MTAR Tech shares are up 160% so far in 2026; Here’s what is leading the rally

Shares of MTAR Technologies Ltd. surged as much as 11% on Thursday, tracking strong momentum in its key client Bloom Energy Corporation, which reported robust March quarter results. The stock has risen 81% in April, seeing the best month on record.Bloom Energy posted a sharp jump in revenue, rising about 130% year-on-year, driven by a 208% surge in product revenue. The company also raised the midpoint of its full-year 2026 revenue growth guidance to around 80% year-on-year, up from its earlier outlook of roughly 60%.

The upbeat performance triggered a rally in Bloom Energy’s stock, which gained 26% post-results and is now up nearly 200% so far in 2026, delivering a 16x return over the past year.
The rally in MTAR Technologies is closely tied to its deep business linkage with Bloom Energy. The company derives nearly 55-65% of its revenue from the US-based firm and plays a critical role in its supply chain.
MTAR is a key strategic supplier supporting Bloom’s solid oxide fuel cell and electrolyser programmes, and is the sole supplier for Bloom’s electrolyser units. It also caters to about 50-60% of Bloom’s hotbox requirements.According to Motilal Oswal Financial Services, every 1 GW of orders secured by Bloom Energy could translate into ₹900-1,100 crore of business for MTAR, implying potential cumulative inflows of ₹2,700-5,300 crore over the next three to five years, assuming 3-5 GW of order wins.

Earlier this month, MTAR Technologies told CNBC-TV18 that it has seen substantial order inflows in the March quarter and remains on track to achieve 50% revenue growth in FY27, with an order book target of ₹2,800 crore in FY26.

The stock has been on a strong run, rising 75% over the past month and about 340% over the past year.

However, valuations remain elevated, with the stock trading at a one-year forward price-to-earnings multiple of 98x, above its two-year historical average of 48x.