Atmastco Ltd began as a steel trader in the industrial belt of Bhilai and over three decades turned itself into a heavy-engineering house that now also makes bulletproof jackets for the Indian armed forces - a pivot few fabrication shops attempt. The company was founded in 1988, incorporated in 1994, and listed on the NSE’s SME platform in February 2024, but its defining move came in 2019 when it set up a defence subsidiary and secured licences from the Defence Research and Development Organisation (DRDO) to manufacture military-grade protective equipment. The recurring pattern is visible across both its old and new businesses: Atmastco takes a core industrial capability - cutting, shaping and welding steel - and aims it at customers who need precision, certification and turnkey delivery, whether the end product is a reheating furnace for a steel plant or a Level 6 ballistic helmet.
Business segments
Three engines at different stages - a heavy-fabrication and EPC cash generator, a defence-manufacturing bet entering commercial production, and a services stream that wraps around both - each built on the same steel-processing backbone.
1. Industrial fabrication and EPC: the heavy-steel engine that pays the bills
Atmastco designs, fabricates and erects enormous steel structures and runs turnkey industrial projects for some of India’s largest metal and energy companies - it is a workshop-and-construction business, not a product seller.
- Makes steel structures from scratch - the company takes raw steel, cuts, shapes and assembles it into frameworks for factories, bridges, power plants and railway infrastructure, operating from a facility that covers 25,000 square metres with nine fully covered sheds and cranes that can lift over 160 tonnes.
- Runs entire projects for clients - under EPC (Engineering, Procurement and Construction) contracts, Atmastco handles everything from the first drawing to final commissioning, which means the client gets one throat to choke and the company captures more of the project’s value than a pure fabricator would.
- Serves heavy-industry names - its order book is built on relationships with Vedanta HZL, Tata Steel, Adani Kutch Copper, Jindal Stainless, NMDC, NTPC, L&T, JSW and BHEL, and it recently won a ₹235 crore contract from SAIL’s Bhilai Steel Plant for a 140-tonne-per-hour walking-beam reheating furnace.
- Brings in foreign process know-how - to stretch its technical reach, Atmastco signed a 15-year welding-technology agreement with Russia’s Welding Technologies LLC and a combustion-technology pact with South Korea’s COMBUSTECH for low-emission furnace systems, giving it access to methods it did not develop in-house.
- Earns by the milestone - revenue on large indivisible contracts is recognised by the percentage-completion method, synchronised to billing schedules agreed with the customer, so cash inflows are tied to visible construction progress rather than a single delivery date.
2. Defence manufacturing: a bulletproof bet now entering production
Through its subsidiary Atmastco Defence Systems, the company makes military-grade protective gear under DRDO licence - a business that has spent several years building a factory and clearing certification tests and is only now beginning to sell.
- Licensed by the government’s own defence lab - the subsidiary holds technology-transfer agreements with DRDO to manufacture bulletproof jackets and ballistic helmets, placing it among a small set of private companies permitted to produce this equipment for Indian forces.
- Passed the tests that matter - in April 2026, its soft and hard armour panels cleared mandatory ballistic testing at the government-authorised BRCTR laboratory with zero perforation and back-face deformation within safety limits, even against high-calibre rifle rounds fired at close range.
- Now certified and listed for government sales - the subsidiary obtained BIS certification (IS 17051:2018) for Level 6 bulletproof jackets in May 2025 and was approved as an Original Equipment Manufacturer on the Government e-Marketplace (GeM) portal in June 2026, which lets it bid directly on government tenders and supply to police and paramilitary agencies.
- Factory built for scale - the dedicated defence unit sits on up to four acres with over 17,100 square feet of floor space, was inaugurated in January 2026 as Chhattisgarh’s first defence manufacturing hub, and is designed to expand output as orders come in.
3. Industrial services: the lighter stream that follows the steel
Alongside fabrication and EPC, Atmastco earns a smaller but steady income from standalone engineering services - erection, testing, commissioning and advisory work that often flows from the same client relationships.
- Services tied to the core business - the company recognises service revenue as the work is performed, using the completed-service-contract method, which covers activities such as on-site erection, non-destructive testing and quality assurance that its fabrication clients frequently need.
- Draws on the same quality systems - the ISO 9001, 14001 and 45001 certifications that underpin the fabrication business also apply to service delivery, giving customers a single audited standard whether they buy a structure or hire the team to install it.
Group structure and partners
Atmastco operates a simple holding-company structure with one operating subsidiary for defence, and it has recently widened its shareholder base and board to support the next phase of growth.
- The board comprises six directors - three executive, one non-executive and two independent - and in May 2026 shareholders added two new independent directors and a non-executive director with prior leadership experience at Vedanta’s aluminium business and Hindalco.
- In mid-2026, the company raised capital through preferential issues of equity shares and convertible warrants to persons belonging to the promoter/promoter group and non-promoter category/strategic investors, alongside an increase in authorised share capital.