Shares of Mtar Technologies Limited surged on 12 June, hitting a day high of Rs 7,093 on the NSE, up 12.99% from the previous close. The rally came after MTAR’s own management stepped in to address investor fears around its biggest customer, Bloom Energy.

The trouble had started the previous day. On 11 June, MTAR’s stock fell 12%, touching an intraday low of Rs 6,470. 

The trigger was a report that Crusoe Energy Systems had paused work on a 1.8 GW data centre campus in Cheyenne, Wyoming. 

That project was set to use Bloom Energy’s fuel cells. Since Bloom contributes 55% to 65% of MTAR’s total revenue, bad news for Bloom travels fast to MTAR’s stock.

By Thursday evening, the picture looked different. Black Hills Corp., the utility behind the Wyoming project, confirmed the development had not been cancelled. 

It said it is now working directly with the end customer, and the project remains on track to begin service by early 2028. That one clarification shifted sentiment overnight.

MTAR’s Managing Director Srinivas Reddy followed up with a direct statement, saying the company had received no communication from Bloom Energy about any pause, and that delay reports were speculative. 

He said MTAR had already received over Rs 2,800 crore in orders during the current quarter and that FY27 guidance stands unchanged.

The longer-term numbers support the confidence. FII shareholding in MTAR rose from 12.24% in December 2025 to 17.31% by March 2026. 

Bloom Energy also recently expanded its fuel cell commitment with Oracle from 1.2 GW to 2.8 GW, which feeds directly into MTAR’s order pipeline.

At 11:31 am on 12 June, MTAR Technologies was trading up 11.83% at Rs 7,052 on NSE.

Ready to invest like a pro? Tradz by EquityPandit app equips you with 100+ Free tools and knowledge you need to succeed. Download the Tradz by EquityPandit app and gain access to daily stock lists and insightful market analysis and much more!