MTAR Technologies Limited

MTARTECH.NS

Industrial - Machinery · Industrials

Price

₹6821.50

-208.00 (-2.96%)

Market Cap

₹209.83B

Exchange

National Stock Exchange of India

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 24, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Strong

Growth

Exceptional

Cash Flow

Weak

Stability

Mixed

Valuation

Good

Dividends

Weak

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Winston Score History

The full picture

MTAR Technologies Limited, an Indian precision engineering firm established in Hyderabad in 1969, specializes in designing, producing, and distributing essential high-precision components and assemblies for critical applications to clients both domestically and internationally. The company's operations are structured into four main divisions: Civil Nuclear Power, Space & Defence, Clean Energy, and other ventures. Its diverse product range encompasses sophisticated components for nuclear reactors, such as fuel machining heads and coolant channel assemblies; advanced propulsion systems for rockets and ships, including rocket engine rotating assemblies and main injector bodies; aerospace structures like air frames and LCA actuators; and clean energy solutions, notably Bloom energy servers. MTAR Technologies is a crucial supplier to the nuclear, space, defense, and renewable energy sectors.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+78.2% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+222.9% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

₹0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

34.0%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

₹2.4B cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

MTAR Technologies Limited grew revenue 78% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

−0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 30.8M (2022) → 30.8M (2026)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

29.9%

Modest — 29.9% gross margin

Profit after running costs

Operating Margin

20.9%

Excellent — 20.9% operating margin

Return on the money invested

ROCE

23.3%

Exceptional — 23.3% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+57.0%

Fast-growing sales (+57.0% YoY)

Profit growth

EPS YoY

+125.2%

Earnings growing fast (+125.2% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

30%

Weak — only 30% of profit becomes cash

Spare cash per sale

FCF Margin

1.2%

Thin free cash flow (1.2%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

4.86x

Adequate interest coverage (4.9x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

157.2x

Expensive — P/E 157.2

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+110.7

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (157.2 → 46.5)

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Dividends

Dividend

Dividend Yield

0.09%

Small dividend — 0.09% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

N/A

—

Data not available

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