MTAR Technologies Limited is accelerating the expansion of its clean energy fuel cell manufacturing operations after receiving its highest-ever order inflows in the segment, positioning clean energy as the company’s primary growth driver in FY26 and beyond. The company reported that demand visibility from customers has prompted a phased scale-up in manufacturing capacity, supported by new capital expenditure commitments.
During the first nine months of FY26, MTAR received clean energy fuel cell orders worth INR 10.8 billion, including INR 6.45 billion secured in the December quarter alone. Revenue from the segment reached INR 3.87 billion during the nine-month period, with the company expecting to generate an additional INR 2.5 billion in the fourth quarter. “Clean energy fuel cells is one of the most exciting sectors and is poised for significant growth driven by the global transition towards clean and sustainable energy sources,” said Srinivas Reddy, Managing Director of MTAR Technologies.
To meet rising demand, MTAR is expanding its fuel cell hot box manufacturing capacity from 8,000 units to 12,000 units by the end of FY26. The company plans to further increase capacity to 20,000 units by the end of calendar year 2026 and subsequently scale up to 30,000 units. “Aligned with the growing demand and forecast from our customer, we are augmenting our in-house manufacturing capacity in a phased and sequential manner,” Reddy said.
The company indicated that capital expenditure of approximately INR 500 million to INR 600 million is being evaluated for the next phase of expansion, covering the move from 12,000 to 20,000 units, with infrastructure being developed to support long-term capacity of 30,000 units. Equipment installation will be carried out in stages, aligned with confirmed offtake visibility.
MTAR’s overall order book stood at INR 23.949 billion at the end of the December quarter, reflecting order inflows of INR 13.7 billion during Q3 alone. Management expects the order book to reach around INR 28 billion by the end of FY26, providing sustained revenue visibility across clean energy, civil nuclear, aerospace, defence, and precision engineering segments.
In the civil nuclear segment, the company has secured orders exceeding INR 5 billion for Kaiga nuclear reactor Units 5 and 6, with execution spread over approximately three years. MTAR expects civil nuclear revenues to begin scaling from the first quarter of FY27, supported by execution of existing orders and a strong pipeline from refurbishment and new reactor programs.
The aerospace and defence segment recorded revenue of approximately INR 720 million during the first nine months of FY26 and currently has an order book of around INR 3.25 billion. The company has begun participating in higher-value structural assembly programs, including next-generation aerospace platforms. “We intend to focus on next-generation technologies and structural assembly orders,” Reddy said.
MTAR reported Q3 FY26 revenue of INR 2.78 billion, representing year-on-year growth of 59 percent, supported by higher manufacturing throughput and capacity utilisation, particularly in clean energy and aerospace programs.
MTAR Technologies Limited is a Hyderabad-based precision engineering company supplying complex components and assemblies to the clean energy, civil nuclear, aerospace, defence, and space sectors.
