MTAR Technologies Limited

NSE

MTARTECH

Stock

Yield per half year: +19.05%
Dividend yield: 0%
Sector: Industrials

Reporting MTAR Technologies Limited

Capitalization

IFRS

Reporting Annual Quarterly

	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Average for 5 years	CAGR 5
Capitalization, bln ₹					43.36	50.99	63.03		46.69	46.67	51.02	1.87
Revenue, bln ₹	1.01	1.57	1.78	2.1	2.44	3.16	5.74	5.81	6.81	5.81	4.79	22.79
Net profit, bln ₹	-0.1874	0.0542	0.392	0.3132	0.4607	0.6087	1.03	0.5611	0.5289	0.5611	0.6379	2.80
EV, bln ₹			0.1796	0.1558	43.27	54.71	49.96	53.96	41.02	53.96	48.58	-1.06
EBIT, bln ₹	-0.2204	0.2036	0.4292	0.4768	0.6893	0.8887	1.55	0.9185	0.9375	0.9185	0.9968	6.34
EBITDA, bln ₹	-0.116	0.3156	0.5415	0.5973	0.8148	1.03	1.73	1.15	1.26	1.15	1.20	9.11
OIBDA ₹				0.7433	1.06	1.19	2.06	1.48	2.89	1.48	1.74	22.21
Book value, bln ₹	2.03	2.06	2.35	2.25	4.77	5.2	6.2	6.76	7.29	6.76	6.04	8.85
FCF, bln ₹	0.0411	0.1232	0.1478	0.443	-0.1422	-1.21	-1.01	-0.3679	0.0094	-0.3679	-0.5441	-158.08
Operating Cash Flow, bln ₹	0.1157	0.1442	0.4211	0.5622	0.0861	-0.298	0.0741	0.5739	1.01	0.5739	0.2892	63.63
Operating profit, bln ₹	-0.2204	0.2148	0.4344	0.461	0.7075	0.8039	1.35	0.8954	2.15	0.8954	1.18	24.89
Operating expenses, bln ₹	0.6737	0.7822	0.7246	0.9148	0.9286	1.19	2.94	1.83	1.24	1.83	1.63	5.95
CAPEX, bln ₹	0.0747	0.021	0.2732	0.1192	0.2283	0.911	1.08	0.9418	1	0.9418	0.8322	34.37

	2020Q1	2020Q4	2021Q1	2021Q4	2022Q1	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	Average for 5 quarters	CAGR 5
Capitalization, bln ₹				59.94			49.66				73.17						60.92	6.87
Revenue, bln ₹							1.6	1.96	1.53	1.67	1.18	1.43	1.28	1.9	1.74	1.83	1.64	5.06
Net profit, bln ₹							0.3145	0.3107	0.2034	0.2046	0.1045	0.0487	0.0443	0.1877	0.1596	0.1372	0.1155	23.02
EV, bln ₹					54.71	48.44	50.63	49.96	59.58	80.55	69.26	53.96		55.56		41.02	60.07	-12.63
EBIT, bln ₹							0.4593	0.4859	0.33	0.3116	0.1849	0.092	0.1099	0.3049	0.2771	0.2455	0.2059	21.69
EBITDA, bln ₹							0.5079	0.536	0.3862	0.3694	0.2433	0.1511	0.1713	0.3827	0.3641	0.3261	0.2791	16.63
OIBDA ₹											0.319	0.2256	0.2317	0.4854	0.4501	0.8011	0.4388	28.85
Book value, bln ₹							5.61	6.2	6.2	6.61	6.61	6.76	6.76	7	7	7.29	6.96	1.52
FCF, bln ₹	0.2016	-0.1142	0.0853			0.0925	0.0973	0.1003	0.1124	0.1157	0.117						0.1085	3.76
Operating Cash Flow, bln ₹	0.2157	-0.0376	0.1504			0.0925	0.0973	0.1003	0.1124	0.1157	0.117						0.1085	3.76
Operating profit, bln ₹							0.4593	0.4859	0.33	0.3116	0.1801	0.1232	0.1047	0.2905	0.2456	0.6122	0.2752	37.80
Operating expenses, bln ₹							0.4426	0.5132	0.4723	0.4571	0.1359	0.212	0.1677	0.2359	0.8668	0.3451	0.3655	10.24
CAPEX, bln ₹	0.0141	0.0766	0.0651														0.0519	66.52

Cash flow Cash flow quarterly Assets

Balance sheet

IFRS

Reporting Annual Quarterly

	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Average for 5 years	CAGR 5
Cash, bln ₹	0.0968	0.0907	0.1077	0.1355	0.2627	0.1633	0.1224	0.3924	0.1692	0.3924	0.2220	-8.42
Short-Term Investments ₹		0.00013	0.0312	0.097	0.0563	0.6548	0.3197	0.0262	0.2184	0.0262	0.2551	31.14
Accounts Receivable ₹	0.6828	0.537	0.5713	0.7282	2.49	1.36	2.08	1.48	2.1	1.48	1.90	-3.35
Total Current Assets ₹	1.25	1.1	1.09	1.72	3.99	4.63	6.97	5.65	6.18	5.65	5.48	9.14
Net assets, bln ₹		1.54	1.68	1.67	1.77	2.39	6.97			2.39	2.90	32.92
Assets, bln ₹	3.21	2.81	3.05	3.46	5.86	7.28	10.63	10.08	11.3	10.08	9.03	14.03
Short-Term Debt ₹	0.2912	0.1979	0.2873	0.2913	0.0985	0.6995	0.1912	0.9393	0.9621	0.9393	0.5781	57.75
Long-Term Debt ₹					0.0713	0.2595	0.7772	0.9699	0.8105	0.9699	0.5777	62.60
Liabilities, bln ₹	0.9528	0.7551	0.7018	1.21	1.1	2.08	4.43	3.31	4.01	3.31	2.99	29.52
Net debt, bln ₹	0.1943	0.1072	0.1796	0.1558	-0.093	0.7957	1.31	1.52	1.6	1.52	1.03	-276.66
Debt, bln ₹			0.2873	0.2913	0.1698	0.9589	1.43	1.91	1.77	1.91	1.25	59.81
Interest Income ₹		0.0072	0.0067	0.01	0.0131	0.0342	0.0142				0.0156	16.21
Interest Expense, bln ₹		0.0239	0.0186	0.0197	0.041	0.0326	0.1457	0.2231	0.2218	0.2231	0.1328	40.16
Net interest income, bln ₹		-0.0375	-0.0379	-0.0376	-0.07	-0.0665	-0.1457			0.0142	-0.0715	30.91
Amortization, bln ₹	0.1043	0.1121	0.1123	0.1205	0.1256	0.1431	0.1866	0.2316	0.3224	0.2316	0.2019	20.75
Cost of production, bln ₹	0.5779	0.5693	0.6256	0.7217	0.8015	1.16	2.76	3.02	3.42	3.02	2.23	33.67
Inventory ₹	0.3152	0.4193	0.4107	0.7546	1.03	1.7	3.87	3.48	3.46	3.48	2.71	27.42

	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	Average for 5 quarters	CAGR 5
Cash, bln ₹							-1.29	0.2301	-0.8783	0.1224	-0.587	0.0053	-0.5362	0.3924		0.0042		0.1692	0.0070	99.91
Short-Term Investments ₹							2.59	0.6658	1.76	0.5126	1.17	0.5939	1.07	0.116		0.1165		0.2184	0.4230	-18.13
Accounts Receivable ₹			0.9465	0.9465	1.73	1.49		1.74		2.08		1.86		1.48		2.09		2.1	1.92	0.19
Total Current Assets ₹							1.29	5.39	0.8783	6.97	0.587	6.79	0.5362	5.65		5.82		6.18	5.00	-1.87
Net assets, bln ₹	1.74	1.77		1.89		2.39		2.83		6.97									3.17	31.54
Assets, bln ₹			6.42	6.42	7.28	7.28		8.53		10.63		10.66		10.08		10.5		11.3	10.63	1.23
Short-Term Debt ₹			0.3541	0.3541	0.6995	0.6995		0.7358		0.6563		1.66		0.9393		1.01		0.9621	1.05	7.95
Long-Term Debt ₹	0.0717	0.0713		0.196		0.2595		0.607		0.7772		0.8352		0.9699		0.829		0.8105	0.8444	0.84
Liabilities, bln ₹					2.08	2.08		2.92		4.43		4.05		3.31	-6.76	3.5	-7	4.01	-0.5880	3.91
Net debt, bln ₹							1.29	1.11	0.8783	1.31	0.587	2.49	0.5362	1.52		1.83		1.6	1.60	-8.47
Debt, bln ₹	0.6726	0.1698		0.5501		0.9589		1.34		1.43		2.5		1.91		1.84		1.77	1.89	4.36
Interest Income ₹		0.0059																	0.0059	0.00
Interest Expense, bln ₹									0.0389	0.0562	0.0573	0.0547	0.056	0.0551	0.0479	0.0518	0.0628	0.0593	0.0554	1.48
Net interest income, bln ₹				-0.0139	-0.0152	0.0086	-0.0239	-0.0268	-0.0389	-0.0562	-0.0573	-0.0547	-0.056						-0.0526	7.56
Goodwill ₹								1.56											1.56	0.00
Amortization, bln ₹									0.0486	0.0502	0.0562	0.0579	0.0585	0.0591	0.0614	0.0778	0.0869	0.0806	0.0732	6.40
Cost of production, bln ₹									0.7573	1.01	0.7643	0.9082	0.8679	1.09	1.01	1.38	0.8777	0.8739	1.05	-4.32
Inventory ₹			1.31	1.31	1.7	1.7		2.43		3.87		3.83		3.48		3.24		3.46	3.58	-2.21

Share

IFRS

Reporting Annual Quarterly

	2019	2020	2021	2022	2023	2024	2025	LTM	Average for 5 years	CAGR 5
EPS	12.74	10.18	17	19.79	33.62	18.24	17.19	18.24	21.17	0.22
Share price			2463.05	1617.5	2208.3	1658.25	1517.3	1517.3	1892.88	-9.23
Number of shares, mln	30.76	30.76	30.81	30.76	30.76	30.76	30.77	30.76	30.77	-0.03
FCF/share	4.81	14.4	-4.62	-39.3	-32.82	-11.96	0.3059	-11.96	-17.6788	-158.10

	2020Q4	2021Q4	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	Average for 5 quarters	CAGR 5
EPS					10.22	10.1	6.61	6.65	3.4	1.58	1.44	6.1	5.19	4.46			3.75	23.07
Share price			1508.77	1462.45	1614.39	1670.86	1853.1	2294.43	2378.7					1315.75	1683.7	1465.6	1827.64	-8.57
Number of shares, mln	30.76	30.81			30.76				30.76								30.77	0.00
FCF/share	-3.71				3.16	3.26	3.65	3.76	3.81								3.53	3.81

Efficiency

IFRS

Reporting Annual Quarterly

	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	Average for 5 years	CAGR 5
ROE, %	-9.25	2.64	16.68	13.91	9.66	12.22	18.15	8.66	7.53	8.66	15.40	11.24	-4.86
ROA, %	-5.83	1.93	12.85	9.04	7.86	9.26	11.55	5.42	4.95	5.42	10.29	7.81	-8.83
ROIC, %				15.48	10.96	12.89					19.55	13.11	-5.92
ROS, %	-18.62	3.46	21.96	14.93	18.9	19.27	18.03	9.66	9.66	9.66	11.72	15.10	-12.56
ROCE, %	-9.74	9.9	18.26	21.19	14.46	15.8	21.45	11.48	13.58	13.58	28.06	15.35	-1.25
EBIT margin				23.97	29.47	28.13	26.98	15.82	15.82	15.82	16.95	23.24	-11.70
EBITDA margin	-11.53	20.15	30.34	28.48	33.43	32.66	30.23	19.8	19.8	19.8	20.13	27.18	-9.95
Net margin	-18.62	3.46	21.96	14.93	18.9	19.27	18.03	9.66	7.76	9.66	11.72	14.72	-16.31
Operational efficiency, %	-21.89	13.71	24.34	21.98	29.02	25.45	23.62	15.42	15.42	15.42	19.24	21.79	-11.88
FCF yield, %					-0.3279	-2.37	-1.6		0.0202	-0.7882		-1.0694	-149.82

	2020Q4	2021Q2	2021Q3	2021Q4	2022Q1	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	Industry average	Average for 5 quarters	CAGR 5
ROE, %							5.61	5.01	3.28	3.81	1.66	0.7522	0.6693	2.79	2.34	1.98			15.40	1.71	21.36
ROA, %		1.36	2.97	1.83	2.72	2.89		2.92		3.84		0.9668		3.58		2.43			10.29	2.75	-3.61
ROIC, %	5.39																		19.55	5.39	0.00
ROS, %									13.33	12.26	8.82	3.41	3.45	9.87	9.15	7.49	9.66	9.66	11.72	9.17	-0.43
ROCE, %				3.9	4.43	6.36		7.83		4.18		1.17		3.79		2.98	13.58	13.58	28.06	7.02	63.28
EBIT margin										18.68	15.62	6.44	8.57	16.03	15.89	13.41	15.82	15.82	16.95	15.39	-0.26
EBITDA margin									25.32	22.14	20.56	10.57	13.36	20.12	20.87	17.81	19.8	19.8	20.13	19.68	-0.32
Net margin							19.63	15.82	13.33	12.26	8.82	3.41	3.45	9.87	9.15	7.49			11.72	6.67	17.04
Operational efficiency, %									21.63	18.68	15.21	8.62	8.16	15.27	14.08	33.43	15.42	15.42	19.24	18.72	0.20
FCF yield, %							0.1959				0.1599									0.1779	-9.65

Coefficients

IFRS

Reporting Annual Quarterly

	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	Average for 5 years	CAGR 5
P/E					94.12	88.56	47.04	93.46	74.53	93.46	157.78	79.54	-4.56
P/BV					9.09	10.37	7.84	7.75	5.41	7.75	17.14	8.09	-9.86
P/S					17.79	17.06	8.48	9.03	5.79	9.03	22.19	11.63	-20.11
P/FCF					-304.96	-42.18	-62.43	-160.26	-126.88	-126.88	43.23	-139.3420	-16.09
E/P					0.0106	0.0119	0.0164	0.0095	0.012	0.012	0.08	0.0121	2.51
EV/EBIT				0.3098	38.27	61.56	32.28	58.75	58.75	58.75	135.97	49.92	8.95
EV/EBITDA			0.3287	0.2608	53.1	53.02	28.8	46.92	32.56	46.92	104.63	42.88	-9.32
EV/S				0.0743	17.75	17.32	8.71	9.29	9.29	9.29	22.33	12.47	-12.15
EV/FCF				0.3517	-304.3	-45.25	-49.48	-146.7	-146.7	-146.7	160.12	-138.4860	-13.58
Debt/EBITDA			0.5258	0.4877	0.2084	0.9294	0.8265	1.66	1.66	1.66	1.16	1.06	51.44
Netdebt/Ebitda	-1.67	0.3396	0.3318	0.2608	-0.1141	0.7712	0.7559	1.32	1.32	1.32	0.67	0.8106	-263.18
Debt/Ratio				0.0841	0.029	0.1318	0.1348	0.1895	0.1895	0.1895	0.12	0.1349	45.56
Debt/Equity				0.1294	0.0356	0.1845	0.2312	0.2823	0.4899	0.4899	0.88	0.2447	68.94
Debt/Net Income				0.9302	0.3685	1.58	1.39	3.4	3.4	3.4	6.66	2.03	55.96
PEG									2.82	2.82	12.85	2.82	0.00
Beta							-0.3234	1.45	-0.7311	-0.7311	2.07	0.1318	31.24
Altman Index					-1.54	11.21	8.59	8.8	7.42	7.42	11.77	6.90	-236.95

	2021Q3	2021Q4	2022Q1	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	2025Q3	Industry average	Average for 5 quarters	CAGR 5
P/E					157.9	46.97	54.85	75.55	83.58	93.45	144.3	139.41	115.75	74.53			157.78	113.49	-4.42
P/BV		12.11	10.37	8.44	8.85	7.84		11.81	11.07	7.75		7.68		5.41			17.14	8.74	-14.46
P/S					31	8.47	9.28	11.55	10.85	9.03	10.43	9.26	8.02	5.83			22.19	8.51	-8.38
P/FCF					510.47				625.58						-160.26	-126.88	43.23	212.23	-170.61
E/P		0.0022			0.0063				0.0014						0.0095	0.012	0.08	0.0063	40.40
EV/EBIT								258.52	374.66	586.35		182.24		167.08	58.75	58.75	135.97	210.63	-36.88
EV/EBITDA			54.82	40.45	34.54	28.8	154.25	44.76	46.02	46.91		58.58		32.97			104.63	45.85	-5.93
EV/S							39.05	48.28	58.51	37.74		29.22		22.4	9.29	9.29	22.33	21.59	-24.45
EV/FCF							530.13	696.18	592.17						-146.7	-146.7	160.12	305.02	-177.34
Debt/EBITDA	1.72		3.58	3.33		2.67		6.76		12.63		4.8		5.44	1.66	1.66	1.16	5.24	-33.36
Netdebt/Ebitda					1.73	2.45	1.52	6.75	2.2	10.04		4.79		4.92	1.32	1.32	0.67	4.48	-33.35
Debt/Ratio	0.0857		0.1318	0.1574		0.1348		0.2342		0.1895		0.1749		0.1568	0.1895	0.1895	0.12	0.1800	0.00
Debt/Equity	0.1111		0.1845	4.37		0.2312		0.3778		0.2823		0.2626		0.2432	0.4899	0.4899	0.88	0.3536	11.66
Debt/Net Income	2.89		4.84	5.44		4.61		12.21		39.19		9.78		12.92	3.4	3.4	6.66	13.74	-38.67
PEG															9.73	2.82	12.85	6.28	-46.16
Beta														3.77	3.19	-0.7311	2.07	2.08	-157.88
Altman Index														8.82	8.81	7.42	11.77	8.35	-5.60

Dividends

IFRS

Reporting Annual Quarterly

	2018	2019	2020	2021	2022	LTM	Industry average	Average for 5 years	CAGR 5
Div. payout, bln	0.0846	0.102	0.1701	0.0803	0.1846			0.1243	16.89
Dividend				3	3	0		3.00	0.00
Dividend yield, %				0.2132	0.181	0	0.92	0.1971	-7.86
Dividends / profit, %	156.08	26.03	54.3	17.43	30.32	30.32	24.58	56.83	-27.94
Dividend coverage ratio				2.5			17.78	2.50	0.00

	2020Q1	2020Q4	2021Q3	2022Q1	Industry average	Average for 5 quarters	CAGR 5
Div. payout, bln	0.029	0.0803				0.0546	66.40
Dividend			3	3		3.00	0.00
Dividend yield, %			0.2197	0.146	0.92	0.1829	-18.48
Dividends / profit, %	32.71	90.7			24.58	61.70	66.52

	Industry average	Average for 5 quarters	CAGR 5

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Other

IFRS

Reporting Annual

	2020	2021	2022	2023	2024	2025	LTM	CAGR 5
CAPEX/Revenue, %	5.68	9.36	28.83	18.89	16.22	14.73	16.22	9.49
Staff, people				1 070	1 070			0.00

	CAGR 5

	CAGR 5