Atlanta Electricals Ltd(ATLANTAELE)

NSE: ATLANTAELEBSE: 544527

₹ 1,623.3-3.94%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 12,483 crWebsite: www.aetrafo.comUpdated: 24 Oct 2026

About

Atlanta Electricals Limited is a Gujarat-based manufacturer of power and distribution transformers ranging from 66 kV to 400 kV class, with 765 kV capability under development, serving utilities, renewable energy developers and industrial customers across India. The company reported FY26 revenue of INR1,851.5 crores and operates 63,060 MVA of installed capacity across five facilities, making it one of the largest integrated transformer producers in India. Its outstanding order book stood at an all-time high of INR3,116.63 crores as of 30 June 2026.^[1][2][3][4]

Order book and inflows

Outstanding order book reached an all-time high of INR3,116.63 crores as of 30 June 2026, up 25% sequentially from INR2,493 crores at 31 March 2026.^[3][1]
Q1 FY27 order inflow of INR972.42 crores was the highest-ever quarterly figure for the company.^[3]
Full-year FY26 new order intake was INR2,507 crores, lifting the order book to INR2,493 crores at 31 March 2026.^[1]
220 kV class transformers constitute over 55% of the outstanding order book as of Q1 FY27; 400 kV transformers and reactors represent approximately INR275 crores of the book.^[3]

Manufacturing capacity and facilities

Total installed capacity stands at 63,060 MVA across five facilities as of Q2 FY26, making Atlanta one of the largest integrated transformer producers in India.^[2]
Vadod Unit 4 (30,000 MVA nameplate) commenced production in July 2025, contributed 6,960 MVA in its first ~7 months, and reached ~39% utilisation by end of FY26.^[1]
Atlanta Trafo (Unit 5, 15,000 MVA) formerly BTW Atlanta, commenced operations in Q3 FY26 and is capable of manufacturing 400 kV and 765 kV class transformers.^[5]
Vadod Unit 4 received PGCIL approval for manufacturing and supply of 400 kV class transformers during Q1 FY27; engineering for the first 315 MVA 400 kV unit is complete.^[3]
The company operates seven NABL-accredited testing laboratories, enabling in-house high-voltage testing for large utility tenders.^[5]
Registered office and legacy operations are located at GIDC Estate, Vithal Udyognagar, Anand, Gujarat.^[6]

Key operating numbers

Production volume (sales-based) rose from 3,605 MVA in Q1 FY26 to 4,381 MVA in Q1 FY27, with management attributing the increase to the ramp-up of new manufacturing facilities.^[3]
220 kV class contributed 56% of Q1 FY27 revenue, up from ~52% of full-year FY26 revenue.^[3][1]
Net working capital was 72 days in Q1 FY27; management expects this to rise to 80 - 90 days in FY27 - 28 as higher kV class execution scales.^[3][1]
Large transformers (66 kV and above) carry price variation / pass-through clauses, largely insulating gross margins from copper and aluminium cost movements.^[5]

Products and product mix

Product range covers distribution and power transformers from 66 kV up to 400 kV class, with 765 kV capability under development; the company also produces bus reactors and inverter duty transformers.^[2][5][3]
Green transformers using natural and synthetic ester oils are part of the portfolio; during the Q4 FY26 mineral oil shortage, green transformer production was prioritised to shield dispatches.^[1]
BESS (battery energy storage system) transformers are in the order book, with deliveries expected as India's BESS build-out accelerates.^[1]
First 400 kV class order (INR184 crores from BNC Power Projects for the Pugal project, comprising a 315 MVA 400 kV transformer, 100 MVA 132 kV transformer, and 400 kV bus reactor) was secured in Q3 FY26.^[5]

Customers and distribution

Customer segments include power utilities (T&D), renewable energy developers (solar and wind), and industrial clients; T&D represented ~81% and renewables ~15% of H1 FY26 order mix.^[2]
INR463 crores of the INR789 crores Q2 FY26 order inflows came from the renewable energy sector, including solar pooling substation projects in Bikaner, Bijapur and Pugal.^[2]
Bid pipeline was estimated at INR12,000 - 18,000 crores as of Q2 FY26.^[2]
Export revenue was nil in Q1 FY27; one export order is in hand for execution during FY27, with a longer-term target of ~15% export revenue mix within three years.^[3]
First significant export order of INR20 crores (132 kV class transformers targeting Asia and Middle East markets) was secured in Q3 FY26.^[5][2]

Expansion and capex

Inverter Duty Transformer (IDT) facility (Unit 6, 5,000 MVA capacity, ~INR65 crore capex) is under construction and on track for commissioning before end of December 2026.^[3][1]
Tank and radiator backward integration plant adjacent to Vadod, with total capex of approximately INR170 - 180 crores, is in early stages; ~INR15 - 20 crores had been invested as of Q1 FY27.^[3]
Vadod facility targeted at ~65% utilisation in FY27, rising to ~100% in FY28 as 400 kV mainstream production scales.^[1]
765 kV technology tie-up was targeted for closure in Q2 FY27, with raw material procurement and production to begin in Q3 FY27 and commercial orders expected by Q4 FY27.^[3]

Recent developments

Vadod Unit 4 received PGCIL approval for 400 kV class transformer manufacturing on 2 April 2026, achieved within two years of groundbreaking - described as among the fastest construction-to-approval timelines in the Indian transformer industry.^[1]
All INR340 crores of term loans (INR130 crores for Vadod, INR210 crores for BTW acquisition) were fully repaid by 31 March 2026, ahead of schedule, leaving the company debt-free on term loans.^[1]
FY26 revenue reached INR1,851.5 crores (+48.8% YoY), exceeding the company's 40% growth target; Vadod facility alone contributed ~INR495 crores of revenue in its first seven months of operation.^[1]
Atlanta Electricals introduced the ESOS 2026 employee stock option scheme, permitting grants of up to 7,70,000 equity shares of Rs 2 face value to employees of the company and its group entities.^[6]
Merger of Atlanta Trafo Limited into Atlanta Electricals Limited is planned to be initiated; no completion date has been stated.^[1]

Market Cap

₹12,483 Cr

High / Low

₹2,200 / 712

Stock P/E

59.8

Price / Book

14.0

Book Value

₹121

EPS

₹26.2

No. of Shares

7.69 Cr

ROCE

34.1%

ROE

21.7%

OPM

17.9%

Debt / Equity

0.05

Sales

₹1,852 Cr

Net Profit

₹202 Cr

Promoter holding

87.3%

Loading chart…

Signal history

AI Deep Dive

The analysis Screener can't give you

Our models read the latest earnings call, annual report, and financials end-to-end - then grade management, value the business, and flag the risks. Unlock all of it for this company:

Verdict
The headline call - descriptive label, conviction, and the synthesis behind it.
Valuation
Guidance-anchored P&L bridge - worst / average / best multiple cases.
Walk the talk
Did management deliver on past guidance? A commitment-by-commitment scorecard.
Red flags
Forensic and governance risk pointers, severity-ranked.
Balance sheet
Solvency and earnings-quality score.
Concall briefs
Quarter-by-quarter earnings-call briefs - what changed and why.

₹49 unlocks this company for 90 days, ₹299 for a full year - bundles bring it lower. Built on public disclosures - educational, not investment advice.

AI Deep Dive

Verdict

Locked

The headline call - descriptive label, conviction, and the synthesis behind it.

Company data

Financials