Shares of MTAR Technologies dropped nearly 9 percent on Thursday after its American client Bloom Energy saw its own shares decline 10 percent overnight. Sentiment weakened following news that a major data centre project tied to Bloom Energy had been suspended. A Bloomberg report indicated that Crusoe Energy Systems LLC, which builds data centres for firms including OpenAI and Microsoft, has paused development of a planned 1.8-gigawatt campus in Cheyenne, Wyoming. The facility was intended to use 900 MW of Bloom Energy fuel cells plus grid power. MTAR Technologies serves as a key manufacturing partner for Bloom Energy, producing critical assemblies including power units known as hot boxes. The company has supplied these components for more than nine years, with a substantial share of its revenue derived from this client. It is also developing hydrogen boxes and electrolysers for the same partner. MTAR shares have declined over 13 percent in two sessions and traded at 6,470 rupees on Thursday morning. Despite the recent fall, the stock has gained 174 percent in 2026 to date and more than 280 percent over the past year. The company holds a market capitalisation of 8,450 crore rupees. In May, MTAR reported a 223 percent rise in consolidated net profit for the March quarter to 44.28 crore rupees, supported by revenue growth of 67 percent to 306 crore rupees.
