Atlanta Electricals Limited has filed its monitoring agency report for the quarter ended December 31, 2025, providing a comprehensive overview of how the company has utilized proceeds from its ₹400.00 crore Initial Public Offering. The report, prepared by CARE Ratings Limited as the monitoring agency, was submitted to both BSE and NSE on February 13, 2026, in compliance with SEBI regulations.

IPO Proceeds Utilization Overview

The company successfully utilized ₹374.74 crore out of the total ₹400.00 crore raised through its IPO, which was conducted from September 22, 2025 to September 24, 2025. The monitoring agency confirmed that all utilizations were in accordance with the disclosures made in the offer document, with no material deviations reported.

Detailed Fund Deployment

Borrowing Repayments: The company completed the repayment of ₹79.12 crore in borrowings as planned. This included ₹33.13 crore repaid to Tata Capital Limited and ₹46.00 crore to HDFC Bank Limited. While the lender-wise allocation differed from the original proposal (₹50.00 crore and ₹19.12 crore respectively), the overall objective of ₹79.12 crore repayment was achieved.

Working Capital Requirements: Out of the allocated ₹210.00 crore, the company utilized ₹189.92 crore for working capital needs. The funds were primarily deployed for raw material purchases, travel expenses, repair expenses, and maintenance material expenses. The remaining ₹20.08 crore has been parked in fixed deposits.

General Corporate Purposes: The entire allocated amount of ₹85.03 crore was utilized for repaying borrowings to Tata Capital Limited that were originally availed for acquiring BTW-Atlanta Transformers India Private Limited. This utilization was approved by the Board of Directors on October 17, 2025, with legal opinion confirming it falls within the permitted scope of funding growth opportunities and strategic initiatives.

Deployment of Unutilized Funds

The remaining ₹25.26 crore in unutilized proceeds has been deployed across different instruments:

Implementation Timeline and Compliance

The monitoring agency reported no delays in the implementation of stated objectives. The repayment of borrowings and general corporate purposes were completed as planned for FY26. For working capital requirements, the company has already utilized ₹189.92 crore against the planned ₹118.00 crore for FY26, indicating accelerated deployment compared to the original timeline.

CARE Ratings Limited, serving as the monitoring agency, confirmed that all arrangements and utilizations comply with SEBI regulations and the monitoring agency agreement dated September 15, 2025. The report emphasizes that there were no deviations from the objects stated in the offer document and no unfavorable events affecting the viability of the stated objectives.

Atlanta Electricals Limited has announced that Crisil Ratings Limited has reaffirmed the company's credit ratings for its enhanced bank facilities. The rating update, communicated through a regulatory filing under Regulation 30 of SEBI regulations, reflects the company's maintained creditworthiness across its expanded banking arrangements.

Enhanced Credit Facility Details

The credit rating agency has evaluated and reaffirmed ratings for the company's total bank loan facilities, which have been enhanced significantly from the previous assessment.

Comprehensive Banking Facility Structure

The rated facilities span across multiple banking partners and facility types, demonstrating the company's diversified banking relationships. The total facilities of Rs. 1460 crores comprise various instruments including bank guarantees totaling Rs. 770 crores, cash credit facilities of Rs. 150 crores, letters of credit worth Rs. 400 crores, proposed fund-based limits of Rs. 74.48 crores, and term loans of Rs. 65.52 crores.

Key Banking Partners

The company maintains banking relationships with several prominent financial institutions:

• State Bank of India: Providing Rs. 330 crores across bank guarantees, cash credit, and letters of credit
• HDFC Bank Limited: Offering Rs. 270 crores in various facilities
• Axis Bank Limited: Contributing Rs. 210 crores through multiple instruments
• YES Bank Limited: Providing Rs. 135 crores in banking facilities
• Kotak Mahindra Bank Limited: Offering Rs. 150 crores across different facility types
• The Federal Bank Limited: Contributing Rs. 150 crores in various banking instruments
• Union Bank of India: Providing Rs. 75 crores through bank guarantees and cash credit
• Tata Capital Limited: Offering Rs. 65.52 crores in term loan facilities

Rating Validity and Surveillance

The rating letter remains valid until March 31, 2026, with Crisil Ratings maintaining continuous surveillance over the assigned ratings. The rating agency reserves the right to revise or withdraw ratings based on new information or changing circumstances that may impact the company's creditworthiness. Companies are required to obtain fresh revalidation letters if proposed facilities are not availed within 180 days from the rating date.

The reaffirmed ratings indicate Atlanta Electricals Limited's maintained financial stability and creditworthiness, supporting its access to diversified banking facilities across multiple financial institutions for its operational and growth requirements.