MTAR Technologies Wins ₹126 Crore Nuclear Order From NPCIL

Precision engineering firm MTAR Technologies has secured purchase orders worth ₹126.74 Crore from NPCIL. For a company that has leaned into India's nuclear build-out, what does this latest win say about the pipeline ahead?

What Is The Order For?

Unlike a bare supply contract, MTAR has spelt out where the parts are headed. The orders are for the supply of coolant channel assemblies for the refurbishment of the RAPS-4 and MAPS-2 reactors.

Simply put, coolant channels are core internal tubes that carry coolant through a reactor, and refurbishment work extends the life of an ageing plant.

This order took the company's closing nuclear order book at more than ₹775 Crore, the highest in its history.

Earlier in the fiscal year MTAR secured a ₹504 Crore. order for fuel handling assemblies for the Kaiga 5 and 6 reactors, described as its single largest such award.

So while the NPCIL order is smaller, it deepens a book increasingly tilted towards civil nuclear power.

MTAR Technologies’ Nuclear Business

• It is among the top three suppliers of precision engineering for India's civil nuclear, space and defence programmes.

• It has helped fabricate critical parts for India's first 700 MW reactor at Kakrapar in 2020.

• The company sees potential opportunities from India’s planned fleet of 700 MW reactors and initial estimates indicate possible order inflows in the coming years..

How Does It Sit Against MTAR's Numbers?

The order lands in the middle of a strong stretch of execution. The June 2026 quarter (Q1 FY27) showed sharp year-on-year growth:

All these factors have taken MTAR’s stock up over 350% over the past year, and foreign institutional holding has climbed to 24.80% from 17.31% three months earlier.

At 10:52 am on Wednesday, shares of MTAR Technologies were trading at ₹7,043, up ₹114.50 or 1.65% at National Stock Exchange (NSE), following the company's latest NPCIL order win.

The Road Ahead

The latest NPCIL order further strengthens MTAR Technologies’ growing nuclear order book as management continues to focus on execution and revenue growth across its key business segments.

Looking ahead, the management has guided for an exceptional 80% revenue growth for the current fiscal year, with EBITDA margins projected at 24%.

The company seems to be at an inflexion point, with execution commencing in the second half of the year for major civil nuclear projects.

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