I would tend to agree with @SAURABH_SWARAJ .
First off, I like that MTAR has set a target of FY26 for the completion of their own launch vehicle, which gives us enough time to wait and watch, to see how they build up their capabilities in the space division. MTAR has made it very clear in their latest earnings call that they will be designing their own engine, a bold goal, but again, I will wait and watch.
In general, when I look at the company, I see an organization that constantly looks to forward integrate (moving from supplying parts, to systems, to finished products), opportunistically backward integrate, and take advantage of import substitution opportunities. It’s looking for growth all the time, and does not rest on its laurels.
Let me use the example of the fuel cell business with Bloom Energy. First off, the designs are wholly the property of Bloom Energy. However, the entire process of manufacturing what Bloom needs, at scale, has been iterated and improved on by MTAR, and this then creates a two-way dependency. If Bloom decides to leave, even though they have their designs with them, MTAR is effectively the only entity that can provide the majority of what they need for fuel cells, and it would take a while to work with another supplier to get them to the same level.
I also wish to add that in the beginning, MTAR just provided the basic power unit for Bloom’s fuel cell modules. Now they provide enclosures and ASP assemblies as well, and I believe they’re already supplying bellows (import substitute), heaters (import substitute), and cable harnesses (part of their electronics manufacturing push). I do not think that MTAR is particularly interested in developing fuel cell modules of its own, but due to the continued exposure to Bloom’s work, and not to mention the manufacturing expertise that they have built up, I am fairly certain that they could.
To summarize, with their space division, I will wait and watch.
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