JM Financial initiates India's MTAR Tech with 'buy' on clean-energy growth

MTAR Technologies

08/09/2026 06:06

** Shares of MTAR Technologies MTAR.NS rise 2.1% to 7,680 rupees after JM Financial initiates coverage with a "buy" rating and 9,375-rupee target price 
** Says order backlog jumps to 51 billion rupees ($538.66 million), or 4.8 times trailing revenue, led by clean-energy demand 
** Expects revenue and profit to grow 66% and 92% CAGR, respectively, over FY26-FY29 
** Notes nuclear backlog hits record levels after Kaiga reactor awards, improving revenue visibility 
** Expects margins to expand to 25% by FY29 from 19.5% in FY26 on operating leverage and scale benefits 
** Avg rating of four analysts on stock at "strong buy"; median PT is 8,000 rupees - LSEG-compiled data
** Stock up 7.4% YTD



($1 = 94.6800 Indian rupees)

 (Reporting by Kashish Tandon in Bengaluru)
 ((Kashish.tandon@thomsonreuters.com))