Atlanta Electricals
Book Building issueMainboardBSE₹688 Cr issue
+13.81%
Listing gain over issue price
Issue size
₹688 Cr
1 lot at cut-off
₹14,326
Lot size
19shares
Open
22 Sep 2025
Close
24 Sep 2025
Allotment
25 Sep 2025
Listing
29 Sep 2025
Listing performance
Issue price
₹754
Listed at
₹858.10
Listing-day close
₹823.35
Latest price
₹1,846
Close on 12 Oct 2026
Listing gain
+13.81%
Return since issue
+144.83%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 22 Sep 2025 – 24 Sep 2025
- Listing date
- 29 Sep 2025
- Face value
- ₹1 per share
- Issue price
- ₹754 per share
- Lot size
- 19 shares
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹688 Cr
- Market cap at offer price
- ₹5,797 Cr
- Promoter holding
- 94.36% → 86.97% pre-issue → post-issue
- ISIN
- INE0Z4F01028
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Motilal Oswal Investment Advisors Ltd.
- Registered office
- Plot No.1503/4, GIDC Estate, Vithal Udyognagar, Gujarat
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 | 27,14,885 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 19 shares per lot, in multiples, at ₹754
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 19 | ₹14,326 |
| Retail (max) | 13 | 247 | ₹1,86,238 |
| S-HNI (min) | 14 | 266 | ₹2,00,564 |
| S-HNI (max) | 69 | 1,311 | ₹9,88,494 |
| B-HNI (min) | 70 | 1,330 | ₹10,02,820 |
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
27,14,885
Anchor portion
₹205 Cr
at ₹754 per share
Valuation and performance
Valuation at offer price
₹754 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 16.57 | — |
| P/E (×) | 45.50 | — |
| Price to book (×) | 23.62 | — |
| Market cap | — | ₹5,797 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 33.91%
- ROCE
- 39.43%
- Debt / equity
- 0.40
- PAT margin
- 9.54%
- EBITDA margin
- 16.07%
- NAV per share
- ₹48.88
- Price to book
- 23.62
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Atlanta Electricals
Atlanta Electricals Limited, incorporated in 1988, is a transformer manufacturer based in Anand, Gujarat, with over 30 years of experience. The Company has supplied 4,400 transformers totaling 94,000 MVA across 19 states and three union territories as of March 31, 2025. It manufactures power, auto, and inverter duty transformers up to 500 MVA capacity and 765 kV voltage. The Company operates four fully operational manufacturing facilities: two in Anand Gujarat, one in Bangalore Karnataka, and the Vadod Unit in Gujarat which commenced commercial production in July 2025. Revenue has grown from ₹8,738.83 million in Fiscal 2023 to ₹12,441.80 million in Fiscal 2025, representing a CAGR of 19.32%. The Company derives 65.85% of revenue from government and public sector entities and 34.15% from the private sector as of Fiscal 2025.
Company Analysis
from RHPAtlanta Electricals Limited is a transformer manufacturer specializing in power, auto, and inverter duty transformers up to 500 MVA capacity at 765 kV, operating across India's power transmission and distribution sectors.
Atlanta Electricals Limited, incorporated in 1988, is a transformer manufacturer based in Anand, Gujarat, with over 30 years of experience. The Company has supplied 4,400 transformers totaling 94,000 MVA across 19 states and three union territories as of March 31, 2025. It manufactures power, auto, and inverter duty transformers up to 500 MVA capacity and 765 kV voltage. The Company operates four fully operational manufacturing facilities: two in Anand Gujarat, one in Bangalore Karnataka, and the Vadod Unit in Gujarat which commenced commercial production in July 2025. Revenue has grown from ₹8,738.83 million in Fiscal 2023 to ₹12,441.80 million in Fiscal 2025, representing a CAGR of 19.32%. The Company derives 65.85% of revenue from government and public sector entities and 34.15% from the private sector as of Fiscal 2025.
power transmission and distributionelectrical equipment manufacturingrenewable energy (supporting renewable energy infrastructure)railwayselectric vehicles
Objects of the Issue
- Re-payment/ pre-payment, in full or in part, of certain outstanding borrowings availed by our Company ₹791.20 million p.22
- Funding working capital requirements of our Company ₹2,100.00 million p.22
- General corporate purposes p.22
- Repayment of borrowings p.68
- Funding capex for the new plant p.68
- General corporate purposes p.68
- Repayment/prepayment, in full or in part, of certain outstanding borrowings availed by our Company ₹791.20 million p.125
- Funding working capital requirements of our Company ₹2,100.00 million p.125
- General corporate purposes [●] (not to exceed 25% of Gross Proceeds) p.125
- Funding capex for new manufacturing facility (Vadod Unit) and capacity expansion p.351
- General corporate purposes
- Funding the working capital requirements of our Company ₹ 2,100.00 million p.441
Issue Structure
- Total Issue
- Up to [●] equity shares aggregating up to ₹ [●] million
- Fresh Issue
- Up to [●] equity shares of face value of ₹2 each aggregating up to ₹ 4,000.00 million
- Offer for Sale
- Up to 3,810,895 equity shares of face value of ₹2 each aggregating up to ₹ [●] million
- Price Band
- Price band of ₹[●] per Equity Share (Floor Price) to ₹[●] per Equity Share (Cap Price)
- Lot Size
- [●] equity shares of face value of ₹2 each and in multiples of [●] equity shares
- Face Value
- ₹2 per equity share
Business Model
The Company earns revenue through manufacturing and selling transformers to government utilities, state electricity companies, and private sector customers. Revenue is derived from the sale of power transformers (73.60% of Fiscal 2025 revenue), auto transformers, inverter duty transformers, and related services. Orders are procured through tendering processes with government entities and direct negotiations with private customers. The Company maintains an order book and executes orders with execution timelines ranging from 100 days for transformers up to 40 MVA to 187 days for transformers above 150 MVA.
Business Segments
Manufacturing and supply of power transformers ranging from 11 kV to 220 kV (and up to 765 kV following acquisition and commissioning of Vadod Unit)
Manufacturing and supply of auto transformers and inverter duty transformers
Transformers up to 40 MVA capacity
Transformers with 41 to 100 MVA capacity
Transformers with 101 to 150 MVA capacity
Transformers above 150 MVA capacity
Manufacture and supply of power transformers
Manufacture and supply of auto transformers
Manufacture and supply of inverter duty transformers for renewable and other applications
Manufacturing and sale of power transformers with capacity up to 40 MVA
Manufacturing and sale of power transformers with capacity between 41 to 100 MVA
Manufacturing and sale of power transformers with capacity between 101 to 150 MVA
Manufacturing and sale of power transformers with capacity above 150 MVA
High-capacity transformers for power transmission and distribution with maximum HV rating up to 220 kV and MVA rating up to 160 MVA
Transformers with maximum HV rating of 220 kV and MVA rating of 200 MVA
Transformers designed for renewable energy applications and variable loads, with maximum HV rating of 33 kV and MVA rating of 18.5 MVA
Supporting products and components related to transformer manufacturing
Power transformers are static devices that efficiently transfer electrical energy between circuits without changing the frequency, using electromagnetic induction. They are primarily used in electrical substations to step up or step-down voltage levels for efficient power transmission and distribution. Major customers typically include government-run transmission and distribution companies, as well as privately owned substations.
An autotransformer is a type of transformer that uses a single winding for both the primary and secondary windings. These transformers are primarily used in electrical substations to connect grids of different voltage classes. Major customers typically include government-run transmission and distribution companies.
Inverter Duty Transformers are specialised, high-efficiency transformers with robust construction, high overload capability, reduced noise and vibration levels, designed for applications like solar power plants, wind farms, VFDs and renewable energy systems. They step up the voltage output from inverters at solar generating stations and facilitate power transmission from solar generation units to pooling stations.
Furnace Transformers supply power to smelter furnaces used in industries such as steel, copper, and aluminium production. These high-current transformers are designed to handle the large electrical loads required for metal smelting. Major customers for Furnace Transformers typically include private companies involved in steel, copper or aluminium smelting.
Special Duty Transformers are designed for unique applications such as short circuit testing transformers, rectifier transformers, and high voltage testing transformers, each with specific requirements. They are designed for unique applications, such as high-power testing laboratories, railway traction, rectifiers for electrochemical industries, and shore-to-ship power supplies at ports.
Manufacture and sale of transformers and allied products
Erection and commissioning of transformers
Repair and job work services
Revenue towards incidental services, testing fees, and scrap sales
Manufacturing and sale of power transformers ranging from 11 kV to 220 kV (and up to 765 kV post-BTW acquisition)
Manufacturing and sale of inverter duty transformers ranging from 0.60 kV to 33 kV
Manufacturing and sale of auto transformers (66-220 kV), furnace transformers (0.43-66 kV), generator transformers (3.30-220 kV), and special duty transformers (0.43-132 kV)
SWOT Analysis
Strengths
- • Established market presence with 30+ years of operational experience and extensive customer reach(p.21)
- • Strong revenue growth trajectory with 19.32% CAGR over three-year period(p.21)
- • Enhanced manufacturing capabilities following acquisition and new Vadod facility commissioning(p.21)
- • Diversified customer base across multiple voltage ranges and MVA categories(p.21)
- • Established relationships with major infrastructure players and state utilities(p.32)
- • Revenue growth with strong PAT increase(p.41)
- • Expertise in multi-category transformer manufacturing(p.41)
- • Dedicated in-house design team with advanced expertise(p.43)
- • Improved capacity utilization trajectory(p.42)
- • Innovation demonstrated through specialized products(p.43)
- • Established presence across multiple geographic markets(p.56)
- • Leading transformer manufacturer with established market position(p.136)
- • Diversified product portfolio tailored to customer requirements(p.136)
- • Strong order book with diverse customer base(p.136)
- • Advanced manufacturing capabilities with quality focus(p.136)
- • Experienced management with significant industry expertise(p.136)
- • Consistent profitability and strong financial performance(p.136)
- • Established manufacturer with 30+ years in transformer industry and diversified product portfolio(p.330)
- • Leading position in India's transformer manufacturing by production volume(p.329)
- • Enhanced manufacturing capabilities post-BTW acquisition, now able to produce up to 500 MVA and 765 kV transformers(p.329)
- • Strong revenue growth with CAGR of 19.32% from FY2023 to FY2025(p.329)
- • NABL-accredited testing laboratories reducing reliance on third-party labs(p.331)
- • Diversified customer base spanning 19 states and three union territories(p.331)
Weaknesses
- • Heavy geographic concentration with 98.88% of revenue from Gujarat facilities as of Fiscal 2025(p.30)
- • Significant customer concentration with top 10 customers accounting for 74.21% of revenue(p.35)
- • Heavy dependence on top 10 suppliers for 61.83% of raw material costs without long-term agreements(p.38)
- • Low tendering success rate of 18% in Fiscal 2025 for government contracts(p.33)
- • Outstanding legal proceedings involving company, subsidiaries, and promoters with quantifiable claims of ₹208.39 million(p.39)
- • Potential conflict of interest with Corporate Promoter Atlanta UHV Transformers LLP engaged in similar business(p.35)
- • High dependence on raw material cost stability(p.41)
- • Vulnerability to raw material price volatility(p.41)
- • Concentration of revenue in Gujarat(p.56)
- • Significant profitability decline in Fiscal 2024(p.43)
- • Very low R&D investment relative to revenue(p.43)
- • History of delays in statutory dues payment(p.44)
- • Limited experience with listed company governance(p.45)
- • Inability to trace certain corporate filings(p.51)
- • Significant unutilized capacity in Karnataka facility(p.42)
- • No registered trademarks for IP protection(p.57)
- • Significant debt burden requiring prepayment(p.128)
- • High net working capital requirements(p.128)
- • Recently commissioned facility operating below target capacity(p.128)
- • Extended receivable payment cycles(p.131)
- • Heavy reliance on top 10 customers for 74.21% of total revenue in FY2025(p.334)
- • High dependency on state electricity companies accounting for 65.85% of revenue(p.335)
- • Concentrated raw material purchases with top 10 suppliers representing 61.83% of purchases(p.333)
- • Pending material civil litigation regarding land ownership at Vadod Unit with claim of ₹55.62 million(p.364)
- • Significant working capital requirements with trade receivables days of 103 days(p.334)
Opportunities
- • Strong projected growth in global transformer market at 7.43% CAGR through 2030(p.21)
- • India's electricity demand surge creating expansion opportunities for transformer manufacturers(p.21)
- • Government investment in renewable energy and power transmission network expansion(p.21)
- • Increasing requirement of transformers in railway, EV and industrial sectors from government push(p.32)
- • Expansion into higher capacity and voltage ranges through new manufacturing capabilities(p.21)
- • Expansion into new geographic markets beyond Gujarat(p.41)
- • New high-capacity manufacturing facility in Vadod(p.52)
- • Sector growth driven by renewable energy and infrastructure(p.49)
- • Specialization in solar and renewable energy transformers(p.43)
- • Diversification across multiple customer industries(p.45)
- • Capital expansion to support market growth(p.52)
- • Significant capacity expansion through new Vadod facility(p.129)
- • Strong order book indicating sustained demand(p.128)
- • Government and public sector infrastructure investment tailwinds(p.139)
- • Revenue growth trajectory with strong historical performance(p.139)
- • Shift towards higher-capacity transformers with larger margins(p.131)
- • Strong Indian power sector growth driven by renewable energy transition targeting 500 GW by 2030(p.329)
- • Growing demand from data centres and EV charging networks creating pressure on grid capacity(p.329)
- • Increased transformer demand from Indian Railways' shift towards high-speed trains at 66-133 kV levels(p.329)
- • Demand for compact, lightweight, robust transformer solutions in remote renewable energy areas(p.329)
- • Strong order book of ₹16,429.58 million as of March 31, 2025 with 82.08% from public sector(p.331)
Threats
- • Geographic concentration risk in Gujarat manufacturing exposing operations to regional disruptions(p.30)
- • Heavy reliance on government-controlled utility customers vulnerable to policy changes and economic downturns(p.25)
- • Demand for transformers dependent on economic growth and government power sector policies(p.32)
- • Volatility in raw material prices particularly for copper and other key inputs(p.38)
- • Power transformer revenue segment concentration at 73.60% vulnerable to market fluctuations(p.39)
- • Order book execution risks including delays, contract cancellations and payment defaults(p.33)
- • Commodity price volatility affecting input costs(p.41)
- • Customer price sensitivity to input cost increases(p.41)
- • Intense competition from domestic and multinational players(p.54)
- • Industry challenges including policy uncertainty(p.49)
- • Extended lead times due to rising demand(p.49)
- • Foreign exchange volatility risk(p.65)
- • Dependence on imported raw materials subject to price/availability risk(p.49)
- • Economic downturn or inflation impact on demand(p.61)
- • Labour cost increases from new labour codes(p.61)
- • Regulatory changes and compliance uncertainties(p.62)
- • Industry cyclicality and commodity price volatility(p.126)
- • Dependence on extended customer payment cycles(p.131)
- • Competition from larger established peers(p.137)
- • Regulatory and compliance requirements in manufacturing(p.136)
- • Capacity utilization at existing facilities below optimal levels(p.128)
- • Increasing competition from multinational companies with greater resources and brand recognition(p.333)
- • Intense competition from unorganized sector suppliers offering extremely competitive prices(p.333)
- • Volatile pricing of key raw materials (copper, lamination, oil) without long-term supply agreements(p.332)
- • Vulnerability to supplier disruptions and weak financial health affecting supply chain(p.332)
- • Economic growth slowdown would adversely impact demand for power infrastructure(p.332)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Niral Krupeshbhai Patel | Promoter | 8.91% | — |
| Amish Krupeshbhai Patel | Promoter | 8.91% | — |
| Tanmay Surendrabhai Patel | Promoter | 7.53% | — |
| Narharibhai S. Patel Family Trust | Promoter Trust | 46.87% | — |
| Patel Family Trustee Private Limited | Corporate Promoter | — | — |
| Niral Patel Family Trust | Promoter Trust | — | — |
| Amish Patel Family Trust | Promoter Trust | — | — |
| Tanmay Patel Family Trust | Promoter Trust | — | — |
| Atlanta UHV Transformers LLP | Promoter/Corporate Promoter/Promoter Selling Shareholder | 13.90% | — |
| Atlanta UHV Transformers LLP | Promoter Group | — | — |
| Hemang Harendra Shah | Promoter | — | — |
| Nimish Harendra Shah | Promoter | — | — |
| Dhaval Harshadbhai Mehta | Promoter | — | — |
| Gitaben Harshadbhai Mehta | Promoter | — | — |
| Jignesh Suryakant Patel | Promoter | — | — |
| Late Krupeshbhai Narharibhai Patel | Promoter | 8.25% | — |
| Niral Krupeshbhai Patel | Promoter | 8.91% | — |
| Amish Krupeshbhai Patel | Promoter | 8.91% | — |
| Tanmay Surendrabhai Patel | Promoter | 7.53% | — |
| Narharibhai S. Patel Family Trust | Promoter Group | 46.87% | — |
| Atlanta UHV Transformers LLP | Promoter Group | 13.90% | — |
| Niral Krupeshbhai Patel | Promoter | 8.91% | — |
| Amish Krupeshbhai Patel | Promoter | 8.91% | — |
| Tanmay Surendrabhai Patel | Promoter | 7.53% | — |
| Narharibhai S. Patel Family Trust | Promoter | 46.87% | — |
| Atlanta UHV Transformers LLP | Promoter Group | 13.90% | — |
| Late Krupeshbhai Narharibhai Patel | Promoter | — | — |
| Niral Krupeshbhai Patel | Promoter | 8.91% | — |
| Amish Krupeshbhai Patel | Promoter | 8.91% | — |
| Tanmay Surendrabhai Patel | Promoter | 7.53% | — |
| Narharibhai S. Patel Family Trust | Promoter | 46.87% | — |
| Atlanta UHV Transformers LLP | Promoter | 13.90% | — |
| Patel Family Trustee Private Limited | Promoter | — | — |
| Niral Patel Family Trust | Promoter | — | — |
| Amish Patel Family Trust | Promoter | — | — |
| Tanmay Patel Family Trust | Promoter | — | — |
| Niral K. Patel | Promoter/Chairman and Managing Director | — | — |
| Atlanta UHV-Transformers LLP | Promoter Selling Shareholder | — | — |
| Hemang Harendra Shah | Other Selling Shareholder | — | — |
| Nimish Harendra Shah | Other Selling Shareholder | — | — |
| Dhaval Harshadbhai Mehta (held jointly with Avanee Dhavalbhai Mehta) | Other Selling Shareholder | — | — |
| Gitaben Harshadbhai Mehta (held jointly with Harshadbhai Amritlal Mehta) | Other Selling Shareholder | — | — |
| Jignesh Suryakant Patel | Other Selling Shareholder | — | — |
| Atlanta UHV Transformers LLP | Promoter Selling Shareholder | — | — |
| Hemang Harendra Shah | Selling Shareholder | — | — |
| Nimish Harendra Shah | Selling Shareholder | — | — |
| Dhaval Harshadbhai Mehta | Selling Shareholder | — | — |
| Geetaben Harshadbhai Mehta | Selling Shareholder | — | — |
| Jignesh Suryakant Patel | Selling Shareholder | — | — |
Leadership
Niral Krupeshbhai Patel · Chairman and Managing Director
Mehul Sureshbhai Mehta · Chief Financial Officer
Tejalben Saunakkumar Panchal · Company Secretary and Compliance Officer
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.