MTAR Tech shares fall as 1.8 GW Bloom project pauses

What triggered the sell-off in MTAR Technologies

MTAR Technologies shares came under pressure on June 11 after negative news flow around Bloom Energy, a key US client, hit investor sentiment. Reports said Bloom Energy stock fell about 10% overnight in the US after a major data-centre project linked to its fuel-cell deployment pipeline was paused. MTAR is a critical manufacturing partner for Bloom Energy, so any perceived slowdown in Bloom’s commercial pipeline can quickly spill over to MTAR’s stock.

The immediate trigger was a Bloomberg-reported pause by Crusoe Energy Systems LLC on a planned data-centre development in the US. The project in focus was described as a large-scale AI data-centre campus in Cheyenne, Wyoming. Investor concern was centred on whether delays in the project could slow near-term fuel-cell deployments by Bloom Energy, which in turn could affect MTAR’s order inflow visibility.

Intraday movement: from early dip to deeper cuts

In early trade, MTAR Technologies shares were reported trading 3.8% lower at Rs 6,836 at around 10:16 am. As the session progressed and more details circulated across the market, the decline deepened in other updates. MTAR was also reported to have opened lower at around Rs 7,100 on NSE and hit an intraday low near Rs 6,330, down about 11%.

Other market updates during the day put the intraday low closer to Rs 6,235 to Rs 6,242, implying a fall of roughly 12%. Around 1 pm, the stock was reported trading near Rs 6,402, down 9.9%, and in another update it was cited near Rs 6,281.70, down 11.61%. The range of traded prices reflected sharp volatility as traders reacted to overseas headlines and recalibrated near-term expectations.

Crusoe’s Project Jade and why it matters

The setback was linked to Crusoe pausing work on “Project Jade”, described as a planned 1.8 GW AI-focused data centre campus in Cheyenne, Wyoming. The project was unveiled in 2025, with a stated possibility of scaling up to 10 GW, positioning it among the largest proposed AI infrastructure projects.

Crusoe was said to be developing the project in partnership with Tallgrass, an energy infrastructure company backed by Blackstone. The market focus tightened because the campus was expected to use a combination of Bloom Energy fuel cells and grid electricity. The project was also reported to be expected to run on about 900 MW of Bloom Energy fuel cells, tying Bloom’s deployment pipeline to the project’s execution schedule.

What Crusoe said about the pause

Crusoe’s pause was reported as being driven by its customer. In a statement cited in the coverage, the company said: “At the request of our customer, Crusoe has paused its development activities,” without disclosing the customer’s name. While the statement did not address timelines, the pause was enough to raise concerns about the pace of execution in Bloom Energy’s commercial pipeline, especially where large, AI-driven power deployments are involved.

MTAR’s exposure to Bloom Energy

MTAR Technologies is described as a key supplier and critical manufacturing partner to Bloom Energy. It manufactures and supplies solid oxide fuel cell hot box assemblies used in Bloom’s fuel cell systems. The relationship was described as long-standing, and MTAR’s role spans manufacturing and fabrication of critical assemblies.

One report also noted that Bloom Energy is MTAR’s single largest client and contributes more than 55% of MTAR’s total revenue. That concentration can amplify stock reactions when news flow turns negative around Bloom, even if there is no immediate update on MTAR’s own order book.

Why traders worry: order inflows and visibility

Traders’ concern, as captured in the reports, was that any delay in Bloom Energy’s deployment pipeline could affect MTAR’s order inflows and revenue visibility. The pause of a high-profile data-centre project adds uncertainty to the timing of fuel-cell deliveries and related components.

Separately, it was also reported that MTAR is developing and manufacturing hydrogen boxes and electrolysers for Bloom Energy. While the article did not quantify the scale of these products, the detail reinforced the market view that MTAR’s near-term narrative is closely tied to Bloom’s commercial momentum.

Key numbers at a glance

Surveillance measure and the technical view cited

The stock’s volatility also coincided with an exchange action: BSE and NSE placed MTAR Tech under the long-term Additional Surveillance Measure (ASM) framework. ASM is used by exchanges to caution investors in stocks showing high volatility.

A Sebi-registered research analyst, AR Ramachandran of Tips2trades, was cited saying the stock was bearish on daily charts with resistance at Rs 7,154. The same note said a daily close below support of Rs 6,030 could trigger a fall towards Rs 5,125 in the near term. These levels were presented as technical markers and not as company guidance.

Market impact: sharp correction, but strong longer-term returns

Across reports, MTAR shares were said to have fallen about 13% to 16% over the past two trading sessions, highlighting how quickly sentiment shifted after the Bloomberg report. Even after the correction, the stock’s longer-term performance was described as strong, with different updates putting the 2026 year-to-date gain in the broad range of about 160% to 185%.

One report also said MTAR was up 73.84% in the last three months, while another said the stock was up more than 280% in one year. Longer-term snapshots cited returns of about 241% over three years and 539% over five years. The combination of steep recent gains and a negative overseas catalyst also fed into a “profit-booking” narrative in parts of the market.

Broker math cited on potential orders (context only)

A separate brokerage view attributed to Motilal Oswal was cited in the coverage in the context of Bloom’s order intake. It said that for every 1 GW order Bloom Energy receives, MTAR could get orders worth about Rs 900 crore to Rs 1,100 crore. The same note added that if Bloom wins 3 GW to 5 GW of new orders over the next three to five years, MTAR’s potential orders could be about Rs 2,700 crore to Rs 5,300 crore.

Financial snapshot mentioned in the reports

Beyond the client-linked news, the articles also referenced MTAR’s recent quarterly performance. The Hyderabad-based precision engineering company posted consolidated net profit of Rs 44.28 crore for Q4, compared with Rs 13.72 crore in the corresponding quarter last year. The year-on-year jump was described as around 223%.

Conclusion

MTAR Technologies’ sharp fall reflected its high client concentration with Bloom Energy and the market’s sensitivity to large project timelines in the AI data-centre ecosystem. The key development was Crusoe pausing work on its planned 1.8 GW campus in Wyoming, a project expected to use about 900 MW of Bloom Energy fuel cells. Near-term trading is likely to stay headline-driven, with investors watching for clarity from Bloom-linked deployment pipelines and any updates on the paused project’s timeline.