AI advantage for MTAR Technologies, says MOSL; expects 31% upside in stock 

Shares of MTAR Technologies are set to benefit from the strong inflow of orders, emanating indirectly from the global AI infrastructure wave. The precision engineering company is firmly positioning itself as the indirect beneficiary of the global AI infrastructure wave with growing exposure to global fuel cell technology through its decade long partnership with Bloom Energy (BE).

"The world is building data centers at an unforeseen pace, i.e., 100 GW of new capacity is expected during 2026-2030 (14-18% CAGR), and the singular challenge holding this expansion back is not capital but reliable power. Grid connections now take 2-5 years; AI cannot wait that long," said MOSL. 

Its long standing partner BE steps in at this juncture. 

"Its solid oxide fuel cell (SOFC) technology deploys 50-100 MW of power in just 90-120 days with five-nines reliability — a speed advantage that has made it the preferred power partner for some of the world's largest hyperscalers and utilities," said MOSL.  

Now, comes the role of MTAR Tech within BE's supply chain. 

MTAR is the sole supplier of critical hot box assemblies (meeting 60-70% of BE's requirements). 

This reflects in MTAR Tech's financials; 3QFY26 order inflows reached a record Rs 1370 crore, up 5.1x YoY, with nearly half of them sourced from BE. 

"Our analysis suggests that for every 1 GW of orders BE secures, MTARTECH stands to receive Rs 900 crore- Rs 1100 crore, translating to Rs 2700-5300 crore  in potential cumulative inflows over the next 3-5 years (on the back of 3-5GW of order inflow for BE)," said MOSL. 

The brokerage expects MTAR Tech to post a CAGR of 40%/55%/78% in revenue/EBITDA/adjusted PAT over FY25-28.
 
"We reiterate our BUY rating on the stock with a TP of Rs 4,810 (50x FY28E EPS i.e. ~0.6x PEG on FY25-28E EPS CAGR)," said MOSL. 

MTAR Technologies stock has more than doubled in just six months. The defence firm's stock clocked 155% returns during the period. The stock rally is supported by Q3 earnings, robust order book and upbeat management guidance for FY26. 

Total order book stood at Rs 2,395 crore at the end of December 2025. Of this, MTAR Technologies  secured orders worth Rs 1,368.8 crore in Q3 FY26, strengthening its revenue visibility and supporting a 30-35% revenue growth guidance for the fiscal year. 

In the current session, the stock rose 2% to hit a high of Rs 3756.50. Market cap of the firm stood at Rs 11,454 crore. 

The stock has gained 55.60 per cent in 2026 and gained 47% in a month. MTAR Technologies stock is trading higher than the 5-day, 10 day, 20-day, 30 day, 50-day, 100-day and 200-day moving averages. Total 4494 shares of the firm changed hands amounting to a turnover of Rs 1.67 crore. 

MTAR Technologies Ltd (MTAR), a leading manufacturer engaged in manufacturing and development of mission critical precision engineered systems catering to Clean Energy – Civil Nuclear Power, Fuel Cells, Hydel & Others, Aerospace and Defence sectors.