Atlanta Electricals Limited delivered its highest-ever revenue and profit in FY26, driven by volume growth and higher-voltage transformer sales. The company also fully repaid its term loans ahead of schedule.

The 38th Annual General Meeting was held on September 21, 2026, in Vallabh Vidyanagar, Gujarat. Chairman Niral Patel addressed shareholders, highlighting the transformational nature of the fiscal year following the company's listing.

Financial Performance

Revenue from operations reached ₹1,851.5 crore, a 48.8% increase from ₹1,244 crore in the previous year. This growth exceeded the company's internal target of 40%. EBITDA rose by 77.9% to ₹344.4 crore, with margins expanding by approximately 300 basis points to 18.6% from 15.6%. Profit after tax stood at ₹201.8 crore, up 70.1% year-on-year.

What the Numbers Show

The divergence between revenue growth (48.8%) and EBITDA growth (77.9%) indicates significant operating leverage. The expansion of EBITDA margins by 300 bps suggests that cost efficiencies and a richer product mix contributed disproportionately to bottom-line gains compared to top-line growth.

Capacity and Order Book

Installed manufacturing capacity surged from 16,740 MVA in FY25 to 63,060 MVA in FY26. The Vadod Unit-IV facility became commercially operational, contributing approximately 6,960 MVA during seven months of operation. The Ankhi Unit-V facility added capabilities for higher-voltage transformers.

New order inflows for FY26 totaled approximately ₹2,507 crore, resulting in an unexecuted order book of ₹2,493 crore as of March 31, 2026. The company produced approximately 22,943 MVA across its five facilities during the year.

Balance Sheet and Capital Allocation

Atlanta Electricals maintained strict financial discipline, fully repaying term loans of approximately ₹340 crore ahead of schedule using IPO proceeds and internal accruals. Consequently, the term-loan balance was nil as of March 31, 2026. Operating cash flow stood at approximately ₹184 crore, while net working-capital days were approximately 64 days.

Of the ₹400 crore raised through the fresh issue, approximately ₹395.46 crore was deployed by year-end. This included ₹79.12 crore for Vadod loan repayment, ₹210 crore for working capital, and ₹85 crore for BATIPL acquisition repayment under general corporate purposes. CRISIL reaffirmed the long-term rating at A/Stable.

Strategic Outlook

The company is focusing on validating 400 kV and 765 kV transformer prototypes. It received PGCIL approval on April 2, 2026, to manufacture transformers up to the 400 kV class at Vadod, subject to final testing. The first 400 kV order has been received.

Future priorities include commissioning Unit-VI for inverter-duty transformers in FY27, adding approximately 5,000 MVA of capacity. The company aims to build exports to approximately 15% of revenue over the next three years and continue backward integration through a new tank and radiator manufacturing facility.

Atlanta Electricals will host a group of investors and analysts for a plant visit on September 23, 2026. The interaction is organized by JP Morgan and aims to provide stakeholders with insights into the company’s operations.

The management confirmed the schedule in a filing dated September 15, 2026. The event is structured as a plant visit rather than a traditional conference call, allowing participants to observe operational facilities directly.

Meeting Details

The company emphasized that discussions during the interaction will be strictly based on publicly available information. No unpublished price-sensitive information (UPSI) is intended to be shared.

Participants are advised that discussions will rely on data already disclosed on stock exchanges and the company’s website. The firm noted that changes to the schedule may occur due to exigencies on the part of the host or the company.

Tejal S. Panchal, Company Secretary and Compliance Officer, signed the intimation filed with the BSE and NSE.