ATLANTAELE
Micro CapAtlanta Electricals Limited
Industrials
Atlanta Electricals Limited is a leading Indian manufacturer of power, auto, and inverter duty transformers. With 63,060 MVA capacity across five facilities, it serves state/national electricity grids, private sector players, prominent renewable energy projects, and EPC companies. The company listed on BSE and NSE on Sep 29, 2025.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 100/100Rev +82% YoY · PAT +127% YoY · margin expansion · +58% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹748 Cr | +82.0% | +58.5% |
| EBITDA | ₹150 Cr | +117.4% | +64.8% |
| Operating margin | 20.0% | +300 bps | +100 bps |
| PAT | ₹102 Cr | +126.7% | +137.2% |
| PAT margin | 13.6% | +269 bps | +453 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
FY26 consolidated revenue grew 48.8% YoY to Rs. 1,851.52 crores, with PAT up 70.1% YoY to Rs. 201.77 crores. Q4FY26 delivered highest-ever quarterly performance with revenue of Rs. 747.62 crores and EBITDA margin reaching 19.99%.
Strong FY26 performance, driven by capacity build-out, translated into significant revenue and PAT growth. Margin expansion and balance sheet de-leveraging are positive. PGCIL approval for 400 kV transformers and strategic capacity additions position the company to capitalize on planned transmission investments.
Revenue - Sector Mix (FY26)
Latest issuer-disclosed distribution across 4 reported categories.
PGCIL Approval for Higher kV Transformers
Received PGCIL approval for manufacturing of up to 400 kV class transformers at Vadod facility, achieved within two years of groundbreaking.
Atlanta Trafo Acquisition
Acquisition of Atlanta Trafo (formerly BTW Atlanta) provides capacity for 400 kV and 765 kV transformers, complementing existing portfolio.
Domestic Demand from New Segments
Focus on capturing domestic demand from Battery Energy Storage Systems (BESS), data centers, and renewables.
Transmission Investment Opportunity
Rs. 9 trillion of transmission investment planned through 2032 positions the company for multi-year growth.
Installed Manufacturing Capacity
Installed manufacturing capacity now stands at 63,060 MVA across five facilities.
Vadod Plant Operations
Vadod plant is operational and contributing to revenue.
Atlanta Trafo Capacity
Atlanta Trafo (100% subsidiary) has 15,780 MVA capacity available for utilization, easily upgradable to 1,200 kV.
New Facilities Ramp-up
Two new facilities ramped up during FY26.
Government Transmission Investment
Rs. 9 trillion of transmission investment planned through 2032 provides a significant market opportunity.
Growth in Renewable Energy and Data Centers
Increasing demand from renewable energy projects, BESS, and data centers drives transformer requirements.
Capacity Utilization Impact
Utilization temporarily impacted due to capacity expansion and commissioning phase of new facilities.
Supplier Concentration
Top 10 suppliers contributed to 58.81% of raw materials purchased, though no single supplier contributed more than 13.60%.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The company reports both full-year (FY26 vs FY25) and quarterly (Q4FY26 vs Q4FY25, Q4FY26 vs Q3FY26) results. Full-year provides a comprehensive view of growth post-listing and capacity expansion, while Q4 QoQ highlights sequential momentum and highest-ever quarterly performance.
Order Book
Order Book as on 31st Mar 2026 stood at Rs. 2,493 crores.
Revenue Cover
Order book of Rs. 2,493 crores against FY26 revenue of Rs. 1,851.52 crores implies a revenue cover of ~1.35x.
EBITDA Margin
FY26 EBITDA margin expanded to 18.60%, up 304 bps YoY. Q4FY26 EBITDA margin reached 19.99%, up 333 bps YoY and 65 bps QoQ.
PAT Margin
FY26 PAT margin was 10.9%, up 136 bps YoY. Q4FY26 PAT margin was 13.7%, up 282 bps YoY and 448 bps QoQ.
FY27 Prototyping Goals
Priorities for FY27 include prototyping the first 400 kV transformer at Vadod and 765 kV at Atlanta Trafo.
Strategic Market Capture
Aim to scale exports and capture domestic demand from BESS, data centers, and renewables.
New Plant Commissioning
Commence operations at the new Inverter Duty Transformer facility and the Tank and Radiator backward integration plant in FY27.
Long-term Growth Positioning
The company is well-positioned to capture the multi-year growth opportunity from planned transmission investment.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Higher kV Transformer Prototyping | Priorities for FY27 include prototyping the first 400 kV transformer at Vadod and 765 kV at Atlanta Trafo. | Successful prototyping and commercialization of higher voltage class transformers. |
| Capacity Utilization | Utilization temporarily impacted due to capacity expansion and commissioning phase. | Improvement in capacity utilization rates as new facilities stabilize and ramp up. |
| Order Book Growth and Quality | Order Book as on 31st Mar 2026 stood at Rs. 2,493 crores. | Sustained growth in order book, particularly for higher-margin or strategic projects, and healthy revenue cover. |
| Export Scaling | Scaling exports is a priority for FY27. | Evidence of increased export revenue contribution and market penetration. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
56NeutralSMA20 +68.3% / mo
Technical chart
ATLANTAELEdaily · 5Y+94.3%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 55. Wait for confirmation.
- SMA20 rising (~12.5% over last month) — short-term momentum positive.
- RSI(14) at 55 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 12% off 52W high · 167% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Quality contributes 18/20 to the score.
- Growth contributes 18/25 to the score.
Main drags
- Fair-value margin of safety is negative at -60.1%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Cash flow is weaker at 3/10; verify the latest quarterly trend.
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +1 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 91st percentile of the scored universe and 92nd percentile within Industrials. Main check: cash conversion is weak at 55/100.
High Trust Lite: Promoter holding is 87.3%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Industrials: 92nd pctile, median 68 · Micro: 87th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 87.3%.
- ▸Promoter pledge is zero.
- ▸Debt/equity is 0.05.
- ▸ROCE is 45.3%.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 74.20
- P/B
- 16.16
- EV/EBITDA
- 40.76
- Market Cap
- 15030.00Cr
Profitability
- ROE
- 31.70%
- ROCE
- 45.30%
- ROA
- 13.39%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 36.00%
- EPS 5Y
- 96.00%
- Revenue 3Y
- 28.00%
- EPS 3Y
- 32.00%
Balance Sheet
- Debt/Equity
- 0.05
- Interest Coverage
- 6.04×
- Altman Z
- 9.05
- Book Value
- 121.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 3/5
- OCF
- 184.00 Cr
- EPS TTM
- 26.24
Shareholding
- Promoter Hold
- 87.28%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 84%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.