Atlanta Electricals Reports 80% Revenue Growth in Q3 FY26 with Record Order Book
Atlanta Electricals Limited reported exceptional Q3 FY26 results with revenue of INR472 crores (up 80% YoY), EBITDA of INR91 crores with 19.4% margin expansion, and PAT of INR43 crores (up 95% YoY). The company achieved a record order book of INR2,451 crores with Q3 intake of INR796 crores, including major orders from GETCO (INR298 crores), Adani Green Energy (INR134 crores), and export orders worth INR20 crores. Nine-month revenue reached INR1,104 crores with 33% growth, driven by expanded manufacturing capacity from 16,000 MVA to 63,000 MVA and strong demand in India's power transmission sector.
*this image is generated using AI for illustrative purposes only.
Atlanta Electricals Limited has delivered outstanding financial results for Q3 FY26, marking a significant milestone in the company's growth trajectory. The transformer manufacturer reported strong performance across all key metrics, driven by expanded manufacturing capacity and robust demand in India's power transmission sector.
Strong Financial Performance in Q3 FY26
The company's consolidated financial results for Q3 FY26 demonstrate exceptional growth momentum:
| Metric: | Q3 FY26 | Q3 FY25 | Growth (%) |
|---|---|---|---|
| Revenue: | INR472 crores | INR263 crores | +80% |
| EBITDA: | INR91 crores | INR42 crores | +120% |
| EBITDA Margin: | 19.4% | 15.8% | +350 bps |
| PAT: | INR43 crores | INR22 crores | +95% |
The revenue growth of 80% year-on-year was complemented by a sequential increase of 49% from INR317 crores in Q2 FY26. This strong performance reflects the contribution from the new Vadod facility and continued high utilization at the company's legacy manufacturing plants.
Nine-Month Performance Shows Consistent Growth
For the nine months ended December 31, 2025, Atlanta Electricals maintained its growth trajectory:
| Parameter: | Nine Months FY26 | Nine Months FY25 | Change (%) |
|---|---|---|---|
| Revenue: | INR1,104 crores | INR833 crores | +33% |
| EBITDA: | INR195 crores | - | +56% |
| EBITDA Margin: | 17.7% | - | +270 bps |
| PAT: | Nearly INR100 crores | - | - |
The margin expansion reflects operating leverage from higher volumes, economies of scale, favorable product mix, and improved procurement efficiency in key input materials.
Record Order Book and Major Contract Wins
Atlanta Electricals achieved an all-time high order book of INR2,451 crores as of December 31, 2025, with Q3 order intake of INR796 crores providing strong execution visibility. Key orders secured during the quarter include:
| Customer: | Order Value | Details |
|---|---|---|
| GETCO: | INR298 crores | 25 high-capacity transformers including 21 units of 220 kV, 160 MVAs |
| Adani Green Energy: | INR134 crores | Inverter duty transformers for renewable energy segment |
| BNC Power Projects: | INR184 crores | EHV orders for Pugal project including 315 MVAs, 400 kV class transformer |
| Solar Projects: | INR116 crores | Solar pooling substations across Bikaner, Bijapur, and Pugal projects |
| Export Order: | INR20 crores | First significant export milestone |
Operational Expansion and Capacity Utilization
The company has significantly expanded its manufacturing capacity from approximately 16,000 MVA to 63,000 MVA, representing a nearly four-fold increase over the past 18 months. Q3 FY26 marked the first full quarter where the expanded capacity contributed meaningfully to revenues.
The Vadod facility, which commenced production in July, contributed approximately one-third of quarterly revenue and is designed for transformers up to 500 MVAs, 400 kV class. Atlanta Trafo facility commenced operations during the quarter, providing manufacturing capability for 400 kV and 765 kV class transformers.
Industry Outlook and Strategic Positioning
Atlanta Electricals is positioned to benefit from India's transmission infrastructure expansion, with INR9.6 trillion planned transmission capex through 2032. The company has established itself among the largest integrated power transformer producers in India, with manufacturing capabilities spanning from 33 kV class power transformers to 765 kV class extra high voltage units.
The management addressed concerns about potential Chinese participation in government tenders, noting that structural realities remain unchanged with local manufacturing requirements and 12-18 month approval processes. The company's competitive strength lies in three decades of customer relationships and proven execution track record across 19 states and three union territories.
Future Growth Prospects
With the investment phase largely complete, Atlanta Electricals is focused on driving capacity utilization across its expanded manufacturing footprint. The company expects to maintain its historical growth rate of 40% year-on-year and anticipates operating leverage benefits to continue flowing through to margins as utilization scales. The record order book provides strong execution visibility, positioning the company to capitalize on the multi-year opportunity in India's power transmission sector.
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