ATLANTA ELECTRICALS FUNDAMENTAL RESEARCH REPORT

Atlanta Electricals (NSE: ATLANTAELE), Anand, Gujarat, makes power transformers (~79% of Q1 revenue; mostly 220 kV, 66 kV and 132 kV), auto transformers and inverter-duty transformers for solar and storage. It does not make distribution transformers. About 66% of revenue comes from transmission & distribution and 19% from renewables, sold mainly to state transmission utilities (GETCO, KPTCL, RVPN, PSTCL, APTRANSCO). It listed on 29-Sep-2025 (IPO Rs 754, Rs 687 Cr). CRISIL A/Stable. Event 1 - growth is real and guided. FY26 revenue rose 49% to Rs 1,852 Cr, EBITDA margin reached 18.6% and PAT Rs 202 Cr; ROCE ~45%, with no term debt. Q1 FY27 revenue was Rs 466 Cr (+48%) and PAT Rs 47 Cr (+50%), confirmed across Screener, the presentation and the call. Management guides a 40% revenue CAGR for three years at a 17-18% margin; the order book hit a record Rs 3,117 Cr after Rs 972 Cr of Q1 inflow. Our check: capacity of 63,060 MVA needs only ~39% use for FY27.