Two Small-Cap Stocks Outperformed MTAR Technologies in April with Gains of Up to 98%; One Offers an Alternative to Rising LPG Prices

Defence and Aerospace stock MTAR Technologies has remained in the spotlight after a sharp rally in April. The stock gained nearly 79 per cent during the month, and on Thursday, April 30, MTAR Technologies share price jumped over 14 per cent to hit a fresh 52-week high.

Why MTAR Technologies Share Price Rallied

The recent rally in MTAR Technologies was largely triggered by strong earnings reported by its key client, Bloom Energy. The US-based company reported robust Q1 2026 numbers, with revenue growing 130 per cent year-on-year, supported by 208 per cent growth in product revenue.

Bloom Energy also raised the midpoint of its full-year 2026 revenue growth guidance to nearly 80 per cent year-on-year, compared with its earlier guidance of around 60 per cent. This improved outlook lifted sentiment around companies linked to Bloom Energy’s supply chain.

KR Sridhar, Founder, Chairman and Chief Executive Officer of Bloom Energy, said that Bloom is “ushering in the era of digital power for the digital age” and is rapidly becoming the preferred choice for on-site power solutions.

MTAR Technologies is a key strategic supplier to Bloom Energy and derives a significant portion of its revenue from the US company. It manufactures critical assemblies used in Bloom’s solid oxide fuel cell systems, making Bloom Energy’s business momentum an important trigger for investor interest in MTAR.

MTAR Technologies Order Book Remains Strong

MTAR Technologies received orders worth Rs 1,368.8 crore in Q3 FY26 across clean energy, civil nuclear power, fuel cells, hydel, aerospace, defence, products and other segments.

As of December 31, 2025, the company’s diversified order book stood at Rs 2,394.9 crore. The largest share of the order book came from clean energy, fuel cells, hydel and other segments, which together accounted for 49.3 per cent. Aerospace and defence contributed 13.6 per cent of the total order book.

This strong order book provides revenue visibility, while the company’s exposure to high-entry-barrier sectors continues to support investor confidence.

Stocks That Outperformed MTAR Technologies in April: IRM Energy and JTL Industries 

Despite the sharp rally in MTAR Technologies during April, a few Small-Cap stocks managed to outperform it during the same period. Two such names were IRM Energy and JTL Industries, which delivered stronger monthly gains.

IRM Energy Share Price Rallied Nearly 98 Per Cent

IRM Energy, a small-cap stock, gained nearly 98 per cent in April, outperforming MTAR Technologies during the month.

IRM Energy is a group company of Cadila Pharmaceuticals Limited. Incorporated in 2015, the company focuses on developing city gas distribution projects across various districts in India. It caters to industrial, commercial, domestic and automobile customers through its natural gas distribution network.

Why IRM Energy Share Price Rallied: A PNG Play Amid LPG Supply Concerns

The sharp rally in IRM Energy appears to be linked to the possibility that the company may indirectly benefit from the ongoing LPG supply disruption and the steep hike in commercial LPG prices.

While IRM Energy is not directly involved in LPG distribution, its city gas distribution business offers Piped Natural Gas, or PNG, which is a cleaner and pipeline-based alternative for domestic, commercial and industrial users.

With India’s LPG supply chain facing pressure due to West Asia tensions and a large portion of imports passing through the Strait of Hormuz, commercial users such as hotels, restaurants and small businesses may look at PNG as a more reliable fuel option.

However, the actual benefit for IRM Energy will depend on its network reach, the pace of customer conversion and gas availability in its operating areas.

JTL Industries Share Price Jumped 95 Per Cent

JTL Industries also outperformed MTAR Technologies, with its share price rising nearly 95 per cent in April.

The company, a leading manufacturer of structural steel tubes, came into focus after announcing its operational performance for Q4 FY26 and FY26.

JTL Industries Reported its Highest-Ever Quarterly Sales Volume

JTL reported its highest-ever quarterly sales volume of 1,23,262 MT in Q4 FY26, compared with 81,885 MT in Q4 FY25 and 90,429 MT in Q3 FY26. This reflected growth of 50.5 per cent year-on-year and 36.3 per cent quarter-on-quarter, supported by strong demand and improved capacity utilisation.

Exports also showed strong traction. The company recorded export sales of 11,785 MT in Q4 FY26, compared with 6,841 MT in Q4 FY25 and 9,592 MT in Q3 FY26. This marked growth of 72.2 per cent year-on-year and 22.9 per cent quarter-on-quarter.

Exports contributed 10.6 per cent to total sales in Q4 FY26, compared with 5.8 per cent in Q4 FY25, indicating a steady improvement in the export mix.

For FY26, JTL Industries reported its highest-ever annual sales volume of 3,95,900 MT, compared with 3,45,690 MT in FY25, registering 14.5 per cent year-on-year growth. Export volume for FY26 stood at 37,301 MT, contributing nearly 10.4 per cent to total sales, compared with 9.1 per cent in FY25.

Conclusion

MTAR Technologies’ sharp rally was backed by strong sentiment around Bloom Energy, its strategic client, and the company’s strong order book across clean energy, aerospace and defence. However, April also saw even stronger moves in IRM Energy and JTL Industries.

IRM Energy gained on expectations of higher demand for PNG amid LPG supply concerns, while JTL Industries rallied on record sales volumes, strong exports and improving capacity utilisation.

Disclaimer: This article is for informational purposes only and not investment advice.