MTAR Technologies’ 55% of Revenue Comes From Bloom Energy: Can the Company Reduce Its Biggest Revenue Dependency?
MTAR Technologies has been expanding beyond its long-standing relationship with Bloom Energy, but customer concentration remains an important part of its business profile. Recent market reporting has put Bloom's contribution at more than 55% of MTAR's revenue , while the company continues to build new opportunities across nuclear, aerospace, defence, oil & gas, and data-centre infrastructure.
MTAR Technologies was trading around ₹7,769per share, with a market capitalization of roughly ₹23,898 crore and a P/E of around 174x. The stock's 52-week range was approximately ₹1,866–₹8,715, with a book value of about ₹268 per share.
Bloom Remains The Largest Customer
Bloom Energy continues to account for the majority of MTAR's clean-energy fuel-cell business. MTAR's FY26 annual report describes Bloom as a key strategic customer and says the relationship has lasted more than 14 years . The company supplies Bloom with power units, sheet-metal assemblies, and enclosures and is the sole supplier of Bloom's electrolyser units .
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MTAR also caters to approximately 50–60% of Bloom's hot-box requirements , according to the FY26 annual report. It has increased its wallet share by adding products such as sheet-metal components, enclosures, and ASP assemblies.
This creates both an opportunity and a risk. A long-standing relationship and increasing product content can provide visibility, but it also means that a large portion of MTAR's revenue remains linked to the investment and procurement cycle of a single customer.
Concentration Is Not New
ICRA has consistently identified customer concentration as a constraint on MTAR's credit profile. In its rating rationale, ICRA said Bloom accounted for more than 70% of MTAR's revenue in FY25 , while also noting that repeat orders and relationships with reputed customers partly mitigate counterparty risk. It said new orders from domestic nuclear and space businesses and new customer additions will be important for reducing concentration over time.
The subsequent reduction toward the 55–60% range reported around Q1 FY27 would indicate some diversification, although Bloom remains by far the company's largest individual customer. Therefore, diversification should be measured by the actual share of revenue coming from new businesses , not merely by the number of customers added.
Clean Energy Still Dominates
The customer concentration is accompanied by broader segment concentration. MTAR's FY26 investor presentation shows ₹615.4 crore of revenue from Clean Energy – Fuel Cells, Hydel & Others , against consolidated revenue of ₹876.2 crore . This means the segment contributed roughly 70% of FY26 revenue .
The order book shows a similar pattern. As of June 30, 2026, MTAR had an order book of ₹5,143.3 crore , of which 66.7% was in Clean Energy – Fuel Cells, Hydel & Others and 13.3% in Clean Energy – Civil Nuclear Power . Together, these two categories represented around 80% of the order book .
This means the diversification challenge is broader than Bloom alone. MTAR is also working to reduce its dependence on the clean-energy ecosystem by scaling businesses where it has already developed products and customer relationships.
Aerospace Is Becoming More Meaningful
Aerospace and defence is one of the clearest diversification avenues. FY26 revenue from the segment increased to ₹103.8 crore from ₹93.2 crore , and Q1 FY27 revenue was ₹36.4 crore .
MTAR supplies aerospace customers including Thales, GKN, IAI, Rafael and Elbit , while also working on defence programmes such as LCA Tejas and AMCA. The company says several MNC aerospace programmes are now moving from first-article qualification toward volume production.
Management expects aerospace and defence revenue to double during FY27 , with further ramp-up over the following three to four years. This is a management expectation, not a reported result. The important point is that this growth is increasingly coming from products already qualified with customers, which could make the diversification more meaningful as volumes increase.
Nuclear Provides Another Revenue Stream
Civil nuclear is another area where MTAR has built a long-standing competitive position. The company has supplied critical fuel-handling assemblies and other equipment for nuclear reactors for decades. In Q1 FY27, MTAR received its largest-ever nuclear order inflow of ₹504 crore for Kaiga 5 & 6
The company also expects orders from reactor refurbishments and sees potential from the proposed Mahi Banswara reactors. Management said its nuclear order pipeline could reach close to ₹800 crore , including upcoming orders and existing projects.
Unlike the Bloom-linked business, these orders are connected to India's domestic nuclear programme, offering MTAR a different source of long-term demand.
Weatherford Adds Oil & Gas Exposure
MTAR has also entered the oil & gas market through Weatherford. The company has delivered first articles of whipstock assemblies and is setting up a greenfield facility to support Weatherford and other oil & gas customers, while also supporting further clean-energy expansion. MTAR's investor presentation identifies Weatherford among the long-term customers it has added while diversifying into new verticals.
The company has also developed a long-term relationship with IAI , with potential orders of $ 90-120 million over 15 years , according to MTAR's earlier disclosures. This represents potential contract value spread over the contract period and should not be treated as current annual revenue.
Data Centres Could Broaden Clean Energy
MTAR has recently entered data-centre infrastructure solutions, which could eventually create another avenue outside its existing fuel-cell dependence. Management said initial products are currently undergoing qualification and that the first requirement could be followed by a significantly larger requirement. A dedicated facility is also being established.
The company has also received an order from SLB for sheet-metal components and assemblies for data-centre infrastructure, according to the FY26 investor presentation. However, this remains an emerging opportunity and should not yet be treated as a major revenue contributor.
Revenue Growth Is Giving Diversification Time
The strongest evidence that MTAR's newer businesses are beginning to matter is the recent financial performance. Q1 FY27 revenue rose 130.4% YoY to ₹360.7 crore , EBITDA increased nearly 200% to ₹85.1 crore, and PAT rose to ₹50.2 crore.
The company also reported an order book of ₹5,143.3 crore at June-end, after receiving ₹2,895.1 crore of orders during Q1 , its highest quarterly order inflow at that point. Management has guided for 80% revenue growth in FY27 with an EBITDA margin of 24% ±100 basis points , although these are forward-looking targets rather than realised results.
The Real Test Is Revenue Mix
The diversification strategy is therefore visible, but it is still in transition. More than 25% of MTAR's revenue is now derived from products developed over the past four to five years , while new customers have been added across aerospace, oil & gas and data-centre infrastructure.
The next step is converting these qualifications, prototypes and orders into sustained commercial revenue. Management has specifically highlighted increasing wallet share with existing customers and growing the global customer base as part of its strategy.
Conclusion
MTAR Technologies has clearly begun diversifying beyond its historical dependence on Bloom Energy, but Bloom remains a major revenue concentration even as the newer businesses scale . Recent reporting puts Bloom's contribution at more than 55%, while ICRA had previously identified the company deriving more than 70% of revenue from Bloom in FY25.
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The encouraging part is that diversification is increasingly moving from development into execution. Aerospace programmes are entering volume production, nuclear orders have increased sharply, Weatherford provides an entry into oil & gas, and data-centre products are being qualified.
The key monitorable is therefore the revenue mix . If aerospace, nuclear, oil & gas and other customers grow rapidly enough, Bloom's absolute contribution can continue increasing while its percentage share of MTAR's total revenue gradually declines. That would represent a more meaningful reduction in customer concentration than simply adding new contracts or customers to the portfolio.