MTAR Technologies Q4 FY26 Results: PAT Surges 223%, Revenue Jumps 67% — Record Order Book of ₹2,581 Crore

By Kaushik Brahmakshatriya

Published On 15 May 2026.

MTAR Technologies Q4 FY26 Results

MTAR Technologies Limited has delivered one of its strongest quarterly performances in recent history. The Hyderabad-based precision engineering company reported its Q4 FY26 audited financial results on May 12, 2026, and the numbers left analysts and investors pleasantly surprised. Revenue soared, profits tripled on a year-on-year basis, and the company’s order book swelled to all-time highs — painting a convincing picture of a business firing on all cylinders.

Q4 FY26 Financial Highlights at a Glance

The headline numbers for the January–March 2026 quarter were hard to ignore. Revenue from operations climbed 67.2% year-on-year to ₹306.1 crore, compared to ₹183.1 crore in Q4 FY25. On a sequential basis, revenue also grew a solid 10.1% over Q3 FY26’s ₹278 crore.Profit after tax (PAT) was the real showstopper. At ₹44.3 crore, PAT surged 223% year-on-year from just ₹13.7 crore in Q4 FY25, and rose 27.7% quarter-on-quarter from ₹34.7 crore. The PAT margin expanded dramatically to 14.5% from 7.5% in the year-ago period — a near doubling in bottom-line efficiency in just 12 months.

EBITDA for Q4 FY26 stood at ₹61.8 crore, up 80.9% from ₹34.2 crore in Q4 FY25, with EBITDA margin improving to 20.2% from 18.7% a year ago.

MTAR Technologies — Q4 FY26 vs Q4 FY25 Key Financials

Metric	Q4 FY26	Q4 FY25	YoY Change
Revenue from Operations	₹306.1 Cr	₹183.1 Cr	+67.2%
EBITDA	₹61.8 Cr	₹34.2 Cr	+80.9%
EBITDA Margin	20.2%	18.7%	+150 bps
Profit Before Tax (PBT)	₹59.5 Cr	₹18.6 Cr	+219.9%
Profit After Tax (PAT)	₹44.3 Cr	₹13.7 Cr	+223.4%
PAT Margin	14.5%	7.5%	+700 bps

Full Year FY26 Performance — A Year of Transformation

MTAR’s full-year FY26 performance was equally impressive and reinforces the company’s structural growth story. Total revenue for FY26 grew 29.6% year-on-year to ₹876.2 crore from ₹676 crore in FY25. EBITDA increased 41.7% to ₹171.2 crore, and EBITDA margin expanded to 19.5% from 17.9% in the prior year.

Full-year PAT surged 76.2% to ₹94 crore from ₹53.4 crore — a reflection of strong operating leverage kicking in as revenue scale improved. The board of directors approved these audited results at the meeting held on May 12, 2026, in Hyderabad, with statutory auditors M/s S.R. Batliboi & Associates LLP issuing a clean, unmodified audit opinion.

MTAR Technologies — Full Year FY26 vs FY25 Performance

Metric	FY26	FY25	YoY Change
Revenue from Operations+29.6%	₹876.2 Cr	₹676.0 Cr	+29.6%
EBITDA	₹171.2 Cr	₹120.9 Cr	+41.7%
EBITDA Margin	19.5%	17.9%	+160 bps
Profit Before Tax	₹126.1 Cr	₹72.1 Cr	+74.9%
Profit After Tax	₹94.0 Cr	₹53.4 Cr	+76.2%

Record-Breaking Order Inflows — The Real Game Changer

Perhaps the most significant highlight of MTAR’s FY26 performance is its order book. The company achieved its highest-ever order inflows during the year, totaling ₹2,453.3 crore — a figure that surpasses all previous records and provides remarkable revenue visibility going into FY27. In Q4 FY26 alone, the company secured fresh orders worth ₹481.6 crore.

The total order book stood at ₹2,581.9 crore as of March 31, 2026, up from ₹2,394.9 crore at the end of December 2025. This backlog is diversified across three major segments: Clean Energy (fuel cells, hydel & others), Aerospace & Defence, and Civil Nuclear Power.

Segment-Wise Revenue Breakdown

Clean Energy continues to be the dominant revenue engine for MTAR. The fuel cell, hydel & others sub-segment generated ₹615.4 crore in FY26 — representing 70% of total annual revenue — compared to ₹416.9 crore in FY25. In Q4 FY26 alone, this segment contributed ₹217.3 crore, or 71% of quarterly revenue.The

Aerospace & Defence segment delivered ₹103.8 crore for FY26 versus ₹93.2 crore in FY25, with Q4 FY26 contributing ₹31.4 crore. Civil Nuclear Power remains a smaller but growing contributor at ₹23.6 crore for FY26, up from ₹18.4 crore. In terms of order book composition, clean energy fuel cell and hydel accounted for 51.2%, civil nuclear power for 26.3%, and aerospace & defence for 14% of the total backlog.

From a geography perspective, exports dominated at 82% of FY26 revenue, with 83% of Q4 FY26 revenue also coming from international markets.

MTAR Technologies — FY26 Segment-wise Revenue

Business Segment	FY26 Revenue	FY25 Revenue	% of FY26 Revenue
Clean Energy – Fuel Cell, Hydel & Others	₹615.4 Cr	₹416.9 Cr	~70%
Aerospace & Defence	₹103.8 Cr	₹93.2 Cr	~12%
Civil Nuclear Power	₹23.6 Cr	₹18.4 Cr	~3%
Products & Others	₹134.1 Cr	—	~15%

FY27 Guidance — Ambitious 80% Revenue Growth Target

In its earnings concall following the results, management raised its FY27 revenue growth guidance from an earlier 50% target to a bold 80% (plus or minus 5%). Managing Director Parvat Srinivas Reddy expressed confidence in sustaining this growth, citing strong execution capabilities, commissioned capacity expansions in clean energy, and favourable industry tailwinds.

The company targets EBITDA margins of approximately 24% for FY27, an improvement of 200–300 basis points over FY26. The Oil & Gas facility is expected to be commissioned by September 2026, while nuclear and aerospace segments are set to contribute at significantly higher volumes.

The company also estimates its closing order book could reach approximately ₹5,000 crore by end of FY27, nearly double the current level. FII stake in MTAR jumped sharply from 6.74% in Q4 FY25 to 17.31% in Q4 FY26, reflecting growing institutional confidence.

Frequently Asked Questions (FAQ) — MTAR Technologies Q4 FY26 Results

Q1. What was MTAR Technologies’ revenue in Q4 FY26?

MTAR Technologies reported revenue from operations of ₹306.1 crore in Q4 FY26, representing a 67.2% year-on-year growth from ₹183.1 crore in Q4 FY25.

Q2. How much profit did MTAR Technologies earn in Q4 FY26?

The company’s Profit After Tax (PAT) in Q4 FY26 stood at ₹44.3 crore, a surge of 223.4% compared to ₹13.7 crore in Q4 FY25, and up 27.7% sequentially.

Q3. What is MTAR Technologies’ total order book as of March 2026?

As of March 31, 2026, MTAR Technologies’ total order book stood at ₹2,581.9 crore, diversified across Clean Energy, Aerospace & Defence, and Civil Nuclear Power segments.

Q4. What is MTAR Technologies’ revenue guidance for FY27?

MTAR Technologies has raised its FY27 revenue growth guidance to 80% (±5%), up from an earlier guidance of 50% growth. The company is also targeting EBITDA margins of around 24% for the year.

Q5. What are the key growth drivers for MTAR Technologies?

The primary growth drivers include strong traction in the clean energy fuel cell segment (serving global hydrogen fuel cell players), rising nuclear power orders (including Kaiga units 5 & 6), scaling aerospace & defence volumes, and the upcoming commissioning of the Oil & Gas facility by September 2026.

Q6. How much did MTAR’s stock move after Q4 results?

Following the announcement of its Q4 FY26 results, MTAR Technologies’ stock surged approximately 9% on the exchanges, reflecting strong investor sentiment around the company’s record earnings and raised guidance.

Q7. What is MTAR Technologies’ export revenue mix?

Exports constituted 82% of MTAR Technologies’ total FY26 revenue, with 83% of Q4 FY26 revenue also coming from international markets, underscoring its strong global client base in clean energy and aerospace.

Editorial Perspective: What Makes MTAR a Compelling Story?

MTAR Technologies is not your typical Indian defence or clean energy company. It sits at a rare intersection — producing precision-engineered components for the global hydrogen fuel cell economy while simultaneously deepening its footprint in India’s nuclear power program and aerospace supply chains. The Q4 FY26 results are not just strong numbers; they reflect a multi-year investment in specialized capacity finally translating into financial scale.

With an order book of ₹2,581 crore and a management team confident enough to guide 80% revenue growth for FY27, the execution narrative is clearly accelerating. For investors watching India’s defence and deep-tech manufacturing story, MTAR Technologies is firmly one to track.

Disclaimer :

This blog does not provide financial, investment, or trading advice. All content is for educational and informational purposes only. Please consult a certified financial advisor before making any investment decisions. The author will not be responsible for any financial losses incurred