MTAR Technologies delivered a robust first‑quarter performance for FY27. Revenue rose 2.3 times year‑on‑year while EBITDA grew threefold, thanks largely to the fuel cells segment and the products division. Fuel cells grew 2.1 times, accounting for 61% of revenue, and products division expanded 4.7 times, making up 28% of the total.
The company’s order book saw a 5.5‑fold increase year‑on‑year and doubled quarter‑on‑quarter to reach INR51.4 billion. Strong inflows of about INR29.2 billion were recorded, with the fuel cells segment contributing roughly INR23.3 billion.
Looking ahead, Motilal Oswal projects a compound annual growth rate of 78% for revenue, 98% for EBITDA, and 118% for adjusted PAT from FY26 to FY28. The brokerage retains a BUY rating and sets a target price of INR7,550, based on a 50‑times earnings multiple for FY28 and a PEG ratio of about 0.4 using the projected earnings growth.
The analysis underscores MTAR Technologies’ momentum in the clean‑energy market and highlights its strong order pipeline as a key driver of future growth.