MTAR Tech rebounds as Wyoming data centre project remains on track

MTAR Technologies surged 13% to Rs 7,114 after fresh updates indicated that a major data centre project in Wyoming, linked to Bloom Energy's fuel-cell technology, remains on track.

The stock had fallen 15.55% over the previous two trading sessions, including an 11.41% decline on Thursday, amid concerns that the proposed project had been paused following reports that Crusoe was no longer involved in its development.

The concerns stemmed from MTAR's close relationship with Bloom Energy, a leading provider of solid oxide fuel-cell systems. MTAR manufactures and supplies critical hot box assemblies used in Bloom Energy's fuel-cell platforms.

The Wyoming project, a planned 1.8-gigawatt AI-focused data centre campus, had attracted attention because part of its power requirements were expected to be met using Bloom Energy's fuel-cell technology. Investors feared that any delay or cancellation of the project could affect Bloom Energy's future deployment pipeline and, consequently, demand for components supplied by MTAR.

However, Black Hills Corporation clarified that the project continues to progress as planned and remains on track for service commencement in early 2028. The company clarified that while Crusoe is no longer the development partner, it is working directly with the prospective hyperscaler customer to advance the project.

Black Hills also said its Wyoming utility subsidiary has already entered into agreements related to generation equipment procurement and substation infrastructure. The prospective customer has provided more than $200 million in refundable contributions toward construction milestones and equipment procurement.

The clarification helped ease concerns surrounding the future of the data centre project and the associated demand outlook for Bloom Energy's fuel-cell systems, which are supplied with key components manufactured by MTAR Technologies.

MTAR Technologies manufactures precision-engineered systems and components for clean energy, civil nuclear power, fuel cells, hydel, aerospace and defence sectors.

Its consolidated net profit jumped to Rs 44.3 crore in Q4 FY26, up 223.4% YoY from Rs 13.7 crore and higher by 27.7% QoQ from Rs 34.7 crore. Revenue from operations rose 67.2% YoY to Rs 306.1 crore in Q4 FY26 from Rs 183.1 crore in the year-ago quarter. On a sequential basis, revenue increased 10.1% from Rs 278 crore.

The company received record order inflows of Rs 2,453.3 crore during FY26, including Rs 481.6 crore in Q4 FY26. Its order book stood at Rs 2,581.9 crore as on 31 March 2026. Of the total order book, 51.2% came from clean energy-fuel cell, hydel and other businesses, while clean energy-civil nuclear power contributed 26.3% and aerospace and defence accounted for 14%.

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