Mumbai, June 14, 2026, 20:34 (IST)
- MTAR Technologies closed at ₹7,159.50 on the NSE on June 12, up 13.53%, after a sharp two-day fall tied to concerns around a Bloom Energy-linked U.S. data-centre project.
- The next trigger is whether MTAR’s clean-energy order execution and the Cheyenne data-centre project stay on schedule, because Bloom Energy remains a major customer exposure for the company.
MTAR Technologies Ltd staged a sharp recovery in the last available trading session, with the stock closing at ₹7,159.50 on the NSE on Friday, June 12, up ₹853.50, or 13.53%. The rebound followed a bruising slide earlier in the week, when the stock fell 11.26% on June 11 and 4.71% on June 10, according to share-price history data.
The move matters because it was not just a routine bounce in a volatile mid-cap stock. Investors were reacting to customer-concentration risk, meaning the risk that too much revenue depends on one large client. Bloom Energy is an important customer for MTAR, with Moneycontrol reporting that MTAR draws around 55–65% of annual revenue from supplying solid oxide fuel cells and solid oxide electrolysers; fuel cells generate electricity through an electrochemical process rather than conventional combustion.
The selloff was sparked after reports said Crusoe had paused development work on Project Jade, a 1.8-gigawatt data-centre campus in Cheyenne, Wyoming, where Bloom Energy fuel-cell systems were expected to be part of the power plan. Business Standard reported on June 11 that MTAR had plunged 12.22% to ₹6,238 as traders worried that a delay in Bloom’s fuel-cell deployment pipeline could hit MTAR’s order inflows and revenue visibility.
The recovery came after MTAR management pushed back against fears of a project delay. Managing Director Parvat Srinivas Reddy told CNBC-TV18, as reported by Moneycontrol, that MTAR had not received communication from Bloom Energy about a pause and said: “There are no delays as far as we are concerned. We remain completely on track.” Moneycontrol also reported that the project was expected to be completed by 2028. Moneycontrol
External updates helped steady sentiment but did not remove all uncertainty. Black Hills Corp., the utility tied to the Cheyenne project, said the project continues to advance, Crusoe is no longer the development partner, and service is tracking to begin in early 2028; Black Hills also said the customer has provided more than $200 million in refundable contributions to support milestone payments for generation equipment. Its president and CEO Linn Evans said, “The 1.8-gigawatt project has not been paused and continues to represent a significant opportunity for the company.” Businessinsider
The bull case for MTAR is that the core growth story remains intact if clean-energy orders execute as planned. MTAR ended FY26 with record order inflows of ₹2,453.3 crore and an order book of ₹2,581.9 crore as of March 31, 2026; order book means contracted work yet to be executed or billed. Its Q4 FY26 profit jumped to ₹44.28 crore from ₹13.72 crore a year earlier, while revenue rose to ₹306 crore from ₹183 crore, helped by higher product sales and operating leverage, where profit improves faster as fixed costs are spread over higher output. Business Standard Bloom’s separate April announcement that Oracle intends to procure up to 2.8 GW of Bloom fuel-cell systems also supports the broader demand story behind MTAR’s clean-energy exposure.
The bear case is valuation and execution risk. At Friday’s price, Sharekhan showed MTAR’s market value at about ₹22,022 crore, with a trailing twelve-month P/E of 234.24 and P/B of 26.78; P/E, or price-to-earnings ratio, compares the share price with earnings per share, while P/B, or price-to-book, compares market value with accounting net worth. Those multiples mean the stock is pricing in strong growth, leaving little room for disappointment in Bloom-linked execution, margins, or new order conversion. Sharekhan Based on the latest market data, MTAR looks risky rather than cheaply attractive today: the growth pipeline is real, but the valuation makes the next catalyst — formal project progress, fresh order inflows, and the next quarterly earnings update — unusually important for the share price.
