About the Company:
Atlanta Electricals Ltd is one of the leading manufacturers of power, auto and inverter duty transformers in India, terms of production volume as of Fiscal 2025.
Company is among the few companies in India, manufacturing transformers up to and including 200 Mega Volt-Amp (“MVA”) capacity and with 220 kilovolts (“kV”) voltage capacity and with 220 kilovolts (“kV”) voltage prior to the acquisition of BTW-Atlanta Transformers India Private Limited and the commissioning of our Vadod Unit.
Following these developments, company has enhanced our manufacturing capabilities and are now able to produce transformers with a rated capacity of up to 500 MVA and with 765 kV.
As of March 31, 2025, we have a customer base in 19 states and three union territories, across India, with a supply of 4,400 transformers, aggregating to 94,000 MVA to various state and national electricity grids, private sector players and prominent renewable energy generation projects and construction companies.
Company’s Order Book, as on March 31, 2025, amounted to Rs.1642.9 crores. Further, as on March 31, 2025, projects awarded by public sector undertakings and private players contributed to 82.08% and 17.92% to our Order Book.
Company’s Manufacturing Facilities:
Company has five manufacturing facilities and operate four fully operational manufacturing facilities, two located at Anand, Gujarat, one at Bengaluru, Karnataka and the Vadod Unit which has commenced commercial production in July, 2025 is located in Vadod, Gujarat.
Company’s fully operational four facilities (including the Vadod Unit which has commenced production in the month of July, 2025) aggregate to 10,94,282.19sq. ft. land area with a combined capacity of 47,280 MVA.
Further, with the inclusion of BTW-Atlanta Transformers Private Limited as our wholly owned subsidiary, we have added a facility at Ankhi to our existing facilities, with a total land area aggregating to 904,436.70 sq. ft. and an installed capacity of 15,780 MVA. All five of our facilities will have a combined installed capacity of 63,060 MVA.
Company’s Customers:
As of March 31, 2025, Company’s has a customer base in 19 states and three union territories, across India, with a supply of 4,400 transformers, aggregating to 94,000 MVA to various state and national electricity grids, private sector players and prominent renewable energy generation projects and construction companies.
As of March 31, 2025, Company has a diversified customer base of 208 customers, which include Gujarat Energy Transmission Corporation Limited (GETCO), Adani Green Energy Limited, TATA Power and SMS India.
Management Team:
- Mr. Niral Krupeshbhai Patel (Designation: Chairman and Managing Director)
- Mr. Amish Krupeshbhai Patel (Designation: Whole-time Director)
Objectives of the Issue:
Offer For Sale: (Rs.287.34 cr)
- Company will not receive any proceeds from the Offer for Sale. The Selling Shareholders will be entitled to their respective portion of proceeds of the Offer for Sale.
Fresh issue: (Rs.400 cr)
- Repayment/ prepayment, in full or in part, of certain outstanding borrowings availed by our Company.
- Funding working capital requirements of our Company.
- General corporate purposes.
Fund Utilization:
| Particulars | Amount (Rs. in Crores) |
|---|---|
| Repayment/ prepayment, in full or in part, of certain outstanding borrowings availed by our Company | 79.1 cr |
| Funding working capital requirements of our Company | 210 cr |
Positives for the Company:
One of the leading manufacturers of power, auto and inverter duty transformers in India, well-positioned to capture the industry tailwinds.
- Company is one of the leading manufacturers of power, auto and inverter duty transformers in India, in terms of production volume as of Fiscal 2025. With over 30 years of experience in the transformer manufacturing industry, we have established a legacy of quality and technology.
- Over the years, company has expanded our operations significantly, allowing us to establish a robust presence across 19 states and three union territories in India. This extensive footprint demonstrates our ability to meet the diverse needs of customers nationwide.
Broad and diversified product portfolio with focussed product development tailored to meet the customer requirements.
- Company offers a broad and diversified product portfolio, which is designed to meet the diverse requirements of our customers. As of March 31, 2025, company’s portfolio comprises of 6 products, such as power transformers, inverter duty transformers, furnace transformers, generator transformers, and special duty transformers.
Strong Order Book coupled with well diversified customer base.
- Company is one of the leading manufacturers of power, auto and inverter duty transformers in terms of production volume as of Fiscal 2025. As of March 31, 2025, company has cultivated relationships with 208 customers of which 21are public sector undertakings and 187 are private sector players.
- Company’s customer base has expanded significantly, growing from 137 customers in Fiscal 2023 to 208 customers in Fiscal 2025, reflecting a compound annual growth rate (“CAGR”) of 23.22 % and reaching 208 customers as of March 31, 2025. Company’s key customers span across various sectors, including the special purpose transformers, transmission, and renewables sector.
Continue to expand our customer base beyond India and increase wallet share.
- The transformer market is experiencing a significant surge in demand, primarily driven by the rapid expansion of the transmission and distribution sector. India’s growing power demand, manufacturing push, and electrification efforts, as well as the country’s ambitious green energy transition goal of 500 GW by 2030, are all contributing to a revival of transmission and distribution capital expenditure (capex) activity.
Increase market share with improved utilisation levels.
- Company had an aggregate installed capacity of 16,740 MVA as at March 31, 2025, at our three manufacturing facilities located in Anand, Gujarat, and Bengaluru, Karnataka.
- To further support our growth and capture a larger share of the market, we have established an additional manufacturing facility in Vadod, Gujarat which had increased our installed capacity to 47,280 MVA.
- Further, with the inclusion of BTW-Atlanta Transformers Private Limited as our wholly owned subsidiary, we have also added a facility at Ankhi to our existing facilities, with a capacity of 15,780 MVA.
Financials of the Company:
| (in Crores) | FY 23 | FY 24 | FY 25 |
|---|---|---|---|
| Revenue | 876.6 | 872.0 | 1250.4 |
| Net Profit | 87.5 | 63.3 | 118.6 |
Valuation of Peer Group Companies:
| Company Name | Face Value | EPS | PE Ratio | RoNW | NAV |
|---|---|---|---|---|---|
| Atlanta Electricals Ltd | 2 | 16.57 | 45 | 33.91% | 48.88 |
| Voltamp Transformers Ltd | 10 | 321.65 | 22.15 | 20.50% | 1,569.24 |
| Transformers and Rectifiers India Ltd |
1 | 7.21 | 69.97 | 17.29% | 41.71 |
| Danish Power Ltd | 10 | 34.55 | 25.80 | 18.00% | 162.50 |
IPO Details:
| Details | Info |
|---|---|
| Issue Opens on | 22nd September 2025 |
| Issue Closes on | 24th September 2025 |
| Issue Price | Rs.718 -754 |
| Face Value | Rs.2 |
| Retail Category Allocation | 35% |
| Minimum Lot | 19 Shares |
| Minimum Investment | Rs.14,326 |
| Issue Constitutes | 11.85% |
| Issue Size | Rs.687 cr ($ 77 million) |
| Market Cap | Rs.5798 cr ($ 651 million) |
| Listing at | NSE & BSE |
| Equity Shares Offered (Fresh) | 53,05,039 (Rs.400 cr) |
| Equity Shares Offered (OFS) | 38,10,895 (Rs.287.34 cr) |
| Total Equity Shares Offered (Fresh + OFS) | 91,15,934 (Rs.687 cr) |
| Equity Shares Prior to the Issue | 7,15,84,800 |
| Equity Shares after the Issue | 7,68,89,839 (Rs.5798 cr) |
IPO Valuation Parameters:
| Earnings Per Share (EPS) | Price To Earnings ratio (PE) | Return on Net Worth (RoNW) | Net Asset Value (NAV) |
|---|---|---|---|
| 16.57 | 45 | 33.91% | 48.88 |
Important Dates:
| Finalization of Basis of Allotment | on or Before 25th September 2025 |
| Initiation of Refunds | on or Before 26th September 2025 |
| Credit of Equity Shares: | on or Before 26th September 2025 |
| Listing Date: | on or Before 29th September 2025 |
| Company Contact Info: |
|---|
| Atlanta Electricals Ltd Plot No. 1503/4, GIDC Estate, Vithal Udyognagar, Anand – 388 121, Gujarat, India. Telephone: +91 63596 69331 Email: complianceofficer@aetrafo.com Website: www.aetrafo.com |
| Registrar to the Issue: |
|---|
| MUFG Intime India Private Limited C-101, 1st Floor, Embassy 247, LBS Marg Vikhroli (West) Mumbai -400 083 Maharashtra, India Telephone: +91 810 811 4949 E-mail: atlantaelectricals.ipo@in.mpms.mufg.com Website: www.in.mpms.mufg.com |
| Check IPO Allotment Status: |
|---|
MUFG Link InTime Website (Click on the below Link)https://MUFG linkintime.co.in/IPO_Allotment_Check |
