MTAR Tech Soars 13% As Nuclear Duty Waiver, Bloom Project Clarity Boost Sentiment

Shares of MTAR Technologies surged more than 13% on Friday, recovering a significant portion of their recent losses, as investors cheered positive developments around a key Bloom Energy-linked project and fresh policy support for the nuclear power sector.

The stock jumped as much as 13.26% to ₹7,130.70 on the BSE and was trading around ₹7,120 at 12:30 pm. The rally came after the stock had fallen more than 18% over the previous two trading sessions, including an 11% decline on Thursday.

The sharp rebound followed reports that a major data centre project in Wyoming linked to Bloom Energy remains on track despite recent concerns.

Investor sentiment had weakened earlier this week after questions emerged over the status of the proposed 1.8-gigawatt data centre project in Cheyenne, Wyoming, which is expected to utilise Bloom Energy's fuel-cell technology.

However, Black Hills Corporation clarified on Thursday that the project has not been put on hold and that development activities are progressing as planned. According to reports, the company expects the project to begin operations in early 2028 and continues to work closely with the prospective customer.

The facility is expected to be powered by a combination of grid electricity and Bloom Energy fuel cells, including around 900 MW of behind-the-meter fuel-cell capacity.

The clarification is significant for MTAR Technologies because Bloom Energy contributes an estimated 55%-65% of the company's revenue, making it one of the company's most important customers.

Nuclear Stocks Gain On Duty Waiver

Apart from the Bloom Energy-related developments, nuclear power-linked stocks also received a boost after the Finance Ministry waived customs duties on goods imported for nuclear power generation between April 1, 2019, and January 31, 2026.

The retrospective exemption shields importers from potential tax liabilities on equipment imported during the period.

The move follows the Union Budget announcement in February, which extended customs duty exemptions for nuclear power equipment until 2035. The latest notification broadens the benefit by applying it retrospectively.

The government said customs duties, where applicable, would not be required to be paid on specified imports during the covered period.

The policy is expected to lower project costs and reduce the cost of electricity generation from nuclear power plants.

MTAR Technologies is one of the key suppliers to India's civilian nuclear power programme and manufactures critical precision-engineered assemblies used directly in nuclear reactors.

The company has played a crucial role in India's prototype fast breeder reactor programme, supplying around 70% of the reactor's components. According to company disclosures, each reactor represents a revenue opportunity of nearly ₹1,500 crore for MTAR.

At the end of FY26, the civilian nuclear segment accounted for 26.3% of MTAR's ₹2,581.9 crore order book.

The government's target of increasing India's nuclear power generation capacity to 100 GW by 2047, along with the opening of the sector to greater private participation, is expected to create substantial long-term opportunities for companies operating in the space.

Other nuclear-linked stocks also advanced. Shares of Walchandnagar Industries rose around 6%, while Power Mech Projects gained a similar amount.

Walchandnagar manufactures critical Class-I equipment for nuclear reactors, while Power Mech recently entered the nuclear infrastructure segment after securing a ₹563.23-crore contract from BHEL.

Despite recent volatility, MTAR Technologies remains one of the market's top-performing engineering stocks.

The stock has gained about 13% over the past month, doubled in the last three months and surged around 200% so far in 2026. Over the past year, it has rallied approximately 320%, while delivering returns of nearly 587% over the last five years.