Atlanta Electricals IPO to Open on Sept 22; Price Band Fixed at ₹718–₹754

Mumbai, September 19, 2025 — Atlanta Electricals Limited, a transformer company based in Gujarat, will open its Initial Public Offering (IPO) on September 22 to September 24, 2025, and list on September 29, 2025.

The IPO consists of a fresh issue of shares aggregating ₹400 crore and an Offer for Sale (OFS) of 38.1 lakh shares of equity capital, aggregating to the total issue size of approximately ₹687 crore. The price band is set between ₹718–₹754 per share with a lot size of 19 shares (₹14,326 per lot).

IPO Timeline

The IPO will open for subscription on 22nd September, 2025 and close on 24th September, 2025. The basis of allotment will be finalized on 25th September with refund and credit of shares in Demat accounts on 26th September. The shares of the company will be listed on the exchanges on 29th September, 2025.

Financial Highlights (₹ in million)

The group posted strong improvement in its financials during FY25, driven by high growth in revenue and improved profitability. Revenue from operations increased to ₹12,441.80 million in FY25 from ₹8,675.53 million in FY24 and ₹8,738.83 million in FY23.

Profit after tax almost doubled year-on-year to ₹1,186.47 million in FY25, compared with ₹635.21 million in FY24, and was also much higher than ₹874.73 million in FY23. The net worth of the company grew to ₹3,499.04 million, compared with ₹2,284.72 million during FY24 and ₹1,648.95 million during FY23.

Earnings per share (EPS) also increased to ₹16.57 in FY25 from ₹8.87 in FY24 and ₹12.22 in FY23. The net asset value (NAV) per share also increased to ₹48.88 in FY25 from ₹31.92 in FY24. On the liabilities side, total borrowings grew to ₹1,410.30 million in FY25 from ₹485.96 million in FY24, reflecting increased leverage to fund expansion.

Strengths

• Strong Market Presence: 30+ years of business with supplies spread over 19 states and 3 union territories.
• Diverse Transformer Portfolio: Ability to produce up to 500 MVA and 765 kV transformers.
• Robust Customer Base: Customers include state electricity boards and private sector players such as Adani Green Energy.
• Financial Expansion: Steep rise in FY25 revenues and PAT.
• Drive for Expansion: Vadod new facility started production in July 2025, adding capacity.

Risks

• Concentration of Geography: ~99% revenue from Gujarat-based plants.
• High Dependence on Clients: Top 10 clients generated 74.2% FY25 revenue; high dependence on government tenders.
• Dependence on Suppliers: Top 10 suppliers contributed 61.8% raw material procurements in FY25.
• Dependence on Products: Power transformers accounted for 73.6% FY25 revenues, reflecting low diversification.
• Legal & Statutory: Ongoing tax and regulatory issues with claims of ~₹208 million.
• Rising Debt: Sudden rise in borrowings could affect leverage and margins.

Objects of the Issue

The firm intends to use the proceeds of the IPO mainly in the form of strengthening its balance sheet and funding operations. Approximately ₹791.20 million will be invested in repayment or prepayment of borrowings, whereas a larger amount of ₹2,100 million has been set aside for meeting working capital needs. The balance amount will be utilized for general corporate purposes.

About Atlanta Electricals

Established in 1988, Atlanta Electricals Ltd has its headquarters located in Anand, Gujarat. The firm manufactures and designs power, auto, and inverter duty transformers for government utilities, private sector operators, and renewable energy companies. Operating from several manufacturing units in Gujarat and Karnataka, it has supplied more than 4,400 transformers with a total of 94,000 MVA.

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