Synopsis: A precision engineering firm’s profits nearly doubled in a year, driven by one clean energy business that now makes up the majority of its revenues, backed by record order inflows and improving margins.
When a company’s profits jump 76% in a single year, the first question investors ask is: what changed? For this Hyderabad-based precision engineering company, the answer lies in one segment that has been quietly growing for years and finally hit its stride in FY26.
What’s Behind the Profit Jump
MTAR Technologies posted a net profit of Rs. 94 crore in FY26, up from Rs. 53.4 crore in FY25 – a jump of 76.2%. Revenue from operations grew 29.6% to Rs. 876.2 crore. But looking at where the money came from tells the real story.
The company’s Clean Energy – Fuel Cells, Hydel & Others segment delivered revenue of Rs. 615.4 crore in FY26, up sharply from Rs. 416.9 crore the previous year. This segment alone accounted for 70% of total revenue. It is the single biggest driver of the company’s growth. This business involves supplying highly engineered components to global clean energy customers, primarily in hydrogen and fuel cell technologies.
Order Book Signals More Growth Ahead
Beyond the current year’s numbers, what gives investors confidence is the order pipeline. MTAR received its highest-ever order inflows of Rs. 2,453.3 crore in FY26. The total orderbook stood at Rs. 2,581.9 crore as of March 31, 2026.
Of this order book, 51.2% comes from Clean Energy – Fuel Cells, Hydel & Others, and another 26.3% from Civil Nuclear Power. Aerospace & Defence makes up 14%. This mix shows that future revenues are well-supported across more than one segment, which reduces the risk for investors.
Margins Recovered Too
In Q4 FY26 alone, EBITDA margin improved to 20.2% from 18.7% a year ago. Full-year EBITDA stood at Rs. 171.2 crore, up 41.7% from Rs. 120.9 crore. PAT margin for the full year improved to 10.7% from 7.9%.
This margin recovery matters because MTAR had been going through a period where profits were compressed. FY24 and FY25 saw PAT fall significantly from FY23 levels. FY26 represents a clear turnaround, with both revenues and margins moving in the right direction together.
New Bets Being Placed
The company is also expanding into new areas. It is setting up a greenfield facility for Oil & Gas customers, expected to be ready by September 2026. On the aerospace side, it received an order for a structural assembly for the AMCA fighter jet programme and expects significant future orders for the LCA Tejas Mark IA. New global customers like GKN Aerospace, Thales, and Collins Aerospace have also been added in recent years.
About the Company
MTAR Technologies is a precision engineering company catering to critical sectors such as nuclear, aerospace, defence, clean energy, and space. The company manufactures high-precision components and assemblies for organizations including ISRO, DRDO, NPCIL, and global clean energy clients. MTAR is known for its expertise in machining, fabrication, and complex product development. It also has a growing presence in fuel cells, hydrogen energy systems, and other advanced clean energy applications, positioning itself in high-technology manufacturing segments.
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