MTAR Technologies shares zoom over 26% in 1 month; why is the stock rallying?

On Friday, in the morning trade, the stock was trading more than 1% higher at ₹2,242.40 on the NSE.

Shares of the company have been rallying on the back of frequent work order wins. Additionally, news reports suggesting a partnership with Adani Defence for India’s first stealth fighter jet project have further boosted investor interest and demand for the stock.

With sustained demand for defence stocks, MTAR Technologies is also attracting buying interest.

On Wednesday, October 15, the company informed stock exchanges of an order win worth approximately ₹67.16 crore. The company said the order win is in continuation of regular business from an existing customer, which is an international entity. The order is expected to be executed by June 2026.

Meanwhile, according to a recent news report by The Statesman, Adani Defence & Aerospace has joined hands with Hyderabad-based MTAR Technologies to bid for the contract to design and build the prototype of India’s first stealth fighter jet, the Advanced Medium Combat Aircraft (AMCA), which is a project valued at around ₹15,000 crore.

Key customers of MTAR Technologies include the Nuclear Power Corporation of India, the Indian Space Research Organisation (ISRO), and the Defence Research and Development Organisation (DRDO). MTAR has supplied propulsion and electro-pneumatic subsystems for ISRO’s Chandrayaan-2 and Mangalyaan missions as well as executed complex assemblies for DRDO, including those used in the Agni series of missiles.

In September 2025, the company won an order worth ₹386 crore in the clean energy and fuel cell segment.

In a stock-exchange filing, MTAR Technologies said the contracts from its long-standing customer Bloom Energy Corporation are valued at $43.87 million (approximately ₹386.06 crore) and relate to its fuel cell business. The orders are scheduled for phased execution: about ₹204.86 crore to be completed by March 2026 and ₹181.20 crore by June 2026.

“The company continues to strengthen its presence in the Clean Energy – Fuel Cells segment, driven by its cutting-edge product portfolio, timely execution, and cost competitiveness, despite macro challenges such as tariffs. In addition, we expect further orders from the fuel cell segment going forward,” said Parvat Srinivas Reddy, Managing Director, MTAR Technologies Limited.

About MTAR Technologies

MTAR Technologies Limited is one of India’s leading manufacturing and fabrication companies for precision components. MTAR Technologies is a leading player in precision engineering and manufacturing.

The foundation for MTAR’s precision engineering systems was laid in 1969. The company received a major order to supply coolant channel assemblies to the Department of Atomic Energy (DAE).

In 1970, MTAR established its first manufacturing unit to fulfil the BHEL orders. The company started manufacturing the components for clean energy initiatives and space research programmes. In 1975, 1978, and 1980, MTAR established different manufacturing and processing units in multiple locations in India.

It is one of the major component and equipment suppliers for nuclear, defence, and aerospace programmes in India. The company’s services encompass all engineering needs of its customers, from designing to manufacturing and integration.

The company also caters to the needs of global firms operating in the defence and clean energy sectors.