Synopsis: The shares of this transformer manufacturer have gained 105 percent since listing, supported by strong earnings, a Rs 2,493 crore order book, capacity expansion, and a positive long-term growth outlook.
The shares of this transformer manufacturer have delivered a 105 percent return since listing in October 2025, supported by strong demand from the power sector and consistent business execution. The company has also expanded its manufacturing capacity while strengthening its presence in high-voltage transformer manufacturing.
Strong Q4 FY26 earnings, a healthy order book, and plans to scale production of higher-voltage transformers have further strengthened its growth outlook. With continued investments in capacity expansion and exports, the company remains one of the transformer stocks worth keeping on investors’ radar.
About the Company
Atlanta Electricals Ltd is an Indian manufacturer of power, auto, and inverter duty transformers. Headquartered in Anand, Gujarat, they operate multiple manufacturing facilities, including one nearby in Doddaballapura, Bengaluru. The company supplies critical equipment to state and national electricity grids, renewable energy projects, and private industries
With a market capitalization of Rs 13,200 crore, the shares of this company currently trade at Rs 1,717 per share, it delivered a return of 105 percent since its listing in 2025. It trades at a P/E of 65.1x, with ROCE of 45.3 percent and ROE of 31.7 percent, with low debt-to-equity of 0.05.
Where does the Company make its money from?
The company earns most of its revenue from Power Transformers, which remained its largest product segment in FY26. Their contribution increased to 86 percent of total revenue from 75 percent in FY25, showing a stronger focus on this business. Meanwhile, the share of Auto Transformers declined to 8 percent from 11 percent, while Inverter Duty Transformers dropped to 3 percent from 10 percent. Revenue from other products remained steady at 3 percent.
From an industry perspective, Transmission and Distribution (T&D) continued to be the company’s biggest revenue driver. Its contribution increased to 81 percent in FY26 from 74 percent in FY25, highlighting strong demand from the power transmission sector. This also reflects the company’s growing presence in grid infrastructure and utility projects.
The contribution from the renewable energy segment declined during the year. Revenue from Renewable Solar fell to 13 percent from 17 percent, while Renewable Wind dropped to 2 percent from 5 percent. Revenue from Renewable Hybrid remained negligible, while the Others segment maintained a stable 4 percent share in both FY25 and FY26.
Financial Performance
In Q4 FY26, the company reported strong financial performance, with revenue from operations rising to Rs 747.6 crore, up 81.7 percent YoY from Rs 411.5 crore and 58.5 percent QoQ. The growth was driven by higher execution and increased production across its manufacturing facilities.
EBITDA for Q4 FY26 more than doubled to Rs 149.6 crore, rising 117.9 percent YoY, while the EBITDA margin improved to 19.99 percent from 16.7 percent a year earlier. Profit after tax surged 128.9 percent YoY to Rs 102.2 crore from Rs 44.7 crore in Q4 FY25, reflecting strong operating leverage and margin expansion.
What is its Order book status?
The company’s order book remained strong throughout FY26, supported by healthy order inflows across the transformer business. During the year, it secured new orders worth Rs 2,507 crore, taking the closing order book to Rs 2,493 crore as of March 31, 2026. Management also highlighted that the order book now has a higher share of 220 kV and Extra High Voltage (EHV) transformers, which provide better long-term revenue visibility.
The order book has grown steadily over the past year. It increased from Rs 1,584 crore in June 2025 to Rs 2,069 crore in September 2025, followed by Rs 2,451 crore in December 2025 and Rs 2,493 crore by the end of March 2026. Management expects around 80 to 85 percent of the current order book to be executed during FY27, with higher-voltage transformer orders likely to be delivered over a longer execution period.
Operational Capacity of the Company and Expansion
As of FY26, the company has a total manufacturing capacity of 63,060 MVA across five manufacturing facilities, spread over 3,21,451.39 sq. ft. Since inception, it has supplied 1,16,936 MVA through 4,858 transformers, reflecting its strong execution capabilities and growing presence in India’s power transmission and distribution sector.
The company continued to expand its manufacturing operations during FY26, producing 22,943 MVA across its five plants. The Vadod facility contributed 6,960 MVA in its first seven months of operations, while Atlanta Trafo’s Ankhi plant added 580 MVA during its initial three months. The three legacy plants in Anand and Bengaluru continued to operate at high utilization levels, while the Vadod plant achieved around 39 percent capacity utilization in FY26, with management targeting 65 percent utilization in FY27.
During the year, the company received PGCIL approval to manufacture transformers of up to 400 kV at its Vadod facility, marking a key milestone in its expansion into the Extra High Voltage segment. It also secured its first 400 kV transformer order and has started participating in select PSU tenders. Management said it will first complete and validate the prototype before scaling up production and bidding for larger 400 kV projects.
Growth outlook
Management expects to maintain its around 40 percent revenue growth trajectory, supported by strong demand and expansion into higher-voltage transformers. It expects operating margins to remain stable while focusing on developing 400 kV and 765 kV products to strengthen its position in the power transmission market.
The company plans to increase Vadod plant utilization to around 65 percent in FY27, with full utilization targeted in the following year. It also aims to generate around 15 percent of revenue from exports over the next three years, while expanding into renewable energy, BESS, and data centre opportunities.
Conclusion: The company has delivered an impressive 105 percent return since its listing in October 2025, reflecting strong investor confidence backed by robust earnings growth, capacity expansion, and a healthy order book. With management guiding for sustained revenue growth, expansion into higher-voltage transformers, and increasing exports, Atlanta Electricals remains a transformer stock worth keeping on investors’ radar for the long term.
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