MTAR Technologies IPO Note: Motilal Oswal
MTAR Technologies Ltd. (Image: Company website)

MTAR Technologies IPO Note: Motilal Oswal

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Motilal Oswal Report

MTAR Technologies Ltd. manufactures hi-precision indigenous components, subsystems, assemblies for projects of national importance.

The company manufactures a wide range of critical engineered products and thus enjoys high entry barriers, increased customer dependency and long standing clients’ relationship. Infact, the company has been a sole supplier from India to U.S. based Bloom Energy.

Its revenue is well diversified: clean energy (49% of nine-months FY21 sales), nuclear (27%), space and defence (21%) and others (3%).

More than 50% of its revenue come from the export market. Its order book is healthy at Rs 3.4 billion which is 1.6 times FY20 revenues.

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Motilal Oswal MTAR Technologies IPO Note.pdf


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