Shares of multibagger defence stock MTAR Technologies surged over 9% on Thursday, April 30, backed by heavy volumes, to hit a record high of ₹6,184.20 on the BSE. The sharp rally has positioned the stock as a standout performer in a market otherwise weighed down by global uncertainty and persistent foreign outflows.
With the latest surge, has delivered returns, soaring 348% from its 52-week low of ₹1,350.25 recorded on May 7, 2025. The momentum has been particularly strong in recent months, with the stock gaining 110% in just three months.
The is currently trading above ₹6,100, extending a powerful uptrend that has surprised many investors who had earlier viewed the company as a niche defence supplier. Performance across timeframes remains exceptional — the stock has risen 77% in the past one month, 149% over six months, and 332% over the last one year.
What’s driving the surge?
A key catalyst behind MTAR’s rally is its growing role in the global clean energy and (AI) infrastructure ecosystem. The company is a critical supplier to Bloom Energy Corporation, which has expanded its partnership with Oracle Corporation to support up to 2.8 gigawatts of power capacity for AI data centres.
MTAR Technologies plays a vital role in Bloom Energy’s supply chain, with approximately 55% to 65% of its revenue coming from the US-based firm. It supports Bloom’s solid oxide fuel cell and solid oxide electrolyser programmes and is also the sole supplier for Bloom Energy’s electrolyser units.
Analysts believe this strategic positioning could significantly alter MTAR’s long-term growth trajectory. According to Motilal Oswal, the expanded partnership could translate into incremental orders worth ₹14,000 crore to ₹17,000 crore over time — more than 1.5 times the company’s estimated annual revenue.
The company manufactures key components known as hot box assemblies, which are used in fuel cell systems powering AI data centres. With global demand for AI infrastructure accelerating rapidly, MTAR’s exposure to this segment has emerged as a major re-rating trigger.
“This is not just a supplier relationship. MTAR is deeply embedded in Bloom’s ecosystem and commands a significant share of critical components,” analysts at Motilal Oswal said, underlining the company’s strategic importance in a high-growth sector.
Order visibility strong
Beyond long-term opportunities, the also enjoys solid near-term visibility. MTAR Technologies has already secured confirmed orders worth over ₹380 crore for FY26 and FY27, providing earnings support and reducing execution risk.
This combination of strong future opportunity and visible order book has been a key factor driving investor confidence and sustaining the stock’s rally.
Financials and expansion
Operational performance has also remained robust. In the December quarter, the company reported revenue of around ₹278 crore, reflecting nearly 60% year-on-year growth, while maintaining EBITDA margins in the range of 19% to 21%.
Moreover, capacity expansion plans further strengthened the growth narrative. The company is scaling up production capacity from around 12,000 units to 20,000 units by FY27, signalling management’s confidence in sustained demand.
In Q3FY26, MTAR Technologies reported strong financial performance, with net profit more than doubling to ₹34.6 crore from ₹15.9 crore a year ago. Revenue rose 56.9% year-on-year to ₹273.7 crore, while EBITDA surged 80.7% to ₹59.8 crore. Operating margins improved to 22% from 19% in the corresponding quarter last year.
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