Defence stock: Up 62% in six months, can MTAR Technologies shares approach Rs 2,400 mark?

Shares of defence firm MTAR Technologies are likely to rise another 36% in the short term, says Axis Direct. Axis Direct has assigned price target in the range of Rs 2,155 to Rs 2,380 on the stock, amounting to a potential upside of up to 36%. 

The stock has already risen 62% in six months and gained 35% this year. The defence stock hit a 52 week high of Rs 2319.20 in the current trading session on BSE. On NSE, the stock reached a high of Rs 2318.80 in the current session. Market cap of the firm stood at Rs 8973.20 crore. 

The stock has gained 35.5 per cent in 2025.

Commenting on the technical outlook of the stock, the brokerage said it has broken out above a falling channel that was in place since the stock since it hit an all-time high. 

"The breakout is also led by a strong formation of a support base between Rs 1,200 - Rs 1,250 levels, which was defended multiple times. The monthly RSI is also showing a bullish formation. Buy range is seen between Rs 1,815 - Rs 1,695 and support zone is between Rs 1,610 - Rs 1,400," said Axis Direct.

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 defence sector stock fell to a 52-week low of Rs 1152 on April 7, 2025.

MTAR Technologies has seven manufacturing facilities, including an export-oriented unit located in Hyderabad, and has been serving defence, aerospace and energy sectors for more than four decades.

It works with clients such as the Indian Space Research Organisation (ISRO), Defence Research and Development Organisation (DRDO), Nuclear Power Corporation of India Ltd (NPCIL) and US-based Bloom Energy Corp, besides catering to other well-known establishments like Bharat Dynamics and Hindustan Aeronautics (HAL).