Order Book
₹2,493 Cr
+257 Cr in FY26
Unexecuted order book as of 31 Mar 2026, providing strong revenue visibility for FY27.
ATLANTAELECTRICALS
Manufacturing
15 May 2026
Atlanta Electricals Ltd — Q4 FY26
Atlanta Electricals delivered a stellar Q4 FY26 with revenue of ₹747.7 Cr (+81.7% YoY) and EBITDA of ₹149.7 Cr (+117.9% YoY), driven by new capacity at Vadodara (Unit 4) and strong demand for 220 kV transformers.
✓ Verified against BSE filing
2-Min Summary
Atlanta Electricals delivered a stellar Q4 FY26 with revenue of ₹747.7 Cr (+81.7% YoY) and EBITDA of ₹149.7 Cr (+117.9% YoY), driven by new capacity at Vadodara (Unit 4) and strong demand for 220 kV transformers. EBITDA margin expanded to 19.99% (+329 bps YoY) on operating leverage and richer mix. PAT surged 128.9% to ₹102.2 Cr. The unexecuted order book stood at ₹2,493 Cr providing strong visibility. Management guided for ~40% revenue CAGR and stable margins, with key catalysts being 400 kV/765 kV prototyping, export push, and backward integration. Risk: commodity price volatility and execution delays in EHV ramp-up.
Key Numbers
Total MVA Produced
22,943 MVA
Significant step up
Across all five units in FY26, reflecting full benefit of expanded capacities.
Unit 4 Utilization
39%
Targeting 65% in FY27
Vadodara facility operated at 39% of 30,000 MVA nameplate in first 7 months.
Export Revenue Target
15% of total revenue
From current low base
Target to achieve 15% revenue from exports in next 3 years.
Management Guidance
Revenue growth of ~40% CAGR for next 3 years
Management reiterated 40% CAGR growth trajectory for FY27 and FY28, with FY26 already exceeding at 48.8%.
revenueUnit 4 utilization to reach 65% in FY27
Vadodara facility utilization expected to increase from 39% to 65% in FY27, with 100% targeted in FY28.
growthIDT facility (Unit 6) to commence operations in FY27
Inverter duty transformer facility with 5,000 MVA capacity to be operational before end of calendar year 2026.
expansionBackward integration capex of ₹180 Cr for tank & radiator facility
Robotic tank and radiator manufacturing facility to be commissioned in FY27, funded through internal accruals.
capexKey Risks
Commodity price volatility and input cost pressure
Rising copper, aluminium, and crude oil prices due to West Asian conflict may pressure margins if not fully passed through.
medium · analyst_questionExecution delays in EHV prototyping and order conversion
400 kV and 765 kV prototypes are critical for market expansion; any delay in validation or short-circuit testing could slow revenue ramp.
high · management_commentaryWorking capital increase from higher KV orders
Net working capital days expected to rise to 80-90 days as EHV orders with longer lead times increase, potentially straining cash flows.
medium · management_commentaryMineral oil supply disruption
Q4 FY26 saw temporary mineral oil shortage due to West Asian conflict; while mitigated via green transformers, recurrence could impact production.
low · data_observationNotable Quotes
We call this as Atlanta speed. This approval is subject to completion of short circuit test and final qualifying requirements which will be completed in due course.
Industry convention for a transformer facility of this scale and voltage class typically projects a payback period of 5 to 7 years. VOD alone contributed nearly 495 crores of revenue in first 7 months of operation.
Our single most important focus for FY27 is successfully prototyping of 400 KV class transformer at VOD and 765 KV class transformer at UNI facility.