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MTAR Tech tumbles as Crusoe pauses work on major AI data centre project

11-Jun-26 14:43 Hrs IST

Project Jade was unveiled in 2025 as a 1.8 GW AI-focused data centre campus, with plans to potentially scale up to 10 GW, making it one of the world's largest proposed AI infrastructure projects. The development was being undertaken by Crusoe in partnership with Blackstone-backed energy infrastructure company Tallgrass.

The project had attracted attention for its planned use of fuel-cell-based power generation, with a portion of the campus expected to be powered by systems supplied by Bloom Energy, a leading provider of solid oxide fuel cell technology.

The development is seen as a negative for MTAR Technologies, which is a key supplier to Bloom Energy. MTAR manufactures and supplies solid oxide fuel cell hot box assemblies used in Bloom Energy's fuel cell systems and has maintained a long-standing relationship with the US company.

Traders fear that any delay in Bloom Energy's fuel cell deployment pipeline could affect MTAR's order inflows and revenue visibility.

MTAR Technologies derives a significant portion of its clean energy business from Bloom Energy. It has repeatedly highlighted the fuel cell segment as a key growth area alongside its aerospace, defence and nuclear businesses.

Shares of MTAR Technologies have declined 16.32% over the past two trading sessions. Despite the recent correction, the stock remains up 73.84% in the last three months and has surged 159.70% so far in 2026.

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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