Picture a new electronics plant going up outside Bengaluru, or a metro station in Noida. Someone has to fix ceiling ducts 15 metres up. Twenty years ago, that meant bamboo scaffolding and a lot of prayer. Today, it means a boom lift or a scissor lift: a machine that carries a worker safely into the air.
Most builders don't want to own these machines. A boom lift is expensive, and a project needs it for a few months. So they rent one.
That is the business of MTANDT Rentals Ltd, a Chennai company run by the Modi family. It has over 1,230 employees and yards in Jewar, Noida, Mumbai, Ahmedabad, Bengaluru and Bhubaneswar. It isn't listed, but its shares trade in the unlisted market at around ₹550.
In America, renting out machines is a $65 billion idea. United Rentals (NYSE: URI) is the world's largest equipment rental company, and investors pay about 25 times earnings for it. So the question for anyone eyeing MTANDT is simple: is this India's United Rentals in the making, and is ₹550 the right price for that story?
All MTANDT figures are standalone, in ₹ crore, for FY26 (April 2025 to March 2026) from the company's annual report. Consolidated figures are almost the same.
01 · The modelOne shop, two counters
You'd expect a rental company to make its money from rent. MTANDT makes only about half. In FY26, renting brought in 47% of revenue and selling machines brought in 53%. A year earlier the split was the other way round, with renting at 55%.
| Revenue line (₹ cr) | FY26 | FY25 | Growth |
|---|---|---|---|
| Renting of equipment | 169.1 | 118.8 | +42% |
| Equipment sales (new machines) | 163.7 | 89.3 | +83% |
| Porta Deck and Porta Mat sales | 21.7 | 0.05 | new |
| Spares sales | 3.7 | 7.0 | −48% |
| MAPS sales | 0.6 | 2.2 | −74% |
| Revenue from operations | 358.7 | 217.3 | +65% |
| Other income (incl. ₹15.2 cr profit on selling old fleet) | 24.4 | 10.9 | +123% |
Counter one is the annuity. MTANDT buys a machine, usually imported, for say ₹1 crore. It rents the machine out and handles delivery and maintenance. The books depreciate equipment over 15 years. When a machine gets old, MTANDT sells it in the used market. In FY26 those sales added ₹15.2 crore of profit, which the company reports as "other income".
Counter two is the trading desk. Some customers want to own their machines, so MTANDT imports new lifts and sells them. It works like a dealership. Cash comes in fast, but the margin is thinner and none of it repeats.
The report doesn't say why the company runs both. The likely logic is that each feeds the other. Selling machines means bigger orders with overseas makers, which should help on fleet prices. And the rental yards double as a service network for the machines it sells.
02 · The machinesWhat MTANDT actually rents
"Work-at-height equipment" sounds abstract. In practice it means four kinds of machines that lift a person, safely, to where the work is. MTANDT calls them "access vehicles", and they make up ₹509 crore of its ₹585 crore of fixed assets at original cost.
MTANDT fleetScissor lift
This one is MTANDT's own, in its orange livery with the "mtandt" logo on the guardrail. The platform rises straight up on criss-cross supports. It can't reach sideways, but the deck carries two or three workers plus tools.
That makes it the workhorse for ceilings, ducting, wiring and warehouse racks. Compact electric models like this run indoors without fumes. In most rental fleets, scissor lifts are the most common machine.
MTANDT fleetSpider lift
A lift on rubber tracks that folds small enough to pass through a doorway. On site it spreads four outrigger "legs", like a spider, and stands steady on polished floors, slopes or soft ground. Here it reaches the roof of a mall atrium, exactly the job it was built for.
It suits malls, airports, heritage buildings and factories with tight access. The arm in this photo appears to carry the Easy Lift name, one of MTANDT's Italian partner brands. CMC, Falcon, Omme and Teupen, also on its partner list, make spider lifts too.
MTANDT fleetTracked boom lift
A bigger tracked machine at work on an Indian site. Its long arm telescopes out and bends at the tip (a "jib"), so the basket can reach up and over a structure instead of only straight up. Booms with jointed arms are called articulating booms.
Machines like this go to metro stations, factory sheds and airport roofs.
Boom liftTelescopic boom lift(photo loads when online)
Telescopic boom lift
A straight arm that slides out like a telescope. It goes higher and further than an articulating boom, which is why it suits steel structures, bridges and large plants. The JLG 860SJ in front is named for its roughly 86-foot (about 26 m) platform height.
Look at the arm: it carries a United Rentals sticker. Even in America, most builders rent these rather than buy them.
Two smaller lines round out the fleet:
PortaDeck, PortaMat and PortaPad
Heavy-duty mats that snap together into a temporary road over mud or soft soil, so cranes and trucks can reach a site without sinking. MTANDT holds ₹64 crore of them at cost, and sales jumped to ₹21.7 crore in FY26.
Light towers and power stations
Trailer-mounted floodlights and battery packs for night shifts and sites without grid power. The group runs these as MLIT and MPower. MTANDT Rentals lists "mobile light and power" in its range, though the report doesn't break out the revenue.
Why rent instead of buy? A contractor might need a 26-metre boom for six weeks, then nothing for a year. The machine costs crores, needs trained operators and safety checks, and loses value fast if it sits idle. A rental company spreads that cost across hundreds of projects. Its whole game is keeping each machine working as many days a year as possible.
03 · The family treeWhose brands are these, anyway?
Visit mtandt.com and you'll see a wall of brands: Mlift, WEB, Evolution, Aardwolf Quickfit, FastBeam, Ironlink and more. It's tempting to assume the ₹550 share buys all of them. It doesn't.
The Mtandt Group was founded in 1974 by the late Rajkumar Modi as a hardware store. Today it says it runs 25 business units and subsidiaries, with operations in Sri Lanka and Qatar. MTANDT Rentals Ltd, formed in 2012, is just one of them. We matched each brand on the website against the annual report's list of subsidiaries and related parties:
| Brand | What it does | Who owns or runs it | In MTANDT Rentals? |
|---|---|---|---|
| MTANDT Rentals | Boom, scissor, mast boom and spider lifts; temporary road mats; mobile light and power | MTANDT Rentals Ltd: the company in this story | Inside |
| PortaDeck / PortaMat / PortaPad | Temporary road and ground mats | Rented and sold by MTANDT Rentals: ₹64 cr of fleet at cost, ₹21.7 cr sold in FY26 | Inside |
| Mlift by MTANDT | Boom, scissor, vertical lifts, order pickers, mini crawler cranes. The website calls it "manufacturing & trading" | Group brand set up in 2014; the owning entity isn't disclosed. MTANDT Rentals' equipment-sales arm likely sells under it, but this isn't confirmed | Unclear |
| Ironlink Rail Alliance | Lifts (MEWPs) for rail and road work | Ironlink Rail Alliance Pvt Ltd: a 50% joint venture of MTANDT Rentals | 50% JV |
| Vertikal | Tower cranes, material and passenger hoists, mast climbers (set up 2024) | Vertikal Rentals Pvt Ltd: a 75% subsidiary in FY26, a 26% associate since Apr 2, 2026 | 26% |
| MLIT / MPower | Mobile light towers, battery power stations | Has its own CEO in the group; the entity isn't disclosed. MTANDT Rentals lists light and power among its rentals | Unclear |
| Evolution Access Technologies | Industrial rope access, onshore and offshore services and consulting | Evolution Access Technologies Pvt Ltd: a promoter-group company | Outside |
| WEB | Under-deck access platforms, safety netting, dropped-object protection | Web Rigging Systems International Pvt Ltd: bought by the group in 2020. MTANDT Rentals owns ₹7.9 cr of Web Deck fleet | Outside |
| Aardwolf Quickfit | Aluminium scaffolding: ladders, stairways, road-rail | The group's scaffolding manufacturing; the entity isn't named | Outside |
| Instant Amsterdam by MTANDT | Scaffolding for the boiler industry | Group; the entity isn't named | Outside |
| FastBeam | Adjustable access for bridge maintenance (set up 2023) | Group; the entity isn't named | Outside |
| JM | Rope-suspended platforms, hoists | J M Services: a related party | Outside |
| Equipr | Fleet maintenance, telematics, retrofits | Equipr Technologies Ltd: a related party. MTANDT Rentals bought ₹10.2 cr of spares from it | Outside |
| Mtandt MRO | Tools and maintenance supplies | Mtandt MRO LLP: a related party | Outside |
| TsaF fall protection | Lifelines, walkways, barricades, Flowlok ladders | A group division since 2005; the entity isn't named | Outside |
| CESL | Work-at-height and operator training and certification | Evolution Industrial Training Ltd (formerly Capital Equipment Services Ltd): a related party | Outside |
| ToolsBond | Telescopic and step ladders | Not disclosed | Outside |
| Partner brands | CMC, Comansa, Comet, Dingli, Easy Lift, Hoeflon, Falcon, Omme, Runshare, Teupen | Third-party manufacturers. Mtandt partners with or deals for them; the group lists a technical collaboration with Comet from 2024 | Not Mtandt's |
"Inside" means the brand's business shows up in MTANDT Rentals' own revenue or assets. Ownership comes from the FY26 annual report (notes on investments and related parties) and the mtandt.com "Our Brands" and "About Us" pages. Where a page names a brand but no entity, we say so.
Out of 18 brands, only two sit wholly inside the company. Two more are part-owned, and for two the owner isn't clear. The rest belong to the promoters, or to companies the group trades with.
Why this matters
The group's other companies don't just sit alongside MTANDT Rentals. They trade with it every year. In FY26, MTANDT bought ₹10.7 crore of spares and ₹15.1 crore of fixed assets from MtandT Ltd, and ₹10.2 crore of spares from Equipr. It sold ₹8.2 crore of MAPS to Keywest Geogrid, and ₹9.9 crore of machines and spares to MtandT Ltd. And ₹51 crore of its money sits with MtandT Ltd as deposits and receivables. When the same family sits on both sides of a deal, the price is worth a second look.
So how many factories?
MTANDT Rentals itself has none. Its annual report lists no plant. It has one business segment, "Rental and Trading of Aerial Work Platform", and says "NA" under energy and technology. What it has are a head office in Padur, near Chennai, and its six yards.
The wider group does manufacture. According to its website, it has made aluminium scaffolding since 1995 and has manufactured in Ghaziabad since 2012. It also set up a scaffolding unit in Qatar in 2018, and its management team includes a "Factory Head". None of that sits in the unlisted company.
And what comes from abroad?
Almost everything MTANDT Rentals rents or sells. In FY26 it imported ₹340 crore of equipment (CIF value), up from ₹164 crore. Over the same year it added ₹234 crore to its fleet and bought ₹143 crore of stock to resell. So roughly nine of every ten rupees spent on machines went abroad. The partner brands above, from Europe and China, are the likely suppliers, though the report doesn't name any.
| Item | Source | Role | FY26 size |
|---|---|---|---|
| Access vehicles (boom, scissor and other lifts) | Imported | Rent and sell | ₹509 cr fleet at cost; ₹164 cr of machines sold |
| Porta Deck mats | Imported | Rent and sell | ₹64 cr fleet at cost; ₹21.7 cr sold |
| Web Deck | Group company (WEB) | Rent | ₹7.9 cr fleet at cost |
| Spares | ₹5.7 cr imported; the rest bought locally, much of it from group firms | Repair and resell | ₹3.7 cr sold |
Importing this much has two costs. One is rupee risk: MTANDT lost ₹3.8 crore on foreign exchange in FY26, after a ₹1.5 crore gain in FY25. The other is customs timing: ₹26.5 crore of machines were waiting in a free trade warehouse at year end.
04 · The numbersFaster growth, slightly thinner margins
Revenue grew 65% and profit grew 70%. But operating margins slipped by about two points, because most of the growth came from trading, which earns less than renting.
| ₹ crore | FY26 | FY25 | Change |
|---|---|---|---|
| Revenue from operations | 358.7 | 217.3 | +65% |
| EBITDA (excl. other income) | 130.1 | 85.8 | +52% |
| EBITDA margin | 36.3% | 39.5% | −3.2 pts |
| Operating profit (EBIT, excl. other income) | 69.0 | 46.5 | +49% |
| Operating margin (OPM) | 19.2% | 21.4% | −2.2 pts |
| Profit after tax | 52.7 | 30.9 | +70% |
| Net margin (NPM) | 14.7% | 14.2% | +0.5 pts |
UnlistedZoneGross margin depends on how you count it. MTANDT doesn't report one, so here are three ways to look at it:
- Trading margin (equipment sales minus cost of goods): 27.9% in FY26, up from 22.8%. The sales desk got better at pricing.
- Revenue minus materials: 61.9%, down from 65.0%. This flatters the business, because renting has no "materials". Its real cost is the machine wearing out.
- After fleet depreciation (revenue minus materials and depreciation): 44.9%, down from 46.6%. This is the fairest match for United Rentals' 38.4% gross margin over the last 12 months, which also counts its rental running costs.
Three more things stand out in the profit line:
- Other income exactly paid the interest bill: ₹24.40 crore against ₹24.39 crore. Most of it, ₹15.2 crore, was profit on selling old fleet. That's normal for a renter, and URI counts it as revenue, but it's lumpy.
- FY26 had one-off costs. A ₹5.7 crore bad-debt provision and a ₹3.8 crore forex loss pulled the EBITDA margin down. Without them, it would have been 38.9%.
- Depreciation is the biggest cost after materials. It ate 36% of rental revenue at MTANDT, against 19% at URI in FY25. A young, fast-growing fleet on written-down depreciation front-loads this cost.
05 · Versus the giantHow MTANDT stacks up against United Rentals
Meet the giant
United Rentals, Inc. is a US company, headquartered in Stamford, Connecticut, and listed on the New York Stock Exchange under the ticker URI. It reports in US dollars under US accounting rules (US GAAP). It is the world's largest equipment rental company, with $22.5 billion of fleet at original cost at the end of 2025.
Unlike Indian companies, which mostly run April to March, URI's financial year is the calendar year, January to December. So URI's "FY25" is Jan–Dec 2025, while MTANDT's FY26 is Apr 2025–Mar 2026. The two overlap for nine months.
URI's last three years
| United Rentals ($ million) | FY23 Jan–Dec 2023 | FY24 Jan–Dec 2024 | FY25 Jan–Dec 2025 | Last 12 mo. to Jun 2026 | FY26 guidance |
|---|---|---|---|---|---|
| Total revenue | 14,332 | 15,345 | 16,099 | 16,832 | 17,500–17,800 |
| Revenue growth | +23.1% | +7.1% | +4.9% | +9.6% (H1) | +9.6% (midpoint) |
| Rental revenue | 12,064 | 13,029 | 13,806 | 14,514 | — |
| Gross profit | 5,813 | 6,150 | 6,144 | 6,456 | — |
| Gross margin | 40.6% | 40.1% | 38.2% | 38.4% | — |
| Adjusted EBITDA | 6,857 | 7,160 | 7,328 | 7,662 | 7,975–8,125 |
| Adjusted EBITDA margin | 47.8% | 46.7% | 45.5% | 45.5% | about 45.6% |
| Operating profit | 3,827 | 4,065 | 3,973 | 4,173 | — |
| Operating margin | 26.7% | 26.5% | 24.7% | 24.8% | — |
| Net profit | 2,424 | 2,575 | 2,494 | 2,638 | — |
| Net margin | 16.9% | 16.8% | 15.5% | 15.7% | — |
| Diluted EPS ($) | 35.28 | 38.69 | 38.61 | — | — |
| ROE (net profit ÷ average equity) | 31.9% | 30.7% | 28.4% | 29.0% | — |
| Free cash flow | 2,306 | 2,058 | 2,181 | — | 2,150–2,450 |
| Shareholders' equity (year end) | 8,130 | 8,622 | 8,968 | 9,224 | — |
| Net leverage (net debt ÷ EBITDA) | 1.6x | 1.8x | 1.9x | 1.8x | — |
Figures as reported in URI's annual results releases (Form 8-K); FY24 is taken from the FY25 release. "Last 12 months" = FY25 − H1 2025 + H1 2026. FY25 includes a $29 million after-tax benefit from the terminated H&E merger.
The pattern is a mature business. After a 23% jump in 2023, growth slowed to 5–7%, and margins drifted down by about two points as costs rose faster than rental rates. Even so, URI turns over $2 billion of free cash a year, and revenue growth picked up to 9.6% in the first half of 2026.
UnlistedZoneURI is ahead on every line, but the gap is narrowest where it matters most: net margin, 14.7% against 15.7%. MTANDT's bigger depreciation bill and thinner trading margins explain most of the gap.
And what did URI shareholders earn?
A lot more than the profit growth would suggest. URI's share price closed 2022 at $355. On Oct 9, 2026 it closed at $1,056, nearly 3x in under four years, or about 33% a year.
UnlistedZone| Period | Start price | End price | Price return |
|---|---|---|---|
| 2023 (calendar year) | $355.42 | $573.42 | +61.3% |
| 2024 | $573.42 | $704.44 | +22.8% |
| 2025 | $704.44 | $809.32 | +14.9% |
| 2026 so far (to Oct 9) | $809.32 | $1,056.37 | +30.5% |
| End-2022 to Oct 9, 2026 | $355.42 | $1,056.37 | +197% (about 33% a year) |
Here's the interesting part. Between FY22 and FY25, URI's net profit grew only 18% and EPS grew 30%, helped by buybacks. Yet the share price nearly tripled. Most of the gain came from investors paying more for each dollar of profit: the P/E rose from about 12x at the end of 2022 to about 25x today. The market decided equipment rental is a steadier, higher-quality business than it used to think.
06 · Returns and working capitalWhere the strain shows
Returns fell in FY26, and the reason is mostly timing. The company raised ₹120 crore of equity and borrowed ₹122 crore more, but the new machines arrived through the year, so they didn't earn for a full year. The bigger worry is that customers are paying more slowly.
| Ratio | FY26 | FY25 |
|---|---|---|
| ROE (profit ÷ average equity) | 21.9% | 28.2% |
| ROCE (EBIT incl. other income ÷ equity + debt, year end) | 14.5% | 16.3% |
| Core ROCE (EBIT excl. other income) | 10.7% | 13.2% |
| Debtor days (receivables ÷ revenue × 365) | 189 | 153 |
| Inventory days (on cost of goods) | 56 | 71 |
| Payable days (on purchases) | 165 | 148 |
| Net trade working capital (₹ cr) | 142.1 | 72.3 |
| Net trade working capital, % of revenue | 39.6% | 33.3% |
A note on the company's own ratio table: it works out ROE as profit divided by share capital, which gives "345%". That's a sloppy formula, not a real return.
Receivables are the soft spot. They more than doubled, from ₹91 crore to ₹186 crore, while revenue grew 65%. That's about six months of sales sitting with customers. ₹23.1 crore is more than six months overdue. That includes ₹5.7 crore of disputed dues, fully provided for in FY26, the first such provision. On top of that, there's the ₹23.1 crore long-term receivable from MtandT Ltd, which sits outside working capital.
MTANDT is also stretching its own suppliers. Payable days rose to 165, and it owed ₹50 crore to equipment suppliers at year end, which works like extra debt.
07 · Balance sheet and cashGrowing on borrowed fuel
The balance sheet nearly doubled in a year, to ₹800 crore. Leverage actually improved, because the equity raise was as big as the new borrowing. But free cash flow was −₹150 crore.
| ₹ crore | Mar 31, 2026 | Mar 31, 2025 |
|---|---|---|
| Fleet and other fixed assets (net, incl. machines in transit) | 439.7 | 260.5 |
| Trade receivables | 185.7 | 91.0 |
| Inventory | 20.8 | 14.8 |
| Cash, deposits and liquid fund | 70.4 | 4.4 |
| Other non-current assets (mostly with MtandT Ltd) | 51.2 | 44.8 |
| Other assets | 31.7 | 27.2 |
| Total assets | 799.5 | 442.8 |
| Equity | 325.2 | 156.1 |
| Total debt | 319.0 | 196.6 |
| Trade payables | 64.4 | 33.5 |
| Owed to equipment suppliers | 50.2 | 31.2 |
| Other liabilities (incl. deferred tax) | 40.7 | 25.4 |
| Debt to equity | 0.98x | 1.26x |
| Net debt ÷ EBITDA (URI: 1.8x) | 1.9x | 2.2x |
| Interest cover (EBIT ÷ interest) | 3.8x | 3.6x |
The debt is plain-vanilla equipment finance. It comes from 12 banks and NBFCs on 60-month term loans at 8–10%, secured on the machines. Overdrafts cost 7.5–7.8%. The promoters have given personal guarantees and pledged family properties as extra security. ₹77.6 crore of the debt falls due within a year.
UnlistedZoneThe business made ₹149 crore of cash profit before working capital. Debtors swallowed ₹104 crore of it, leaving ₹52.5 crore of operating cash flow. Against that, MTANDT spent a net ₹202 crore on new fleet.
Negative free cash flow isn't bad on its own. A fast-growing rental company should burn cash, because each machine is paid for upfront and earns back over years. United Rentals grows far more slowly today, and it expects to generate $2.15–2.45 billion of free cash flow in 2026. The test for MTANDT in FY27 is whether debtors grow slower than revenue and operating cash flow gets closer to EBITDA.
08 · ValuationWhat is ₹550 really paying for?
At ₹550, MTANDT Rentals is worth about ₹983 crore, or ₹1,232 crore including net debt. That's about 9.5x EBITDA. United Rentals trades at about 10.6x its EBITDA for the 12 months to June.
The share count
All the preference shares issued in FY26 must convert into equity, so we count them in:
| Share class (Mar 31, 2026) | Number |
|---|---|
| Equity shares | 1,52,62,796 |
| CCPS (Sep and Dec 2025) | 4,33,550 |
| Series B1 CCPS (Mar 2026) | 21,78,639 |
| Fully diluted | 1,78,74,985 |
1,78,74,985 × ₹550 = ₹983 crore. Counting equity shares alone gives ₹839 crore, but that ignores shares that will certainly exist. We assume each preference share converts into one equity share. The Series B1 conversion price can be reset against financial targets, so the final count could differ. The investors who came in during FY26, led by the Dharamshi family and ValueQuest Scale Fund II, paid ₹459 a share. ₹550 is 20% higher, about six months later.
| Measure | MTANDT at ₹550 | United Rentals at $1,056 |
|---|---|---|
| Market value | ₹983 cr | $65.8 bn |
| P/E | 18.7x FY26 | 24.9x trailing · 19.9x forward |
| Price to book | 3.0x | 7.1x |
| EV / EBITDA | 9.5x (8.0x incl. other income) | 10.6x trailing · 10.1x FY26 guidance |
| EV / sales | 3.4x | 4.8x |
| EV / fleet at original cost | 2.1x | 3.6x (Dec 2025 fleet) |
| ROE | 21.9% | 29.0% |
| Revenue growth | +65% | +9.6% (H1 2026) |
| Free cash flow yield | negative | about 3.5% (FY26 guidance) |
URI price and market data as of the Oct 9, 2026 close. The MTANDT P/E spreads profit across all 1.79 crore shares, or ₹29.5 a share. On reported basic EPS of ₹34.50, it would be 16x.
How the world values a rental company
- EV/EBITDA is the main yardstick. Depreciation depends on fleet age and accounting choices, so analysts look at cash earnings before it.
- Returns against price to book. A renter that earns well above its cost of capital deserves a premium to the money tied up in its fleet. URI's return on invested capital was 11.8% in the year to June 2026.
- Free cash flow yield. Mature renters are valued on the cash they hand back. URI's is about 3.5%. MTANDT's is negative, so this lens doesn't work yet.
- Fleet value as the floor. Lenders lend against what used machines would fetch. A rental company's worst case is roughly its fleet's resale value minus its debt.
What ₹550 implies
Using core EBITDA of ₹130 crore, net debt of ₹249 crore and 1.79 crore shares:
| EV / EBITDA multiple | Implied value per share |
|---|---|
| 8x | ₹443 |
| About 9.5x (where ₹550 sits) | ₹550 |
| 10x | ₹589 |
| 10.6x (URI, last 12 months) | ₹632 |
The case for paying more is growth: 65% against URI's 10%, in a market that is still young. The case for paying less is everything else. The share is unlisted and hard to sell. Free cash flow is negative. Six months of revenue is stuck with customers. Half of what carries the Mtandt name sits outside this company. And there are the governance points below.
09 · The checklistQuestions worth asking before you buy
- Auditor change. The previous auditor, Bhandari & Keswani, resigned on Mar 21, 2026, within a year of being appointed for five years. MSKC & Associates replaced it and gave a clean audit report.
- Board exits. The investors' nominee director resigned on Sep 1, 2026. Two independent directors resigned on Sep 30, 2026, and one new independent director joined the same day.
- Money with family firms. ₹51 crore sits with MtandT Ltd. The report doesn't explain what the ₹26 crore "royalty deposit" pays for. Is it for the Mtandt brand?
- Many related-party trades. MTANDT buys from and sells to more than ten promoter-linked companies.
- Late payments to small suppliers. ₹10 lakh of interest was owed on overdue MSME dues.
- Loss-making ex-subsidiary. Vertikal has accumulated losses and no impairment was taken. MTANDT still guarantees ₹17.4 crore of its loans.
What to watch in FY27
- Debtor days falling from 189 back towards 150.
- Operating cash flow catching up with EBITDA.
- Rental revenue growing faster than trading.
- ROCE recovering as the FY26 fleet earns a full year.
- The final Series B1 conversion ratio, and any IPO plans. The B1 terms refer to conversion around an IPO.
MTANDT Rentals is a real, fast-growing business in a category India will need much more of. The group's own target is to grow tenfold by 2030. At ₹550, though, the market is already pricing a good part of that ambition. The next two annual reports will show whether the cash catches up with the story.
This is an explainer, not investment advice. Unlisted shares are illiquid and their prices are not regulated, so verify the price and terms before you transact.
SourcesWhere these numbers come from
- MTANDT Rentals Ltd, Annual Report 2025–26: standalone financial statements, notes 3–32, Board's report.
- United Rentals Q4 and full-year 2023 results (Form 8-K, exhibit 99.1)
- United Rentals Q4 and full-year 2025 results (Form 8-K, exhibit 99.1)
- United Rentals Q2 2026 results and raised 2026 guidance (Form 8-K, exhibit 99.1)
- United Rentals valuation statistics, Stock Analysis (Oct 9, 2026 close)
- URI price history, Digrin (year-end closes 2022–2025)
- Yahoo Finance, URI financials
- mtandt.com: Our Brands and About Us (group history, management, brands)