MTARTECH

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MTAR Technologies Limited

Capital GoodsAerospace & DefenseSmall capModerate edge

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The storyFuel cell ramp

Fuel cell capacity is scaling to feed Bloom's demand, with a record order book and 80% FY27 growth guided; the latest print cooled from last quarter.

Overall read

7.3/10

Quality at a fair price

Riding themesDefence order inflows AI data-centre & fibre build-out

The three reads · this quarter

The standing reads · change less often

Moat

Moderate edge

Key variables

5 tracked

lead: Capacity expansion trajectory (hot boxes)

Capacity expansion is accelerating strongly, driven by customer demand from Bloom Energy's data center push. The company is moving from a period of underutilization to near-full utilization, with planned capacity doubling by FY27, signaling confidence in susta

Walk the talk

Not enough data

as of Q1 FY27

MTARTECH

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MTAR Technologies Limited

Capital GoodsAerospace & DefenseSmall cap

Track this name

The storyFuel cell ramp

Fuel cell capacity is scaling to feed Bloom's demand, with a record order book and 80% FY27 growth guided; the latest print cooled from last quarter.

Overall read

7.3/10

Quality at a fair price

The three reads · this quarter

MTARTECH

Track this name

MTAR Technologies Limited

Capital GoodsAerospace & DefenseSmall capModerate edge

Track this name

The storyFuel cell ramp

Fuel cell capacity is scaling to feed Bloom's demand, with a record order book and 80% FY27 growth guided; the latest print cooled from last quarter.

Overall read

7.3/10

Quality at a fair price

Where it sits

#7/146TOP 5%

Where it sits

The three reads · this quarter

Key variables

5 tracked

lead: Capacity expansion trajectory (hot boxes)

Walk the talk

Not enough data

as of Q1 FY27

Growth readStrongbase 80% · Rank 17/100

MTAR is at an inflection point with record order book of INR5,143 crore and 80% revenue growth guidance for FY27.

bear <80%base 80%bull >80%

4.2FAIR

Valuation readFairly valuedpriced 2 days ago

Expensive on its own multiples — but the price assumes growth below our base case.

P/E vs own history · expensiveEV/EBITDA vs own history · expensive