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 str...
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.
71%Questions answered2Evaded / deflected12Questions auditedMixedNumbers vs filing
Partial answer
High priority
Are the improved gross and EBITDA margins sustainable given the shift to extra high voltage transformers?
Asked by Kunal Mata, Incredities
Management said margins are stable but did not quantify the sustainability of the 300-350 bps improvement, attributing it to scale-up in 220 KV only.
no specific margin guidance for higher KVdeferred to future when 400/765 KV production starts
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Question
the margins the gross margins and the have uh improved uh about 350 bits uh on the gross and 300 bits on the beta level. So do we see this as a steady state margin you know now that our mix is you know bent more towards the extra high voltage uh transformers.
Niral Patel (CEO)
we see this margins uh you know uh relatively stable uh when it comes to 220 KV class and below manufacturing the improvement in margins is because of uh incremental uh production scale up that happened in the 220 KV segment... going forward we see the margins being stable
Answered
Medium priority
Why has per MVA realization increased from 7 to 8 lakh, and will it drop with higher KV products?
Asked by Kunal Mata, Incredities
Management clearly explained the increase is due to commodity prices and confirmed per MVA will drop as they move to higher MVA products.
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Question
our average utilization has uh risen above almost 8 lakh per MBA... I just want to understand this you know how is the realization going from 7 to 8 lakh now
Niral Patel (CEO)
revenue per MVA is directly related to the commodity pricing... if the commodity pricing goes up... the prices per MVA will relatively also go up... we will be seeing per MVA realizations getting dropped in coming times because more the MVA per unit per MVA realizations drop.
Answered
High priority
What are the timelines for 765 KV prototype and market entry?
Asked by Kunal Mata, Incredities
Management provided clear timeline: prototype this year, orders this year will invoice next year.
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Question
what about 755 you know what are certain timelines if you can throw some light on that
Niral Patel (CEO)
we've started marketing our 765 KV class products... This year we would be spending a huge amount of time to prototype 765 KV class transformer and reactor... Any orders that we are able to take or grab in this particular year will fall for invoicing in next particular
Answered
Medium priority
Will the 180 cr capex for tank and radiator facility be funded via internal accruals or term loan?
Asked by Kunal Mata, Incredities
Management confirmed timeline and funding approach, though conditional on cash flow.
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Question
we have a bank balance of 93 crores and a healthy cash generation. So any possibility that we'll be drawing down the 50 I think CR term loan line or and what are the timelines also for K to get live.
Niral Patel (CEO)
This financial year is when we trying to commence this tank and radiator manufacturing facility... we would be taking a term loan if required and we would have the intention to completely pay it off in the coming financial year.
Answered
Medium priority
Which raw material categories face supply pressure and cost increases in coming quarters?
Asked by Tina, Motila Loal Financial Services
Management gave a detailed breakdown of supply conditions for each component category.
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Question
which are the areas among all the categories of raw materials where you can easily manage the supply chain and which are the areas where you can see some pressure or delay or higher costing
Anil Sharma (COO)
problems which industry has been facing... supply crunch on the conductor side bushing side and the fabricated component side... situation around the supply of conductors is improving... RIP bushing also is going to ease out... supply issues on the OIP bushings... commodity prices... copper, aluminium, crude oil everything is going up
Answered
Medium priority
Can you pass on cost increases from smaller components to customers in existing contracts?
Asked by Tina, Motila Loal Financial Services
Management confirmed pass-through via price variation clause and downplayed impact of small components.
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Question
Are you able to pass on this cost increase also to the end users for your existing contracts which are there in your 220 KV category?
Anil Sharma (COO)
we are able to since majority of our contracts are on with the price variation formula. We are able to pass on the majority cost to our customers. This smaller components... are very very minimal raw material contained items... it will not have any major impact
Answered
High priority
What is the expected utilization ramp-up for the Ward facility over 12-24 months and revenue from higher KV?
Asked by Anut Sha, Philip Capital
Management provided specific utilization percentages and timeline for higher KV revenue contribution.
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Question
could management provide some sort of perspective on the expected utilization ramper for Ward facility over the next 12 to 24 months and potential revenue contribution from higher KV segment.
Niral Patel (CEO)
expected utilization of BU's facility is on track... we expect it to be 65% in this particular year and then eventually taking it to 100% in the next financial year... in this financial year majority of the products it would get manufactured would be still 220 KV and some products only some products of 400 KV.
Evasive
High priority
Is there scope for further margin expansion as you scale and move to higher value products?
Asked by Anut Sha, Philip Capital
Management reiterated stable margins but did not provide any quantification or guidance on potential expansion.
no commitment on margin expansiondeferred to future when higher KV production starts
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Question
do we see any further scope for margin expansion or we stay very conservative and maintain that 18 to 20% land for next financial year.
Niral Patel (CEO)
Historically we've been maintaining one's stand that we would be growing at about 40% CHR for next 3 years... with an intention of margins being stable... when we start manufacturing we would be in a better position to tell you any improvement in the margins are there or not but as of today we maintain a standard it's going to be stable
Partial answer
Medium priority
How will the company deploy future cash flows given higher capex and working capital needs?
Asked by Arad, Dalat Capital
Management discussed working capital increase but did not address how cash flows will be allocated among competing uses.
no specific allocation between capex, working capital, or acquisitions
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Question
if you have became in a debt tree now so how does the management plan to replace future cash flow let's say higher capex or working capital or let's say any other form of acquiration kind of thing
Anil Sharma (COO)
naturally speaking as we move up higher KV class execution requirement of working capital will be there it will increase for sure... going forward in FI27 and FI28 our net working capital days will go up around 80s and 90s. However, during FI26 we could maintain our net cash flow days at around 64
Evasive
Medium priority
How many active data center inquiries and what is the conversion timeline?
Asked by Nikl Chadri, Toro Wealth Managers NLP
Management did not quantify inquiries or provide a concrete timeline, only a vague expectation of a breakthrough this year.
no number of inquiries givenno specific conversion timeline
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Question
in Q3 we've been like we mentioned that we've been quoting on data center inquiries. So I just wanted to get a reconirmation on how many active inquiries and what is the conversion timeline
Niral Patel (CEO)
export markets do end up taking a lot of time to... get finalized... we expect to have a breakthrough in this financial year in terms of orders. But the execution will definitely fall on the next year because the lead times are much larger
Answered
High priority
What is the gross margin delta between 400 KV and 220 KV transformers?
Asked by Nikl Chadri, Toro Wealth Managers NLP
Management provided a specific estimate of 200 bps higher margin for higher KV products.
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Question
if you are comfortable what would be the gross margin delta between 400 KV and 220 KV in your current assumptions.
Niral Patel (CEO)
we expect that 400 and 765 K class would be around two 200 basis points higher but in as of today in the current last financial year numbers there are no 400 KB class products and there are no revenues coming in for 400 KB class products.
Partial answer
Medium priority
What proportion of the order book is fixed price vs price variation contracts?
Asked by Naman Parmar, Nisha Investments
Management gave a range for state utility orders but did not directly state the exact proportion of fixed vs variable price contracts in the order book.
did not give exact percentage for fixed vs variableonly gave range for state utility share
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Question
on the current order book how much contract would be the fixed contract and how much would be the price variation cross contract.
Anil Sharma (COO)
current order book... we are maintaining around 70 to 80% of the orders from the state utility boards... this ratio is in the range of let's say 60% to 75% in recent times... any orders from state utility boards is backed by the price variation close and in recent times even the private orders... are also backed by the price variation close.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Gross margins improved about 350 bps, EBITDA margins about 300 bps | 300 bps | 329 bps | Matches filing |
| 400 KV and 765 KV margins expected to be 200 bps higher | 200 bps | 329 bps | Understated vs filing |
| Revenue growth target of 40% CAGR for next 3 years | 40% | 81.7% | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.