Shares of MTAR Technologies Ltd. climbed 5% in Thursday's trade, ending a five-session decline. The surge followed the company's announcement of significantly improved June quarter earnings and an amended purchase order with a higher total value.
For the first quarter of fiscal year 2027 (Q1 FY27), ending June 30, 2026, MTAR Technologies reported a profit after tax (PAT) of Rs 50.2 crore. This represents a substantial 364.5% increase compared to Rs 10.8 crore in the same quarter last year.
Robust Financial Performance and Strategic Growth
Revenue from operations also saw a significant jump, rising 130.4% year-on-year to Rs 360.7 crore in Q1 FY27, up from Rs 156.6 crore in Q1 FY26. Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) similarly surged by 199.7% year-on-year, reaching Rs 85.1 crore from Rs 28.4 crore.
Parvat Srinivas Reddy, Managing Director of MTAR Technologies, commented on the results, stating, "We have delivered another strong quarter, with our quarterly performance remaining in line with the growth guidance provided for the current fiscal year. Beyond the quarterly numbers, what is particularly encouraging is the direction in which the Company is progressing. We believe we are at an inflection point, with each of our key business verticals positioned for the next phase of growth."
Amended Order Boosts Order Book
Separately, the company informed stock exchanges about receiving an amended purchase order. This order is valued at $324.62 million (approximately Rs 3,100.09 crore, based on an exchange rate of Rs 95.50/-). The amendment adds an incremental order value of $85.86 million (approximately Rs 819.94 crore).
Despite Thursday's positive movement, MTAR shares have faced headwinds recently, declining 28.56% over the past month. However, the stock still shows strong performance on a calendar-year basis for 2026, with a gain of 127.41%.
Market Context and Surveillance
The recent weakness in MTAR Technologies' stock partially coincided with a sharp decline in Bloom Energy Corp, a key customer for MTAR, which has seen its stock fall 45.90% over the last month. Bloom Energy, a U.S.-based fuel-cell company, accounts for over half of MTAR's revenue. Reports suggest that regulatory hurdles delaying an Oracle-linked data center project, which planned to deploy Bloom Energy's fuel-cell technology, have impacted Bloom Energy's stock.
Both the BSE and NSE have also placed MTAR Technologies under the long-term Additional Surveillance Measure (ASM) framework. This measure is implemented by exchanges to alert investors about heightened price volatility and to strengthen market surveillance.
Last month, MTAR Technologies had sought to reassure investors regarding developments related to Bloom Energy. The company affirmed that its order book remained healthy, and no communication had been received from any customer indicating a reduction in committed business. MTAR also stated that its capacity expansion plans were on track, and it continued to work closely with customers to meet agreed delivery schedules.