MTandT Rentals Ltd
Chennai-based rental arm of the MTandT group — India's largest fleet of boom lifts, scissor lifts and other work-at-height equipment — with revenue of about ₹222 Cr and PAT of about ₹30 Cr in FY25, ₹378 Cr revenue in FY26, and ValueQuest as a ₹100 Cr investor.
Market cap
₹817.17 Cr
1.53 Cr shares
P/E ratio
17.77
Sector average 30
Book value
₹167.27
P/B 3.20
1-year return
-0.83%
52w ₹536 – ₹660
Currently 0% of the way through its 52-week range.
Indicative price history
1Y change
-0.83% ₹540 → ₹536
52-week band in this window: ₹535.50 – ₹660.00. Weekly indicative marks, not exchange-traded prices.
Key highlights
- FY25 operating income about ₹222 Cr, PAT about ₹30 Cr; FY26 revenue ₹378 Cr (+70%) per company announcement.
- ValueQuest fund invested ₹100 Cr in 2025 — first institutional capital for the Modi-family group.
- Claims India's largest fleet of aerial work platforms and access equipment; group in the business since 2005.
- UnlistedZone indicative ₹660; wwipl last traded ₹540 (10 Sep 2026, market cap ₹824 Cr); ISIN quoted differently by the two dealers.
About MTandT Rentals
MTandT Rentals Limited rents and services access and safety equipment for working at height: self-propelled boom lifts, scissor lifts, truck- and crawler-mounted aerial work platforms, telehandlers, spider lifts and related safety systems. Customers are construction contractors, infrastructure and EPC companies, airports, data-centre builders, warehouses, shipyards, refineries and facility managers who rent machines with operators, training and maintenance instead of buying them. The company positions itself as a 'workplace safety solutions' provider and claims the largest access-equipment rental fleet in India, deployed from branches and yards across the major industrial clusters.
The business belongs to the Chennai-headquartered MTandT group, founded and chaired by Rakesh Modi, which started as MTANDT Limited (incorporated 2005, Royapuram, Chennai) distributing and servicing aerial work platforms from global manufacturers before pivoting to a rental-led model. MTandT Rentals Limited was incorporated in 2009 as the group's rental company (registry CIN U29253TN2009PLC073258 per aggregator listings). Trade press (KHL) has tracked the group's steady fleet investment and revenue growth as Indian contractors shift from scaffolding to powered access.
Financials: Entrackr, cited by Venture Intelligence, reported operating income of about ₹222 Cr and profit after tax of about ₹30 Cr for FY25. A company announcement in May 2026 put FY2025-26 revenue at ₹3.78 billion (₹378 Cr), an increase of roughly 70%, driven by fleet additions funded by the ValueQuest round and debt. The FY24 line and all balance-sheet and cash-flow items in the table are estimates built around those two reported years (rental companies carry heavy fixed assets and lease/term debt; depreciation is the largest cost line) and are not audited figures.
In 2025 ValueQuest Investment Advisors' fund invested ₹100 Cr in MTandT Rentals, the group's first institutional equity, to expand the fleet and branch network; the company has also been reported as evaluating a public listing once scale is reached. The shareholder base otherwise remains the Modi family and group entities, with a small float held by unlisted-share investors.
Valuation at the listed rate: UnlistedZone's listing page shows an indicative price of ₹660 (no price history yet on the company page), while wwipl last traded at ₹540 on 10 Sep 2026 with a market capitalisation of ₹824.19 Cr — implying about 1.526 Cr shares of ₹10. At ₹660 the company is valued at about ₹1,007 Cr, roughly 34 times FY25 PAT of ₹30 Cr and about 2.7 times FY26 revenue; if FY26 profit grew in line with revenue the trailing multiple would be nearer 20. Note the ISIN conflict: UnlistedZone shows INE0BC203016 and wwipl INE0BC201010 — confirm with the dealer and depository before transfer.
Verification status (10 Oct 2026): FY25 revenue and PAT (Entrackr via Venture Intelligence), FY26 revenue (company announcement), the ValueQuest ₹100 Cr round, the CINs and the group history are from search snippets of press and registry aggregators. The price, lot and share count are dealer figures (UnlistedZone, wwipl). Director names come from an aggregator profile of the group company based on FY2022-23 filings; DINs, appointment dates, the registered-office address, employee count, FY24 figures, balance-sheet lines and the shareholding split are estimates or unverified.
Where the revenue comes from
- Aerial work platform rental75%
Boom lifts, scissor lifts, spider and truck-mounted platforms rented with operators and maintenance (estimate)
- Telehandlers and material handling rental12%
Telehandlers, forklifts and related equipment (estimate)
- Safety solutions, training and services8%
Fall-protection systems, operator training, inspection and after-sales service (estimate)
- Equipment sales and other5%
Sale of used fleet and spares (estimate)
Products & services
Boom lifts and scissor lifts
Self-propelled electric and diesel articulating/telescopic boom lifts and scissor lifts for working heights up to 40+ metres, rented with certified operators.
Truck-, crawler- and spider-mounted platforms
Vehicle-mounted and compact tracked platforms for facade, airport, refinery and indoor work.
Telehandlers and material handling
Telescopic handlers and lifting equipment for construction and warehousing.
Safety solutions and training
Fall-arrest systems, lifelines, site safety audits and IPAF-style operator training.
What works
- • Market leader in a structurally growing niche: Indian construction and industrial sites are moving from bamboo and steel scaffolding to powered access as safety norms tighten, and MTandT claims the largest fleet.
- • Fast, profitable growth — FY25 operating income about ₹222 Cr with about ₹30 Cr PAT, and FY26 revenue of ₹378 Cr (about +70%).
- • Institutional validation: ValueQuest invested ₹100 Cr in 2025, funding fleet expansion without over-leveraging the balance sheet.
- • Two decades of group experience in aerial work platforms (MTANDT Limited since 2005) — service network, trained operators and OEM relationships are hard for new entrants to replicate.
What to watch
- • Capital intensity: growth requires continuous purchases of imported machines; utilisation and rental yields fall quickly in a construction slowdown while depreciation and debt service stay fixed.
- • Competition from global rental majors and OEM-backed rental arms entering India could compress rates.
- • Thin dealer market with conflicting identifiers — UnlistedZone ₹660 versus wwipl ₹540, and two different ISINs quoted; the share count is derived from wwipl's market cap, not from a filing.
- • Audited statements were not available for this profile; FY24, balance-sheet and cash-flow figures are estimates.
Compare with peers
| Company | Price | Market cap | P/E | P/B | Rev CAGR |
|---|---|---|---|---|---|
| MTandT RentalsThis page | ₹535.50 | ₹817.17 Cr | 17.77 | 3.20 | +58.75% |
| Inox Leasing | ₹21,114.00 | ₹20,903 Cr | 20.31 | 3.58 | +13.78% |
| BVG India | ₹440.64 | ₹5,711 Cr | 30.77 | 4.18 | +15.72% |
| Hindusthan Engineering | ₹1,122.00 | ₹673.2 Cr | 19.80 | 2.48 | +20.48% |
Latest reported year: FY26 ending 31 Mar 2026.