MTAR Technologies jumps 13% on Wyoming project clarity

Stock rebounds after two-session slide

MTAR Technologies shares rebounded sharply, rising as much as 13% to ₹7,114, after fresh updates eased concerns around a large US data centre project in Wyoming linked to Bloom Energy’s fuel-cell deployments. The move followed a steep sell-off earlier in the week, when the stock fell over two sessions after market reports cited a pause in development work at the project site. On Friday morning, the stock was also reported trading around ₹7,093 in another update, reflecting the quick recovery in sentiment.

The rebound came against the backdrop of volatile trading in the counter, with the earlier decline driven largely by headlines rather than any company-specific project cancellation. MTAR’s management told ET Now that it had not received any communication from Bloom Energy regarding a pause or delay. The company described talk of a data centre pause as “speculation” and said execution of its orders remained on track.

What triggered the earlier fall

The immediate trigger for the sell-off was a Bloomberg-reported pause in work on a planned 1.8-gigawatt data centre campus in Cheyenne, Wyoming. The campus, referred to in market coverage as Project Jade, was unveiled in 2025 as an AI-focused data centre development with plans that could potentially scale up to 10 GW. Reports also noted the facility was expected to run on a mix of Bloom Energy fuel cells and grid electricity, including a reference to 900 MW of Bloom Energy fuel cells.

MTAR is seen by investors as closely linked to Bloom Energy’s commercial deployment pipeline because it supplies critical assemblies, including Solid Oxide Fuel Cell hot box assemblies, and is also developing and manufacturing hydrogen boxes and electrolysers for the US client. That linkage made the stock vulnerable to sentiment-driven moves after the Wyoming headlines. In one market update, MTAR was reported to have plunged 12.22% to ₹6,238, and in another session it hit an intraday low of ₹6,470 before recovering.

Black Hills update: early 2028 remains the target

A key reassurance for the market came from Black Hills Corporation, which clarified that the Wyoming project continues to progress as planned and remains on track for service commencement in early 2028. Black Hills also clarified that while Crusoe is no longer the development partner, it is working directly with the prospective hyperscaler customer to advance the project.

The company further said its Wyoming utility subsidiary has already entered into agreements related to generation equipment procurement and substation infrastructure. Importantly, Black Hills disclosed that the prospective customer has provided more than $100 million in refundable contributions toward construction milestones and equipment procurement. These details were closely watched because they point to ongoing preparatory activity, even as the development partnership structure evolves.

MTAR management: “no delays as far as we are concerned”

In an interview cited by ET Now, MTAR Technologies’ management said it had received no indication from Bloom Energy about a pause in the data centre project. The management said there are “no delays as far as we are concerned” and that the company remains “completely on track” for execution of orders.

The management also said it is executing larger volumes quarter-on-quarter for Bloom Energy. Separately, the company indicated it is working with multiple vendors and not only Bloom, a point that investors track as a signal of customer diversification.

Order book and guidance references in market chatter

MTAR’s order momentum and guidance commentary also featured in the day’s narrative. In the televised market discussion included in the provided material, the company was described as having already received roughly ₹2,700 crore worth of orders in the quarter referenced. The same discussion said MTAR had surpassed its full-year FY27 guidance of a ₹5,000 crore order book by year-end, while adding that the FY27 guidance “remains intact.”

In another segment, market commentary referenced a ₹2,200 crore international order and suggested the closing order book at the end of March 2026 was around ₹2,600 crore. The same commentary also mentioned a guidance change to 80% growth in FY27 versus 50% earlier. These figures were part of TV and market coverage and were cited in the context of the company’s recent rally and investor expectations.

Other factors: nuclear import duty relief adds to buzz

MTAR Technologies was also mentioned among stocks “buzzing” after the government’s relief on imports of goods used for nuclear power generation. One update said MTAR Tech led gains in that pack with a surge of almost 10% on the day, adding another tailwind to the rebound from the Wyoming-related dip.

Key numbers at a glance

Market impact: sentiment, linkage to Bloom, and technical levels

The episode highlighted how quickly sentiment can swing for suppliers exposed to a single large customer’s deployment cycle. Reports explicitly tied MTAR’s decline to concerns that any slowdown in Bloom’s near-term deployments could affect order flows and execution visibility. The rebound, meanwhile, was supported by both management clarification and the Black Hills update that the utility-side work remains on track.

Technical commentary in the provided material also pointed to key levels traders are watching. One analyst note cited the 6,050-6,000 zone as a crucial support area, adding that momentum indicators remained elevated and intermittent profit booking could not be ruled out. Another market update framed Friday’s move as a “technical bounce” and flagged ₹7,150 as a level investors are watching for a breakout attempt.

Analysis: why the Wyoming clarification matters

The Wyoming data centre project is closely tracked because market reports link it to Bloom Energy’s fuel-cell pipeline, and MTAR is described as a primary, long-standing supplier of critical assemblies. When headlines suggested a pause, uncertainty rose around timing, which can influence near-term order execution visibility for suppliers even if long-term demand remains unchanged.

Black Hills’ statement added concrete datapoints that markets typically value during uncertainty: an early-2028 service target, procurement and substation agreements already in place, and more than $100 million in refundable contributions tied to milestones and equipment procurement. While this does not remove all execution risk, it shifted the discussion from “pause” headlines to documented project progress markers.

Conclusion

MTAR Technologies’ 13% rebound reflected a fast reset in sentiment after management said it had no communication about a project pause and Black Hills reiterated an early-2028 timeline for the Wyoming project. The stock’s next cues are likely to come from further disclosures on the project’s development structure and from MTAR’s order book updates, particularly as investors watch key trading levels such as ₹7,150 and the 6,050-6,000 support zone.