Shares of MTAR Technologies Ltd. were trading with gains on Friday, October 30, after the company reported a strong performance for the September quarter, with revenue more than tripling and net profit rising sharply year-on-year.
Revenue from operations surged 200% to ₹406.8 crore in Q2 FY27, compared with ₹135.6 crore in the corresponding quarter last year. The company also reported its highest-ever quarterly revenue.
Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 483.3% year-on-year to ₹99.2 crore from ₹17 crore. The EBITDA margin stood at approximately 24.4% in Q2 FY27, compared with 23.6% in the preceding quarter.
Net profit increased 14-fold to ₹59.8 crore from ₹4.2 crore in the year-ago period, marking a 1,309.5% increase.
Management expects the second half of FY27 to be stronger than the first half and has retained its revenue growth guidance of 80% for the full financial year, with an EBITDA margin of around 24%.
The company will need to sustain its growth momentum in the coming quarters to deliver on this guidance. The latest quarter’s margin of approximately 24.4% was slightly above the midpoint of its FY27 guidance, although the sustainability of this level will depend partly on the product mix.
Fuel cells, civil nuclear and hydel projects are expected to remain key growth drivers for the company.
On the capacity front, earlier management commentary indicated that Phase 2 of its expansion was expected to become operational around September–October 2026, with Phase 3 targeted for completion by March 2027.
MTAR has indicated capital expenditure of around ₹500 crore across FY27 and FY28. The company has also focused on improving working-capital efficiency, bringing working-capital days down to 59 in Q1 and targeting around 100 days by the end of FY27.
MTAR Technologies shares ended 2.67% higher at ₹7,162.50 on Thursday. The stock has gained approximately 199% so far in 2026.