MTAR TECHNOLOGIES LIMITED Share price

MTAR Technologies Limited was conceived in 1969 by three founders, P. Ravinder Reddy, K. Satyanarayana Reddy and P. Jayaprakash Reddy to address the growing post-embargo engineering requirements of India. MTAR Technologies Limited incorporated as a Private Limited Company in November, 1999. The Company became a Public Limited Company effective from November, 2020 and the name of the Company was changed to MTAR Technologies Limited. The Company engaged in the business of manufacturing high precision and heavy equipment, components, machines for sectors including nuclear, aerospace, defence, etc. The Company provide one-stop solutions though the integration of its value-chain comprising design, precision machining, assembly, testing, quality control, specialized fabrication, brazing, heat treatment and other specialized processes. The Company focuses on complex mission critical projects that are difficult for most service providers, especially precision components with close tolerances (5-10 microns) and critical assemblies that serve projects of national importance. The Company specializes in the design and fabrication of complex assemblies like Fueling Machine Head, Bridge & Column, Coolant Channel assemblies and Drive Mechanisms for the core of nuclear reactors; Liquid Propulsion Engines, Electro-Pneumatic Modules for Space Launch Vehicles and Base Shroud Assemblies and Air frames etc. for missiles in the Space & Defence sectors; SOFC and hydrogen units for Fuel cells in the Clean Energy sector. The Company operate through six state of-the-art manufacturing facilities ,including one export oriented unit, each of which is situated in Hyderabad and is in the process of establishing sheet metal and specialized fabrication facilities at Adibatla unit. The units are equipped with state-of-the-art machining, assembly & testing, specialized fabrication, heat treatment, surface treatment and quality control facilities.These facilities have been invested with high tech CNC milling, turning, floor boring, jig boring machines etc., assembly and testing facilities as well as specialized fabrication, quality control, heat treatment, surface treatment and other specialized processes. The Company is a leading national player in precision engineering catering to strategic sectors on account of its deep technology commitment. This has been reinforced by a focus on proactive investments in cutting-edge technologies. The Company's state-of-the-art facilities comprise more than 400 equipment items. This investment has strengthened the company's positioning as a one-stop solution provider. The Company has designed and built with in-house expertise sophisticated special purpose machines instead of importing comparable machines. The Company built machines such as SPM 99, gantry special purpose machines, deep hole boring machines and vertical honing machines, among others, used for special purpose operations. Its state of-the-art manufacturing facilities enabled to produce build-to-print products of high dimensional accuracy in line with customer specifications. The Company source materials from third party suppliers depending on project complexity, especially those involving critical and sensitive raw materials. The materials utilized for products catering to the Clean Energy and Civil Nuclear Power sectors, and other consumables and bought-outs, are mostly sourced from third party suppliers. The Company addresses the growing needs of marquee Indian customers like Nuclear Power Corporation of India Limited, Indian Space Research Organization, Defence Research and Development Organization and Hindustan Aeronautics Ltd; its global customers comprise respected organizations like Bloom Energy, Rafael Advanced Defense Systems Ltd and Elbit Systems. In 1969, the Company established Unit 1 to supply coolant channel assemblies to the Department of Atomic Energy (DAE). In 1975, the Company started Montage (MTAR Unit 4) for Rough Machining Operations. In 1978-80, the Company established heat treatment & surface treatment plant (MTAR Unit 5). It established MTAR Unit 3 for additional capacity of component manufacturing. In 1983, the Company commenced supplies of components to Indian Space Research Organization (ISRO). In 1985-86, the Company started manufacturing ball screws and ventured into Defense manufacturing by adding DRDO to the customer base. In 1989, the Company supplied the First Vikas Engine. In 2009, the Company ventured into Clean Energy - Fuel sector by supplying SOFC units for fuel cells. In the period of 2010-12, the Company commissioned an Export-Oriented Unit (EOU) & commenced manufacture of SOFC units for fuel cells of Bloom Energy. In 2018, the Company entered aerospace segment, added Elbit Systems and Rafael Advanced Defense Systems Ltd, some of the largest global players as clients. In 2020, the Company commenced the development of Roller Screws that are import substitutes. It supplied complex assemblies to the core of Kakrapar, India's first 700 MW nuclear reactor commissioned in July 2020. In 2021, the Company completed the development of electro-pneumatic modules for Space Launch Vehicles. The engine for the PSLV-C25, which launched the Mars Orbiter Mission Spacecraft (Mangalyaan mission), was supplied to ISRO by the Company. The engine for the PSLV-C49, which injected EOS-01 (earth observation satellite) was provided to ISRO by the Company. The Company was integral to GSLV Mark III engine for the Chandrayaan II mission. It has been serving Civil Nuclear Power sector customers for over 35 years; it sustained relationships with Nuclear Power Corporation of India Limited for over 16 years. The Company is developing associated technology for roller screws that substitutes imports across the Defence and Space segments for the first time in India. The Company is manufacturing or fabricating grid fin components, liquid propulsion engines and other assemblies for Gaganyaan, India's first human flight mission. The Company is committed to reduce the global carbon footprint through the manufacture of SOFC units, hydrogen boxes and electrolyzers for fuel cells of Bloom Energy. SOFC units use methane as an input to generate power; the process generates 66% less carbon than thermal power plants. In collaboration with Bloom Energy, the Company has developed prototypes for hydrogen boxes that draw on hydrogen as an input to generate power and the manufacture of electrolyzers that generate green hydrogen from steam. It also fabricate specialized components for hydel power sector. The Company initiated work on the establishment of sheet metal and specialized fabrication. It commenced the development of associated technologies for the manufacture of roller screws and electro-mechanical actuators and are excited about rolling these products out in FY 2021-22. The Company floated an IPO of 10,372,419 Equity Shares by raising funds from public aggregating to Rs 596.41 Crore, consisting a Fresh Issue of 2,148,149 Equity Shares and an Offer for Sale of up to 8,224,270 Equity Shares in March, 2021. In 2022-23, the Company undertook design and development of Small Satellite Launch Vehicle (SSLV). It launched new products like Roller Screws, ASP Assemblies in 2023. In 2024, the Company completed the development of Electro-Mechanical Actuators. It initiated development of Valves for Space & Defence sectors. It added reputed global OEM such as GE Power, Voith, Regen Power, Thales, Collins Aerospace, GKN Aerospace, among others in Clean Energy & Aerospace sectors in 2023-24. Company has entered the equipment manufacturing space for the Oil & Gas and Battery Storage Systems in FY 2025.