Stock to buy: Defence multibagger stock MTAR Technologies Ltd, a key supplier of critical hot box assemblies to Bloom Energy, is seen as a major beneficiary of the latter's expanded strategic partnership with Oracle. MTAR Tech, which commanded 60-70 per cent of Bloom's wallet share, is not merely a beneficiary of this theme but an irreplaceable enabler of it, MOFSL said on Thursday.

MTAR Tech shares are up 107 per cent in 2026 so far and 260 per cent in the past one year. MOFSL suggested a target price of Rs 6,000 on the stock, hinting at a potential 21 per cent upside. The domestic brokerage said the additional order for Bloom can translate into Rs 1,400-1,700 crore incremental orders for MTAR Technologies, which is 1.6-1.8 times of its estimated FY26 revenue. Bloom has expanded its partnership with Oracle to support the rapid buildout of AI and cloud infrastructure in the US.

Under a master agreement (explained below), Oracle plans to procure up to 2.8 GW of Bloom’s fuel cell systems, with an initial 1.2 GW already contracted and currently being deployed (by 2027). The deal follows a successful earlier installation completed in just 55 days.

The 2.8GW contract can translate into multi-billion-dollar revenue potential for Bloom over several years, depending on pricing, service revenue, installation timing, and mix, MOFSL said.

The domestic brokerage cited correlation of Bloom’s order wins and MTAR's incremental flows, saying 1GW of orders for Bloom translates roughly into Rs 900-1,100 crore of revenue for MTAR Tech. 

"Factoring this in, we raise our revenue projections for FY27/FY28 by 16 per cent/33 per cent for the clean energy fuel cells business. This rise in revenue is in line with the capacity expansion undertaken by the company. We expect MTAR to deliver 9,700/14,000 hot boxes in FY27/FY28, which is 61 per cent/56 per cent of its utilisation levels," MOFSL said.

It noted that the increased revenue from clean energy is expected to increase its contribution to the overall business to 71 per cent by FY28 against 62 per cent in FY25. 

"However, in the current scenario of macro tailwinds, this is acting as a growth catalyst for the company," MOFSL said.