Atal Realtech Limited is a Nashik-based construction and engineering services firm incorporated in **2012**. The company specializes in integrated civil works contracting for structural construction and infrastructure projects. Holding a prestigious **Class I-A** registration with the **Government of Maharashtra Public Works Department (PWD)**, the company has transitioned from the NSE SME Emerge platform to the **Main Board (NSE and BSE)** as of **May 12, 2023**. --- ### Dual-Pillar Business Architecture Following the adoption of **Ind AS 108**, the company has restructured its operations into two distinct primary business segments to drive specialized growth: * **Works Contract / Government Contracting:** This remains the historical core of the business, focusing on civil and structural construction for government, semi-government, and local bodies. * **Real Estate Business:** A newly formalized vertical dedicated to property development and building activities. This segment is spearheaded by the wholly-owned subsidiary, **Atal Realty Limited**, incorporated on **June 2, 2025**. **Operational Delivery Model:** The company utilizes a hybrid execution strategy, combining direct contracting with back-to-back subcontracting. A significant portion of revenue is generated by acting as a specialized subcontractor for large-scale infrastructure projects. --- ### Project Portfolio and Industrial Capabilities Atal Realtech maintains a diversified portfolio across civil, industrial, and infrastructure domains. | Category | Project Specializations | | :--- | :--- | | **Civil Construction** | Sports complexes (indoor/outdoor), multi-purpose halls, hospitals, educational institutions, and mass housing. | | **Infrastructure** | Roads, bridges, water supply systems, drainage, and major/minor irrigation projects. | | **Industrial & Commercial** | Commercial structures, industrial buildings, and cold storage facilities. | | **Trading & Supply** | Procurement and supply of construction materials tailored to specific client requirements. | **Recent Landmark Project:** In **November 2025**, the company secured a major subcontract for the **Court Building at Karanja, District Washim**. * **Principal Employer:** PWD, Maharashtra. * **Main Contractor:** ABH Developers Private Limited (Related Party). * **Total Contract Value:** **INR 49,47,03,092**. * **Terms:** Back-to-back basis with a **4% royalty** payable to the main contractor. --- ### Diversified Industrial Manufacturing & Paper Division Beyond core construction, the company operates as a manufacturer and dealer in the paper, board, and pulp industry, providing a hedge through diversified industrial applications. * **Industrial Boards:** Production of pulp board, **leather board**, imitation leather board, **mill board**, grey board, and **jacquard board**. * **Specialized Materials:** Manufacturing of **asbestos sheets/tiles**, corrugated boards, and **bakelite moldings**. * **Stationery & Printing:** High-end commercial printing (lithography, photo-lithography) and stationery manufacturing including **account books** and **sensitized paper**. * **Pulp Varieties:** Production of soda, **mechanical**, and sulphite pulp. --- ### Capital Restructuring and Growth Strategy The company is executing a multi-stage strategy to enhance liquidity and fund "growth capital" for R&D and new project launches. **1. Capital Raising Initiatives:** * **Fundraising Cap:** The Board approved a total limit of **₹50 Crores** in May 2025. * **Rights Issue (2024):** Raised **₹25.9 Crores** through the issuance of **3,70,05,000** shares at **₹7 per share**. * **Preferential Allotment (2025):** Allotted **1,19,81,250** shares and **45,00,000** convertible warrants at **₹16 per unit**. **2. Equity Optimization:** * **Stock Split (2023):** Executed a **1:5 split**, reducing face value from **₹10** to **₹2** to increase retail participation. * **Authorized Capital Expansion:** Increased from **₹15 Crores** (2023) to **₹28 Crores** (2025). **3. Digital & Macro Alignment:** * **Digital Sales:** Adoption of AI-powered chatbots, AR/VR showcases, and virtual tours to target NRI buyers. * **Policy Tailwinds:** Strategic positioning to capture opportunities from the **₹79,000 Crore PM Awas Yojana** budget and the **₹25,000 Crore SWAMIH Fund** for stalled projects. --- ### Financial Performance and Liquidity Profile Atal Realtech has maintained stable revenue while aggressively managing its balance sheet. **Standalone Financial Summary:** | Metric | FY 2023-24 (₹ '000) | FY 2022-23 (₹ '000) | FY 2021-22 (₹ '000) | | :--- | :--- | :--- | :--- | | **Total Income** | **4,09,560** | **4,06,884** | **4,05,602** | | **Net Profit (PAT)** | **21,446** | **20,792** | **21,600** | | **EPS** | - | **₹ 1.47** | **₹ 4.37** | *(Note: EPS reduction in FY23 reflects the issuance of **Bonus Shares**.)* **Banking and Credit Facilities:** * **Working Capital:** Secured through **State Bank of India** via hypothecation of WIP and stocks. * **Raw Material Assistance:** **₹2 Crore** facility from **NSIC** backed by bank guarantees. * **Dividend Policy:** The company currently **skips dividend payments** to reinvest all cash flows into the project pipeline. --- ### Risk Management and Regulatory Landscape Management utilizes a formal **Risk Management Policy** to address the inherent volatility of the construction sector. * **Credit Risk & Bad Debts:** The company maintains a **Loss Allowance Provision** of **₹24.61 Million** against gross receivables. It is currently pursuing a **₹2.46 Crore** claim against **Vivaan Multi-Structures Ltd** via the **NCLT (IBC)**. * **Contingent Liabilities:** Potential **GST disputes** totaling **₹6.63 Crores** for periods between FY 2018-19 and FY 2022-23. * **Governance & Compliance:** Following **SEBI advisory letters** in July 2024 regarding website non-compliance (**Regulation 46**), the company has implemented corrective measures. * **Related Party Exposure:** Significant reliance on related party transactions (e.g., **ABH Developers**) requires ongoing shareholder approval under the **₹1,000 crore / 10% turnover** threshold. * **Market Sensitivity:** The company has **zero foreign exchange risk** (all-INR transactions) but remains sensitive to **floating interest rates** and potential **monetary tightening** by the RBI.