Synopsis: MTAR Technologies approaches its Q4FY26 results amid rising expectations around clean energy execution, margin improvement, and stronger business momentum. Bloom Energy-linked expansion and growing exposure to global AI data centre infrastructure could play an important role in shaping the company’s broader growth outlook.
MTAR Technologies’ board is scheduled to meet on Tuesday, May 12, to consider and approve its audited Q4FY26 and full-year FY26 financial results. The upcoming announcement is expected to provide key updates on business performance, order execution, margin trends, and growth visibility across its clean energy, nuclear, and precision engineering segments. Here are the estimates from Motilal Oswal.
What Are The Expectations?
According to Motilal Oswal, MTAR Technologies is expected to benefit significantly from Bloom Energy’s rapidly expanding partnership with Oracle, which is aimed at supporting large-scale AI and cloud infrastructure development in the United States. Under this agreement, Oracle plans to procure up to 2.8 GW of Bloom’s fuel cell systems, with an initial 1.2 GW already contracted for deployment by 2027. The brokerage believes this large commercial arrangement substantially improves Bloom’s long-term revenue visibility while also strengthening MTAR’s growth outlook, given its critical role in supplying key components to Bloom’s fuel cell systems. The strategic partnership structure, which also includes equity-linked warrants issued to Oracle, further aligns commercial execution with long-term infrastructure expansion.
Motilal Oswal highlights that MTAR stands to be a major indirect beneficiary of this opportunity, as every 1 GW of Bloom orders is estimated to generate approximately Rs. 900 crore to Rs. 1,100 crore in incremental revenue for MTAR. Based on the latest Oracle-related contract wins, this could translate into an additional Rs. 1,400 crore to Rs. 1,700 crore revenue opportunity for MTAR over the coming years, representing nearly 1.6 to 1.8 times its estimated FY26 revenue. As a result, clean energy is expected to become an even larger contributor to MTAR’s business, potentially rising to 71 percent by FY28 from 62 percent in FY25. While this increases client concentration, the brokerage views current global macro and AI infrastructure tailwinds as a strong structural growth catalyst.
The brokerage also notes that MTAR’s strategic importance within Bloom’s supply chain remains exceptionally strong, with the company commanding an estimated 60 percent to 70 percent wallet share in critical hot box assemblies. This positions MTAR not just as a supplier, but as a deeply integrated enabler of Bloom’s broader global expansion. However, Motilal Oswal cautions that rapid scaling of fuel cell orders may increase working capital requirements, potentially creating short-term funding pressures through higher inventory and receivables. Despite this, the brokerage remains highly optimistic on MTAR’s long-term outlook, citing its entrenched customer relationship, strong earnings visibility, and exposure to one of the most powerful structural growth themes emerging from the global AI-driven data center expansion cycle.
What Are The Estimates?
On the financial front, Motilal Oswal expects MTAR Technologies to report revenue of Rs. 320.4 crore in Q4FY26, reflecting a growth of 15.3 percent quarter-on-quarter from Rs. 278 crore in Q3FY26 and 75 percent year-on-year from Rs. 183.1 crore in Q4FY25. EBITDA is projected at Rs. 77.1 crore, marking an increase of 20.5 percent sequentially from Rs. 64 crore and 126.1 percent year-on-year from Rs. 34.1 crore. EBITDA margins are expected at 24.06 percent, compared to 23.02 percent in Q3FY26 and 18.6 percent in Q4FY25, reflecting improved operational leverage and better profitability.
Net profit is estimated at Rs. 46.8 crore, compared to Rs. 34.7 crore in the previous quarter and Rs. 13.7 crore in the year-ago period, indicating a rise of 34.9 percent quarter-on-quarter and 241.6 percent year-on-year. PAT margins are expected at 14.60 percent, up from 12.48 percent in Q3FY26 and 7.48 percent in Q4FY25.
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