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Motilal Oswal Report
The global AI infrastructure buildout has created a singular and structural demand shock — one where power availability, not capital, has become the defining constraint for data center expansion. Bloom has uniquely positioned itself as the fastest and most reliable solution to this bottleneck.
MTAR Technologies Ltd., as Bloom's key supplier of critical hot box assemblies (commanding 60-70% wallet share), is not merely a beneficiary of this theme but an irreplaceable enabler of it.
Motilal Oswal remains bullish on this long-term growth trajectory for MTAR Tech, which presents a rare combination of structural positioning, earnings visibility, and exponential order growth, all anchored by a decade-long, deeply entrenched customer relationship that is difficult to replicate.
The brokerage factors in strong ordering visibility for the fuel cell business of MTAR Tech and raises its revenue growth estimates for this business by 16%/33% for FY27E/FY28E. This translates into an upward earnings revision for FY27E/FY28E by 14%/25%.
Motilal Oswal now forecasts a revenue/Ebitda/PAT CAGR of 49%/65%/90%.
The brokerage reiterates its Buy rating on MTAR Tech and raise its target price to Rs 6,000, valuing the stock at 50 times FY28 earnings per share (i.e., ~0.65x PEG on FY25-28E EPS CAGR).
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