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Atlanta Electricals IPO
Atlanta Electricals Ltd
₹13,642 /19 sharesMinimum Investment
Atlanta Electricals IPO Details
| Bidding Dates | Min. Investment | Lot Size | Price Range |
|---|---|---|---|
| 22 Sep ‘25 - 24 Sep ‘25 | ₹13,642 | 19 | ₹718 - ₹754 |
| Issue Size | IPO Doc |
|---|---|
| 687.34Cr | RHP PDF |
About Atlanta Electricals
Founded in
1988
Managing director
Mr Niral Krupeshbhai Patel
Parent organisation
Atlanta Electricals Ltd
Strengths & Financials of Atlanta Electricals
Strengths
Risks
Atlanta Electricals claims to be among the leading manufacturers of power, auto, and inverter duty transformers in India, in terms of production volume as of FY24. With more than 30 years in the transformer manufacturing industry, the company supplies its products to a wide range of customers across 19 states and three Union Territories. Its products are tested at National Accreditation Board for Testing and Calibration Laboratories (NABL) accredited laboratories, which the company claims are equipped to perform routine, type, and special tests (except short-circuit tests), supporting adherence to international quality standards.
Atlanta Electricals offers a portfolio of six products, including power transformers, inverter duty transformers, furnace transformers, generator transformers, and special duty transformers. The company claims to have developed transformers tailored to challenging environments, such as 66 kV units supplied to Leh at altitudes of over 3,000 metres and transformers using ester-based fluids designed for fire safety and biodegradability in urban settings.
As of September 30, 2024, Atlanta Electricals reported an order book of Rs 1,283.32 crore, up from Rs 1,271.38 crore in FY24, Rs 534.06 crore in FY23, and Rs 316.46 crore in FY22. The company’s customer base has grown from 77 in FY22 to 208 by September 2024, comprising 21 public sector undertakings and 187 private players. The company also claims to have pre-qualifications with institutions such as Power Grid Corporation of India Limited (PGCIL) and the Ministry of Railways, which allow participation in specialised projects. Customers include GETCO, Adani Green Energy, Tata Power, O2 Power, and several EPC firms.
Atlanta Electricals operates three manufacturing facilities with a combined installed capacity of 16,740 MVA as of September 30, 2024. The company claims to have equipment, including 35 winding machines, 14 core coil assembly stations, and multiple drying ovens and tanking workstations, supporting large-scale transformer production. It also claims to maintain four NABL-accredited laboratories capable of testing transformers up to 200 MVA/245 kV, including lightning impulse, temperature rise, and acoustic noise level tests.
The company is ISO 9001:2015 certified for its quality management systems, ISO 14001:2015 certified for its environmental management systems, and ISO 45001:2018 certified for occupational health and safety.
Gujarat accounted for Rs 562.57 crore (99.00 percent) of the company’s revenue in the period ended September 30, 2024, Rs 840.01 crore (97.00 percent) in FY24, Rs 786.25 crore (90.00 percent) in FY23, and Rs 573.91 crore (92.00 percent) in FY22. The company’s heavy dependence on a single region makes it vulnerable to economic fluctuations, competitive pressures, and demographic shifts in Gujarat, any of which could adversely affect its revenue and overall financial performance.
Atlanta Electricals derives a significant portion of its revenue from the supply of transformers to state electricity companies. They accounted for Rs 371.77 crore (65.21 percent) of the company’s revenue in the period ended September 30, 2024; Rs 567.88 crore (65.46 percent) in FY24; Rs 703.21 crore (80.47 percent) in FY23; and Rs 519.91 crore (83.10 percent) in FY22. Any financial or operational inability of these utilities to fulfil their obligations, or adverse changes in the government’s power sector policies, can hurt the company’s business and profits.
The top five customers accounted for Rs 345.83 crore (60.66 percent) of the company’s revenue in the period ended September 30, 2024; Rs 386.57 crore (44.56 percent) in FY24, Rs 538.18 crore (61.58 percent) in FY23, and Rs 456.02 crore (72.89 percent) in FY22. Any failure to retain these key customers or a loss of business from them could adversely affect the company’s business and financial standing.
The top five suppliers accounted for Rs 178.04 crore (47.05 percent) of the company’s cost of total raw materials purchased in the period ended September 30, 2024, Rs 329.87 crore (48.01 percent) in FY24, Rs 401.04 crore (57.04 percent) in FY23, and Rs 289.15 crore (59.83 percent) in FY22. The lack of long-term contracts with these suppliers makes the company vulnerable to price fluctuations and potential supply interruptions. Significant changes in raw material prices or supply disruptions could hurt Atlanta’s cost structure, profitability, and overall operations.
The company derives a significant portion of its revenue from the supply of power transformers. They accounted for Rs 413.04 crore (72.45 percent) of the company’s revenue in the period ended September 30, 2024, Rs 771.91 crore (88.98 percent) in FY24, Rs 815.91 crore (93.37 percent) in FY23, and Rs 580.05 crore (92.71 percent) in FY22. A fall in demand for power transformers or adverse events—such as manufacturing shutdowns or equipment failures—could adversely affect the company’s business operations and financial health.
The company, its directors, and promoters are involved in certain ongoing legal proceedings, including criminal and tax-related cases. Any adverse judgments in any of these cases could be detrimental to the company’s business prospects.
Cost of materials consumed accounted for Rs 425.80 crore (84.74 percent) of the company’s total expenses in the period ended September 30, 2024, Rs 635.23 crore (80.94 percent) in FY24, Rs 638.40 crore (83.32 percent) in FY23 and Rs 470.51 crore (83.32 percent) in FY22. Any sudden increase or fluctuations in raw material prices could hurt the company’s business, results of operations, and cash flows.
As of September 30, 2024, the company had trade receivables of Rs 261.43 crore, a sharp increase from Rs 179.78 crore in FY24. For the company’s operations to remain smooth, these trade receivables must be collected on time.
As of September 30, 2024, the company had contingent liabilities amounting to Rs 20.30 crore. If any of these contingent liabilities materialise, it could adversely affect the company’s financial condition.
As of January 20, 2025, the company had financial indebtedness of Rs 626.16 crore. Any failure to service or repay these loans can hurt the company’s operations and financial position.
Atlanta Electricals Financials
*All values are in Rs. Cr
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Application Details of Atlanta Electricals IPO
| Apply as | Price band | Apply upto |
|---|---|---|
| Regular | ₹718 - 754 | ₹2 Lakh |
| Employee | ₹648 - 684 | ₹2 Lakh |
| High Networth Individual | ₹718 - 754 | ₹2 - 5 Lakh |
For Atlanta Electricals IPO, eligible investors can apply as Regular & Employee.