Subscribe to MTAR Technologies: Motilal Oswal

Motilal Oswal has come out with its report on MTAR Technologies. The research firm has recommended to ''Subscribe'' the ipo in its research report as on March 02, 2021.

Broker Research

March 03, 2021 / 17:40 IST

26 Aug, 2025 12:21

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Motilal Oswal IPO report on MTAR Technologies

MTAR Technologies Ltd (MTL) manufactures hi-precision indigenous components, subsystems, assemblies for projects of national importance. Complex product manufacturing capability with healthy order book: MTL manufactures a wide range of critical engineered products and thus enjoys high entry barriers, increased customer dependency and long standing clients’ relationship. Infact, MTL has been a sole supplier from India to USbased Bloom Energy (BE). Its revenue is well diversified: clean energy (49% of 9MFY21 sales), nuclear (27%), space and defence (21%) and others (3%). >50% of its revenue come from the export market. Its order book is healthy at INR3.4bn which is 1.6xFY20 revenues.

Valuation and Outlook

Hence we recommend Subscribe for Long Term. Further given the current buoyant market and high interest for defence stocks, the issue could see listing gains as well. Risk: 49% of its revenues is derived from a single customer - Bloom Energy, US.

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