SYNOPSIS:
MTAR Technologies surged over 13 percent to a 52-week high, driven by Bloom Energy’s $5 billion Brookfield-backed AI fuel cell projects. Clean energy sales, contributing 62 percent of FY25 revenue, remain a key growth driver.
Shares of a leading manufacturer engaged in the manufacturing and development of mission-critical precision-engineered systems catering to the clean energy, aerospace, and defence sectors surged over 13 percent to hit a new 52-week high on Tuesday. What triggered this stee prise? Let’s break it down in this article.
At 02:37 p.m., the shares of MTAR Technologies Limited were trading in the green at Rs. 2,096.1 on NSE, up by around 11 percent, as against its previous closing price of Rs. 1,887.1, with a market cap of Rs. 6,447.5 crores. The stock has delivered positive returns of around 18 percent in the last one year, and has gained by over 25 percent in the last one month.
What’s the News
Shares of MTAR Technologies Limited surged over 13 percent on Tuesday, 14th October, reaching a new 52-week high on the stock exchanges. This marked the stock’s largest single-day gain since February 2025.
The rally follows reports that Brookfield has invested $5 billion in Bloom Energy for fuel cells powering AI data centres. Bloom Energy, a key client of MTAR Technologies, is spearheading the first phase of a joint AI infrastructure initiative. The collaboration includes the design and delivery of AI factories worldwide, with a European site expected to be announced before year-end.
Bloom Energy is positioned to become Brookfield’s preferred on-site power provider for its AI factories globally. This marks Brookfield’s first investment in a dedicated AI infrastructure strategy. Bloom Energy has already implemented its fuel-cell technology across data centres through partnerships with American Electric Power, Equinix, and Oracle.
MTAR serves as a strategic supplier to Bloom Energy, supporting its solid oxide fuel cell (SOFC) and solid oxide electrolyser (SOEC) programs. The company provides power units, sheet metal assemblies, and enclosures, and acts as the exclusive supplier of Bloom Energy’s electrolyser units, a critical component in Bloom’s supply chain. Currently, MTAR meets nearly 50-60 percent of Bloom Energy’s hotbox requirements. Clean energy fuel cells remain one of the key revenue drivers, contributing 62 percent of MTAR’s total revenue, or nearly Rs. 417 crore, in FY25.
In Q1 FY26, MTAR Technologies’ clean energy segment reported revenue of ~Rs. 105 crore. For Bloom Energy, management noted the highest-ever forecast following recent US tariff announcements, with guidance for the next fiscal projected 25 percent higher than current levels. Bloom is expanding its wallet share with MTAR, including additional assemblies and potential for complete assembly in India for non-US markets.
Revenue from Bloom is projected to remain above Rs. 100 crore per quarter in FY26, rising to Rs. 140-150 crore per quarter in FY27, while margins are expected to remain stable.
Management Guidance
For FY26, the company has guided for 25 percent YoY revenue growth, with H2 expected to be stronger. EBITDA margins are projected at over 21 percent (±100 basis points).
On the capex front, the company has earmarked Rs. 100+ crore for FY26, including Rs. 70 crore for the oil & gas sector, with the rest allocated to sustenance and equipment upgrades. For FY27, planned capex is expected to moderate to Rs. 25-30 crore, primarily for maintenance, with additional investments based on new customer requirements. Further, the company anticipates 15-20 percent growth in FY26 across the clean energy segment, including fuel cells, hydropower, and battery storage systems.
Financials & More
MTAR Technologies reported a significant growth in its revenue from operations, showing a year-on-year increase of around 23 percent from Rs. 128 crores in Q1 FY25 to Rs. 157 crores in Q1 FY26.
Similarly, its net profit increased during the same period from Rs. 4 crores to Rs. 11 crores, representing an impressive rise of about 175 percent YoY. As of June 2025, MTAR Technologies reported an order book of around Rs. 930.2 crores, compared to Rs. 979.4 crores at the end of March 2025.
The order book as of June 2025 reflects a well-diversified mix, with Clean Energy (Fuel Cell, Hydel & Others) contributing 47.6 percent, Aerospace & Defence contributing 30 percent, Clean Energy – Civil Nuclear Power at 16.6 percent, and Products & Others comprising 5.8 percent.
By the end of Q1 FY26, the company secured fresh orders worth Rs. 105.3 crore across multiple verticals, including Clean Energy (Civil Nuclear, Fuel Cells, and Hydel), Aerospace & Defence, as well as Products & Others.
MTAR Technologies Limited, a one-stop solution provider for complex manufacturing requirements, is a leading manufacturer engaged in the business of manufacturing and development of high precision and heavy equipment, components, and machines, catering to civil nuclear power, fuel cells, hydel & others, aerospace and defence sectors.
Its clients comprise ISRO, DRDO, Bloom Energy, Andritz, GE Power, Voith, Rafael, Elbit, GKN Aerospace, IAI, and Thales, among others. Due to its complex product portfolio serving strategic sectors, MTAR ranks among the top three suppliers providing precision engineering solutions to India’s Civil Nuclear Power, Space, and Defence sectors.
Written by Shivani Singh
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