MTAR Technologies’ shares closed 2.67% higher at ₹7,162.50 on Friday, marking a cumulative 199% upside since the start of 2026. The rally came as investors digested a set of results that outpaced market expectations.
Revenue from operations surged to ₹406.8 cr, a 200% jump from ₹135.6 cr in Q2 FY26. The figure eclipses the 180% consensus estimate released by IIFL Securities, widening the gap between expectation and reality.
Earnings before interest, tax, depreciation and amortisation leapt 483.3% YoY to ₹99.2 cr, pushing the EBITDA margin to 24.4%—slightly above the 23.6% margin recorded in Q1 FY27. The margin sits comfortably above the mid‑tier of the renewable‑energy sector, which averages 22.5%.
Net profit ballooned to ₹59.8 cr, a 1,309.5% increase from ₹4.2 cr a year earlier, translating to an EPS of ₹4.75—well above the ₹1.30 forecast by Nuvama. The surge underscores the company’s ability to convert top‑line growth into bottom‑line gains.
Management reiterated an 80% revenue growth target for FY27, maintaining a 24% EBITDA margin outlook. Capital expenditure is pegged at ₹500 cr across FY27 and FY28, while working‑capital days have tapered to 59 and are slated to reach 100 by year‑end.
Phase 2 of the expansion is slated to go live in September–October 2026, with Phase 3 expected by March 2027, positioning MTAR to capture fuel‑cell, civil nuclear and hydel opportunities. Investors will watch for the company’s ability to sustain margin and cash‑flow as it scales.