Both space and nuclear are niche technology areas and hence command higher margin compared to other technology services. they are also trying to develop products for Govt in import substitution category where again the margins are high because Govt wants to push for development of technology in India even if it is expensive compared to import.
Though I agree with other observation of yours on MTAR trying to become supplier of “everything to everyone” . That is clearly a risk if management loses focus.
Everything else that you have mentioned is already known.
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