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Mtar Technologies Limited (MTARTECH) · mywealthgrid

Mtar Technologies Limited

NSE:MTARTECH BSE:MTARTECH

IndustrialsElectrical EquipmentNIFTY SMALLCAP 50 +5

₹7,797.0

0%1 Oct close

Mkt cap

₹24,015 Cr

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About

Mtar Technologies manufactures electrical equipment for the Indian industrials sector. Market cap ₹21,732 Cr with recent quarterly revenues ₹360 Cr; the company has surged 374% over one year and trades at PE 162.85.

Face value: ₹10

Market cap

₹24,015 Cr

P/E

180.0×

P/B

29.2×

Dividend yield

ROE

12.1%

ROCE

17.2%

Debt / equity

0.45

OPM

19.5%

EPS (TTM)

₹43.4

Book value

₹267.4

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Valuation risk: PE 162.85 versus ROE 12.12% prices in substantial future growth; verify this is achievable
Revenue sustainability: jumped 2.66x from ₹135.59 Cr (Sep 2025) to ₹360.72 Cr (Jun 2026); verify drivers and whether this reflects structural demand or temporary ramp
Margin consistency: OPM swung from 12.54% (Sep 2025) to 23.54% (Jun 2026); verify whether recent high margins reflect structural improvements or one-time factors

Generated analysis · source review pending

Growth drivers

Revenue surged from ₹135.59 Cr (Sep 2025) to ₹360.72 Cr (Jun 2026), demonstrating demand or capacity expansion
Operating margin expanded from 12.54% (Sep 2025) to 23.54% (Jun 2026), multiplying profit per rupee of revenue
EPS jumped from ₹1.38 (Sep 2025) to ₹16.42 (Jun 2026) combining revenue and margin growth

Generated analysis · source review pending

1,368 historical price candles were omitted because the exchange source has not been verified.

₹7,797.0+5%1Y

Quick read

rule-based

Pros

+Profit CAGR of 15.3% over the last 5 years
+Revenue CAGR of 28.9% over the last 5 years

Cons

−Low return on equity of 9.4% (3-yr avg)
−Expensive at 180× trailing earnings
−Trading at 29.2× book value
−Promoter holding fell 2.3 pts over the last year

Research score

Structured signal from quality, growth, valuation and momentum.

37/100

Business quality: 45
Growth: 65
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY SMALLCAP 50 NIFTY SMALLCAP 100 NIFTY SMALLCAP 250 NIFTY MIDSMALLCAP 400 NIFTY 500

Screen this industry

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	246	322	574	581	676	876
COGS	80	116	270	302	342	458
Gross profit	166	206	304	278	334	418
	83	111	150	166	213	247
	83	94	154	113	121	171
OPM %	33.7%	29.3%	26.8%	19.4%	17.9%	19.5%
Depreciation	13	14	19	23	32	35
Interest	7	7	15	22	22	29
	1	9	19	6	5	19
Profit before tax	65	82	140	74	72	126
Tax	19	21	37	18	19	32
Tax %	28.9%	26%	26.2%	24.6%	26.1%	25.5%
	46	61	103	56	53	94
PAT margin %	18.7%	18.9%	18%	9.7%	7.8%	10.7%
EPS (₹)	17	19.8	33.6	18.2	17.2	30.6
EPS adjusted (₹)	15	19.8	33.6	18.2	17.2	30.6
	17.7%	15.2%	0%	0%	0%	—
Annual report	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	27	31	31	31	31	31	31
Reserves	198	446	489	589	646	698	792
	36	17	96	143	191	177	369
	85	93	112	300	140	224	552
Total equity & liabilities	346	586	728	1,063	1,008	1,130	1,743
	155	167	196	291	341	439	499
CWIP	12	11	44	64	73	53	34
Investments	0	0	62	27	0	0	215
	179	409	425	680	594	638	994
Total assets	346	586	728	1,063	1,008	1,130	1,743

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	67.5%	63.9%	53%	47.9%	49.4%	47.7%
EBITDA margin %	33.7%	29.3%	26.8%	19.4%	17.9%	19.5%
EBIT margin %	28.6%	24.9%	23.6%	15.4%	13.1%	15.5%
PAT margin %	18.7%	18.9%	18%	9.7%	7.8%	10.7%
Working capital
Receivable days	114	154	133	92	113	140
Inventory days	467	535	524	420	369	399
Payable days	158	179	296	86	113	119
NWC days	423	510	361	426	369	419
Leverage
Current ratio	4.46	2.8	2.04	2.72	2.13	1.55
Debt to EBITDA	0.2	1.02	0.93	1.69	1.47	2.16
Debt to equity	0.04	0.18	0.23	0.28	0.24	0.45
Interest coverage	10.3	13.4	10.6	4.3	4.2	5.4
Asset turnover	0.42	0.44	0.54	0.58	0.6	0.5
Return ratios
Return on assets %	7.9%	8.4%	9.7%	5.6%	4.7%	5.4%
Return on capital employed %	14.5%	16.8%	24.1%	12.5%	11.4%	17.2%
Return on equity %	9.7%	11.7%	16.7%	8.3%	7.3%	11.4%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	39.14%	37.26%	37.26%	36.42%	36.42%	31.42%	31.77%	31.65%	31.41%	30.6%	30.44%	29.36%
	8.81%	11.02%	10.57%	7.75%	7.81%	7.01%	6.74%	7.57%	9.2%	12.24%	17.31%	24.79%
	24.07%	18.98%	18.08%	15.96%	17.29%	23.18%	24.4%	23.52%	24.81%	29.96%	27.67%	22.35%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	27.98%	32.74%	34.09%	39.87%	38.48%	38.39%	37.09%	37.26%	34.58%	27.2%	24.58%	23.5%
No. of shareholders	—	—	—	—	—	—	—	—	2,75,940	2,18,461	2,09,273	2,58,386

Promoter holding down 9.78 percentage points since Sep 2023.

5 disclosures

Person	Deal	Shares	Value	Holding	Filed
P Kalpana ReddyPromoters	SellMarket Sale	24,999	₹4.45 cr	2.73% → 2.64%	19 Sept 20257(2)
Akepati ManognaPromoters	SellMarket Sale	14,000	₹2.02 cr

155 deals · 25 Aug 2021 – 30 Jul 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
30 Jul 2026	BNP PARIBAS FINANCIAL MARKETS	Bulk	NSE	Sell	2,15,319	₹5,426.23	₹116.84 Cr
30 Jul 2026	BNP PARIBAS FINANCIAL MARKETS	Bulk	NSE	Buy	26,172	₹5,443.86	₹14.25 Cr
18 Jun 2026	JUNOMONETA FINSOL PRIVATE LIMITED	Bulk	NSE	Buy	2,27,542	₹8,398.60	₹191.10 Cr
18 Jun 2026	JUNOMONETA FINSOL PRIVATE LIMITED	Bulk	NSE	Sell	2,27,429	₹8,402.47	₹191.10 Cr
18 Jun 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Buy	1,72,550	₹8,386.91	₹144.72 Cr
18 Jun 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Sell	1,61,647	₹8,412.28	₹135.98 Cr
17 Jun 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Sell	2,31,288	₹8,151.61	₹188.54 Cr
17 Jun 2026	HRTI PRIVATE LIMITED	Bulk	NSE	Buy	2,31,111	₹8,151.56	₹188.39 Cr
17 Jun 2026	MICROCURVES TRADING PRIVATE LIMITED	Bulk	NSE	Buy	1,63,800	₹8,161.53	₹133.69 Cr
17 Jun 2026	MICROCURVES TRADING PRIVATE LIMITED	Bulk	NSE	Sell	1,63,800	₹8,166.28	₹133.76 Cr

1–10 of 155

1 / 16

Mr. SUBBU VENKATA RAMA BEHARANon-Executive - Independent Director-Chairperson
Mr. PARVAT SRINIVAS REDDYExecutive Director-MD
Mr. KRISHNA KUMAR ARAVAMUDANNon-Executive - Independent Director
Mr. GNANA SEKARAN VENKATASAMYNon-Executive - Independent Director
Mrs. AMEETA CHATTERJEENon-Executive - Independent Director
Mr. ROHITH LOKA REDDYNon-Executive - Non Independent Director
Mr. UDAYMITRA CHANDRAKANT MUKTIBODHNon-Executive - Independent Director
Mr. PRAVEEN KUMAR REDDY AKEPATIExecutive Director
Mr. ANUSHMAN REDDYExecutive Director
Ms. Priyanka AgarwalCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 12 fund houses

Held by these funds

13.72%

of the company's equity

All mutual funds

20.36%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

41 schemes · 12 fund houses

		Shares
SMALL CAP FUND	Nippon India Mutual Fund	9.55 L	672.47	0.81%	3.1%	-0
Portfolio of Kotak Multi Asset Allocation Fund	Kotak Mahindra Mutual Fund	3.82 L	268.81	1.76%	1.239%	+80,738
Growth Mid Cap FundNEW	Nippon India Mutual Fund	3.5 L	246.52	0.47%	1.136%	—
Franklin India Small Cap Fund (Formerly known as Franklin India Smaller Companies Fund) ^	Franklin Templeton Mutual Fund	3.08 L	216.75	1.47%	0.999%	-0
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	2.95 L	207.46	3.75%	0.956%	+7,459
Franklin India Mid Cap Fund (Formerly known as Franklin India Prima Fund) ^	Franklin Templeton Mutual Fund	2.35 L	165.52	1.27%	0.763%	-0
(Investment Manager for Motilal Oswal Mutual Fund)NEW	Motilal Oswal Mutual Fund	1.99 L	140.35	2.73%	0.647%	—
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	1.67 L	117.42	1.44%	0.541%	+11,248

1–8 of 41

1 / 6

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

2

Interim dividend21 Feb 2022 · ex-date₹3
Final dividend22 Jul 2021 · ex-date₹3

1

Board meeting to consider results29 Jul 2026

1

Earnings call30 Jul 2026call

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

34 announcementsExport CSV

28 Sept 2026, 6:58 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

AGM PDF

28 Sept 2026, 6:55 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Outcome of AGM

AGM PDF

21 Sept 2026, 7:59 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

Analyst / Investor Meet PDF

19 Sept 2026, 2:17 pmInsider Trading / SAST

Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011

Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011 PDF

19 Sept 2026, 2:04 pmInsider Trading / SAST

Disclosures under Reg. 31(1) and 31(2) of SEBI (SAST) Regulations, 2011.

Disclosures under Reg. 31(1) and 31(2) of SEBI (SAST) Regulations, 2011 PDF

18 Sept 2026, 4:41 pmInsider Trading / SAST

Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011

Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011 PDF

9 Sept 2026, 10:48 amInsider Trading / SAST

Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011

Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011 PDF

8 Sept 2026, 11:16 amInsider Trading / SAST

Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011

Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011 PDF

Date	Category	Subject	Filing
28 Sept 2026, 6:58 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
28 Sept 2026, 6:55 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF

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Ratio	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	67.5%	63.9%	53%	47.9%	49.4%	47.7%
EBITDA margin %	33.7%	29.3%	26.8%	19.4%	17.9%	19.5%
EBIT margin %	28.6%	24.9%	23.6%	15.4%	13.1%	15.5%
PAT margin %	18.7%	18.9%	18%	9.7%	7.8%	10.7%
Working capital
Receivable days	114	154	133	92	113	140
Inventory days	467	535	524	420	369	399
Payable days	158	179	296	86	113	119
NWC days	423	510	361	426	369	419
Leverage
Current ratio	4.46	2.8	2.04	2.72	2.13	1.55
Debt to EBITDA	0.2	1.02	0.93	1.69	1.47	2.16
Debt to equity	0.04	0.18	0.23	0.28	0.24	0.45
Interest coverage	10.3	13.4	10.6	4.3	4.2	5.4
Asset turnover	0.42	0.44	0.54	0.58	0.6	0.5
Return ratios
Return on assets %	7.9%	8.4%	9.7%	5.6%	4.7%	5.4%
Return on capital employed %	14.5%	16.8%	24.1%	12.5%	11.4%	17.2%
Return on equity %	9.7%	11.7%	16.7%	8.3%	7.3%	11.4%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Apar Industries LimitedAPARINDSAPARINDS	₹70,945 Cr	₹71,785 Cr	₹24,389 Cr	₹2,159 Cr	8.2%	₹1,182 Cr	4.3%	32.6%	19.7%	30
Waaree Energies LimitedWAAREEENERWAAREEENER	₹67,322 Cr	₹69,813 Cr	₹30,043 Cr	₹6,351 Cr	22.3%	₹2,763 Cr	14.6%	39.7%	30.9%	95
Premier Energies LimitedPREMIERENEPREMIERENE	₹39,863 Cr	₹43,480 Cr	₹8,466 Cr	₹2,543 Cr	30.4%	₹1,665 Cr	19.3%	36.3%	42.4%	115
Mtar Technologies LimitedMTARTECHMTARTECH	₹24,015 Cr	₹24,384 Cr	₹1,080 Cr	₹228 Cr	19.5%	₹133 Cr	10.7%	17.2%	12.1%	419
Emmvee Photovoltaic Power LimitedEMMVEEEMMVEE	₹21,177 Cr	₹21,355 Cr	₹5,578 Cr	₹1,932 Cr	34.3%	₹1,274 Cr	21.4%	43.6%	51.1%	159
Diamond Power Infrastructure LimitedDIACABSDIACABS	₹18,182 Cr	₹20,711 Cr	₹2,298 Cr	₹270 Cr	11.7%	₹197 Cr	8.3%	12.4%	—	93
Avalon Technologies LimitedAVALONAVALON	₹15,232 Cr	₹15,415 Cr	₹1,764 Cr	₹201 Cr	10.8%	₹134 Cr	7.1%	23.4%	16.9%	160
Fujiyama Power Systems LimitedUTLSOLARUTLSOLAR	₹12,327 Cr	₹12,788 Cr	₹3,403 Cr	₹639 Cr	18.5%	₹294 Cr	11.5%	29.6%	23.9%	123
Genus Power Infrastructures LimitedGENUSPOWERGENUSPOWER	₹8,518 Cr	₹10,817 Cr	₹5,173 Cr	₹973 Cr	19.2%	₹652 Cr	12.5%	31%	29%	188
Waaree Renewable Technologies LimitedWAAREERTLWAAREERTL	₹8,436 Cr	₹8,517 Cr	₹3,652 Cr	₹697 Cr	19.2%	₹511 Cr	14.4%	84.1%	68.9%	37
Ram Ratna Wires LimitedRAMRATRAMRAT	₹5,752 Cr	₹6,407 Cr	₹6,047 Cr	₹310 Cr	5.1%	₹127 Cr	2.1%	30.4%	20.1%	33
Vikram Solar LimitedVIKRAMSOLRVIKRAMSOLR	₹5,594 Cr	₹5,694 Cr	₹5,232 Cr	₹800 Cr	19.1%	₹357 Cr	9.8%	31.4%	21.3%	11

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	56	9	-30	7	57	101	197
	-12	-22	-145	-87	-56	-103	-353
	-41	180	54	32	25	-36	155
Net cash flow	3	167	-121	-47	27	-37	-1
Free cash flow	56	-14	-121	-101	-37	1	63
CFO / Operating profit %	—	10.4%	-31.6%	4.8%	50.9%	83.8%	115%

Mtar Technologies Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

2

1

1

Announcements

2

1

1

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Compounded sales growth

Compounded profit growth

Return on equity

Mtar Technologies Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Insider dealing

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Dividends2

Board meetings1

Other corporate actions1

Announcements

Ratio timeline

Dividends2

Board meetings1

Other corporate actions1

Not in the F&O segment

Quarterly record

Insider dealing

Bulk & block deals

Board and management

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

2

1

1

2

1

1