Mumbai, June 13, 2026, 03:33 IST
- MTAR Technologies last traded at ₹7,159.50 on June 12, up 13.54%, after sliding sharply in the previous two sessions.
- The rebound followed reports that fears around a Bloom Energy-linked Wyoming data-centre project had eased.
- The next major catalyst is confirmation that clean-energy orders and the Cheyenne project-linked supply chain remain on schedule.
MTAR Technologies Ltd shares staged a sharp comeback on Friday, with the stock last traded at ₹7,159.50, up 13.54%, according to market data published by The Economic Times. The move reversed part of a two-day slide sparked by worries that a large U.S. data-centre project tied to Bloom Energy could face delays, raising questions about future demand for components supplied by the Hyderabad-based precision engineering company.
The selling pressure started after reports that Crusoe Energy Systems had paused development activity on a planned 1.8-gigawatt data-centre campus in Cheyenne, Wyoming. Business Standard reported that Bloom Energy is MTAR’s single largest client, contributing more than 55% of the company’s total revenue, which explains why even indirect uncertainty around Bloom’s deployment pipeline hit sentiment in MTAR’s stock.
Investor nerves eased after fresh updates indicated the Wyoming project itself had not been paused. Black Hills Corp., the utility linked to the project, said it was continuing to advance the development, working directly with the prospective hyperscaler customer, and targeting service commencement in early 2028. “The 1.8-gigawatt project has not been paused and continues to represent a significant opportunity for the company,” Black Hills President and CEO Linn Evans said in a June 10 update. GlobeNewswire
That distinction matters for MTAR’s share price because the original concern was not about a disclosed cancellation of MTAR’s own orders, but about whether Bloom Energy’s future fuel-cell deployments could slow. The Economic Times reported that MTAR clarified it had received no communication on any project pause and that management did not expect a material impact even if a pause occurred, while also noting that MTAR is working with multiple vendors and not only Bloom.
The bull case remains tied to order visibility. MTAR ended FY26 with an order book of ₹2,581.9 crore; an order book is the value of confirmed work yet to be executed and converted into revenue. Business Standard reported that FY26 order inflows reached ₹2,453.3 crore, while clean energy-fuel cell, hydel and other businesses made up 51.2% of the March-end order book. MTAR also secured a ₹467.30 crore international purchase order in May, scheduled for execution in two equal tranches by March and June 2027.
The company’s latest earnings also support the growth story. MTAR reported Q4 FY26 consolidated net profit of ₹44.28 crore, up about 223% from ₹13.72 crore a year earlier, while revenue from operations rose nearly 67% to ₹306 crore. For FY26, revenue rose to ₹876.21 crore and consolidated net profit increased to ₹94.03 crore, according to The Economic Times.
The bear case is valuation and concentration risk. The stock is still up more than 190% in 2026 and more than 315% over one year, according to The Economic Times, while its P/E ratio, or price-to-earnings multiple, stood at 206.29 and its P/B ratio, or price-to-book multiple, at 23.58. Those ratios suggest investors are already paying a steep premium for future growth, leaving little room for execution delays, margin pressure or negative news from Bloom Energy.
At current levels, MTAR looks high-risk rather than clearly cheap, even though the growth pipeline remains strong. Technical analyst Sudeep Shah of SBI Securities told The Economic Times that the stock had rebounded from its 50-day EMA, a moving average that gives more weight to recent prices, but warned that “intermittent profit booking cannot be ruled out.” The next major catalyst investors should watch is whether fresh updates from Black Hills, Bloom Energy and MTAR confirm smooth progress on fuel-cell-linked projects and whether MTAR converts its large order book into revenue without margin slippage. The Economic Times
