Who are MTAR Technologies's main competitors?

Named competitors: Walchandnagar Industries (private or unlisted), Avantel (AVANTEL.NS), Paras Defence (PARAS.NS), Data Patterns India (DATAPATTNS.NS). The cockpit's measured peer set (industry) also includes Redwire (RDW), China Marine Information Electronics (600764.SS), Cirrus Aircraft (2507.HK), Montana Aerospace (AERO.SW), Applied Aerospace & Defense (AADX), Chemring (CHG.L).

How has MTAR Technologies stock performed?

Over six months to 6 Nov 2026 the shares returned -18.4% against -2.3% for the median peer; over one year +120.8%.

← CockpitCompetitor Analysis › MTARTECH.NS MTAR Technologies Ltd.Open in the cockpit ↗

MTAR Technologies Ltd.MTARTECH.NSCompetitor analysis, valuation and peers

India · INR·Capital Goods›Aerospace & Defense

Precision-engineering manufacturer of complex assemblies for India's space, nuclear and defense programs.

Momentum laggard 5

Competitor Analysis ▸ Charts Open in the cockpit

Mkt cap

$1.77B

US dollars, full cap

Free float

71%

of shares outstanding

$/day

$16.7M

20-day average traded

Fwd P/E

64.7×

forward earnings

ROIC−WACC

+5.6 pp

WACC 14.2%

Hurdle

+19 pp

Req g minus delivered

Next earnings

100 days

14 Feb 2027

Close · INR₹5,448

1D-5.0%

1W-20.3%

1M-30.7%

3M-21.7%

6M-18.4%

YTD+125.5%

1Y+120.8%

ATR %6.7%

Beta0.97

52w lowhigh37.5% off high

What MTAR Technologies does

Precision-engineering manufacturer of complex assemblies for India's space, nuclear and defense programs.

Builds to order, so sales arrive as large, lumpy contracts from space, atomic-energy and defence programmes, taking a long time from order to delivery. Its clean-energy line is largely fuel-cell parts for Bloom Energy of the US, which makes one foreign customer a notable dependency alongside the Indian government agencies.

Products and services

ISRO rocket engine components
Nuclear reactor fuelling machine parts
Defense missile/system components
Clean-energy (fuel cell/hydrogen) components

Customers

ISRO
Nuclear Power Corporation of India
Indian defense (DRDO)

Where it sits in the supply chain

Aerospace & defense manufacturing
Precision machining/fabrication
Assemblies for space, nuclear, defense

What could go right

India space/defense indigenization spend
Nuclear power expansion in India

What could go wrong

Customer/order concentration in a few government programs
Program timing/delay risk

Moat: narrow (process know-how, customer qualification). Precision qualification for space/nuclear-grade parts is hard to replicate, though it depends on a few large government customers.

Headquarters: Hyderabad, India · Employees: 4,467

Named competitors

Walchandnagar Industries private or unlisted
Avantel AVANTEL.NS
Paras Defence PARAS.NS
Data Patterns India DATAPATTNS.NS

MTAR Technologies at a glance

Size MTAR Technologies (MTARTECH.NS) is an India Industrials company (Aerospace & Defense) with a market value of $1.77B, the 401st largest of 1,058 India companies the cockpit tracks. Shares closed at ₹5,448 on 6 Nov 2026.

Performance Over six months the shares fell 18.4%, against -2.3% for the median peer and 0.0% for the India market (cap-weighted) — 7th lowest of 19 in its peer set.

Growth Revenue grew 108.0% over the last twelve months (peer median +8.6%); the operating margin is 20.1% (peer median 3.0%).

Valuation It trades at 64.7× forward earnings against a peer median of 27.0× (6th most expensive of 16).

Price implies For today's price to make sense, revenue must grow about 48% a year for seven years (Req g). Recent delivered growth is +29%, so the hurdle is +19 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.

Capital Return on invested capital runs 5.6 points above its cost of capital (14.2% WACC).

Next results Next results expected around 14 Feb 2027 (exchange calendar; dates can move).

Relative performance

Six months, rebased to 100: MTAR Technologies against the median of its 20 peers (local-currency closes).

MTAR Technologies financials

Reported figures in INR; fiscal year ends 2026-03-31. TTM = trailing twelve months.
	TTM	FY2025	FY2024	FY2023	FY2022
Revenue	₹13.5B	₹8.76B	₹6.76B	₹5.81B	₹5.74B
Revenue growth	—	+30%	+16%	+1%	—
Gross profit	₹4.00B	₹1.64B	₹1.09B	₹1.09B	₹1.53B
EBITDA	₹3.10B	₹1.73B	₹1.23B	₹1.15B	₹1.55B
Net income	₹1.89B	₹940M	₹529M	₹561M	₹1.03B
Free cash flow	n/a	₹354M	-₹202M	-₹581M	-₹1.13B
Capital expenditure	n/a	₹1.34B	₹1.00B	₹942M	₹1.08B
Total debt	₹4.75B	₹3.77B	₹1.77B	₹1.91B	₹1.43B

Quarterly statements and history in the cockpit →

MTAR Technologies competitor charts

The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.

Performance: 6-month against 1-month return

Up and to the right = strong over both horizons. MTAR Technologies is the large dot.

Fundamentals: revenue growth against valuation

Further right = faster growth; higher = more expensive. The dashed lines are the peer medians. MTAR Technologies is the large dot.

Capital: growth delivered against growth the price implies

Above the diagonal = the price needs more growth than the company has been delivering; below = the price already allows for a slowdown. MTAR Technologies is the large dot.

MTAR Technologies competitors and peer comparison

Head to head with its named competitors (MTARTECH.NS vs AVANTEL.NS vs PARAS.NS vs DATAPATTNS.NS)
Company	Market cap	6M return	Revenue growth	Op. margin	Forward P/E	Req g
MTAR Technologies MTARTECH.NS	$1.77B	-18%	+108%	20%	64.7×	48.5%
Avantel AVANTEL.NS	$390M	-12%	+15%	14%	n/a	n/a
Paras Defence & Space Technologies PARAS.NS	$1.06B	+43%	+42%	23%	85.7×	n/a
Data Patterns (India) DATAPATTNS.NS	$2.24B	-11%	+34%	37%	60.2×	61.0%

How MTAR Technologies compares with its peers

Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.

MTAR Technologies against its 20 peers (data as of 6 Nov 2026)
Measure	MTARTECH.NS	Peer median	Rank in peer set
1-month return	-30.7%	-5.5%	lowest of 20
6-month return	-18.4%	-2.3%	7th lowest of 19
Distance from 52-week high	-37.5%	-36.6%	10th lowest of 21
Revenue growth (TTM)	+108.0%	+8.6%	highest of 20
Operating margin	20.1%	3.0%	3rd highest of 21
Forward P/E	64.7×	27.0×	6th most expensive of 16
Growth the price implies (Req g, 7 yrs)	48.5%	19.7%	most demanding of 9
Growth delivered (Del g)	+29.2%	+10.1%	highest of 9
Hurdle (Req g minus delivered)	+19.3 pp	+9.5 pp	2nd most demanding of 9
ROIC minus cost of capital	+5.6 pp	-5.4 pp	3rd highest of 21
EV / EBITDA	54.4×	16.1×	2nd most expensive of 9
Net debt / EBITDA	0.3×	1.3×	5th least indebted of 11

Peer table

Peer set: Industry: the same industry and sector in any market, nearest in size
Company	Market	Market cap	6M return	Revenue growth	Op. margin	Forward P/E	Req g	Delivered g
MTAR Technologies MTARTECH.NS	India	$1.77B	-18%	+108%	20%	64.7×	48.5%	+29.2%
Redwire RDW	United States	$1.80B	-35%	+63%	-41%	n/a	n/a	n/a
China Marine Information Electronics 600764.SS	China	$1.82B	-28%	+9%	-2%	85.3×	n/a	n/a
Cirrus Aircraft 2507.HK	Hong Kong	$1.85B	+5%	+14%	13%	10.6×	-1.4%	+18.3%
Montana Aerospace AERO.SW	Switzerland	$1.69B	-2%	-36%	7%	20.5×	6.1%	+6.3%
Applied Aerospace & Defense AADX	United States	$1.67B	n/a	+35%	-10%	23.4×	n/a	n/a
Chemring CHG.L	United Kingdom	$1.92B	+13%	-4%	13%	27.0×	n/a	n/a
Ligeance Aerospace Technology 000697.SZ	China	$1.94B	-9%	+24%	-10%	n/a	n/a	n/a
Avio AVIO.MI	Italy	$1.60B	-2%	+14%	1%	89.7×	26.1%	+10.6%
Sensofusion SENSO.HE	Finland	$1.97B	n/a	n/a	64%	n/a	n/a	n/a
Aequs AEQUS.NS	India	$1.56B	+8%	+33%	-7%	n/a	n/a	n/a
Ducommun DCO	United States	$2.04B	-1%	+9%	10%	27.6×	n/a	n/a
Bodycote BOY.L	United Kingdom	$2.09B	+35%	+2%	15%	18.1×	22.6%	+4.0%
Xi'an Triangle Defense 300775.SZ	China	$1.50B	-39%	-29%	2%	17.6×	31.7%	+21.0%
AECC Aero Science And Technology 600391.SS	China	$2.13B	+16%	-15%	4%	253.6×	29.7%	+9.7%
Beijing Beimo High-tech Frictional Material 002985.SZ	China	$1.46B	-17%	+36%	28%	38.2×	n/a	n/a
Aerospace Industrial Development 2634.TW	Taiwan	$1.46B	+3%	+3%	6%	19.5×	4.1%	+11.0%
Beijing Highlander Digital Technology 300065.SZ	China	$1.44B	-48%	-32%	-1%	78.8×	n/a	n/a
Hunan Aerospace Huanyu Communication Technology 688523.SS	China	$2.19B	-45%	-30%	-8%	100.3×	n/a	n/a
Cadre CDRE	United States	$1.40B	+9%	+20%	11%	22.5×	16.9%	+8.6%
Beijing LeiKe Defense Technology 002413.SZ	China	$1.39B	-46%	-5%	-6%	n/a	n/a	n/a

Questions

Who are MTAR Technologies's main competitors?: Named competitors: Walchandnagar Industries (private or unlisted), Avantel (AVANTEL.NS), Paras Defence (PARAS.NS), Data Patterns India (DATAPATTNS.NS). The cockpit's measured peer set (industry) also includes Redwire (RDW), China Marine Information Electronics (600764.SS), Cirrus Aircraft (2507.HK), Montana Aerospace (AERO.SW), Applied Aerospace & Defense (AADX), Chemring (CHG.L).
Is MTAR Technologies expensive compared with its peers?: On forward p/e it trades at 64.7× against a peer median of 27.0×, 6th most expensive of 16 in its peer set. For today's price to make sense, revenue must grow about 48% a year for seven years (Req g). Recent delivered growth is +29%, so the hurdle is +19 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
How has MTAR Technologies stock performed?: Over six months to 6 Nov 2026 the shares returned -18.4% against -2.3% for the median peer; over one year +120.8%.