MTAR TECH Results Analysis-Q3FY26

Operating Revenue for Q3FY26 is Rs. 278 Crs.( highest-ever quarterly revenue), 59.33% growth YoY, Total Income is Rs. 280 Crs., 57.87% growth YoY, Gross Profit is Rs. 128 Crs., 47.72% growth YoY, EBITDA is Rs. 64 Crs., 92.48% growth YoY, EBITDA Margin is 23.03% improved by 397 Basis points YoY (purely on the product mix), PBT Rs. 46 Crs, 115.2% growth YoY (which includes 3.77 Cr. one-time impact of New Labour Code), PAT Rs. 35 Crs, 117.36% growth YoY, Robust performance on all parameters. On QoQ basis Op. Revenue is up by 105%, Total Income is up by 101.31%, Gross Profit is up by 84.44%, EBITDA is up by 276.81%, PBT is up by 712% (which includes 3.77 Cr. one-time impact of New Labour Code), and PAT is also up by 716%. Order book (Dec-end/Q3 end): INR 2,394.9 cr., FY26 exit order book targeted at INR 2,800 cr. FY26 as “highest ever order inflows” particularly in Clean Energy Fuel Cells and Civil Nuclear. Revenue Growth Guidance : FY26 revenue: maintained at 30–35% growth, expected to “cross about INR 900 cr plus”. FY27 revenue growth guidance: ~50%. Margin trajectory: FY26 EBITDA margin guidance ~21% ±1% reaffirmed. FY27: management indicated “margins will substantially improve” and “a lot higher than” FY26, citing operating leverage + mix shift toward higher volume production.