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MTAR Technologies Annual Report 2023 Summary

Updated: Oct 1, 2023


  • Established in 1969, MTAR Technologies now focuses on clean energy and precision-engineered systems.

  • MTAR has invested in cutting edge and futuristic manufacturing technologies to develop reliable and world class precision engineered products.

  • Serves Clean Energy, Civil Nuclear Power, Fuel Cells, Hydel, Space, and Defense sectors.

  • Supplies specialized products: Ball Screws, Water Lubricated Bearings, Roller Screws, Electro-Mechanical Actuation Systems, ASP assemblies, etc.

  • Explores Solid Oxide Fuel Cells, electrolyzers, wind energy, battery storage, and hydrogen storage.

  • FY 2022-23: Record revenues: Rs 5,733.47 Mn (78% YoY growth). EBITDA: Rs. 1,539.62 Cr (26.85% margin), Net Profit: Rs. 1,040.75 Mn (18.20% margin). Closing order book (March 31, 2023): Rs. 11,729.46 Mn.

  • Embraces innovation, developed ASP assemblies (dispatched Rs. 75 Mn orders)

  • MOU with ISRO for Small Satellite Launch Vehicle project (4-5 years).

  • Clean Energy division delivered 4545 Yuma units and 138 Electrolyzers in FY 2022-23.

  • Revenue breakdown: Clean Energy Fuel Cells (incl. sheet metal): Rs. 4,245.60 Mn. Clean Energy - Civil Nuclear Power: Rs. 438.01 Mn. Space and MNC Aerospace: Rs. 494.05 Mn. Defense: Rs. 151.13 Mn. Others: Rs. 233.08 Mn.

  • Targeting <200 days Net Working Capital by FY 2023-24.

  • Collaborating with Fluence Energy for battery storage systems.

  • Aiming for 45%-50% revenue growth in FY 2023-24, strengthening Aerospace, Defense, and Nuclear Power sectors, and exploring Hydrogen Storage Systems.

  • Expected Rs. 5,000 Mn tenders from Kaiga 5 & 6 reactors, significant Aerospace YoY growth.

  • In final stages of acquiring Defense license, aiming to be preferred manufacturing partner for global MNCs in India's Defense sector.

  • Expanding product portfolio, targeting Rs. 1200 Mn – Rs. 1300 Mn in orders. · Focusing on global growth in Clean Energy sector.

  • Guided closing order book of Rs. 15,000 Mn for FY 2023-24, expecting order inflows from Civil Nuclear Power, Space, and Clean Energy - Hydel sectors.

  • Projected Space growth: 40% YoY, contributions from ISRO and MNC Aerospace.

  • MTAR supplies 20-25% equipment for 700 MWe PHWR nuclear plants, addressing a sizable market opportunity.

  • Entering storage solutions with Fluence Energy, potential Rs. 150 - 200 Crs opportunity in next few years.



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