MTARTECH IN EQUITY
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| CUSTOMER | BASIS | EST ₹CR | RANGE | % REV | BUCKET | PERIOD | METHOD | CONF |
|---|---|---|---|---|---|---|---|---|
| Business | REV SHARE | 788 | 788–788 | 90.0% | — | FY26 | DISC | 90% |
| “Details of business activities (accounting for 90% of the turnover): S. No. Description of Main Activity Description of Business Activity % of Turnover of the …” AR · +1 DOC | ||||||||
| Others | REV SHARE | 561 | 561–561 | 83.0% | COGS | FY25 | DISC | 90% |
| “Sector Revenue generated from customers in FY 2024 - 25 (Rs. Mn) Revenue generated from customers in FY 2023 - 24 (Rs. Mn) Clean Energy - Civil Nuclear Power 1…” AR · +1 DOC | ||||||||
| LTLarsen & Toubro Ltd. | UNSTATED | 376 | 176–376 | 42.9% | — | FY25 | EST | 70% |
| “Contracts for manufacturing five PSLVs have been awarded to the HAL-L&T consortium, and bidding has been opened for GSLV and SSLV production.” AR DOC | ||||||||
| HALHindustan Aeronautics Ltd. | UNSTATED | 178 | 83–178 | 20.3% | — | FY25 | EST | 60% |
| “Contracts for manufacturing five PSLVs have been awarded to the HAL-L&T consortium, and bidding has been opened for GSLV and SSLV production.” AR DOC | ||||||||
| Indian Space Research Organisation | CONTRACT | CT 200 | — | — | CAPEX | FY25 | EST | 85% |
| “Out of the above orders Rs. 157.4 Crs of orders are from Bloom Energy in Clean Energy – Fuel cells division, Rs. 2.7 Crs of orders are for first articles from …” ORDER p.6 · 06-FEB-25 DOC | ||||||||
| Bloom Energy | CONTRACT | CT 220 | — | — | CAPEX | FY22 | EST | 85% |
| “Sub: Receipt of orders worth Rs. 220 Crores Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,20l5, this is t…” ORDER p.1 · 13-SEP-21 · +1 DOC | ||||||||
| Energy Sector | CONTRACT | CT 36 | — | — | CAPEX | FY27 | EST | 75% |
| “MTAR Technologies Limited bags Rs. 35.6 Crs Orders from Energy Sector for Data Centers Hyderabad, April 1, 2026: MTAR Technologies has secured orders worth Rs …” ORDER p.3 · 01-APR-26 DOC | ||||||||
| Megha Engineering & Infrastructures Limited. | CONTRACT | CT 310 | — | — | CAPEX | FY26 | EST | 75% |
| “Ref: Reg 30 disclosure dated 06.12.2025 to Exchanges Pursuant to Regulation 30 read with Schedule III, Part A of the Securities and Exchange Board of India (Li…” ORDER p.1 · 18-DEC-25 DOC | ||||||||
| Nuclear Power Corporation of India | UNSTATED | — | — | — | R&D | FY26 | EST | 75% |
| “In the domestic market, it proudly serves reputed institutions such as the Nuclear Power Corporation of India Limited (NPCIL), Indian Space Research Organisati…” AR · +1 DOC | ||||||||
| Indian Space Research Organisation | UNSTATED | — | — | — | R&D | FY26 | EST | 75% |
| “In the domestic market, it proudly serves reputed institutions such as the Nuclear Power Corporation of India Limited (NPCIL), Indian Space Research Organisati…” AR · +1 DOC | ||||||||
| Indian Space Research Organisation | UNSTATED | — | — | — | COGS | FY25 | EST | 75% |
| “MTAR Technologies Limited Annual report FY 2025 - 26 10 1983 Inception of MTAR to supply Coolant Channel Assemblies to the Department of Atomic Energy Commence…” AR · +1 DOC | ||||||||
| Indian Space Research Organisation | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “India’s space economy, currently estimated at approxi- mately USD 8.4 billion and accounting for around 2% of the global space economy, is targeted to expand t…” AR · +1 DOC | ||||||||
| BANKINDIABank of India | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “CREDIT & GUARANTEE FACILITIES: The Company has availed Working Capital and Term Loan facilities from State Bank of India, HDFC Bank, ICICI Bank Limited, Union …” AR · +1 DOC | ||||||||
| Business | UNSTATED | — | — | — | COGS | FY25 | EST | 75% |
| “Indicate product category Reclaimed products and their packaging materials as % of total products sold in respective category NA NA MTAR Technologies Limited A…” AR DOC | ||||||||
| Bloom Energy | UNSTATED | — | — | — | COGS | FY25 | EST | 75% |
| “Opportunity for MTAR MTAR is a key strategic supplier to Bloom Energy, supporting its Solid Oxide Fuel Cell (SOFC) and Solid Oxide Electrolyser (SOEC) programs.” AR DOC | ||||||||
| Energy Sector | UNSTATED | — | — | — | — | FY25 | EST | 75% |
| “ASP Assemblies: MTAR supplies ASP assemblies to Clean Energy Sector.” AR DOC | ||||||||
| Defence Research and Development Organisation | UNSTATED | — | — | — | R&D | FY26 | EST | 70% |
| “MTAR was awarded the Defence Technology Absorption Award by the Defence Research and Development Organisation in recognition of its technology absorption in th…” AR · +1 DOC | ||||||||
| FY27 | CONTRACT | CT 5,000 | — | — | — | FY27 | EST | 70% |
| “In the civil nuclear segment, the Government of India’s fleet-mode reactor programme is translating into tangible opportuni- ties, with orders for Kaiga 5 & 6 …” AR · +2 DOC | ||||||||
| Nuclear Power Corporation of India | UNSTATED | — | — | — | — | FY27 | EST | 70% |
| “The Nuclear Power Corporation of India Limited (NPCIL) has floated the procurement of critical assemblies required for refurbishment of RAPs 2 and MAPs 2 react…” AR · +1 DOC | ||||||||
| Karnataka | UNSTATED | — | — | — | CAPEX | FY26 | EST | 70% |
| “Source: NPCIL, Government of India The company has recieved Rs. 5040 Mn orders for core of the island assemblies for Kaiga 5 & 6 reactors 55Corporate Overview …” AR DOC | ||||||||
| Bloom Energy | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “Customers The Company is a trusted partner to several marquee global multinational corporations including Bloom Energy, IAI, Rafael, Elbit, Thales, GK Aerospac…” AR · +1 DOC | ||||||||
| Office | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “The Company has been maintaining, inter alia, the following statutory registers at its Registered Office - Hyderabad: i. Register of contracts or arrangements …” AR · +1 DOC | ||||||||
| Securities and Exchange Board of India | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “The Securities and Exchange Board of India (Registrars to an issue and Share Transfer Agents) Regulations, 1993, regarding the Companies Act and dealing with c…” AR · +1 DOC | ||||||||
| Financial Year | UNSTATED | — | — | — | COGS | FY26 | EST | 70% |
| “c) REMUNERATION TO DIRECTORS PAID DURING THE FINANCIAL YEAR 2024-25 AND OTHER DISCLOSURES: (Rs. in millions) Name of the Director Salary Sitting Fees Commissio…” AR · +1 DOC | ||||||||
| CRISILCRISIL Ltd. | UNSTATED | — | — | — | — | FY23 | EST | 70% |
| “Source: NPCIL, World Nuclear Association, CRISIL Research An estimated Rs. 10 Bn worth of orders is expected from Kaiga 5 & 6 and the refurbishment of five exi…” AR DOC | ||||||||
| Others | UNSTATED | — | — | — | — | FY25 | EST | 70% |
| “Source: industry, Economic Times The Company has executed the first prototype order for enclosure for Fluence I & ll --- ATTERY i B c•...ageS~Energy ;JIN'' 57C…” AR DOC | ||||||||
| Financial Year | UNSTATED | — | — | — | SG&A | FY25 | EST | 70% |
| “No. Name(s) of the related party and nature of relationship Nature of contracts/ arrangements/ transactions Duration of the contracts / arrangements/ transacti…” AR DOC | ||||||||
| NPCL | UNSTATED | — | — | — | — | 2026-05 | EST | 65% |
| “So each time they declare as and when they need to refurbish reactor, and such reactors is an opportunity for MTAR to cater to the requirements of the NPCL to …” CONCALL DOC | ||||||||
| Nuclear Power Corporation of India | UNSTATED | — | — | — | CAPEX | FY26 | EST | 60% |
| “On the domestic front, we continue to strengthen relationships with core clients such as ISRO, DRDO and NPCIL by expanding our product offerings and increasing…” AR · +1 DOC | ||||||||
| Defence Research and Development Organisation | UNSTATED | — | — | — | — | FY26 | EST | 60% |
| “The Company’s clients comprise ISRO, DRDO, Bloom Energy, Andritz, GE Power, Voith, Rafael, Elbit, GKN Aerospace, IAI, Thales among others.” AR DOC | ||||||||
| Defence Research and Development Organisation | UNSTATED | — | — | — | COGS | FY25 | EST | 60% |
| “We have undertaken several key projects to ISRO, DRDO and MNC Aerospace, including the successful delivery of liquid propulsion engines, cryogenic engine sub s…” AR DOC | ||||||||
| Defence Research and Development Organisation | UNSTATED | — | — | — | CAPEX | FY25 | EST | 60% |
| “On the domestic front, we continue to strengthen relationships with core clients such as ISRO, DRDO and NPCIL by expanding our product offerings and increasing…” AR DOC | ||||||||
| Nuclear Power Corporation of India | UNSTATED | — | — | — | COGS | 2026-02 | EST | 55% |
| “So, we are supplying all the core nuclear reactor components and assemblies to government of NPCIL.” CONCALL DOC | ||||||||
| SUPPLIER | BASIS | EST ₹CR | RANGE | % COST | BUCKET | PERIOD | METHOD | CONF |
|---|---|---|---|---|---|---|---|---|
| KPITTECHKPIT Technologies Ltd. | UNSTATED | — | — | — | — | FY25 | EST | 75% |
| “He currently serves as Chairman of the Board of MTAR Technologies Ltd. and as an Independent Director at Gabriel India Ltd. and has previously held board posit…” AR DOC | ||||||||
| Others | UNSTATED | — | — | — | SG&A | FY26 | EST | 70% |
| “Other Expenses For the year ended March 31, 2025 For the year ended March 31, 2024 Sub-contractor charges 295.83 200.90 Production expenses 167.03 127.73 Power…” AR · +1 DOC | ||||||||
| MTAR | UNSTATED | — | — | — | — | 2026-11 | EST | 65% |
| “For example, with one customer where they were sourcing from 16 different companies, the entire package has been given to MTAR to exclude the whole thing.” CONCALL p.17 · 30-NOV-26 DOC | ||||||||
| SOURCE | READ | % | LAST READ |
|---|---|---|---|
| ANNOUNCEMENTS | 22/22 | 100% | 08-NOV-26 |
| ANNUAL | 2/2 | 100% | 15-OCT-26 |
| CONCALL | 5/5 | 100% | 09-NOV-26 |
| ORDERS | 21/21 | 100% | 08-NOV-26 |
| RATINGS | 0/3 | 0% | — |
| SCREENER | 1/1 | 100% | 09-NOV-26 |
| SIGNAL | VALUE | AS OF | INPUTS |
|---|---|---|---|
| CUSTOMER HHI | 0.564 | 14-NOV-26 | Larsen & Toubro Ltd. share 68% · Hindustan Aeronautics Ltd. share 32% |
| CUST MOM 1M | +8.9% | 14-NOV-26 | from 15-OCT-26 · Bank of India +18.2% w 0 · Larsen & Toubro Ltd. +14.1% w 1 · Hindustan Aeronautics Ltd. -2.0% w 0 |
| SUPP MOM 1M | +4.9% | 14-NOV-26 | from 15-OCT-26 · KPIT Technologies Ltd. +4.9% |