Annual report for the financial year 2025-26

To, Date: 5th September, 2026 BSE Limited. National Stock Exchange of India P. J. Towers, Dalal Street, Limited, Mumbai-400001 Exchange Plaza, Bandra Kurla Complex, (BSE Scrip Code: 543270) Bandra (E), Mumbai- 400051 (NSE Symbol: MTARTECH) Dear Sir/Madam, Sub: Submission of Notice of the 27th Annual General Meeting and Annual Report for the Financial Year 2025-26 Unit: MTAR Technologies Limited ISIN: INE864I01014 We wish to inform you that the 27th (Twenty-Seventh) Annual General Meeting (“AGM”) of Members of the Company is scheduled to be held on Monday, 28th September, 2026 at 3:00 P.M. through Video Conference “VC” / Other Audio-Visual Means. In terms of Regulation 34(1) of the SEBI (Listing Obligations and Disclosure) Regulations, 2015 (“SEBI Listing Regulations”), please find enclosed herewith the copy of Notice of 27th AGM and Annual Report including the Business Responsibility and Sustainability Report of the Company for financial year 2025-26 being sent to the Members of the Company through electronic mode. The aforesaid documents are also available on the website of the Company at https://mtar.in/annual-report/. We request you to please take this intimation on your records. Thanking you, For MTAR Technologies Limited Priyanka Agarwal Company Secretary and Compliance Officer Membership No.: A76000 Encl: As above Corporate Overview Statutory Reports Financial Statements Towards New Horizons MTAR Technologies Limited Annual Report FY 2025 - 26 Forward-looking statement we believe we have been prudent in our In this annual report we are assumptions. The achievement of results presenting some forward-looking is subject to risks, uncertainties and even information to enable investors inaccurate assumptions. to comprehend our prospects and take informed investment Should known or unknown risks or decisions. This report and other uncertainties materialise, or should statements - written and oral - that underlying assumptions prove inaccurate, we periodically make contain actual results could vary materially from forward-looking statements that those anticipated, estimated or projected. set out anticipated results based on the management’s plans and We undertake no obligation to publicly assumptions. Wherever possible, update any forward-looking statements, we have tried to identify such whether as a result of new information, statements by using words such future events or otherwise. as ‘anticipates’, ‘estimates’, ‘expects’, ‘projects’, ‘intends’, ‘plans’, ‘believes’, and words of similar substance in connection with any discussion of future performance. We cannot guarantee that these forward-looking statements will be realised, although Contents Corporate overview Corporate overview 4 Managing Director's Overview 8 Company Overview 42 Financial Highlights 46 Operational Review 50 Management Discussion & Analysis 66 MTAR's ESG Review 70 Risk Management Statutory section 81 AGM Notice 93 Director's Report 105 BRSR 142 Secretarial Audit Report 149 CSR Activity Report 153 Corporate Governance Report Online Annual Financial Section Report www.mtar.in 187 Standalone Financial Statements 249 Consolidated Financial Statements Towards New Horizons For more than five decades, MTAR has contributed to nation-building by developing critical products across strategic sectors. From supplying core of nuclear island assemblies for India’s civil nuclear reactors and propulsion systems for the space programme to developing actuator assemblies for LCA Tejas, the Company has consistently built capabilities for complex and mission-critical applications in Civil Nuclear, Aerospace & Defence sectors, often at a time when these sectors were in a nascent phase in India. This legacy of building capabilities ahead of broader market adoption has also shaped our expansion into new areas. Recognising the growing need for clean technologies, we diversified into Solid Oxide Fuel Cells nearly fifteen years ago, building competencies that have today evolved into a scalable Clean Energy business. We are now leveraging the established capabilities to pursue emerging opportunities such as data centre infrastructure solutions. In Aerospace & Defence, we are focused on increasing our market share by expanding our presence in structural assemblies, actuation systems and engine sub-assemblies across domestic programmes and global aerospace customers. In addition, the company is also focused on developing critical products for Oil & Gas. As our current products achieve greater scale, we are augmenting capacities across sectors, expanding our product porfolio and moving further up the value chain. Backed by more than five decades of engineering heritage, we are taking these capabilities towards new horizons, creating new avenues for growth and enduring stakeholder value. MTAR Technologies Limited Annual report FY 2025 - 26 4 Managing Director’s Overview Our strategy since our inception has consistently been centred on developing technology-intensive, differentiated products in sectors with high entry barriers. Over the decades, we have built specialised capabilities, long- standing customer relationships and a differentiated product portfolio by identifying and investing in technology-intensive sectors of strategic importance well ahead of broader market adoption that translated into scalable revenues Dear Stakeholders, long-term opportunity for the industry. I am pleased to share that FY26 was achieved and the opportunities ahead of Four reactor tenders for construction of another phenomenal year for the us. Today, more than 25% of our revenues 700 MWe reactors at Mahibanswara is Company, as we achieved our highest- are generated from new products expected in F27. ever revenue, in line with our growth developed over the past three to four trajectory and the guidance provided years across diverse sectors. In addition, I am also pleased to highlight our to our shareholders. We recorded total this progress is not limited to the notable contribution to the Prototype revenue of Rs. 8761.08 Mn, representing products we have developed, but extends Fast Breeder Reactor (PFBR), which a growth of 29.61% year-on-year, with to the specialised capabilities and recently achieved criticality that is a EBITDA of 1710.55 Mn and PAT of infrastructure we have built around them, strategically significant milestone for Rs. 953.24 Mn. The year under review be it our dedicated Aerospace facility, India’s civil nuclear energy programme. marks an important milestone in our Nadcap-approved special processes The Company has played a pivotal role journey and more importantly, facility or advanced sheet-metal capabili- in this prestigious national programme, strengthens our confidence in sustaining ties. These investments demonstrate our having supplied a majority of the critical this growth momentum. The sectors ability to continuously explore new areas, assemblies for the core of the civil nuclear in which we operate are supported by build differentiated capabilities and reactor, reflecting the depth of the strong structural drivers, providing us with translate them into scalable revenue engineering and manufacturing significant opportunities for sustainable streams. capabilities we have built over decades growth in the years ahead. As our key sectors hold long-term growth We believe those capabilities, backed by Our strategy since our inception has potential, the strength and diversity long-term foresight and sustained consistently been centred on developing of our product portfolio are creating investments, are now translating into technology-intensive, differentiated multiple avenues for sustained, long-term meaningful opportunities. During the products in sectors with high entry barri- growth. We believe we are well year, we received our highest-ever order ers. Accordingly, we have built specialised positioned to capitalise on these inflow in the Civil Nuclear segment, capabilities, long-standing customer o [Showing first 8,000 characters — download PDF for full document]