Rs 2,395-cr order book: MTAR Technologies shares zoom 136% in six months; more upside ahead?
The defence firm's stock clocked 136% returns during the period. The strength in the stock is supported by Q3 earnings, robust order book and upbeat management guidance for FY26.
- Feb 11, 2026,
- Updated Feb 11, 2026 3:04 PM IST
Shares of defence sector major MTAR Technologies have more than doubled in just six months. The defence firm's stock clocked 136% returns during the period. The strength in the stock is supported by Q3 earnings, robust order book and upbeat management guidance for FY26.
The company's total order book stood at Rs 2,395 crore at the end of December 2025. Of this, MTAR Technologies secured orders worth Rs 1,368.8 crore in Q3 FY26, strengthening its revenue visibility and supporting a 30-35% revenue growth guidance for the fiscal year.
In the current session, the stock hit a high of Rs 3657. Market cap of the firm stood at Rs 10,848 crore.
The stock has gained 47 per cent in 2026 and gained 30% in two weeks. MTAR Technologies stock is trading higher than the 5-day, 10 day, 20-day, 30 day, 50-day, 100-day and 200-day moving averages. Total 1.51 lakh shares of the firm changed hands amounting to a turnover of Rs 34.39 crore. The market cap of the firm rose to Rs 6971 crore on BSE.
The stock is overbought on charts with a RSI of 78.7. It trades above all its long term and short term moving averages. The defence sector stock fell to a 52-week low of Rs 1152 on April 7, 2025 and hit a record high of Rs 3,686 on February 10, 2026. The company reported its highest-ever quarterly revenue in Q3, led by strong operational performance.
Revenue from operations rose 59.3% to a record Rs 278 crore in Q3 against Rs 174.5 crore in Q3 FY25. EBITDA zoomed 92.5% to Rs 64.0 crore in Q3 compared to Rs 33.3 crore in Q3 of the last fiscal.
Net profit zoomed 117.3% to Rs 34.7 crore in Q3 FY26 against Rs 16.0 crore in Q3FY25.
Parvat Srinivas Reddy, Managing Director & Promoter, MTAR Technologies, said, "Margins are expected to improve sequentially over the coming quarters, supported by higher operating leverage and a favourable shift in the product mix towards volume-based production.”
Brokerage Motilal Oswal is bullish on the stock with a price target of Rs 3,900.
"With a strong order book of Rs 2,400 crore as of December 2025, driven by a healthy pipeline across the Clean Energy (fuel cells), A&D, nuclear sectors, products & others. Also, completion of the first articles and shift to volume production for new customers across all segments will drive further growth. We anticipate this to translate into strong growth and margin expansion led by operating leverage," said the brokerage.
"Working capital would be a concern for the near term, leading to negative operating cash flow. However, management indicated ongoing measures to reduce it to normalized levels. We estimate a CAGR of 40%/55%/78% in revenue/EBITDA/adj. PAT over FY25-FY28. We reiterate our BUY rating on the stock with a target price of Rs 3,900 (40x FY28E EPS translating into a 0.7x PEG)," added Motilal Oswal.
Drumil Vithlani, Technical Analyst at Bonanza Porfolio said, "MTAR Technologies has shown a strong bullish structure on the daily chart, breaking out of a multimonth consolidation zone with rising volumes. The stock recently surged above its previous resistance near 3,200–3,300 and is now sustaining above major moving averages, reflecting strong trend strength. However, the broader trend remains positive as long as the stock holds above the support zone of Rs 3,340. Fresh buying is favourable on dips towards Rs 3,450– Rs 3,500 with a stop-loss at Rs 3,340. If the stock maintains its bullish structure, it is likely to retest and move toward the next resistance zone at Rs 3,895, which remains the immediate upside target."
Sachin Gupta, VP – Research at Choice Broking said, "MTAR Technologies is currently displaying a strong bullish structure, marked by a clear breakout from a multi-year consolidation phase as well as a symmetrical triangle pattern on the daily chart. This shift in structure has pushed the stock into a 'blue sky' territory, where it is trading at all-time highs with little to no historical resistance overhead. Although the 14-day RSI is hovering around 72, placing it in the overbought zone and hinting at the possibility of a short-term pullback or consolidation, the broader trend continues to favour the bulls. On the downside, immediate support is placed near the Rs 3,350, followed by a stronger support zone around Rs 3,100. On the upside, if the stock sustains its pattern of higher highs and higher lows on the weekly chart, the next psychological targets are likely to be around Rs 3,850 and Rs 4,000."
MTAR Technologies Ltd (“MTAR”), a leading manufacturer engaged in manufacturing and development of mission critical precision engineered systems catering to Clean Energy – Civil Nuclear Power, Fuel Cells, Hydel & Others, Aerospace and Defence sectors
Shares of defence sector major MTAR Technologies have more than doubled in just six months. The defence firm's stock clocked 136% returns during the period. The strength in the stock is supported by Q3 earnings, robust order book and upbeat management guidance for FY26.
The company's total order book stood at Rs 2,395 crore at the end of December 2025. Of this, MTAR Technologies secured orders worth Rs 1,368.8 crore in Q3 FY26, strengthening its revenue visibility and supporting a 30-35% revenue growth guidance for the fiscal year.
In the current session, the stock hit a high of Rs 3657. Market cap of the firm stood at Rs 10,848 crore.
The stock has gained 47 per cent in 2026 and gained 30% in two weeks. MTAR Technologies stock is trading higher than the 5-day, 10 day, 20-day, 30 day, 50-day, 100-day and 200-day moving averages. Total 1.51 lakh shares of the firm changed hands amounting to a turnover of Rs 34.39 crore. The market cap of the firm rose to Rs 6971 crore on BSE.
The stock is overbought on charts with a RSI of 78.7. It trades above all its long term and short term moving averages. The defence sector stock fell to a 52-week low of Rs 1152 on April 7, 2025 and hit a record high of Rs 3,686 on February 10, 2026. The company reported its highest-ever quarterly revenue in Q3, led by strong operational performance.
Revenue from operations rose 59.3% to a record Rs 278 crore in Q3 against Rs 174.5 crore in Q3 FY25. EBITDA zoomed 92.5% to Rs 64.0 crore in Q3 compared to Rs 33.3 crore in Q3 of the last fiscal.
Net profit zoomed 117.3% to Rs 34.7 crore in Q3 FY26 against Rs 16.0 crore in Q3FY25.
Parvat Srinivas Reddy, Managing Director & Promoter, MTAR Technologies, said, "Margins are expected to improve sequentially over the coming quarters, supported by higher operating leverage and a favourable shift in the product mix towards volume-based production.”
Brokerage Motilal Oswal is bullish on the stock with a price target of Rs 3,900.
"With a strong order book of Rs 2,400 crore as of December 2025, driven by a healthy pipeline across the Clean Energy (fuel cells), A&D, nuclear sectors, products & others. Also, completion of the first articles and shift to volume production for new customers across all segments will drive further growth. We anticipate this to translate into strong growth and margin expansion led by operating leverage," said the brokerage.
"Working capital would be a concern for the near term, leading to negative operating cash flow. However, management indicated ongoing measures to reduce it to normalized levels. We estimate a CAGR of 40%/55%/78% in revenue/EBITDA/adj. PAT over FY25-FY28. We reiterate our BUY rating on the stock with a target price of Rs 3,900 (40x FY28E EPS translating into a 0.7x PEG)," added Motilal Oswal.
Drumil Vithlani, Technical Analyst at Bonanza Porfolio said, "MTAR Technologies has shown a strong bullish structure on the daily chart, breaking out of a multimonth consolidation zone with rising volumes. The stock recently surged above its previous resistance near 3,200–3,300 and is now sustaining above major moving averages, reflecting strong trend strength. However, the broader trend remains positive as long as the stock holds above the support zone of Rs 3,340. Fresh buying is favourable on dips towards Rs 3,450– Rs 3,500 with a stop-loss at Rs 3,340. If the stock maintains its bullish structure, it is likely to retest and move toward the next resistance zone at Rs 3,895, which remains the immediate upside target."
Sachin Gupta, VP – Research at Choice Broking said, "MTAR Technologies is currently displaying a strong bullish structure, marked by a clear breakout from a multi-year consolidation phase as well as a symmetrical triangle pattern on the daily chart. This shift in structure has pushed the stock into a 'blue sky' territory, where it is trading at all-time highs with little to no historical resistance overhead. Although the 14-day RSI is hovering around 72, placing it in the overbought zone and hinting at the possibility of a short-term pullback or consolidation, the broader trend continues to favour the bulls. On the downside, immediate support is placed near the Rs 3,350, followed by a stronger support zone around Rs 3,100. On the upside, if the stock sustains its pattern of higher highs and higher lows on the weekly chart, the next psychological targets are likely to be around Rs 3,850 and Rs 4,000."
MTAR Technologies Ltd (“MTAR”), a leading manufacturer engaged in manufacturing and development of mission critical precision engineered systems catering to Clean Energy – Civil Nuclear Power, Fuel Cells, Hydel & Others, Aerospace and Defence sectors