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Revenue
₹472 Cr
verified against source
Revenue YoY
80%
reported change
EBITDA
₹91 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
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%. The strong performance was driven by the ramp-up of expanded capacity (from 16,000 MVA to 63,000 MVA), favorable product mix shifting to higher KV class transformers, and operating leverage. The order book hit an all-time high of ₹2,451 Cr, providing 12-18 months visibility. Management guided for 40%+ revenue growth for FY26 and expects margins to sustain at current levels due to price variation clauses and higher-mix EHV orders. Key risks include potential Chinese competition easing and execution delays in new facilities.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects revenue growth of at least 40% year-on-year for the full fiscal year, driven by capacity utilization and order book execution.
- 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.
- Company plans to start backward integration for radiators and tanks by Q1 FY27, aiming to reduce costs and improve margins.
- Once the first 400 KV prototype is proven, the company will aggressively pursue 400 KV orders, which have longer lead times and better margins.
Risks flagged
- Government may allow Chinese participation in transmission equipment tenders, though management believes impact is limited due to local content rules and capacity constraints.
- 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.
- While large contracts have price variation clauses, smaller private sector orders are fixed-price; rising commodity costs could squeeze margins on those orders.
- 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.
Key quotes
- Q3 FY26 marks the beginning of a new growth chapter for Atlanta Electricals.
- We have taken a very bold move of not to take further 400 KV class orders till we execute our first order.
- The kind of requirement which is there on the plate... we do not feel that there shall be any pressure on the pricing in a time to come also.
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