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MTAR Technologies
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The Quarter story
The two most recent quarterly results, compared side-by-side.
MTAR Technologies posts strong revenue and profit growth driven by a massive surge in new orders and sharply improved working capital efficiency.
Consolidated revenue grew from ₹156.6 Cr to ₹360.7 Cr from Q1 FY26 to Q1 FY27 — driving consistent top-line expansion
Cost of materials consumed rose from ₹92.8 Cr to ₹204.3 Cr from Q1 FY26 to Q1 FY27 — pressuring gross margins
New orders surged from ₹105.3 Cr to ₹2,895.1 Cr over five quarters — securing strong multi-year project visibility
Finance costs climbed from ₹5.8 Cr to ₹15.8 Cr over five quarters — weighing on net profit margins
Total working capital days fell from 267 to 59 from Q1 FY26 to Q1 FY27 — signaling major cash flow efficiency
Supplier payment days rose from 87 to 168 from Q1 FY26 to Q1 FY27 — indicating slower payments to vendors
EBITDA margin expanded from 18.1% to 23.6% over the period — confirming strong pricing and operational leverage
Gross profit margin slipped from 54.2% to 45.5% over the period — showing ongoing cost pressure
Receivable days dropped from 126 to 82 from Q1 FY26 to Q1 FY27 — accelerating cash collections from clients
Consolidated order book fell from ₹2,394.9 Cr to ₹100 Cr from Q3 FY26 to Q1 FY27 — warning of pipeline volatility
Company insights, generated from the most recent coverage.
MD publicly clarified that no customer communicated any reduction in committed business after media reports of order cancellations — but the unresolved chatter remains a sentiment risk in a high-multiple stock.
Management targets doubling aerospace and defence revenue in FY27; this segment is the highest-margin part of the mix, so any slippage hits the guided ~24% EBITDA margin disproportionately.
EBITDA margin jumped to 23.6% in Q1 FY27 from 19.5% for full FY26 and 20.2% in Q4 FY26 — margin expansion, not just volume, is driving the earnings story.