• FY27 financial guidance: MTAR has raised its FY27 revenue growth guidance from 50% to 80% and targets an EBITDA margin of around 24% on improved operating leverage. The closing order book for FY27 is expected to reach close to ₹5,000 crore.
• Clean energy demand: The clean energy segment is driving the largest share of traction, with key clients Bloom Energy and Fluence Energy contributing more than half of clean energy orders. MTAR is expanding capacities multiple times during the year to meet incoming requirements.
• Working capital improvement: Working capital days improved to 172 days from 278 days year-on-year due to better payment terms from customers and inventory management. Management expects sustainable working capital days between 150 to 170 days going forward.
• Capex and funding: The company has planned a capex of ₹250 to ₹300 crore for capacity enhancements this year. This will be partly funded by debt at low interest rates supported by strong credit ratings.
• Nuclear division outlook: MTAR holds a nuclear order book of close to ₹650 crore to be executed over the next three to three-and-a-half years at higher margins. Additional order inflows are anticipated from reactor refurbishment and new projects like Mahi Banswara.