Atlanta Electricals Limited — Q3 FY26
Atlanta Electricals delivered a stellar Q3 FY26 with consolidated revenue of ₹472 Cr (+80% YoY), EBITDA of ₹91 Cr (+120% YoY), and EBITDA margin expansion of 360 bps to 19.4%.
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
67%Questions answered1Evaded / deflected12Questions audited
Partial answer
High priority
Background and intent of Chinese participation in transmission equipment.
Asked by Kunal Shade, BNK 361
Management gave general context but no concrete details on impact or timeline.
speculativeno specific timelinedeferred to government
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Question
just wanted to get your views on this whole Chinese thing which you obviously clarified in your opening remarks but just wanted to get your sense on so what is the background of where this discussion started and like you mentioned you know if you can reiterate what their intent is.
Shamadish (management)
this whole thing possibly is to bridge uh the supply chain gap more so in the BTG uh sector or the boiler turbine generator segment. But I am sure this transmission equipment uh segment also will not be untouched by this particular uh thing.
Evasive
Medium priority
Clarify which part of supply chain Chinese imports refer to.
Asked by Kunal Shade, BNK 361
Repeated same general statement without addressing the specific question about which part of supply chain.
repeated earlier statementno specific answer
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Question
what exactly are they referring to because as you clearly mentioned that they are not going to allow fully built transformers or for that matter fully built boilers or any equipment which are fully built. So what exactly which part of the supply chain are they referring to?
Shamadish (management)
this is primarily to bridge the gap uh between supply and demand of boiler turbine and generator. So this is primary for BTG but other transmission equipments also uh we will see uh the impact coming in.
Answered
High priority
Sustainability of EBITDA growth from gross margin expansion given commodity price hikes.
Asked by Nikil Abhankar, UTI Asset Management Company
Explained price pass-through mechanism for large transformers, addressing sustainability.
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Question
if I see your margins quarterly uh I mean bulk of the EITA growth is coming from uh gross margin expansion. So uh do you think this is sustainable given the commodity price hikes that we are seeing cross going ahead?
Neil Patel (management)
commodity prices uh for transformer manufacturing ... large transformers ... are driven through price variation class and there's a price pass through mechanism and hence uh the commodity prices do not end up squeezing the gross margins.
Partial answer
Medium priority
Full year guidance on sales volume (MVA).
Asked by Nikil Abhankar, UTI Asset Management Company
Declined to give MVA guidance but provided revenue growth expectation.
no exact number givendeferred to revenue growth
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Question
for the 9 months uh your sales volume would be somewhere around 13,000 uh MBA. Yes, it is 13,500 only and for the full year what would be the guidance?
Neil Patel (management)
it'll be difficult to give you exact guidance on the MBA front but ... we've been continuing with uh a growth rate of 40% year-on-year basis and we expect nothing less this year on revenue front.
Partial answer
High priority
Quantify revenue growth split between volume, mix, pricing, and FY27 visibility.
Asked by Arafat, Anderson Nepon live
Provided volume and mix data but did not quantify pricing impact or give FY27 outlook.
no split between volume and pricingno FY27 guidance
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Question
So you a very strong print with the 80% revenue growth. So is it possible to quantify let's say how much come from the volume and also let's say product mix or let's say pricing uh improvement or uh and also comment on growth visibility for FA 27.
May decide (management)
the revenue growth is the volume is 13,500 MBA for 9 months and we go 132 KV segment contributes 19% and 66 KV contributes 32%.
Partial answer
High priority
Sustainable EBITDA margin for next couple of years.
Asked by Arafat, Anderson Nepon live
Called margins sustainable but did not provide a specific target or range.
no specific margin number given
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Question
what is the sustainable aid margin we should factor in for let's say next couple of years let's say for 20 and 28
May decide (management)
the margin the have come out from the results uh they are more or less uh fair and uh sustainable the reason being ... higher KV class is contributing better margins.
Answered
High priority
Update on approval status from Power Grid for Atlanta plant and timeline.
Asked by Ana, Philip Capital
Provided specific update on assessment dates and timeline for unit 4, and mentioned reapproval for Atlanta facility in next couple of months.
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Question
if you can share an update on the approval status from power grid for the Atlanta plant and if uh the expected timeline for receiving the clearance.
Shamadish (management)
we have got uh the assessment uh dates from the power grid for our Gador facility which is unit 4. So we are expecting to finish that assessment audit within this particular month only.
Partial answer
Medium priority
Target order book by end of FY26.
Asked by Ana, Philip Capital
Answered with quarterly intake rather than order book target, which was the question.
no order book target givengave quarterly intake instead
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Question
what is the kind of order book that you are targeting by the by FI26 and sir?
Neil Patel (management)
Approximately 700 cr is our quarterly intake. We expect that to be about 600 crores uh quarterly intake this year.
Answered
Medium priority
Whether new orders carry better margins.
Asked by Pravin Motwani, Bank of India Mutual Fund
Clearly stated margins are equal to last quarter's order intake.
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Question
are these orders carrying a better margins uh for you?
Shamadish (management)
the margins are as as equal as the current quart last quarter order intake.
Answered
High priority
Pricing or margin pressure due to capacity additions.
Asked by Pravin Motwani, Bank of India Mutual Fund
Gave a clear opinion that no pricing pressure is expected for 3-4 years.
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Question
is there any pricing pressure or the margin pressure in the industry because lot of capacity additions are taking place right uh across the uh transformer manufacturers.
Shamadish (management)
we do not feel that there shall be any pressure on the pricing in a time to come also. It's not there at the moment but uh we do not expect that to come in a time uh of next 3 to four years at least.
Answered
Medium priority
Average execution period for order book of ~2400 crores.
Asked by Seb shab, ICC Predential Asset Management Company
Provided a clear blended execution period of 1.5 years.
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Question
what's the average execution period now for these?
May decide (management)
current order book which is unexecuted amounting to 2 4 51 CR. We anticipate this to be executed within next 1 and a half year.
Partial answer
Medium priority
Contribution from new facility and depreciation impact.
Asked by Vela, Ambit Capital
Acknowledged contribution but did not quantify revenue or depreciation impact.
no quantification of contributionno depreciation details
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Question
when you looked at the new facility right the so had started to contribute right yes for the quarter yeah and the depreciation effect which we are seeing for the quarter for the W plant it is completely set in right
Neil Patel (management)
the December quarter accounted for one transformer from the fifth facility ... it'll start contributing in this quarter in product.