Mumbai, June 13, 2026, 18:32 (IST)
- MTAR Technologies jumped Friday, clawing back losses from a two-day drop after worries over a U.S. data centre deal with Bloom Energy.
- The stock ended the session at ₹7,159.50 on NSE, jumping 13.53%. On BSE, it settled at ₹7,160.70, gaining 13.74%.
- Investors are watching order execution, updates on Bloom Energy projects and order inflows for FY27 for the next catalysts.
MTAR Technologies bounced back Friday, ending at ₹7,159.50 on NSE, up 13.53%. Earlier in the week, the stock took a hit as a U.S. data-centre project tied to customer Bloom Energy raised investor concerns and led to heavy selling. MTAR closed at ₹7,160.70 on BSE, up 13.74%, putting its market cap near ₹22,022 crore. The price, though, is still below the 52-week high of about ₹8,449.50. Sharekhan
MTAR shares bounced after management denied reports of a possible project delay. Managing Director Parvat Srinivas Reddy told CNBC-TV18, “There are no delays as far as we are concerned. We remain completely on track,” according to Moneycontrol. The same report said MTAR hasn’t had any word from Bloom Energy about a pause. Moneycontrol
MTAR shares dropped after Bloom Energy, seen as a key source of demand for MTAR’s clean-energy unit, faced concerns. MTAR gets about 55%–65% of its yearly revenue from Bloom Energy’s fuel-cell and electrolyser orders, Moneycontrol said, so any sign Bloom may slow deployment could hit MTAR’s earnings. Business Standard also said MTAR stock tumbled June 11 after reports of Crusoe Energy Systems halting a planned 1.8-GW data centre in Cheyenne, Wyoming, where Bloom was supposed to deliver fuel cells. Moneycontrol
Black Hills Corp. said the 1.8-gigawatt Cheyenne project is still on track, even after dropping Crusoe as a development partner. The U.S. utility said the project is moving forward and expects service to start in early 2028. CEO Linn Evans said, “The 1.8-gigawatt project has not been paused,” which eased worry the power-linked data center plan was off course. Businessinsider
MTAR’s shares have support from its businesses in clean energy, aerospace, defence and nuclear precision engineering, and by its robust earnings growth. In Q4 FY26, MTAR posted revenue from operations of ₹306.1 crore, up 67.2% from a year ago. EBITDA came in at ₹61.8 crore, a jump of 80.9%. EBITDA, or earnings before interest, taxes, depreciation and amortisation, is a measure used by investors to look at core profitability before financing and accounting items. For FY26 overall, revenue climbed 29.6% to ₹876.2 crore and profit after tax soared 76.2% to ₹94.0 crore.
The next big test for MTAR is if it can turn data-centre and fuel-cell interest into actual orders without running into delays. In April, the company announced ₹35.6 crore of new orders from an international energy-sector client for data-centre infrastructure, with delivery expected by December 2026. Its previous ₹386 crore order from Bloom Energy for clean-energy fuel cells still has ₹181.2 crore to be executed by Q1 FY27.
Valuation and concentration risk are still issues. Sharekhan data from Friday’s close had MTAR at about 234 times trailing earnings and 26.78 times book value. Price-to-earnings tracks share price against earnings per share, while price-to-book measures market value to accounting net worth. With those multiples, there’s not much space for delays, margin misses or customer shocks, even after what management said. Sharekhan
At this point, the stock is seen as a pick for investors ready to handle big swings for a shot at AI data-centre power, fuel-cell orders, and India’s precision-engineering story. Sudeep Shah from SBI Securities told The Economic Times that momentum signals stay high and said “intermittent profit booking cannot be ruled out.” He pointed to the ₹6,050–₹6,000 zone as support. MTAR is seen more as a high-growth, high-risk play than a bargain at these prices. Economictimes
