Shares of MTAR Technologies Ltd. continued their upward trajectory for a second consecutive session on Monday, following the company's official clarification regarding its projects with US-based Bloom Energy Corp, a crucial international client. The stock was trading 5.51 percent higher at Rs 7,555, marking a significant 215.69 percent year-to-date (YTD) rally, delivering multibagger returns to investors.
MTAR Tech Addresses Cancellation Rumors
The company addressed recent reports circulating on social media and other platforms suggesting potential cancellations or deferments of projects by Bloom Energy. In a statement, MTAR Tech clarified that its Managing Director, Mr. Parvat Srinivas Reddy, had confirmed during a June 12, 2026, interaction with a news channel that the company has received no communication from any customer, including Bloom Energy, indicating any cancellation, reduction, deferment, or pause in committed business.
Mr. Reddy further stated that MTAR Technologies' order book remains healthy, and its capacity expansion plans are progressing as scheduled. The company continues to collaborate closely with its customers to ensure agreed delivery schedules are met. MTAR Tech emphasized that the rumors did not originate from any official communication from either the customer or the company itself.
Regulatory Oversight and Market Factors
Despite the positive stock performance, both the BSE and NSE have placed MTAR Tech under the long-term Additional Surveillance Measure (ASM) framework. This regulatory action is typically taken by exchanges to alert investors about high volatility in a stock's price.
The company also affirmed its commitment to complying with all applicable disclosure requirements under the Sebi (Listing Obligations and Disclosure Requirements) Regulations, 2015, stating that it is unaware of any undisclosed information or events that could explain the recent price or volume movements, other than market-driven factors.
Expert Outlook Remains Positive
Ravi Singh, Chief Research Officer at Master Capital Services, commented on MTAR Tech's position, stating, “MTAR Tech continues to remain a strong player in India's precision engineering and defence manufacturing space. The company is benefiting from growing opportunities in sectors like clean energy, aerospace, nuclear and defence.”
Singh acknowledged recent volatility due to profit booking and client-related concerns but maintained a positive long-term outlook, especially after the company secured a large international order worth over Rs 2,200 crore, which significantly improves future revenue visibility.