MarketFriction

MTAR Technologies Ltd

NSE MTARTECH · BSE 543270 · Other Electrical Equipment
₹7,797.00 +0.00%
NSE close2026-10-01
52 week range1,824.50 - 8,714.00
Market cap₹22,842 Cr.
P/E166
IPO 2021 · +1256% since Nifty 500Nifty Smallcap 50Nifty Smallcap 100Smallcap 250Nifty India Defence ASM long-term Price band 5%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Standalone, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales167118143128190174183157136278306361
Expenses13095125112154141149128119214244276
Operating Profit362418163733342817646285
OPM %22%20%13%13%19%19%19%18%13%23%20%24%
Other Income111123014-1178
Interest56655666681016
Depreciation6666891089999
Profit before tax261376252219156466068
Tax %20%19%32%28%26%25%25%26%24%24%26%25%
Net Profit211155191614115354450
EPS in Rs6.773.431.651.486.115.314.623.651.4911.4314.4216.42
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales811011571842142463225735806768761,080
Expenses71113125130156163228419468555705853
Operating Profit11-123254588394154112121171228
OPM %13%-12%20%29%27%34%29%27%19%18%20%21%
Other Income111441920662027
Interest75445771422222939
Depreciation5511111213141823323436
Profit before tax-1-2217424665821417372127180
Tax %-133%-30%68%6%31%29%26%26%23%26%25%
Net Profit0-15539314661104565495135
EPS in Rs0.06-5.341.9213.8911.7014.9819.7933.8418.2917.5130.9943.76
Dividend Payout %0%0%0%22%43%40%15%0%0%0%0%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth27%29%15%53%
Compounded Profit Growth88%16%-1%127%
Stock Price CAGR%38%43%301%
Return on Equity11%11%10%13%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital282828282827313131313131
Reserves180181166177207198446489590646700795
Borrowings4926292029291796143190177377
Other Liabilities48387156419293112299139220542
Total Liabilities3062732942813053465867281,0631,0061,1281,744
Fixed Assets145146148152162155167196282332425497
CWIP8882612114463685334
Investments0000000623477222
Other Assets152119138127137179409425683600643990
Total Assets3062732942813053465867281,0631,0061,1281,744
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity1442569-30955102192
Cash from Investing Activity-1-33-12-22-145-88-54-104-347
Cash from Financing Activity-14-7-41180543225-35155
Net Cash Flow-123167-121-4727-37-1
Free Cash Flow121844-14-121-97-35265
CFO/OP53%96%109%24%-12%27%69%96%127%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days718814011410010511415413292113140
Inventory Days269240382467535524421369397
Days Payable873515515817929674112119
Cash Conversion Cycle7188140296305332423510360438370419
Working Capital Days4183311771321145917519118919417071
ROCE %0%2%-7%10%18%19%19%16%22%11%11%15%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters39.14%37.26%37.26%36.42%36.42%31.42%31.77%31.65%31.41%30.59%30.44%29.35%
FIIs8.81%11.02%10.57%7.74%7.81%7.01%6.74%7.57%9.21%12.24%17.31%24.80%
DIIs24.06%18.97%18.07%15.96%17.28%23.17%24.40%23.51%24.81%29.96%27.66%22.35%
Public27.98%32.76%34.10%39.88%38.49%38.39%37.10%37.26%34.58%27.19%24.59%23.51%
No. of Shareholders2,75,1683,12,4623,13,0193,35,0683,17,1253,04,4803,01,0972,97,5812,75,9402,18,4612,09,2732,58,386

Fundamentals

Market Cap₹ 22,842 Cr.
Current Price₹ 7,426
Stock P/E166
Book Value₹ 268
ROCE15.2 %
ROE12.6 %
Dividend Yield0.00 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)53%
Compounded Profit Growth (TTM)127%
Standalone figures.
Valuation
Market capRs 23,983 Cr
Enterprise valueRs 24,339 Cr
P/E (TTM)178.18x
Price to book29.05x
Price to sales22.20x
EV / EBITDA95.54x
EV / EBIT111.09x
EV / sales22.53x
Price to cash flow125.13x
Earnings yield0.56%
P/E, 3-year average92.37x
P/B, 3-year average8.65x
P/E, 5-year average82.49x
P/B, 5-year average8.83x
Profitability
Operating margin (excl. other income)19.52%
Operating margin (incl. other income)21.80%
EBITDA margin23.58%
Pre-tax margin16.64%
Net profit margin12.46%
Net margin, latest quarter14.00%
ROE12.25%
ROCE14.84%
ROA6.64%
ROE, 3-year average9.52%
ROCE, 3-year average12.40%
ROA, 3-year average5.71%
ROE, 5-year average11.81%
ROCE, 5-year average15.15%
ROA, 5-year average7.60%
ROIC (approx.)13.89%
Tax rate25.10%
Other income / net worth2.41%
Growth
Sales growth (latest year)29.61%
Profit growth (latest year)77.01%
Sales CAGR, 3 years15.18%
Sales CAGR, 5 years28.88%
Profit CAGR, 3 years-2.89%
Profit CAGR, 5 years15.65%
Sales growth QoQ17.87%
Profit growth QoQ13.89%
Sales growth YoY (latest quarter)130.37%
Profit growth YoY (latest quarter)349.69%
Per share
EPS (TTM)Rs 43.76
EPS (latest year)Rs 30.99
EPS (latest quarter)Rs 16.42
EPS, 3-year averageRs 22.26
EPS, 5-year averageRs 24.08
Book value per shareRs 268.43
Sales per shareRs 351.19
Cash flow per shareRs 62.31
Free cash flow per shareRs 21.13
Dividend per share, 5-year averageRs 3.00
Dividends
Dividend payout, 5-year average15.16%
Efficiency
Asset turnover0.50x
Fixed asset turnover1.76x
Inventory turnover1.06x
Inventory days344 days
Debtor days140 days
Debtors turnover2.60x
Creditor days119 days
Cash conversion cycle419 days
Working capital days71 days
Leverage
Total debtRs 377 Cr
Cash and bankRs 21 Cr
Net debtRs 355 Cr
Debt to equity0.46x
Net debt / EBITDA1.40x
Interest coverage5.56x
Current ratio (filing 2026-03-31)1.56x
Quick ratio (filing 2026-03-31)0.87x
Trade payables (filing 2026-03-31)Rs 149 Cr
Owners' fund to total sources47.34%
Debt to assets21.59%
Cash flow
Cash from Operating Activity (latest year)Rs 192 Cr
Cash from Investing Activity (latest year)Rs -347 Cr
Cash from Financing Activity (latest year)Rs 155 Cr
Net Cash Flow (latest year)Rs -1 Cr
Free cash flow (latest year)Rs 65 Cr
FCFE (approx.: FCF + change in debt)Rs 264 Cr
Cash from ops / profit, 5 years0.89x
Sales to cash flow4.57x
Statement figures
Net sales (TTM)Rs 1,080 Cr
Net sales (latest year)Rs 876 Cr
Sales (latest quarter)Rs 361 Cr
Operating profit excl. other income (latest year)Rs 171 Cr
Operating profit (latest quarter)Rs 85 Cr
Other income (TTM)Rs 27 Cr
EBITDA (TTM)Rs 255 Cr
PBDT (TTM)Rs 215 Cr
Profit before tax (TTM)Rs 180 Cr
Tax (latest year)Rs 32 Cr
Net profit (TTM)Rs 135 Cr
Net profit (latest year)Rs 95 Cr
Net profit (latest quarter)Rs 50 Cr
Depreciation (TTM)Rs 36 Cr
Depreciation (latest quarter)Rs 9 Cr
Interest (TTM)Rs 39 Cr
Cost of goods sold (latest year)Rs 530 Cr
Total expenditure (latest year)Rs 705 Cr
Total income (latest year)Rs 896 Cr
Share capitalRs 31 Cr
ReservesRs 795 Cr
Shareholders' fundsRs 826 Cr
Total assetsRs 1,744 Cr
Net blockRs 497 Cr
Capital work in progressRs 34 Cr
InvestmentsRs 222 Cr
ReceivablesRs 337 Cr
InventoryRs 499 Cr
Other liabilitiesRs 542 Cr
Shares outstanding (crore)3.08
Ownership
Promoter holding29.35% (-2.30 in a year)
Computed by MarketFriction from the standalone statements. Returns use average balances.
P/E 178.2 is at the 88th percentile of its own 5.7-year range (median 91.7, low 49.8, high 304.7).
P/B 29.05 is at the 96th percentile (median 9.74).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodMTARTECHNifty 50Difference
1 week+10.6%-2.8% +13.4 pts
1 month+12.2%-6.8% +19.0 pts
3 months+10.9%-7.6% +18.5 pts
6 months+124.8%+0.4% +124.4 pts
1 year+310.7%-9.9% +320.7 pts
2 years+346.3%-13.6% +359.9 pts
3 years+207.3%+14.2% +193.1 pts
5 years+428.7%+27.9% +400.8 pts
85 mutual fund schemes hold about ₹4,958 Cr. Over three months 0 bought more and 0 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
Nippon India Small Cap Fund0.81%672
HDFC Defence Fund4.60%528
Kotak Multi Asset Allocation Fund1.76%269
Nippon India Growth Mid Cap Fund0.47%247
Sundaram Large and Mid Cap Fund3.29%237
HSBC Small Cap Fund1.23%234
Franklin India Small Cap Fund1.47%217
Motilal Oswal Nifty India Defence Index Fund3.75%207
Sundaram Small Cap Fund4.49%187
Franklin India Mid Cap Fund1.27%166
Motilal Oswal ELSS Tax Saver Fund2.73%140
Motilal Oswal Small Cap Fund1.44%117
HSBC Infrastructure Fund4.07%100
Kotak MNC Fund4.27%99
Sundaram Aggressive Hybrid Fund(M1.01%93
Bajaj Finserv Flexi Cap Fund1.08%89
Motilal Oswal Multi Cap Fund1.79%84
HSBC Flexi Cap Fund1.38%83
360 ONE Focused Fund1.13%77
Sundaram Business Cycle Fund3.85%67
Motilal Oswal Active Momentum Fund5.48%63
Axis Multicap Fund0.56%62
Nippon India Power & Infra Fund0.71%57
Sundaram Multi Cap Fund1.81%56
Aditya Birla SL Nifty India Defence Index Fund3.75%52

Red flags

F-score 6 of 8
explainReceivables outrunning sales Receivables grew 61% vs sales +30% in 2026
lookOn NSE surveillance On NSE surveillance: ASM long-term
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Insider trades

NSE insider and takeover-code disclosures
DateWhoRoleSideSharesValueHow
2026-09-16Leelavathi Parvatha ReddyPromoter groupsell20,000SAST Open Market
2026-09-16Leelavathi Parvatha ReddyPromoter groupsell20,000SAST Open Market
2026-03-25A. ManognaPromoterssell13,274Rs 4.85 CrMarket Sale
2026-02-24Mitta MadhaviPromoterssell18,000Rs 6.70 CrMarket Sale
2026-02-23Saranya Loka ReddyPromotersother97,000Gift
2026-02-23P. Srinivas ReddyPromotersother200,000Gift
2026-02-23Leelavathi Parvatha ReddyPromotersother297,000Gift
2026-02-06Akepati ManognaPromoterssell15,000Rs 4.93 CrMarket Sale
2025-11-27Kavitha Reddy GangapatnamPromoterssell250,000Rs 59.34 CrMarket Sale
2025-09-18P Kalpana ReddyPromoterssell24,999Rs 4.45 CrMarket Sale
2025-09-03Akepati ManognaPromoterssell14,000Rs 2.02 CrMarket Sale
2025-08-25Akepati ManognaPromoterssell1,118Rs 0.17 CrMarket Sale
Latest disclosed trades by insiders, promoters and large holders. Grants, option exercises and pledges show as "other". A filing is a fact, not a signal on its own.

Latest quarter

Jun 2026
Sales ₹361 Cr +129.9% vs Jun 2025. Net profit ₹50 Cr +354.5%.

Activity

Compare
CompanyMcap (Cr)P/EROCE
Apar Industries Ltd74,54561.831.8 %
Waaree Energies Ltd68,46117.038.4 %
Premier Energies Ltd39,49423.732.7 %
Emmvee Photovoltaic Power Ltd21,77817.144.6 %
Diamond Power Infrastructure Ltd21,05511424.2 %
Avalon Technologies Ltd15,39611519.3 %
Fujiyama Power Systems Ltd12,51229.935.1 %
Genus Power Infrastructures Ltd8,93413.725.3 %
Waaree Renewable Technologies Ltd8,57416.885.0 %
Vikram Solar Ltd5,80116.130.6 %
Ram Ratna Wires Ltd5,45042.123.6 %
Saatvik Green Energy Ltd5,24921.132.9 %
Shilchar Technologies Ltd4,61333.550.7 %
Yash Highvoltage Ltd3,29384.628.6 %
Oriana Power Ltd3,22312.839.7 %
No bulk or block deals on record.
Ex-dateActionFactor
2023-08-04Annual General Meeting
2022-09-15Annual General Meeting
2022-02-21Interim Dividend - Rs 3 Per Share
2021-07-22 Annual General Meeting/Dividend - Rs 3 Per Share
DateTypeWhat it says
2026-09-28Shareholder meetingProceedings of Annual General Meeting held on September 28, 2026. Further, the company has submitted the Exchange a copy of Srutinizers report along w...
2026-09-21Concall / analyst meetSchedule of meet
2026-09-05General UpdatesGeneral Updates
2026-09-05General UpdatesGeneral Updates
2026-09-05Shareholder meetingNotice of Annual General Meeting to be held on September 28, 2026
2026-08-26Order winBagging/Receiving of orders/contracts
2026-08-18Concall / analyst meetSchedule of meet
2026-08-17Concall / analyst meetSchedule of meet
2026-08-06Concall / analyst meetTranscript
2026-07-30Concall / analyst meetSchedule of meet
2026-07-30Concall / analyst meetLink of Recording
2026-07-30Order winBagging/Receiving of orders/contracts
2026-07-30Investor PresentationInvestor Presentation
2026-07-29Press ReleaseA press release dated July 29, 2026, titled "Press Release for Un-audited Financial Results".
2026-07-29Board meeting outcomeMtar Technologies Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-24Concall / analyst meetSchedule of meet
2026-07-07Credit Rating- NewCredit Rating- New
2026-07-02Concall / analyst meetSchedule of meet
2026-06-17Concall / analyst meetSchedule of meet
2026-06-17Concall / analyst meetSchedule of meet
2026-06-15News clarificationThe Exchange has sought clarification from Mtar Technologies Limited with respect to recent news item captioned MTAR Tech rebounds 10% on Bloom Energy...
2026-06-12News clarificationThe Exchange has sought clarification from Mtar Technologies Limited with respect to recent news item captioned MTAR Tech rebounds 10% on Bloom Energy...
2026-06-12Disclosure under SEBI TakeovP. Srinivas Reddy has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substantial...
2026-06-08Concall / analyst meetSchedule of meet
2026-06-03Disclosure under SEBI TakeovKavitha Reddy Gangapatnam has Submitted to the Exchange a copy of Disclosure under Regulation 31(1) and 31(2) of the Securities and Exchange Board of ...
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Long Term Additional Surveillance Measure (Long Term ASM): stage 4Scrip PE is greater than 50 (4 trailing quarters)
Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.Updated 2026-10-03