BE +34% in Sep and Barclays TP USD 308 (5 Oct 2026) — https://www.fool.com/investing/2026/10/05/why-bloom-energy-stock-soared-34-in-september-and-why-it-might-have-more-room-to-run/ ; Fremont building purchase (ad-hoc-news, 7 Oct 2026, citing Yahoo Finance 6 Oct) — https://www.ad-hoc-news.de/boerse/news/corporate-news/bloom-energy-stock-falls-1-57-percent-after-factory-expansion-news/70256527 ; TD Cowen upgrade (MarketBeat, 6 Oct 2026) — https://www.marketbeat.com/instant-alerts/price-bloom-energy-nyse-be-stock-jumps-34-on-analyst-upgrade-2026-10-06/ ; Q3 CY26 preview (~27 Oct date) — https://tickeron.com/blogs/bloom-energy-be-q3-2026-earnings-preview-tracking-ai-data-center-momentum-17985/

Forums

ValuePickr MTAR thread (topic 99156) — https://forum.valuepickr.com/t/99156/last.json ; page 12 — https://forum.valuepickr.com/t/mtar-technologies-ltd-a-wager-on-innovation-meeting-economies-of-scale/99156?page=12 ; page 11 — ...?page=11 ; search — https://forum.valuepickr.com/search.json?q=MTAR%20Technologies

Data-quality notes

News sweep complete to 9 Oct 2026. NSE announcements, insider (PIT) and SAST feeds and daily prices were checked for 20 Sep-9 Oct 2026, along with web searches for orders, Bloom/data-centre news, NPCIL tenders, broker actions, ICRA and management changes. Material items are added to the Industry, Concall (news flow), SWOT & Risks, Governance and Summary tabs. No new MTAR orders, broker changes, ICRA actions, management changes or NPCIL awards to MTAR were found for the period.

Reddit, X/Twitter and StockTwits not accessible. Some broker PDFs not renderable (summaries used). Sep-26 SHP not filed as of 9 Oct 2026. Jun-26 balance sheet not filed (call figures only). Not disclosed by the company: segment EBITDA, named suppliers, top-5/10 customer %, patents, non-fuel-cell capacity.