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View Claim Ledger →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.
bullish
high
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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.
Promises0 met · 2 missedRisks4 trackedTranscriptfull text
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Commodity price volatility and input cost pressure
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Order Book
₹2,493 Cr
+257 Cr in FY26
Unexecuted order book as of 31 Mar 2026, providing strong revenue visibility for FY27.
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.
What Changed vs Last Quarter
NEW
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%.
NEW
Unit 4 utilization to reach 65% in FY27
Vadodara facility utilization expected to increase from 39% to 65% in FY27, with 100% targeted in FY28.
NEW
IDT 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.
UPDATED
Backward integration capex of ₹180 Cr for tank & radiator facility
Robotic tank and radiator manufacturing facility to be commissioned in FY27, funded through internal accruals.
DROPPED
40%+ revenue growth for FY26
Management expects revenue growth of at least 40% year-on-year for the full fiscal year, driven by capacity utilization and order book execution.
DROPPED
EBITDA margin sustainability at ~19%
Management indicated that current EBITDA margins are sustainable due to price variation clauses in large contracts and favorable product mix shift to higher KV class.
DROPPED
400 KV class order intake to accelerate after prototype
Once the first 400 KV prototype is proven, the company will aggressively pursue 400 KV orders, which have longer lead times and better margins.
NEW RISK
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.
NEW RISK
Execution 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.
NEW RISK
Working 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.
NEW RISK
Mineral oil supply disruption
Q4 FY26 saw temporary mineral oil shortage due to West Asian conflict; while mitigated via green transformers, recurrence could impact production.
RISK GONE
Potential easing of Chinese competition
Government may allow Chinese participation in transmission equipment tenders, though management believes impact is limited due to local content rules and capacity constraints.
RISK GONE
Execution delays in new facilities
Unit 5 (Atlanta Trfo) faced initial hiccups and is only now starting to contribute; delays in PGCIL approval for Unit 4 could impact revenue ramp.
RISK GONE
Commodity price inflation risk
While large contracts have price variation clauses, smaller private sector orders are fixed-price; rising commodity costs could squeeze margins on those orders.
RISK GONE
Order book execution period extending
Average execution period for the order book is now 12-18 months, up from 12 months, which could delay revenue recognition and increase working capital needs.
Fast read
Guidance and risk preview
Management reiterated 40% CAGR growth trajectory for FY27 and FY28, with FY26 already exceeding at 48.8%.
Rising copper, aluminium, and crude oil prices due to West Asian conflict may pressure margins if not fully passed through.
View Risks →