MTAR Technologies – A wager on innovation meeting economies of scale

Thanks to @ankit_george for starting this thread on MTAR
It would have probably taken more than a month to capture all the points mentioned in the entire thread.
Thanks to @akacker @sahil_vi @SAURABH_SWARAJ @JR_R for their inputs.
It feels great to observe that, companies that I am screening are already been looked by @sahil_vi, which implies I am kind of going in the right direction.

Coming to the company, some observations and queries from my side:
Please correct me if I am wrong, just a beginner

Pros:

• Management walking the talk
• It is aligning with government programs
  * Government does not propose to stop the use of nuclear energy in the future and has
  approved building 10 atomic power reactors at a cost of Rs 1.05 lakh crore by 2031, the
  Lok Sabha was informed on Wednesday. (link)
• Future growth is visible

Cons:

• Reliance on Bloom Energy. Can impact margin? Need to keep an eye on
• High valuations.

One thing that I am not clear about

• With RIL entering into green hydrogen and other PSUs as well, won’t there be increase competition in this space, and Bloom Energy may tend to move to this large players because of the brand ? Want others opinion here.

Things to observe about the company going forward:

• Deal with Fluence, this will tremendously help MTAR to diversify.
• Its reliance on Bloom Energy
• Other segments revenue contribution, nuclear and Space Program
• Working capital