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Revenue
₹747.66 Cr
verified against source
Revenue YoY
81.7%
reported change
EBITDA
₹149.66 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
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.
Colored figures show movement against the previous available record.
Guidance to track
- Management reiterated 40% CAGR growth trajectory for FY27 and FY28, with FY26 already exceeding at 48.8%.
- Vadodara facility utilization expected to increase from 39% to 65% in FY27, with 100% targeted in FY28.
- Inverter duty transformer facility with 5,000 MVA capacity to be operational before end of calendar year 2026.
- Robotic tank and radiator manufacturing facility to be commissioned in FY27, funded through internal accruals.
Risks flagged
- Rising copper, aluminium, and crude oil prices due to West Asian conflict may pressure margins if not fully passed through.
- 400 kV and 765 kV prototypes are critical for market expansion; any delay in validation or short-circuit testing could slow revenue ramp.
- Net working capital days expected to rise to 80-90 days as EHV orders with longer lead times increase, potentially straining cash flows.
- Q4 FY26 saw temporary mineral oil shortage due to West Asian conflict; while mitigated via green transformers, recurrence could impact production.
Key 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.
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