Mtar Technologies Limited
NSE: MTARTECHOther Electrical EquipmentASM stage 4Trade-to-trade true
Share price
₹7,849.50
-0.19% close of 8 Oct 2026
Business score
How strong the business is, in one number. The parts behind it are in Pro.
47
out of 100 · worked out 8 Oct 2026
Your ratios
The numbers you want to see first. Tap Edit to change them.
Market cap
₹24,333 Cr
P/E ratio
180.2
P/B ratio
29.4
ROCE
15.1%
ROE
12.4%
Dividend yield
0.0%
Price & valuation chart
How the share price and its valuation have moved. Hover over the chart to see any day. Prices as of the last close.
Answers
Simple answers to the questions investors ask most, from the company's own numbers.
How fast it has been growing
Sales grew 53.4% over the past year, and 27.6% a year over its longer record. Meanwhile what it keeps of every 100 rupees of sales slipped from 29.2% to 19.8% over the last four years.
Whether it grew faster than its sector
It grew 27.6% a year against a sector median of 10.6% — 17.0 percentage points faster.
Room to re-rate, or risk of de-rating
At 180.2× earnings it costs 7.5× the market, which pays 23.9× across 2199 companies we can price. Its own industry sits at 23.9×, across 5 companies. It is against its own five-year median of 93.4×, the 93rd percentile of its own range.
Whether growth justifies the valuation
Its earnings are falling, so growth cannot justify the price.
| Profit growth | Price per ₹1 profit | Per 1% growth | |
|---|---|---|---|
| Mtar Technologies Limited — this one | -2%/yr | 180.2× | — |
| Apar Industries Limited | 16%/yr | 59.1× | ₹3.7 |
| Waaree Energies Limited | 99%/yr | 16.6× | ₹0.17 |
| Premier Energies Limited | 365%/yr | 23.9× | — |
| Diamond Power Infrastructure Limited | — | 113.0× | — |
| Emmvee Photovoltaic Power Limited | 393%/yr | 16.4× | — |
Compared with companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
How it compares with its peers
Against companies the exchange files under the same label (Other Electrical Equipment), it ranks 19 of 34 on returns, 11 of 30 on growth, 8 of 34 on margin. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
What makes it hard to beat — and is that still true?
No durable advantage shows in the numbers: it earns 15.1% on capital, ahead of 44% of companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.
Whether its growth pays for itself
No — Over the last five years it made ₹332 crore of cash from the business but spent ₹523 crore on plant and equipment, ₹191 crore more than it made; the gap was mostly borrowed — borrowings rose from ₹96 crore to ₹377 crore. And the profit is real: of every 100 rupees it reported over 7 years, about 89 arrived as cash. Its cash comes back faster than it used to: it went from being waiting 191 days for its cash to waiting 69 days for its cash.
Profit reality check
Is the profit real cash? Simple checks on the accounts. Facts only, not advice.
7 of 9 checks clear · 78%
Latest result · Q1 FY27
What the last results showed. Whether management kept its word is in Pro.
Announced 29 Jul 2026 · Consolidated
Revenue
₹361 Cr
Revenue vs last year
+129.8%
Revenue vs last quarter
+17.9%
Net profit
₹50 Cr
Profit vs last year
+356.6%
Profit vs last quarter
+14.2%
Net margin
13.9%
EPS
₹16.33
Earnings call transcript · 30 Jul 2026
Checklist before you investPRO
Points for and against, in one list.
Key numbers & peers
The main numbers grouped by topic, and how the company compares with similar ones.
Price
- Market cap
- ₹24,333 Cr
- Prev close
- ₹7,849.50
- 52w High
- ₹8,714
- 52w Low
- ₹1,866
- Enterprise value
- ₹24,474 Cr
- Beta
- 1.2
- Price CAGR 1y
- 302.0%
- Price CAGR 3y
- 46.0%
- Price CAGR 5y
- 37.0%
- Price CAGR 10y
- —
Ratios
- Return on assets
- 5.4%
- PEG ratio
- -88.8
- P/E ratio
- 180.2
- P/B ratio
- 29.4
- EV / EBITDA
- 107.3
- Industry P/E
- 30.9
- ROCE
- 15.1%
- ROCE 5y average
- 14.8%
- ROE
- 12.4%
- Debt / Equity
- 0.5
- Interest coverage
- 5.3
- Dividend yield
- 0.0%
- ROE 3y average
- 9.0%
- ROE last year
- 12.0%
Annual P&L
- Annual revenue
- ₹876 Cr
- Annual profit
- ₹94 Cr
- Operating margin
- 20.0%
- Net profit margin
- 10.7%
- EBITDA margin
- 19.5%
- Sales growth 3y
- 15.1%
- Sales growth 5y
- 28.9%
- Profit growth 3y
- -2.0%
- Profit growth 5y
- 16.0%
- EPS
- ₹30.6
- Sales growth TTM
- 53.0%
- Profit growth TTM
- 130.0%
- Dividend payout
- 0.0%
Quarter P&L
- Sales latest quarter
- ₹361 Cr
- Profit latest quarter
- ₹50 Cr
- YoY quarterly sales growth
- 130.4%
- YoY quarterly profit growth
- 354.5%
- OPM latest quarter
- 23.6%
Balance Sheet
- Book Value
- ₹265
- Face Value
- ₹10.0
- Total debt
- ₹377 Cr
- Total cash
- ₹21 Cr
- Borrowings
- ₹377 Cr
- Reserves / Equity
- 25.5
Cash Flow
- Operating cash flow
- ₹197 Cr
- Free cash flow
- ₹64 Cr
- FCF yield
- 0.1%
- Net cash flow
- -₹1 Cr
Shareholding
- Promoter holding
- 29.4%
- FII holding
- 24.8%
- DII holding
- 22.4%
- Public holding
- 23.5%
Peer comparison
| Company | Price ₹ | P/E | Mkt cap ₹ Cr | Div yield % | Profit qtr ₹ Cr | Profit var % | Sales qtr ₹ Cr | Sales var % | ROCE % |
|---|---|---|---|---|---|---|---|---|---|
| Apar Inds. | 17,829.00 | 61.9 | 74,654 | 0.33 | 467.5 | 77.8 | 6,591.1 | 29.1 | 31.8 |
| Waaree Energies | 2,341.80 | 16.7 | 67,362 | 0.17 | 891.9 | 14.1 | 7,931.8 | 79.2 | 38.5 |
| Premier Energies | 899.00 | 24.5 | 40,810 | 0.11 | 471.9 | 50.5 | 2,462.6 | 35.3 | 32.7 |
| MTAR Technologie | 7,687.00 | 173.6 | 23,645 | 0.00 | 50.2 | 364.7 | 360.7 | 130.4 | 15.1 |
| Diamond Power | 364.25 | 117.4 | 21,785 | 0.00 | 57.1 | 197.8 | 707.3 | 133.0 | 10.4 |
| Emmvee Photovol. | 306.45 | 16.7 | 21,217 | 0.33 | 380.3 | 102.6 | 1,555.5 | 51.3 | 44.6 |
| Avalon Tech | 2,335.85 | 116.9 | 15,623 | 0.00 | 34.9 | 145.4 | 484.4 | 49.8 | 19.3 |
| Fujiyama Power | 417.35 | 30.6 | 12,809 | 0.00 | 57.8 | 168.6 | 1,345.7 | 125.3 | 35.1 |
| Median | 301.92 | 27.9 | 815 | 0.00 | 8.1 | 30.9 | 153.8 | 32.2 | 21.6 |
Competes with: AXISCADES Technologies Limited, Advait Energy Transitions Limited, Aequs Limited, Apar Industries Limited, Apollo Micro Systems Limited, Artemis Electricals and Projects Limited, Astra Microwave Products Limited, Avalon Technologies Limited, Avantel Limited, Bharat Dynamics Limited, Bharat Electronics, DCX Systems Limited, Data Patterns (India) Limited, Diamond Power Infrastructure Limited, Emmvee Photovoltaic Power Limited, Fujiyama Power Systems Limited, Garden Reach Shipbuilders & Engineers Limited, Genus Power Infrastructures Limited, Hindustan Aeronautics, Ideaforge Technology Limited, Jaykay Enterprises Limited, Kirloskar Electric Company Limited, Krishna Defence And Allied Industries Limited, MODISON LIMITED, Mangal Electrical Industries Limited, Mishra Dhatu Nigam Limited, NIBE Limited, Paras Defence and Space Technologies Limited, Permanent Magnets Limited, Power & Instrumentation (Gujarat) Limited, Premier Energies Limited, Prostarm Info Systems Limited, RIR Power Electronics Limited, RMC Switchgears Limited, RTS Power Corporation Limited, Ram Ratna Wires Limited, Ravindra Energy Limited, Rishabh Instruments Limited, Rossell Techsys Limited, S&S Power Switchgears Limited, SIGMA ADVANCED SYSTEMS LIMITED, SPEL Semiconductor Limited, Saatvik Green Energy Limited, Salzer Electronics Limited, Servotech Renewable Power System Limited, Shilchar Technologies Limited, Sika Interplant Systems Limited, Solex Energy Limited, Unimech Aerospace and Manufacturing Limited, Urja Global Limited, Vikram Solar Limited, Waaree Energies Limited, Waaree Renewable Technologies Limited, Websol Energy System Limited, Zen Technologies Limited
Quarterly results
Sales and profit for each of the last 13 quarters. Newest on the right. ₹ crore.
| Line item | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 153 | 167 | 118 | 143 | 128 | 190 | 174 | 183 | 157 | 136 | 278 | 306 | 361 |
| Expenses | 118 | 131 | 95 | 125 | 112 | 153 | 141 | 149 | 128 | 119 | 214 | 244 | 276 |
| Material Cost | 96 | 93 | 82 | 164 | 165 | 204 | |||||||
| Change in Inventories | -8.28 | -21 | -16 | -14 | 5.66 | -7.82 | |||||||
| Purchases of Stock-in-Trade | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
| Employee Cost | 35 | 34 | 33 | 40 | 43 | 47 | |||||||
| Other Expenses | 27 | 22 | 19 | 24 | 31 | 33 | |||||||
| Operating Profit | 35 | 36 | 24 | 18 | 17 | 37 | 33 | 34 | 28 | 17 | 64 | 62 | 85 |
| OPM % | 23 | 22 | 20 | 13 | 13 | 19 | 19 | 19 | 18 | 13 | 23 | 20 | 24 |
| Other Income | 4 | 1 | 0 | 0 | 1 | 1 | 3 | 0 | 1 | 4 | -1 | 16 | 8 |
| Exceptional items (within Other Income) | 0 | 0 | 0 | -3.77 | 0 | 0 | |||||||
| Interest | 6 | 5 | 6 | 6 | 5 | 5 | 6 | 6 | 6 | 6 | 8 | 10 | 16 |
| Depreciation | 6 | 6 | 6 | 6 | 6 | 8 | 9 | 10 | 8 | 9 | 9 | 9 | 10 |
| Profit before tax | 27 | 26 | 13 | 7 | 6 | 25 | 21 | 19 | 15 | 6 | 46 | 60 | 67 |
| Tax % | 25 | 20 | 19 | 32 | 29 | 26 | 26 | 26 | 27 | 25 | 25 | 26 | 25 |
| Net Profit | 20 | 20 | 10 | 5 | 4 | 19 | 16 | 14 | 11 | 4 | 35 | 44 | 50 |
| EPS in Rs | 6.61 | 6.65 | 3.40 | 1.58 | 1.44 | 6.10 | 5.19 | 4.46 | 3.51 | 1.38 | 11 | 14 | 16 |
| Diluted EPS in Rs | 4.46 | 3.52 | 1.38 | 11 | 14 | 16 |
Profit & loss
Yearly sales, costs and profit for 12 years, plus the last 12 months (TTM). ₹ crore.
| Line item | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|
| Sales | 214 | 246 | 322 | 574 | 581 | 676 | 876 | 1,080 |
| Expenses | 156 | 163 | 228 | 420 | 468 | 555 | 705 | 852 |
| Material Cost | 350 | 503 | ||||||
| Change in Inventories | -7.60 | -45 | ||||||
| Purchases of Stock-in-Trade | 0 | 0 | ||||||
| Employee Cost | 124 | 151 | ||||||
| Other Expenses | 89 | 96 | ||||||
| Operating Profit | 58 | 83 | 94 | 154 | 113 | 121 | 171 | 228 |
| OPM % | 27 | 34 | 29 | 27 | 19 | 18 | 20 | 21 |
| Other Income | 4 | 1 | 9 | 19 | 6 | 5 | 19 | 27 |
| Exceptional items (within Other Income) | 0 | -3.77 | ||||||
| Interest | 5 | 7 | 7 | 15 | 22 | 22 | 29 | 39 |
| Depreciation | 12 | 13 | 14 | 19 | 23 | 32 | 35 | 36 |
| Profit before tax | 46 | 65 | 82 | 140 | 73 | 72 | 126 | 179 |
| Tax % | 31 | 29 | 26 | 26 | 23 | 26 | 25 | |
| Net Profit | 31 | 46 | 61 | 103 | 56 | 53 | 94 | 133 |
| EPS in Rs | 12 | 15 | 20 | 34 | 18 | 17 | 31 | 43 |
| Diluted EPS in Rs | 17 | 31 | ||||||
| Dividend Payout % | 43 | 40 | 15 | 0 | 0 | 0 | 0 |
Compounded growth
Average yearly growth over different spans, as stored. A span can cross a demerger or an acquisition.
Compounded sales growth
- 10 years
- —
- 5 years
- 29%
- 3 years
- 15%
- TTM
- 53%
Compounded profit growth
- 10 years
- —
- 5 years
- 16%
- 3 years
- -2%
- TTM
- 130%
Stock price CAGR
- 10 years
- —
- 5 years
- 37%
- 3 years
- 46%
- 1 year
- 302%
Return on equity
- 10 years
- —
- 5 years
- 11%
- 3 years
- 9%
- Last year
- 12%
Balance sheet
What the company owns and what it owes, at the end of each year. ₹ crore.
| Line item | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Equity Capital | 27 | 31 | 31 | 31 | 31 | 31 | 31 |
| Reserves | 198 | 446 | 489 | 589 | 646 | 698 | 792 |
| Borrowings | 29 | 17 | 96 | 143 | 191 | 177 | 377 |
| Other Liabilities | 92 | 93 | 112 | 300 | 140 | 224 | 544 |
| Minority Interest | 0 | ||||||
| Total Liabilities | 346 | 586 | 728 | 1,063 | 1,008 | 1,130 | 1,743 |
| Fixed Assets | 155 | 167 | 196 | 291 | 341 | 439 | 514 |
| CWIP | 12 | 11 | 44 | 64 | 73 | 53 | 34 |
| Investments | 0 | 0 | 62 | 27 | 0 | 0 | 215 |
| Other Assets | 179 | 409 | 425 | 680 | 594 | 638 | 979 |
| Total Assets | 346 | 586 | 728 | 1,063 | 1,008 | 1,130 | 1,743 |
Cash flows
Real money coming in and going out each year — from the business, from investments and from loans. ₹ crore.
| Line item | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | 56 | 9 | -30 | 7 | 57 | 101 | 197 |
| Cash from Investing Activity | -12 | -22 | -145 | -87 | -56 | -103 | -353 |
| Cash from Financing Activity | -41 | 180 | 54 | 32 | 25 | -36 | 155 |
| Net Cash Flow | 3 | 167 | -121 | -47 | 27 | -37 | -1 |
| Free Cash Flow | 44 | -14 | -121 | -100 | -36 | 2.01 | 64 |
Ratios
How fast customers pay, how long stock sits, and how well capital earns — year by year.
| Line item | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Debtor Days | 105 | 114 | 154 | 133 | 92 | 113 | 140 |
| Inventory Days | 382 | 467 | 535 | 524 | 420 | 369 | 399 |
| Days Payable | 155 | 158 | 179 | 296 | 75 | 113 | 119 |
| Cash Conversion Cycle | 332 | 423 | 510 | 361 | 436 | 369 | 419 |
| Working Capital Days | 59 | 175 | 191 | 189 | 192 | 168 | 69 |
| ROCE % | 19 | 16 | 22 | 11 | 10 | 15 |
Price trend
The price as a Renko brick chart: small moves drop out so the bigger path stands out.
Every brick is the same size, about one typical day's move. A new brick needs a full brick's move; turning the other way needs two. Bricks show where the price went, not where it will go.
Open interestPRO
Where option traders are positioned on this stock.
Industry numbers
The numbers that matter most in this industry, from the company's own filings.
1 when an audit qualification is filed as repetitive
0.00flag
2026-03-31
the company's own unlisted debt securities in default at period end
0.00cr
2026-06-30
exports as % of revenue
19.00
the company's own loans / revolving facilities in default at period end (standalone filing)
0.00cr
2026-06-30
net debt from the filed balance sheet at the newest year end: Borrowings − Cash Equivalents − Investments (Current); negative = net cash
141inr_cr
2026-03-31
order book, Rs crore
5,143inr_cr
2026-06-30
order inflow
2,895inr_cr
2026-06-30
guarantees / comfort given for promoter, promoter group, directors and KMP
0.00cr
2026-03-31
loans outstanding to promoter, promoter group, directors and KMP (governance filing)
0.00cr
2026-03-31
security given for the borrowing of promoter, promoter group, directors and KMP
0.00cr
2026-03-31
FY revenue / permanent employees + workers, same basis (calc)
66,32,157inr
2026-03-31
News
News and filings about Mtar Technologies Limited. Open one to see why it matters.
26 Aug, 18:05 IST · Company event · medium impact
Mtar Technologies Limited has won a new order or contract
Supply chain
Who it buys from, sells to and competes with — as recorded in our map of company links.
Competes with
- AXISCADES Technologies Limited
- Advait Energy Transitions Limited
- Aequs Limited
- Apar Industries Limited
- Apollo Micro Systems Limited
- Artemis Electricals and Projects Limited
- Astra Microwave Products Limited
- Avalon Technologies Limited
- Avantel Limited
- Bharat Dynamics Limited
- Bharat Electronics
- DCX Systems Limited
- Data Patterns (India) Limited
- Diamond Power Infrastructure Limited
- Emmvee Photovoltaic Power Limited
- Fujiyama Power Systems Limited
- Garden Reach Shipbuilders & Engineers Limited
- Genus Power Infrastructures Limited
- Hindustan Aeronautics
- Ideaforge Technology Limited
- Jaykay Enterprises Limited
- Kirloskar Electric Company Limited
- Krishna Defence And Allied Industries Limited
- MODISON LIMITED
- Mangal Electrical Industries Limited
- Mishra Dhatu Nigam Limited
- NIBE Limited
- Paras Defence and Space Technologies Limited
- Permanent Magnets Limited
- Power & Instrumentation (Gujarat) Limited
Uses as raw material
- Aerospace-grade aluminium for space & defence
- Alloy steels for space & defence bearings/seals
- Inconel sheets (various grades) / Nickel Alloy for clean energy clients
- Specialised PH stainless steels (17-4 PH, SS 410, 13-8 Mo PH) for nuclear sector
- Titanium (housing)
Depends on the price of
- aluminium
- steel
Sells to
- Bloom Energy · hydrogen/fuel-cell hot boxes (single largest customer, clean energy ~70% of FY27 revenue)
- DRDO · defence actuation systems / components
- Elbit Systems · defence precision components
- Hindustan Aeronautics · aerospace/defence precision-engineered components
- ISRO · cryogenic & liquid propulsion engines, space hardware
- NPCIL · nuclear grid plates, drive mechanisms
- NTPC Limited · nuclear/clean-energy components (joint NTPC-NPCIL nuclear tenders)
- Rafael Advanced Defense Systems · defence precision components
About
What the company is, from our own records: where it sits, where it makes things, and what it is made of.
- Sector
- Capital Goods
- Industry
- Other Electrical Equipment
- Classification
- Capital Goods › Other Electrical Equipment
- ISIN
- INE864I01014
Plants
- 7 manufacturing units (incl. an EOU) around Hyderabad
- Adibatla specialised fabrication / sheet-metal unit
- Pashamylaram unit
News impact
Big market events that reach Mtar Technologies Limited, and how the effect spreads.
1 Oct, 21:38 IST · Market event · medium impact
After Armenia, India exports Akash Air Defence System to Tajikistan and Turkmenistan: Defence secretary
India's Akash missile exports to two new countries bring direct orders to builders Bharat Dynamics and Bharat Electronics plus their parts vendors, while unrelated machinery makers feel nothing.
Who it hits first
- India will export Akash air-defence missile systems to Tajikistan and Turkmenistan, its second export after Armenia.
- The Defence Secretary signalled more countries may order the multi-target tracking system next.
- Missile-maker Bharat Dynamics and electronics-supplier Bharat Electronics gain order-book growth, plus work for their vendors.
Who may gain
- Bharat Dynamics — builds the Akash missile; direct export orders
- Bharat Electronics — supplies Akash radars and electronics; follow-on work
- Paras Defence, Apollo, Avantel, Axiscades — parts and services vendors to BEL and BDL
Along the supply chain
Downstream
Downstream, finished Akash batteries ship to Tajikistan and Turkmenistan, with spares and training revenue trailing for years.
Upstream
Upstream, BEL and BDL pull parts from vendors such as Paras Defence, Apollo and Avantel plus engineering support from Axiscades; each export battery multiplies into component orders.
Where demand moves
Business
Export contracts flow from the two buyer countries to prime contractors BEL and BDL, then outward as vendor orders to parts makers (Paras, Apollo, Avantel) and engineering services (Axiscades).
Capital
Investors are likely to bid up defence primes and their listed vendors on the export pipeline, while unrelated capital-goods names see only sympathy moves.
How it spreads across sectors
Capital Goods
Defence primes and their vendors gain export-led order growth; non-defence machinery sees no change.
Construction
No effect — Akash Infra-Projects shares only the missile's first name and builds roads.
When it plays out
Immediate
In the first week, defence primes and their vendors rally on the export headline.
Medium term
Over six months, vendor orders and fresh country inquiries convert hope into booked revenue.
Short term
Over the next month, contract values and delivery timelines decide how much of the rally survives.
1 Oct, 21:36 IST · Market event · medium impact
Russia-NATO tensions rise over nuclear warning
Russia's nuclear warning rattled markets without changing any Indian order or fuel flow, lifting hope-buying in defence names like Paras while crude softness trims oil producers like Oil India.
Who it hits first
- Russia issued a nuclear warning toward NATO, lifting war-risk fears across world markets.
- For India the hit is mood, not mechanics: no trade route, order book or fuel flow changes on a warning alone.
- Defence suppliers may catch hopeful buying on faster-order talk, while richly priced stocks face fear-led selling.
Who may gain
- Paras Defence — defence-electronics supplier; war risk revives faster-order hopes
- Coal India — domestic coal looks safer when imported-energy risk rises (steady, not a buy)
Along the supply chain
Downstream
No downstream disruption either: Indian factories, pipelines and banks run exactly as before until rhetoric becomes action.
Upstream
No direct supply-chain link — purely a sentiment event; no supplier or customer volumes change on this headline.
Where demand moves
Business
No business demand moves: no new defence order, oil cargo or loan follows from a warning — only the hope of future defence orders flickers.
Capital
Capital turns defensive: fear-led selling can hit richly priced capital-goods names first, while cash-rich energy producers and banks sit steadier.
How it spreads across sectors
Capital Goods
Sentiment drag on rich valuations; defence-linked names see hopeful but order-less buying.
Financial Services
Banks face only market-mood risk; Indian Bank itself has no link to this story.
Oil, Gas & Consumable Fuels
Softer Brent trims producer realisations slightly; no physical supply change follows a warning.
When it plays out
Immediate
In the first week, fear-led swings hit richly priced stocks while defence names see hopeful buying.
Medium term
Over six months, only real order or crude-price changes matter; today's warning alone leaves none.
Short term
Over the next month, the mood fades unless warnings turn into sanctions or supply cuts.
30 Sept, 15:33 IST · Market event · high impact
Re-rating on cards for HAL shares as Tejas Mk1A aircraft deliveries near: Jefferies
HAL will deliver 10 Tejas fighter jets this year instead of 5, prompting Jefferies to keep its Buy call, which helps HAL and its parts suppliers while leaving rivals and telecom lookalikes untouched.
Who it hits first
- Hindustan Aeronautics, the state-run company that builds the Tejas fighter jet, is nearing Tejas Mk1A deliveries that make up 43% of its order book.
- Its chief now expects to deliver 10 jets this year, double the 5 that Jefferies had earlier pencilled in.
- Brokerage Jefferies kept its Buy rating with a Rs 6,800 target, calling rising delivery visibility a trigger for the shares to be re-rated.
Who may gain
- Hindustan Aeronautics (fighter-jet maker) — turns 43% of its order book into sales as 10 Tejas jets deliver this year
- HAL's jet parts suppliers (electronics, radar, special-metal, and precision-parts makers) — faster component orders as output doubles
- Defence investors broadly — a marquee deliveryhitting its guide lifts mood across the sector (sentiment only)
Along the supply chain
Downstream
Downstream (buyers of the jet): the Indian Air Force gets its fighters sooner, which strengthens squadrons, but no listed company sits on this side so no stock moves.
Upstream
Upstream (parts for the jet): electronics, radar, special-alloy, and precision-parts suppliers to HAL should see faster orders as jet output doubles from 5 to 10; telecom-gear firms with similar names are not part of this chain.
Where demand moves
Business
Business demand flows to HAL first, since each delivered Tejas jet converts order book into sales, and then to its jet parts suppliers as output doubles from 5 toward 10 aircraft. Rival jet makers win nothing, and telecom firms that share the Tejas name sit outside this demand chain entirely.
Capital
Investor money should rotate into HAL on Jefferies' repeated Buy call and Rs 6,800 target, with lighter sympathy flows into its listed suppliers. Broader defence peers may catch a mild sentiment bid, while mistaken-identity buying in telecom lookalikes should fade fast.
How it spreads across sectors
Capital Goods
HAL hitting its jet guide lifts the defence corner of the sector and pulls supplier orders forward, supporting sentiment for peers.
Telecommunication
No ripple at all — Tejas Networks only shares the jet's name and sells telecom gear, so HAL's news does not travel there.
When it plays out
Immediate
1–7 days: HAL shares firm on the doubled delivery guide and Jefferies' Buy repeat; suppliers tick up while telecom lookalikes stay flat.
Medium term
1–6 months: each confirmed jet handover converts more of the 43% order-book share into reported sales, deciding whether the re-rating sticks.
Short term
1–4 weeks: investors watch for delivery milestones and engine-supply updates that confirm the 10-jet guide is on track.
30 Sept, 12:12 IST · Market event · high impact
Avalon Tech shares fall 6% after Rs 883 crore block deal; 3 promoter entities likely sellers
Promoters of electronics maker Avalon sold Rs 883 crore of shares, hurting existing holders as the price fell 6%, while rivals see no business change.
Who it hits first
- Avalon Technologies, a company that makes electronic parts and assemblies, saw three promoter (owner) groups sell Rs 883 crore of its shares, about 6.06% of the firm, in one big block deal.
- Its shares fell about 6% as the market absorbed the extra supply and read the owners' exit as a caution flag.
- The deal size is pegged between Rs 861.9 crore and Rs 922 crore, centring on Rs 883 crore.
Who may gain
- Block-deal buyers — picked up 6.06% of Avalon about 6% cheaper after the fall
- Selling promoters — raised about Rs 883 crore by trimming their stake
- No business beneficiary — this is a share shuffle, not new orders
Along the supply chain
Downstream
Downstream, buyers of Avalon's assemblies such as Bharat Electronics (defence gear), Larsen & Toubro (builders) and ABB (power gear) get the same parts; only the share register changed, not deliveries.
Upstream
No direct supply-chain link — purely capital-flow event; Avalon's parts suppliers see no change in orders because factories keep running.
Where demand moves
Business
No business demand moves here — Avalon still makes the same parts for the same buyers; only its owners changed, with 6.06% shifting from promoters to new holders.
Capital
Capital demand turned negative for Avalon as promoters supplied Rs 883 crore of shares at once, pushing the price down 6%; buyers absorbed the block, but the overhang weighs on sentiment.
How it spreads across sectors
Capital Goods
Neutral for capital-goods peers — one electronics firm's owners selling 6% does not change orders for cables, solar panels or meters.
When it plays out
Immediate
In 1-7 days Avalon shares stay soft near the 6% drop as the market checks who bought the block and if more selling follows.
Medium term
Over 1-6 months the 6.06% overhang clears and the shares trade on earnings again, not on the block deal.
Short term
In 1-4 weeks the price steadies if no further promoter sales appear and business updates stay normal.
13 Sept, 04:28 IST · Market event · high impact
Adani Defence in Rs 1,800 cr Verba missile deal; HAL, BDL deepen Russia co-production
Adani's defence arm won missile orders and teamed with Russia to build air-defence weapons in India, alongside HAL and Bharat Dynamics — good for defence makers and their suppliers.
Who it hits first
- Adani Defence (ADANIENT): Rs 1,800 cr Verba nomination plus six Igla-S contracts — concrete order wins
- BDL: long-range air-to-air missile contract with Russian tech transfer
- HAL: Su-30MKI upgrade lead with Russian consultancy; Prachand fuselage line
Who may gain
- HAL, BDL direct; BEL mixed (budgets up, new rival in); subsystem suppliers (Data Patterns, Astra, Paras, Zen, MTAR, Cyient DLM, BEML, Premier Explosives)
Along the supply chain
Downstream
Armed forces get indigenous air-defence cover faster via emergency and single-vendor routes.
Upstream
Russian tech-transfer inputs plus domestic subsystems (RF, optics, explosives, simulators) ramp.
Where demand moves
Business
Missile and upgrade orders flow from forces to primes (HAL/BDL/Adani) then to subsystem and explosives suppliers.
Capital
Defence multiples extend on order visibility; PSU incumbents vs private disruptor positioning debated.
How it spreads across sectors
Capital Goods
defence primes and suppliers bid up 1-4% on order visibility
Metals & Mining
Adani Enterprises mildly positive — defence small vs group scale
When it plays out
Immediate
Defence names pop 1-4% on order headlines
Medium term
Execution and indigenisation pace decide multi-year compounding
Short term
Verba contract signing and Pantsir MoU watch
Dividends, splits & big trades
Money paid out, share splits and buybacks, and big buys or sells by funds and insiders.
Dividends
| 21 Feb 2022 | interim | ₹3 |
|---|---|---|
| 22 Jul 2021 | unspecified | ₹3 |
Splits, bonuses & buybacks
- daily-prices repair: 8 rows from NSE's archive (replace 2, delete 1, insert 5), 2023-11-12..2026-02-01 (docs/flat_day_repair.md)1× · 12 Nov 2023
Bulk & block deals
| Date | Who | Bought / sold | Shares | Price |
|---|---|---|---|---|
| 30 Jul 2026 | BNP PARIBAS FINANCIAL MARKETS | SELL | 2,15,319 | ₹5,426.23 |
| 30 Jul 2026 | BNP PARIBAS FINANCIAL MARKETS | BUY | 26,172 | ₹5,443.86 |
| 18 Jun 2026 | JUNOMONETA FINSOL PRIVATE LIMITED | BUY | 2,27,542 | ₹8,398.60 |
| 18 Jun 2026 | JUNOMONETA FINSOL PRIVATE LIMITED | SELL | 2,27,429 | ₹8,402.47 |
| 18 Jun 2026 | HRTI PRIVATE LIMITED | BUY | 1,72,550 | ₹8,386.91 |
| 18 Jun 2026 | HRTI PRIVATE LIMITED | SELL | 1,61,647 | ₹8,412.28 |
| 17 Jun 2026 | HRTI PRIVATE LIMITED | SELL | 2,31,288 | ₹8,151.61 |
| 17 Jun 2026 | HRTI PRIVATE LIMITED | BUY | 2,31,111 | ₹8,151.56 |
| 17 Jun 2026 | MICROCURVES TRADING PRIVATE LIMITED | SELL | 1,63,800 | ₹8,166.28 |
| 17 Jun 2026 | MICROCURVES TRADING PRIVATE LIMITED | BUY | 1,63,800 | ₹8,161.53 |
Insider trades
| Disclosed | Who | Type | Shares | Value ₹ Cr |
|---|---|---|---|---|
| 18 Sep 2026 | Leelavathi Parvatha Reddy · Promoter | SELL | 20,000 | — |
| 8 Sep 2026 | K Shalini · Promoter | SELL | 18,000 | — |
Documents
Annual reports, results presentations and earnings calls, straight from the source.
- Earnings call30 Jul 2026
- Results presentation30 Jun 2026
- Earnings call13 May 2026
- Earnings call30 Jan 2026
- Earnings call6 Nov 2025
- Annual report · 2024-2526 Aug 2025
Facts from company filings and exchange data. Not investment advice: nothing here tells you to buy or sell.