Shares of MTAR Technologies Ltd. fell 8% in intraday trade on Thursday, hitting a low of Rs. 6,470 before recovering marginally to Rs. 6,538, against a previous close of Rs. 7,106.50. The stock has shed significant ground from its 52-week high of Rs. 8,449.50.
The decline comes after data centre developer Crusoe paused work on Project Jade, which is a massive AI campus planned in Cheyenne, Wyoming, that was set to be powered in part by Bloom Energy fuel cells.
"At the request of our customer, Crusoe has paused its development activities," the company said.
Project Jade was announced last year as a 1.8GW facility, marking one of the largest AI data centre projects globally, with claims it could eventually scale to 10GW.
Crusoe was working with Blackstone-backed energy company Tallgrass on the project, which was planned to run on a mix of Bloom Energy fuel cells and grid electricity.
The pause is a direct negative for MTAR Technologies, which is the primary, long-standing supplier of Solid Oxide Fuel Cell hot box assemblies to Bloom Energy. Any slowdown in Bloom Energy's deployment pipeline feeds directly into MTAR's order book and revenue visibility
Harshal Dasani, Business Head at INVAsset PMS, said MTAR sits at a niche intersection that very few Indian mid-cap manufacturers can access, with its franchise spanning nuclear, space, defence, clean energy and aerospace - each riding structural tailwinds from defence indigenisation, India's space ecosystem build-out and the global small modular reactor revival.
On the stock's persistent overhang, Dasani pointed squarely at customer concentration, primarily its dependence on a single clean-energy client, as the dominant concern through this cycle.
"Visible progress on order book diversification, with newer defence platform wins and a deeper nuclear and space pipeline, is what should drive the re-rating if it sustains," he said
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