India's Defence Acquisition Council has approved defence purchases worth ₹1.1 lakh crore, with nearly 98% of the orders set to go to Indian companies instead of foreign suppliers. According to reports from NDTV Profit, this clearance, known as an acceptance of necessity, represents the first formal step before the government actually places these orders. The approval is expected to significantly boost opportunities for domestic defence manufacturers.
P Srinivas Reddy, managing director and promoter of MTAR Technologies, expressed optimism about the company's prospects, calling the opportunity 'sizable' though he declined to provide specific numbers. As reported by NDTV Profit, Reddy emphasized the company's long-standing experience in defence, nuclear, and space sectors, which positions it well for new orders. He explained that "We are already in the defence sector for many years. We're expecting sizable orders to come in. But it will take a little time, but we're already working on many projects, even now." Reddy noted that similar work done in India's nuclear and space programmes could now extend further into defence applications, adding "You can't tag specific numbers to this. I have seen a lot of changes happening over the last three, four years. This is not new to us."
The company's share price closed at ₹7,305 as of September 10, 2026, with a market capitalization of ₹22,470 crore. According to Business Standard, the stock experienced a 2.61% decline during the trading session, reflecting the broader market volatility. The company has demonstrated exceptional growth momentum, with its share price tripling in 2026 so far. As of September 10, 2026, MTAR's share price closed at ₹7,305 with a market capitalization of ₹22,470 crore. The stock has shown strong performance with a 5.26% increase over the past month, trading within a 52-week range of ₹1,456 to ₹8,714. The company's total assets as of March 31, 2026, stood at ₹1,743 crore with strong financial metrics including an EBITDA margin of 23.90% and book value per share of ₹267.43.
Beyond defence, Reddy highlighted that the company's nuclear energy business currently has its highest-ever order book. As reported by NDTV Profit, MTAR plans to enter a completely new business area, oil and gas, starting around October or November this year. Reddy indicated that this growth trajectory should continue, with the company expecting to grow both quarter-on-quarter and year-on-year basis. The company's total assets as of March 31, 2026, stood at ₹1,743 crore with strong financial metrics including an EBITDA margin of 23.90% and book value per share of ₹267.43.
MTAR Technologies has significantly outperformed its defence sector peers over the past year, gaining 390.23% compared to Hindustan Aeronautics'* 8.72%, Bharat Electronics'* 3.87%, and Bharat Dynamics'* -20.43%. However, from a 5-year perspective, MTAR has underperformed relative to Hindustan Aeronautics (47.81%) and Bharat Electronics (43.80%). The company's current share price stands at ₹7,220.10 as of September 10, 2026, with a P/E ratio of 166.43 and P/B ratio of 25.44. The stock has a dividend yield of 0.00% per annum, reflecting the company's reinvestment focus on growth opportunities.
