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Motilal Oswal Report
MTAR Technologies Ltd. reported a weak operating performance in Q4 FY24 as revenue was down 27% and Ebitda declined by 63% YoY. The Q4 performance was largely affected by adverse operating leverage due to lower revenue from the clean energy segment (fuel cells/nuclear power) and high costs of first article products being developed for potential customers (for the strengthening of long-term growth outlook and customer diversification).
Factoring in the weak Q4 performance and lower guidance, we cut our EPS estimates for FY25/FY26 by ~30%/16%. We retain our Buy rating on the stock with a target price of Rs 2,390 (40 times FY26E EPS).
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