Anand-based transformer maker Atlanta Electricals Limited reported consolidated profit after tax of ₹32.1 crore for Q2 FY27 (July–September 2026), up 28.0% from ₹25.1 crore a year earlier. Revenue from operations rose 23.1% to ₹390.1 crore. On 31 October 2026 the company also said its wholly owned subsidiary AE Components Private Limited approved about ₹193.58 crore for a new tank, frame and radiator plant. EBITDA margin narrowed on commodity costs and heavy rain. The order book stood at ₹3,196.97 crore on 30 September 2026.
Key Financial Details
The earnings release gives these September-quarter figures, with year-earlier numbers in brackets:
- Revenue from operations: ₹390.1 crore (₹317.0 crore)
- EBITDA (earnings before interest, tax, depreciation and amortisation), excluding other income: ₹59.6 crore (₹54.8 crore), up 8.8%
- EBITDA margin: 15.3% (17.3%), down 201 basis points
- Profit after tax margin: 8.2% (7.9%)
Revenue and EBITDA both fell from the June quarter, when the company reported ₹466.33 crore and ₹77.10 crore. For the first half of FY27, revenue rose 35.5% to ₹856.4 crore, EBITDA rose 32.0% to ₹136.7 crore and profit after tax rose 40.4% to ₹79.0 crore. The half-year EBITDA margin was 16.0%, against 16.4% a year earlier, while the profit after tax margin improved to 9.2% from 8.9%.
The company attributed the margin decline to higher commodity prices, particularly on firm-price contracts, and to temporary production and dispatch disruptions. Unusually heavy rainfall deferred customer deliveries worth approximately ₹180 crore during the quarter. Around 70% of that value, or about ₹126 crore, has since been dispatched, and the rest is expected in Q3 FY27 (October–December 2026).
New Plant and Capacity Plans
AE Components plans to build the new unit as part of a backward integration effort covering transformer tanks and radiators. Funding is expected from internal accruals, term loans and financial assistance from the holding company. The project is proposed to proceed in phases, with completion targeted within one year, subject to statutory approvals. The company has not disclosed the site, the annual capacity or the split of funding.
Two other projects are moving in parallel. Manufacturing of the company’s first 315 MVA, 400 kV-class transformer began in October 2026, with short-circuit testing targeted by the end of Q3 FY27. A dedicated inverter duty transformer facility, adding approximately 5,000 MVA of capacity, is targeted for commissioning by Q3 FY27.
Orders and Demand
The enquiry pipeline stands at ₹19,464 crore. During the quarter the company secured a ₹193.92 crore (including GST) letter of intent from Transmission Corporation of Andhra Pradesh Limited for 12 units of 160 MVA, 220/132 kV auto transformers. It also secured its first order from the United States, though the value and customer were not disclosed. The release attributes revenue growth to demand across transmission and distribution, renewable energy and industrial applications.
Management Comment
Chairman and Managing Director Niral Patel said higher input costs affected margins, particularly on certain firm-price contracts, but described the challenges as largely temporary. Patel said operations have normalised and dispatches have resumed, and the company expects execution to improve in the second half of the financial year. The immediate priorities are clearing deferred deliveries, improving efficiency and advancing the backward integration programme.
Policy Backdrop
The company’s release does not cite a specific policy, but Patel linked demand to grid and storage investment. A stock exchange presentation filed by Pace Digitek on 31 October 2026 dates Green Energy Corridor Phase-III to September 2026. It says the programme enables evacuation of up to 135 GW of renewable energy, backed by a ₹50,000 crore allocation.
About Atlanta Electricals
Atlanta Electricals Limited was established in 1988 and is listed on the BSE and NSE. It makes power transformers from 5 MVA/11 kV up to 500 MVA/765 kV, along with auto, inverter duty, furnace, generator and special duty transformers. It runs five facilities in Gujarat and Karnataka. The investor presentation puts cumulative supply at 5,048 transformers totalling 1,25,599 MVA, with sales across 19 states and three union territories. Installed capacity stands at 63,060 MVA across 3,21,451.39 sq. ft of manufacturing area. Its customers include state and national electricity grids, private companies, renewable energy projects and engineering contractors.
The company acquired Atlanta Trafo Limited, now a 100% subsidiary at Vadod, Gujarat, in April 2025. It bought 90% from Baoding Tianwei Baobian Electric Co (BTW) and 10% from Atlanta UHV Transformers LLP, at an enterprise value of about ₹260 crore, including about ₹80 crore of borrowings. The presentation says active discussions are under way for a technology tie-up for the 765 kV class.
The Company’s Recent Pipeline
- May 2026: A ₹190 crore order from Rajasthan Rajya Vidyut Prasaran Nigam Limited for 53 units of 50 MVA, 132/33 kV power transformers.
- June 2026: A letter of award worth about ₹285.15 crore, including taxes, from Punjab State Transmission Corporation Limited for 23 units of 160 MVA, 220/66 kV power transformers.
- July 2026: Q1 FY27 revenue up 48.0% to ₹466.33 crore, with profit after tax up 50.4% to ₹46.84 crore.
Outlook
Patel said investments in renewable energy integration, battery storage and grid infrastructure support long-term demand across India’s transmission and distribution sector. The dated checks fall in Q3 FY27, with the remaining deferred deliveries, short-circuit testing of the 315 MVA unit and commissioning of the inverter duty facility. The tank and radiator plant is targeted within a year, subject to approvals.
Official Sources
- Atlanta Electricals Limited – Q2 and H1 FY27 Press Release (NSE, 31 October 2026): https://nsearchives.nseindia.com/corporate/ATLANTAIPO123_31102026160726_Press_Release_30092026.pdf
- Atlanta Electricals Limited – Approval of Capital Expenditure by AE Components Private Limited (NSE, 31 October 2026): https://nsearchives.nseindia.com/corporate/ATLANTAIPO123_31102026172134_Approval_of_Capex_AE_Components_31102026.pdf
- Atlanta Electricals Limited – Investor Presentation (NSE, 31 October 2026): https://nsearchives.nseindia.com/corporate/ATLANTAIPO123_31102026160306_Investor_Presentation_31102026.pdf
- Atlanta Electricals Limited – Outcome of Board Meeting and Financial Results (NSE, 31 October 2026): https://nsearchives.nseindia.com/corporate/ATLANTAIPO123_31102026152520_Outcome_of_BM_31102026_Final.pdf
- Pace Digitek Limited – Investor Presentation Q2 FY27 (NSE, 31 October 2026): https://nsearchives.nseindia.com/corporate/PACE_31102026213410_Intimation_Investor_Presentation.pdf
- Atlanta Electricals Limited – Letter of Award from PSTCL (NSE, 3 June 2026): https://nsearchives.nseindia.com/corporate/ATLANTAIPO123_03062026225203_Press_Release_Final.pdf
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