MTAR Q1: consolidated PAT ₹50.2 Cr up 4.6x YoY, revenue doubles, EBITDA margin ~24%
PAT +364.5% YoY · revenue +130.4% · margins expanding
₹360.72 Cr
+130.4% YoY
₹50.23 Cr
+364.5% YoY
13.63%
+6.8pp YoY
₹16.33
MTAR Technologies opened FY27 with a step-change quarter. Consolidated revenue from operations jumped to ₹360.7 Cr, up ~130% YoY from ₹156.6 Cr and ~18% QoQ over ₹306.1 Cr, while consolidated net profit vaulted to ₹50.2 Cr from ₹10.8 Cr a year ago (+364% YoY) and ₹44.3 Cr last quarter (+13% QoQ). EPS rose to ₹16.33 from ₹3.52. Standalone tells the same story (revenue ₹360.7 Cr, PAT ₹50.5 Cr, EPS ₹16.42); the ~0.5% gap to consolidated is a small ₹0.72 Cr loss at the two aerospace subsidiaries now being merged into the parent — the two bases do not diverge materially.
Q1 FY-2027 vs prior quarters
The print is a genuine margin story, not just a topline one. Operating (EBITDA) margin expanded to ~23.6%, from 20.2% last quarter and 18.1% a year ago, landing right on management's ~24% FY27 target. The lift came from operating leverage on the doubled revenue base: cost of materials scaled with sales but employee cost (₹46.5 Cr) and other expenses (₹32.6 Cr) grew far slower, so profit before tax more than quadrupled to ₹67.4 Cr. Finance costs did rise to ₹15.8 Cr (from ₹5.8 Cr YoY), reflecting the working-capital intensity of the delivery ramp — the one line moving against the trend.
The stock went into the print at ₹7,777, down 2.2% over the past month of trading.
For context: this is the highest quarterly PAT in the last 6 quarters on our records; PAT has now risen for 3 consecutive quarters; revenue is at a 6-quarter high.
Management has issued exceptionally strong guidance for FY27, raising revenue growth expectations from 50% to 80% (+/- 5%) with a target EBITDA margin of approximately 24%. This growth is underpinned by aggressive, demand-driven capacity expansion, particularly in the clean energy and new AI data center verticals. The
— This quarter: beat
Against management's own FY27 guidance — 80% (±5%) revenue growth and ~24% EBITDA margin, with a closing order book targeted near ₹5,000 Cr — Q1 runs ahead on growth (+130% vs the ~80% full-year bar) and on target on margin, an early beat versus the plan set on the May concall where the tone was 'very optimistic'. No published Street PAT/revenue estimate for the quarter was available (consensus is a ₹8,200 price target; bull ₹10,000 / bear ₹5,500), so the print can only be read against guidance, which it clears. Context worth flagging: the stock had corrected sharply into the result — down ~34% from its June high and hitting successive lower circuits in mid-July — so this beat lands after a de-rating, not a run-up. The quarter's corporate news was housekeeping (promoter pledge releases, two director re-appointments, the subsidiary merger filing with the NCLT), none of it P&L-relevant.
W1
Order book progress toward the ~₹5,000 Cr year-end target (from May guidance) — the key visibility marker
W2
Whether ~24% EBITDA margin holds through FY27 after Q1 landed at ~23.6%
W3
Finance-cost/working-capital trajectory — up to ₹15.8 Cr this quarter as deliveries scaled
Source in INR millions, converted to ₹Cr (÷10). No exceptional item in any quarter column; the ₹3.77 Cr labour-code exceptional is FY26 full-year only. Consolidated PAT slightly below standalone as two subsidiaries booked a ₹0.72 Cr net loss.
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