ATC Energies System
SME₹63.76 Cr issue
-9.32%
Listing gain over issue price
Issue size
₹63.76 Cr
1 lot at cut-off
₹1,41,600
Lot size
1,200shares
Open
25 Mar 2025
Close
27 Mar 2025
Allotment
28 Mar 2025
Listing
02 Apr 2025
Listing performance
Issue price
₹118
Listed at
₹107
Listing-day close
₹101.65
Latest price
₹21
Close on 23 Oct 2026
Listing gain
-9.32%
Return since issue
-82.20%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 25 Mar 2025 – 27 Mar 2025
- Listing date
- 02 Apr 2025
- Face value
- ₹10 per share
- Issue price
- ₹118 per share
- Lot size
- 1,200 shares
- Total issue size
- ₹63.76 Cr
- Market cap at offer price
- ₹241 Cr
- Promoter holding
- 98.19% → 72.07% pre-issue → post-issue
- ISIN
- INE0V0Q01019
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- Indorient Financial Services Ltd.
- Registered office
- Unit No.3, Plot No.33, New India Industrial Estate, Mahal IN AR, Off MC Rd., Andheri East, Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 9,22,800 | — | — |
| Market maker | 2,71,200 | — | — |
Application size
Minimum 1,200 shares per lot, in multiples, at ₹118
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,41,600 |
| S-HNI (min) | 2 | 2,400 | ₹2,83,200 |
| S-HNI (max) | 7 | 8,400 | ₹9,91,200 |
| B-HNI (min) | 8 | 9,600 | ₹11,32,800 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
9,22,800
Anchor portion
₹10.89 Cr
at ₹118 per share
Valuation and performance
Valuation at offer price
₹118 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 6.78 | 5.66 |
| P/E (×) | 17.40 | 20.85 |
| Price to book (×) | 5.73 | — |
| Market cap | — | ₹241 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 39.38%
- ROCE
- 42.66%
- Debt / equity
- 0.32
- PAT margin
- 21.27%
- NAV per share
- ₹20.60
- Price to book
- 5.73
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About ATC Energies System
ATC Energies System Limited, incorporated on September 2, 2020 and converted to a public company in February 2024, is engaged in the design, manufacture, and sale of lithium battery packs and related products. The company serves industries including renewable energy, energy storage, and related sectors. It operates manufacturing facilities in Noida and Vasai, along with a registered office in Mumbai. The company generates revenue through the manufacture and sale of lithium battery products with diversified applications across multiple industries.
Company Analysis
from RHPATC Energies System Limited manufactures and sells lithium battery packs and related products for energy storage and renewable energy applications.
ATC Energies System Limited, incorporated on September 2, 2020 and converted to a public company in February 2024, is engaged in the design, manufacture, and sale of lithium battery packs and related products. The company serves industries including renewable energy, energy storage, and related sectors. It operates manufacturing facilities in Noida and Vasai, along with a registered office in Mumbai. The company generates revenue through the manufacture and sale of lithium battery products with diversified applications across multiple industries.
Objects of the Issue
- Repayment and/or pre-payment, in full, of the borrowing availed by our Company with respect to purchase of our Noida factory ₹ 952.83 lakhs p.87
- Funding the capital expenditure requirements towards refurbishment, civil and upgradation works at our Noida factory ₹ 672.16 lakhs p.87
- Funding the capital expenditure requirement towards IT upgradation at our Noida factory, Vasai factory and our registered office ₹ 746.88 lakhs p.87
- Funding working capital requirements of our Company ₹ 950.00 lakhs p.87
- General Corporate Purposes p.87
Issue Structure
- Total Issue
- Up to 54,03,600 Equity Shares of face value of ₹10 each, aggregating up to ₹ [●] lakhs
- Fresh Issue
- Up to 43,23,600 Equity Shares of face value of ₹10 each, aggregating up to ₹ [●] lakhs
- Offer for Sale
- Up to 10,80,000 Equity Shares of face value of ₹10 each, aggregating to ₹ [●] lakhs by the Selling Shareholder
- Price Band
- ₹ 112 to ₹ 118 per equity share
- Face Value
- ₹ 10 each
Business Model
The company earns revenue from the design, manufacture, and sale of lithium battery packs and related products. The business model is working capital intensive, requiring significant investment in inventories (raw materials and finished goods), trade receivables from credit sales, and operational expenditures. The company imports 85-90% of key components like cells and circuits, which it then assembles according to customer specifications.
Business Segments
Design, manufacture, and sale of lithium battery packs and related products for energy storage and renewable energy applications
Supplies lithium-ion mini batteries for POS machines and ATM machines
Supplies lithium-ion batteries for electric two-wheelers, three-wheelers, and four-wheelers
Supplies lithium-ion small, medium and mini batteries for commercial and recreational drones
Supplies lithium-ion medium, small and mini batteries for UPS invertors and backup power systems
Supplies large, medium and small lithium-ion batteries for grid-connected battery energy storage and renewable energy integration
Supplies medium, mini and small lithium-ion batteries for robotics and automation applications
Supplies large, medium, small and mini batteries for various industrial applications including weighing scales and other industrial equipment
Supply of lithium batteries for POS and ATM machines used by banking sector
Supply of lithium batteries for electric cycles, 2-wheelers, and 3-wheelers
Supply of lithium batteries for drone applications
Supply of lithium batteries for uninterruptible power supply and inverter systems
Supply of lithium batteries for energy storage applications
Supply of lithium batteries for various industrial applications
Supply of lithium batteries for weighing scale applications
Supply of lithium batteries for robotics applications
SWOT Analysis
Strengths
- • Established manufacturing presence with advanced infrastructure(p.24)
- • Experienced promoter with long industry tenure(p.24)
- • Strong quality certifications and compliance standards(p.24)
- • Diversified product portfolio across battery sizes and industries(p.24)
- • Diversified product portfolio serving multiple industries(p.101)
- • In-house design capabilities with advanced machinery(p.101)
- • Strong quality compliance and standards focus(p.101)
- • Experienced leadership team(p.101)
- • Strong profitability with PAT margin of 21.27% in FY2024(p.102)
- • Diversified product portfolio across all battery sizes serving multiple industries(p.142)
- • Strong focus on quality and performance with 250+ satisfied customers(p.142)
- • Experienced promoter with 25+ years entrepreneurial track record(p.143)
- • Demonstrated stable financial growth with rising revenues and profitability(p.143)
- • Strong operational margins and efficiency(p.144)
- • Vertically integrated manufacturing with in-house design and customization capabilities(p.138)
- • Established leadership with 25+ years of entrepreneurial experience(p.171)
- • Executive team with deep financial and operational expertise(p.171)
- • Strong revenue growth trajectory(p.217)
- • Diversified product portfolio across multiple industries and applications(p.217)
- • Profitability and strong margins(p.222)
- • Comprehensive regulatory approvals and certifications across multiple domains(p.234)
- • Established manufacturing facilities in multiple states with valid licenses(p.236)
- • Trademark portfolio with multiple product registrations(p.238)
- • Positive Free Cash Flow to Equity in 2 out of 3 preceding years(p.242)
- • Operating profit demonstrated in at least 2 out of 3 financial years(p.243)
- • No regulatory prohibitions or debarments against the Company, Promoter, or Directors(p.240)
Weaknesses
- • Heavy concentration of revenue from two related-party customers(p.33)
- • Negative operating cash flows in recent period(p.33)
- • High reliance on banking sector for revenue(p.34)
- • Significant dependency on imported raw materials from overseas suppliers(p.42)
- • No long-term supplier contracts for critical raw materials(p.32)
- • No long-term customer commitments(p.35)
- • High working capital requirements with low turnover ratios(p.36)
- • Reliance on leased and licensed premises without ownership(p.37)
- • History of delays in statutory dues payments(p.38)
- • High attrition rate among permanent employees(p.45)
- • High dependency on two customers for substantial revenue(p.29)
- • Reliance on promoter for key property leasing arrangements(p.31)
- • High inventory holding requirements of 344-476 days(p.94)
- • Significant outstanding debt for Noida factory acquisition(p.89)
- • High inventory holding period due to long import lead times from China(p.149)
- • Heavy dependence on imports for 85-90% of raw materials(p.139)
- • Customer concentration risk with top 2 customers representing significant revenue(p.151)
- • Small scale relative to organized competitors(p.154)
- • Limited domestic supply chain and reliance on single large supplier(p.152)
- • High dependency on two promoter-related customers(p.219)
- • Significant reliance on banking industry for product sales(p.219)
- • High working capital requirements(p.219)
- • Lack of long-term supplier contracts(p.219)
- • Increased debt levels during expansion phase(p.213)
- • No registered patents in India(p.239)
- • Recent company incorporation with limited track record(p.242)
- • Trademark ownership dependent on Promoter with assignment at nominal consideration(p.239)
Opportunities
- • Rapid global growth in lithium-ion battery market(p.24)
- • Expansion into new product categories and applications(p.40)
- • Diversification of customer base beyond banking sector(p.34)
- • Export market potential in emerging geographies(p.40)
- • Infrastructure upgradation and IT modernization planned(p.22)
- • Growth in lithium battery industry(p.94)
- • Expansion into new corporate customers and markets(p.95)
- • Factory upgradation and IT infrastructure modernization(p.90)
- • Enhanced visibility and brand image from listing(p.86)
- • Improved leverage capacity post-debt reduction(p.89)
- • Rapidly growing Indian lithium-ion battery market projected at 160.3 GWh annual demand by 2030(p.140)
- • Expanding EV market with 64% of cumulative LIB demand (2022-2030) from transport applications(p.140)
- • Growing emerging applications in robotics, drones, medical devices and IoT(p.144)
- • Government support through PLI scheme targeting 50 GWh cell manufacturing capacity by 2030(p.131)
- • Expansion into new geographies beyond current Maharashtra, Haryana and Tamil Nadu presence(p.144)
- • Expansion into electric vehicle battery market(p.217)
- • Growth in energy storage systems and renewable energy applications(p.217)
- • Diversification into drone and robotics industries(p.217)
- • Export market penetration(p.221)
- • Expansion into industrial and emerging applications(p.217)
- • SME Board listing providing migration pathway to Main Board(p.262)
- • Capital expansion opportunities through IPO proceeds(p.242)
- • Compulsory market making arrangement for three years post-listing(p.263)
Threats
- • Vulnerability of raw material supply chain to geopolitical disruptions(p.31)
- • Heavy reliance on Chinese suppliers for key components(p.34)
- • Price volatility and supply-demand imbalances in raw materials(p.31)
- • Intense competition from both established and unorganized players(p.41)
- • Regulatory changes and compliance requirements(p.22)
- • Concentration in lithium supply sourced from geographically limited regions(p.31)
- • Risk of downturn in banking sector affecting company revenue(p.34)
- • Exposure to trade policy changes and tariff increases(p.34)
- • Economic slowdown in India affecting manufacturing and demand(p.49)
- • Geopolitical tensions affecting supply chains and tariffs(p.49)
- • Competition law enforcement and regulatory scrutiny(p.50)
- • Changes in tax laws and regulations(p.50)
- • Employee fraud and misconduct risks(p.46)
- • Share price volatility and liquidity risk(p.46)
- • Foreign investor restrictions limiting market participation(p.53)
- • Natural disasters and pandemic risks(p.51)
- • India's low mineral reserves for critical battery materials like lithium, cobalt and nickel(p.129)
- • Heavy import dependency exposing to supply chain disruptions and price volatility(p.131)
- • Global cobalt supply scarcity with 70% mined in Democratic Republic of Congo(p.119)
- • Intense competition from organized and unorganized domestic and international players(p.154)
- • Regulatory changes and environmental compliance requirements for battery manufacturing(p.155)
- • Supply chain disruption from reliance on few critical raw materials(p.219)
- • Heavy dependence on China imports and geopolitical risks(p.219)
- • Demand cyclicality in end-use industries(p.219)
- • Banking sector vulnerability affecting POS/ATM business(p.222)
- • Rising raw material costs impacting margins(p.222)
- • Regulatory and policy environment uncertainty in financial markets(p.290)
- • Technology and platform dependency for IPO bidding and trading(p.261)
- • Foreign exchange and investment restriction risks for non-resident participants(p.284)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Sandeep Gangabishan Bajoria | Promoter | 96.18% | — |
| Asha Piyush Kedia | Promoter Group | 1.00% | — |
| Pradeep Gangabishan Bajoria | Promoter Group | 1.00% | — |
| Sandeep Gangabishan Bajoria | Promoter | — | — |
| Sandeep Gangabishan Bajoria | Promoter | 96.18% | — |
| Sandeep Gangabishan Bajoria | Promoter | — | — |
| Sandeep Gangabishan Bajoria | Selling Shareholder | — | — |
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
ATC Energies System IPO FAQs
What is the lot size of ATC Energies System IPO?
The minimum lot size of ATC Energies System IPO is 1,200 shares. One lot costs ₹1,41,600 at the cut-off price.
When does ATC Energies System IPO open and close?
ATC Energies System IPO opened for subscription on 25 Mar 2025 and closed on 27 Mar 2025.
What is the listing date of ATC Energies System IPO?
ATC Energies System IPO listed on 02 Apr 2025.