MTAR Technologies raises FY27 revenue growth to 80%+

Investor call focuses on Bloom Energy overhang

MTAR Technologies addressed investor concerns after its shares fell sharply on June 11, following negative news flow around key customer Bloom Energy in the U.S. market. In a call with key investors, MTAR said it does not expect any impact on its ongoing due diligence (DD) process with Bloom Energy. The company added that it has not received any communication from Bloom Energy on the recent developments. The clarification came after reports that a major AI-linked data-centre project tied to Bloom’s fuel-cell deployment pipeline had been paused. That report triggered a sell-off in Bloom’s shares and spilled over to MTAR, given the market’s focus on MTAR’s role in Bloom’s supply chain.

What MTAR said about the Crusoe project pause

Management told investors that while Crusoe, an engineering, procurement and construction (EPC) partner associated with the project, has stepped away, the project itself is expected to continue. The paused project was described in the coverage as a Crusoe energy data-centre project linked to AI infrastructure buildout. The development raised investor concerns about the pace of execution of Bloom Energy’s commercial fuel-cell pipeline. MTAR’s message to investors was that the due diligence process with Bloom continues as before, and that it has not been informed of any change by Bloom Energy.

Diversification message to counter customer concentration worries

MTAR also emphasised that its business is not directly dependent on any single end-project, positioning its clean energy operations as diversified across multiple orders. At the same time, separate reporting cited customer concentration, with around 55% to 65% of MTAR’s revenue linked to Bloom Energy. Another update said Bloom Energy remains over 55% of total revenue, reinforcing why Bloom-related headlines can quickly move MTAR’s stock. Broker commentary also highlighted MTAR as the sole supplier of critical hot box assemblies, meeting 60% to 70% of Bloom Energy’s requirements. This backdrop explains why investors sought clarity on whether the data-centre pause could translate into delayed orders or slower execution.

Clean energy order inflows and segment order book

On order inflows, MTAR said it has secured clean energy orders worth around ₹2,800 crore in the current financial year. It also said the closing order book for the clean energy segment stands at approximately ₹1,300 crore, which the company said provides revenue visibility for the next couple of years. In other coverage tied to Q3FY26, order inflows were described as robust, with about ₹1,369 crore booked in Q3FY26. That took the total order book to ₹2,395 crore as of December 2025, with another reference putting Q3FY26 order inflows at ₹1,368.8 crore.

Guidance raised: FY27 growth target moved up

Managing director P. Srinivas Reddy said MTAR is raising its FY27 guidance from 50% revenue growth to 80% plus revenue growth, plus/minus 5%. He also outlined a clear EBITDA margin target of around 24% for FY27. Management linked the margin outlook to its initial expansion of capacities in various clean energy sectors, which it said has already been commissioned. The commentary signals a more aggressive growth stance than earlier guidance, built around execution confidence on orders in hand.

Capacity additions and other verticals: oil and gas, nuclear, aerospace

Beyond clean energy, the company said its oil and gas plant will be commissioned by the end of the year and will be fully operational. Management also said nuclear and aerospace will contribute “much larger numbers,” with nuclear projects being executed this year, a strong order book, and volume production commencing in the aerospace division with certain customers. These updates were presented as additional growth levers alongside the clean energy fuel-cell opportunity.

Stock reaction on June 11 and the 2026 run-up

MTAR Technologies shares declined about 9% on June 11 after Bloom Energy shares tumbled 10% in the U.S. following the data-centre pause reports. At 11:55 am, MTAR shares were trading 9.3% lower at ₹6,441 apiece. Another update said the stock was 10.10% lower at ₹6,389 at 12:01 PM. Despite the June 11 fall, the stock has surged 180% so far in 2026, according to one of the updates in the supplied coverage. Other performance snapshots in the reporting also referenced the stock being up over 130% in 2026 so far in one report and over 100% in just over three months in another.

Why the Oracle-Bloom headline mattered to MTAR

A separate trigger for earlier rallies was a Reuters report that Bloom Energy will supply up to 2.8 GW of fuel cells to Oracle under an expanded deal. The same Reuters report said an initial 1.2 GW capacity was already contracted, with deployment underway and expected to continue into next year. In one session cited, MTAR ended at ₹5,695 on the NSE, up 7.61%, after touching a fresh 52-week high of ₹5,749 (up 8.63%). Another update said the stock rallied 12% intraday to a new high of ₹6,341.80 on the BSE. In an interview snippet, management also said the Oracle-linked order additions for Bloom were “very good news” and indicated it was planning expansions and training to meet customer requirements.

Recent operating performance and order book context

MTAR reported its highest-ever quarterly revenue in Q3FY26, with revenue rising 59% year-on-year to ₹278 crore and EBITDA of ₹64 crore. In September 2025, MTAR received an order worth ₹386 crore from Bloom Energy Corporation, and the company had said ₹205 crore would be executed by Q4FY26, with the balance scheduled for Q1FY27. Management also described the business as project-lumpy, where revenue recognition follows project milestones, and noted that orders were under execution but billing was deferred. In the same set of updates, management expectations referenced a closing order book of ₹2,800 crore by end of FY26.

Key numbers at a glance

Market impact and what investors are watching next

The immediate market impact was a sharp repricing of MTAR’s stock following a U.S.-led risk-off move in Bloom Energy, reflecting MTAR’s perceived linkage to Bloom’s commercial pipeline. At the same time, MTAR’s investor-call messaging attempted to separate the due diligence process and ongoing project execution from the specific Crusoe EPC exit. With management reiterating that the project is expected to continue and that it has not received communication from Bloom, the next data points for investors are likely to be execution updates on the clean energy order book and fresh order inflow disclosures.

Conclusion

MTAR Technologies used its investor call to state that recent Bloom Energy developments have not affected its ongoing due diligence process and that it has not received any change-related communication from Bloom. Even as the stock reacted to the paused AI data-centre project headlines, management highlighted clean energy orders of ₹2,800 crore in the current financial year, a clean energy segment order book of about ₹1,300 crore, and raised FY27 growth guidance to 80% plus (±5%) with ~24% EBITDA margins. The next checkpoints, based on the reporting, are order inflow updates, backlog execution progress, and any incremental clarity around large fuel-cell deployment timelines tied to Bloom’s customer programmes.