MTAR H1 FY27 revenue rises 163% as EBITDA margin reaches 24%

MTAR reported H1 FY27 revenue from operations of Rs 767.5 crore, up 162.7% from Rs 292.2 crore a year earlier. Earnings before interest, tax, depreciation and amortisation (EBITDA) rose to Rs 184.2 crore, lifting its margin to 24.0% from 15.5%, while profit after tax reached Rs 110.1 crore.

How fast did MTAR grow in H1 FY27?

MTAR increased H1 FY27 revenue from operations by 162.7% year on year to Rs 767.5 crore, according to its consolidated profit and loss statement. Gross profit rose 129.7% to Rs 354.5 crore from Rs 154.3 crore, but gross profit margin declined to 46.2% from 52.8%. Gross profit therefore grew more slowly than revenue during the six-month period.

The second quarter contributed Rs 406.8 crore of H1 FY27 revenue, compared with Rs 360.7 crore in Q1 FY27, an increase of 12.8%. Revenue rose 200.0% from Rs 135.6 crore in Q2 FY26. Q2 gross profit was Rs 190.3 crore, up 174.1% year on year, while its 46.8% gross margin was below the 51.2% recorded in the comparable quarter.

MTAR disclosed H1 FY27 revenue of Rs 452.1 crore in Clean Energy - Fuel Cells, Hydel & Others, Rs 226.3 crore in Products & Others and Rs 80.2 crore in Aerospace & Defence. In FY26, the respective sector revenues were Rs 615.4 crore, Rs 134.1 crore and Rs 103.8 crore. Products & Others had already exceeded its FY26 revenue in the first half, while Clean Energy - Fuel Cells, Hydel & Others remained the largest of the three disclosed sector revenue streams.

How did MTAR's profitability change in H1 FY27?

MTAR's EBITDA margin rose by 8.5 percentage points to 24.0% in H1 FY27 from 15.5% in H1 FY26. EBITDA increased 305.9% to Rs 184.2 crore, outpacing the 162.7% revenue increase. Profit before tax margin increased to 19.2% from 7.0%, while profit after tax margin increased to 14.3% from 5.2%.

The increase continued in Q2 FY27, when MTAR reported EBITDA of Rs 99.2 crore and an EBITDA margin of 24.4%, compared with Rs 17.0 crore and 12.5% in Q2 FY26. Profit after tax was Rs 59.8 crore, compared with Rs 4.2 crore a year earlier, and its margin increased to 14.7% from 3.1%. Against Q1 FY27, EBITDA rose 16.6% from Rs 85.1 crore and profit after tax rose 19.1% from Rs 50.2 crore.

MTAR recorded employee benefits expense of Rs 96.2 crore in H1 FY27, compared with Rs 67.6 crore in H1 FY26, while other expenses rose to Rs 74.1 crore from Rs 41.3 crore. Finance costs increased to Rs 32.1 crore from Rs 12.0 crore, and depreciation and amortisation rose to Rs 20.8 crore from Rs 17.2 crore. Earnings before interest and tax increased to Rs 179.8 crore from Rs 32.5 crore despite those higher costs.

What did MTAR report for Q2 FY27?

MTAR reported Q2 FY27 revenue of Rs 406.8 crore, EBITDA of Rs 99.2 crore and profit after tax of Rs 59.8 crore. These figures were above Q1 FY27 revenue of Rs 360.7 crore, EBITDA of Rs 85.1 crore and profit after tax of Rs 50.2 crore. Revenue, operating profit and net profit each increased sequentially in the second quarter.

Q2 FY27 cost of materials consumed was Rs 228.3 crore, compared with Rs 204.3 crore in Q1 FY27 and Rs 81.8 crore in Q2 FY26. Changes in inventories were negative Rs 11.9 crore in Q2 FY27, versus negative Rs 7.8 crore in Q1 FY27. Gross profit reached Rs 190.3 crore, although the 46.8% gross margin remained below the 51.2% recorded in Q2 FY26.

MTAR's profit before tax was Rs 80.3 crore in Q2 FY27, 19.1% above Rs 67.4 crore in Q1 FY27 and 1,314.6% above Rs 5.7 crore in Q2 FY26. Tax expense was Rs 20.4 crore, compared with Rs 17.2 crore in Q1 FY27 and Rs 1.4 crore a year earlier. The consolidated statement reported no exceptional items in Q2 FY27, Q1 FY27 or Q2 FY26.

What do MTAR's order book and financial position show?

MTAR reported a diversified order book of Rs 5,976.5 crore as of 30 September 2026, after securing Rs 1,207.2 crore of orders during Q2 FY27. Clean Energy - Fuel Cells, Hydel & Others represented 67.2% of the order book, followed by Clean Energy - Civil Nuclear Power at 13.6%, Products & Others at 12.1%, and Aerospace & Defence at 7.2%. The order book was Rs 5,143.3 crore on 30 June 2026, with Rs 374.0 crore of sales restated for order-book purposes.

Exports accounted for 78% of H1 FY27 revenue and 75% of Q2 FY27 revenue, compared with domestic shares of 22% and 25%, respectively. MTAR also reported a Rs 4,075.5 crore closing order book in Clean Energy at the end of Q2 FY27. It disclosed Rs 45 crore of first-article orders from SLB for sheet-metal components and assemblies for data-centre infrastructure solutions, with first-article execution under progress.

MTAR's total assets were Rs 2,328.2 crore at September 2026, compared with Rs 1,743.4 crore at March 2026. Inventory increased to Rs 678.8 crore from Rs 500.5 crore, capital work-in-progress rose to Rs 112.9 crore from Rs 34.4 crore, and current borrowings increased to Rs 318.5 crore from Rs 221.6 crore. Net cash from operating activities was Rs 350.0 crore for the six months ended 30 September 2026, compared with Rs 39.8 crore in the corresponding prior-year period, while investing activities used Rs 407.3 crore.

Conclusion

MTAR's H1 FY27 results combined a 162.7% increase in revenue with higher operating and net-profit margins. EBITDA rose to Rs 184.2 crore and its margin reached 24.0%, while profit after tax increased to Rs 110.1 crore and its margin reached 14.3%. This occurred alongside a lower gross margin of 46.2% and higher employee, other, finance and depreciation expenses.

The next disclosed development to watch is MTAR's first-article execution for the Rs 45 crore SLB data-centre infrastructure orders. MTAR said further orders are expected after qualification, while its Rs 5,976.5 crore order book as of 30 September 2026 was primarily concentrated in Clean Energy - Fuel Cells, Hydel & Others at 67.2%.