Atlanta Electricals Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Atlanta Electricals Ltd filed with BSE on 15 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Atlanta Electricals reported Q4 FY26 revenue of INR747.6 crores, up 81.7% year-on-year, with EBITDA margins expanding to 19.99% and profit after tax at INR102.2 crores. For full year FY26, revenue grew 48.8% to INR1851.5 crores, EBITDA rose 77.9% with margin expansion of 300 basis points, and the company fully repaid all long-term term debt of INR340 crores. Management also detailed order book growth to INR2,493 crores, progress on PGCIL approval for 400KV transformers at the Vadod facility, and plans for new capacity including a tank and radiator backward integration facility and an inverter duty transformer unit.
Numbers mentioned
Revenue from operations: INR747.6 crores (Q4 FY26)
p. 3
“revenue from operations for Q4 FY ‘26 stood at INR747.6 crores, a robust growth of 81.7% year-on-year from INR411.5 crores in Q4 FY ‘25”
Mehul Mehta, page 3 of the filed PDF · View the filing
EBITDA: INR149.6 crores (Q4 FY26)
p. 3
“EBITDA for the quarter stood at INR149.6 crores, more than doubling year-on-year with a growth of 117.9%”
Mehul Mehta, page 3 of the filed PDF · View the filing
EBITDA margin: 19.99% (Q4 FY26)
p. 3
“EBITDA margins expanded to 19.99% effectively touching the 20% mark compared to 16.7% in Q4 FY ‘25”
Mehul Mehta, page 3 of the filed PDF · View the filing
Profit after tax: INR102.2 crores (Q4 FY26)
p. 3
“Profit after tax for Q4 FY ‘26 stood at INR102.2 crores, up 128.9% year-on-year from INR44.7 crores in Q4 FY ‘25”
Mehul Mehta, page 3 of the filed PDF · View the filing
Revenue from operations: INR1851.5 crores (FY26)
p. 3
“revenue from operations for FY ‘26 stood at INR1851.5 crores, representing a strong growth of 48.8% year-on-year from INR1,244 crores in FY ‘25”
Mehul Mehta, page 3 of the filed PDF · View the filing
EBITDA: INR344.4 crores (FY26)
p. 3
“EBITDA for full year FY ‘26 stood at INR344.4 crores, up 77.9% year-on-year with EBITDA margin expanding to 18.6% compared to 15.6% in FY ‘25”
Mehul Mehta, page 3 of the filed PDF · View the filing
Profit after tax: INR201.8 crores (FY26)
p. 3
“Profit after tax for FY ‘26 stood at INR201.8 crores, registering a healthy growth of 70.1% year-on-year”
Mehul Mehta, page 3 of the filed PDF · View the filing
220KV class contribution to revenue: 52% (FY26)
p. 3
“a richer product mix tilting towards 220KV class, which now constitutes nearly 52% of our revenue”
Mehul Mehta, page 3 of the filed PDF · View the filing
Operating cash flow: INR184 crores (FY26)
p. 4
“Our operating cash flow for FY '26 is healthy at INR184 crores, reflective of the strong underlying business momentum and disciplined working capital management”
Mehul Mehta, page 4 of the filed PDF · View the filing
Bank facilities: INR1,320 crores (FY26)
p. 4
“our overall bank facilities have been enhanced from INR910 crores to INR1,320 crores during the year”
Mehul Mehta, page 4 of the filed PDF · View the filing
Total MVA produced: 22,943 MVAs (FY26)
p. 5
“the team of Atlanta Electricals produced a total of 22,943 MVAs in financial year '26”
Anand Sharma, page 5 of the filed PDF · View the filing
Vadod unit production: 6,960 MVAs (FY26 (7 months))
p. 5
“Our new Vadod facility, which we call it as unit four, contributed 6,960 MVAs of production in approximately seven months of operation since commencing production in July ‘25”
Anand Sharma, page 5 of the filed PDF · View the filing
Ankhi (Atlanta Trafo) unit production: 580 MVA (Q3 FY26 (3 months))
p. 5
“Our Atlanta Trafo facility, which we call at unit five at Ankhi, contributed a production of 580 MVA in approximately three months of production during quarter three of FY26”
Anand Sharma, page 5 of the filed PDF · View the filing
Vadod unit utilization: 39% of nameplate capacity (FY26)
p. 5
“unit four operated at approximately 39% of the nameplate capacity, which is 30,000 MVA”
Anand Sharma, page 5 of the filed PDF · View the filing
New order booking: INR2,507 crores (FY26)
p. 6
“Team Atlanta booked INR2,507 crores of new order during FY26, which elevated our unexecuted order book on 31st March 2026 to INR2,493 crores”
AK Mathur, page 6 of the filed PDF · View the filing
Unexecuted order book: INR2,493 crores (as of March 31, 2026)
p. 6
“which elevated our unexecuted order book on 31st March 2026 to INR2,493 crores, providing strong execution visibility going into FY27”
AK Mathur, page 6 of the filed PDF · View the filing
Vadod revenue in first seven months: INR495 crores (FY26)
p. 6
“Vadod alone contributed nearly INR495 crores of revenue in first seven months of operation”
AK Mathur, page 6 of the filed PDF · View the filing
IPO fresh issue deployed: INR395.46 crores (as of March 31, 2026)
p. 4
“out of the INR400 crores fresh issue, approximately INR395.46 crores has been deployed as of 31st March 2026”
Mehul Mehta, page 4 of the filed PDF · View the filing
Net working capital days: 64 days (FY26)
p. 12
“during FY26, we could maintain our net working capital days at around 64”
Mehul Mehta, page 12 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Vadod facility utilization — 65% · FY27
stated firmly by Niral Patel
p. 11
“We expect it to be 65% in this particular year and then eventually taking it to 100% in the next financial year.”
Niral Patel, page 11 of the filed PDF · View the filing
Revenue growth CAGR — 40% CAGR · next 3 years
stated firmly by Niral Patel
p. 11
“Historically, we've been maintaining one stand that we would be growing at about 40% CAGR for next 3 years.”
Niral Patel, page 11 of the filed PDF · View the filing
EBITDA margin — stable · FY27
stated firmly by Niral Patel
p. 11
“as of today, we maintain a standard that it's going to be stable.”
Niral Patel, page 11 of the filed PDF · View the filing
Net working capital days — 80s and 90s · FY27 and FY28
stated firmly by Mehul Mehta
p. 12
“going forward in FY27 and FY28, our net working capital days will go up around 80s and 90s.”
Mehul Mehta, page 12 of the filed PDF · View the filing
Export revenue share — 15% of total revenue · next 3 years
stated as an aspiration by Anand Sharma
p. 12
“we have been maintaining this trend that in next 3 years’ time, we have this target of taking our exports to 15% of the total revenue.”
Anand Sharma, page 12 of the filed PDF · View the filing
Unit 6 (IDT facility) commissioning — operational before end of calendar year · FY27
stated firmly by Niral Patel
p. 7
“We will commence operations at Unit 6, our dedicated IDT transformer facility during FY27. We are working towards making this facility operational before end of this calendar year.”
Niral Patel, page 7 of the filed PDF · View the filing
Tank and radiator backward integration facility — FY27
stated firmly by Niral Patel
p. 8
“We will also commence tank and radiator manufacturing plants during FY '27.”
Niral Patel, page 8 of the filed PDF · View the filing
765KV tech tie-up finalization — next couple of months
stated conditionally by Anand Sharma
p. 11
“We are expecting it to be closed in next couple of months. That's the target we have kept for ourselves.”
Anand Sharma, page 11 of the filed PDF · View the filing
400KV/765KV margin premium — around 200 basis points higher
stated as an aspiration by Niral Patel
p. 13
“we expect that 400 and 765KV class would be around 200 basis points higher.”
Niral Patel, page 13 of the filed PDF · View the filing
Tank and radiator capex benefit — next financial year
stated firmly by Niral Patel
p. 9
“The benefits would be coming in next year for sure.”
Niral Patel, page 9 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said margins are relatively stable for 220KV and below, driven by scale-up, and expects margins to remain stable going forward.
Answered by Niral Patel
Asked by Kunal Mehta: Are the improved gross and EBITDA margins a steady-state level given the shift towards higher-voltage transformers?
p. 8
“we see this margins, relatively stable when it comes to 220 kV class and below manufacturing.”
Niral Patel, page 8 of the filed PDF · View the filing
Management explained realization is tied to commodity pricing, not a like-for-like measure of performance, and expects per-MVA realization to eventually decline as higher-MVA products are introduced.
Answered by Niral Patel
Asked by Kunal Mehta: Why has per-MVA realization risen to about 8 lakh instead of falling as previously indicated?
p. 9
“Revenue per MVA is directly related to the commodity pricing, and commodity pricing is clearly -- naturally hedged to the customer orders itself.”
Niral Patel, page 9 of the filed PDF · View the filing
Management said 765KV marketing has started without a breakthrough yet, and a term loan may be taken for tank/radiator capex only if required, to be repaid the following year.
Answered by Niral Patel
Asked by Kunal Mehta: What is the timeline for the 765KV product and tank/radiator capex, and will a term loan be drawn?
p. 9
“We've not received any breakthrough yet. But yes, the intention is to prototype it first.”
Niral Patel, page 9 of the filed PDF · View the filing
Management said conductor supply is improving, bushing supply issues persist but are easing, and most cost increases can be passed through via price variation clauses, with a temporary impact from West Asian disruption.
Answered by Anand Sharma
Asked by Teena: Which raw material categories face supply pressure or cost increases, and can these be passed on to customers?
p. 10
“we believe that this particular thing is temporary in phase. Once we have the resolution on this crisis, ongoing crisis, these things should cool down in a time to come.”
Anand Sharma, page 10 of the filed PDF · View the filing
Management confirmed utilization is on track at 39% in FY26, expected to reach 65% in FY27 and 100% the following year, with margins expected to stay stable given no 400/765KV manufacturing history yet.
Answered by Niral Patel
Asked by Anuj Shah: What is the expected utilization ramp for the Vadod facility and margin outlook for the next year?
p. 11
“The expected utilization of Vadod facility is on track. We expect it to be like we suggested before going public, about 35% in the last financial year, which is about 39%.”
Niral Patel, page 11 of the filed PDF · View the filing
Management said working capital requirements will rise as higher KV class execution increases, with net working capital days expected to move to the 80s and 90s in FY27-28.
Answered by Mehul Mehta
Asked by Arafat Saiyed: How will future cash flow be utilized now that the company is debt-free, and what is the outlook for working capital?
p. 12
“That's the reason we were commenting every time that going forward in FY27 and FY28, our net working capital days will go up around 80s and 90s.”
Mehul Mehta, page 12 of the filed PDF · View the filing
Management said capacity expansion is a response to rising demand and expects demand to continue outpacing supply for at least the next five years.
Answered by Anand Sharma
Asked by Arafat Saiyed: How does management view the competitive landscape given multiple players announcing fresh capex?
p. 12
“The requirement is going to edge over the supply side for at least next 5 years for sure.”
Anand Sharma, page 12 of the filed PDF · View the filing
Management expects a breakthrough in export/data center orders this financial year with execution falling to next year, and estimates a roughly 200 basis point margin premium for 400/765KV products, though no such revenue exists yet.
Answered by Niral Patel
Asked by Nikhil Chaudhary: What is the status of data center inquiries and the margin delta between 400KV and 220KV products?
p. 13
“we expect that 400 and 765KV class would be around 200 basis points higher.”
Niral Patel, page 13 of the filed PDF · View the filing
Management said 60-75% of orders from state utility boards carry price variation clauses and this ratio is expected to continue.
Answered by Mehul Mehta
Asked by Naman Parmar: What proportion of the order book is fixed-price versus price-variation clause contracts?
p. 13
“we are maintaining around 70% to 80% of the orders from the state utility boards. So, this ratio is in the range of, let's say, 60% to 75% in recent times.”
Mehul Mehta, page 13 of the filed PDF · View the filing
Management confirmed there is currently no data center order in the order book but described the opportunity as potentially large and sustainable.
Answered by Anand Sharma
Asked by Parikshit Kandpal: What is the current data center order book contribution and how big is the opportunity?
p. 15
“As of now, there is no portion of data center business in our kitty.”
Anand Sharma, page 15 of the filed PDF · View the filing
Management said there was no hit in the quarter due to the price variation clause covering most orders.
Answered by Anand Sharma
Asked by Parikshit Kandpal: Did the company take any margin hit from commodity price increases or rupee depreciation this quarter?
p. 16
“No, nothing. We have not taken any hit in the previous quarter.”
Anand Sharma, page 16 of the filed PDF · View the filing
Management clarified backward integration is for supply chain and quality reasons rather than margin improvement, and expects margins to remain fairly stable overall.
Answered by Niral Patel
Asked by Jigar Jani: What margin accretion is expected from the backward integration project and combined benefits of Vadod utilization, backward integration, and higher KV mix?
p. 17
“backward integration for radiators and tanks is not because of margin improvement. That's not the intention of the company.”
Niral Patel, page 17 of the filed PDF · View the filing
Management said the thumb rule is roughly 8 to 11 times the gigawatt capacity added, though this may increase due to BESS-related grid stabilization needs.
Answered by Niral Patel
Asked by Sarang Joglekar: Is there a thumb rule relating transformer capacity addition to gigawatts of generation capacity added?
p. 18
“the thumb rule says it is anywhere between 8 to 11 times the gigawatt capacity gets added, the transformer capacity gets added in various KV classes.”
Niral Patel, page 18 of the filed PDF · View the filing
Management said BESS requirements will be huge given renewable capacity growth, and confirmed the company already has BESS orders in its order book.
Answered by Niral Patel
Asked by Aditya Vora: How large is the BESS opportunity for Atlanta and does the company have BESS orders in its book?
p. 19
“We have BESS orders in our order book. So, in times to come, we would be definitely supplying.”
Niral Patel, page 19 of the filed PDF · View the filing
Risks flagged
Shortage of mineral oil due to the West Asian conflict affected production speed in Q4
p. 5
“Our speed at the end was affected for last couple of months due to the shortage of mineral oil.”
Anand Sharma, page 5 of the filed PDF · View the filing
Rising commodity and input costs including copper, steel, oil, and smaller components due to West Asian disturbance
p. 10
“commodity prices right from copper to aluminium to crude oil, everything is going up.”
Anand Sharma, page 10 of the filed PDF · View the filing
Supply crunch on conductors, bushings, and fabricated components historically affecting the industry
p. 10
“industry has been facing supply crunch on the conductor side, bushing side, and the fabricated component side.”
Anand Sharma, page 10 of the filed PDF · View the filing
Approximately 25% of order book lacks price variation clause protection against cost increases
p. 16
“Approximately 75% of the order is on with the price variation clause and rest of the orders are without price variation clause.”
Anand Sharma, page 16 of the filed PDF · View the filing
Uncertainty in near-term commodity price movements affecting future quarters
p. 16
“we don't expect it to see and it's quite early for us to comment on that as to where prices shall -- we have daily movement of the prices nowadays.”
Anand Sharma, page 16 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.