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₹754 - 754
Atlanta Electricals Ltd
Capital Goods - Electrical EquipmentIPO
₹754 - 754
We are a transformer manufacturer in India specializing in power, auto and inverter duty transformers up to and including 200 Mega Volt-Amp ("MVA") capacity and with 220 kilovolts ("kV") voltage prior to the acquisition of BTW-Atlanta Transformers India Private Limited and the commissioning of our Vadod Unit. Following these developments, we have enhanced our manufacturing capabilities and are now able to produce transformers with a rated capacity of up to 500 MVA and with 765 kV. With over 30 years of experience and as of March 31, 2025, we have supplied 4,400 transformers, totalling to 94,000 MVA, across 19 states and three union territories.
Lot19Min Invest₹14,326Face Value₹2Issue Size₹687 CrFresh Issue₹400 CrOffer for Sale₹287 CrListing Price₹858CMP₹1,620
Timeline
22 Sept
Bidding opens
24 Sept
Bidding closes
25 Sept
Allotment
26 Sept
Refund & demat credit
29 Sept
Listing
Subscription
Subscription opens once dates are announced
Reports
Offer Details
Terms
Issue Size₹687 Cr0.91 Cr shares
Fresh Issue₹400 Cr
Offer for Sale₹287 Cr
Face Value₹2
Lot Size19 shares
ReservationQIB 50% · NII 15% · RETAIL 35%
Application Sizes
Retail₹14,3261-13 lots
sNII₹2,00,564from 14 lots
bNII₹10,02,820from 70 lots
Managers & Registrar
Lead ManagerMotilal Oswal Investment Advisors Ltd
Co-ManagerAxis Capital Ltd
RegistrarMUFG Intime India Pvt Ltd
Ownership & Proceeds
Offer for Sale
Selling ShareholderShares OfferedAmt ₹ CrAtlanta UHV Transformers LLPPRMTR4,35,90032.87Hemang Harendra ShahOTH6,66,56050.26Nimish Harendra ShahOTH7,77,18558.60Dhaval Harshadbhai Mehta (held jointly with Avanee Dhavalbhai Mehta)OTH2,17,50016.40Gitaben Harshadbhai Mehta (held jointly with Harshadbhai Amritlal Mehta)OTH3,26,25024.60Jignesh Suryakant PatelOTH13,87,500104.62Total38,10,895287.34
Shareholding
CategoryPre IPOPost IPOPromoter Group94.37%87.28%Public5.63%12.72%
Objects of the Issue
- Repayment/prepayment, in full or in part, of certain outstanding borrowings availed by the company
- Funding working capital requirements of the comapny
- General corporate purposes
Financials
Profit & Loss
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| RevenueCr | 874 | 868 | 1,244 | 1,852 | 2,003 |
| Operating ProfitCr | 140 | 119 | 194 | 344 | 373 |
| OPM% | 16.1 | 13.7 | 15.6 | 18.6 | 18.6 |
| PBTCr | 110 | 87 | 159 | 276 | 298 |
| PATCr | 88 | 63 | 119 | 202 | 217 |
| EPS | 12 | 9 | 17 | 27 | 39 |
Balance Sheet
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| Equity CapitalCr | 14 | 14 | 14 | 15 | - |
| ReservesCr | 151 | 214 | 336 | 914 | - |
| BorrowingsCr | 74 | 49 | 146 | 51 | - |
| Fixed AssetsCr | - | - | 76 | 507 | - |
| Total AssetsCr | 561 | 559 | 866 | 1,509 | - |
Cash Flow
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| Operating Cash FlowCr | 52 | 88 | 84 | 184 | - |
| Investing Cash FlowCr | -18 | -36 | -141 | -403 | - |
| Financing Cash FlowCr | -31 | -56 | 57 | 225 | - |
| Net Cash FlowCr | 3 | -3 | 0 | 6 | - |
Strengths & Risks
Strengths · as stated in the DRHP
- One of the leading manufacturers of power, auto and inverter duty transformers in India, well-positioned to capture the industry tailwinds.
- Broad and diversified product portfolio with focussed product development tailored to meet the customer requirements.
- Strong order book coupled with well diversified customer base.
- Manufacturing capabilities with focus on quality and high level of regulatory compliance and health and safety measures.
- Experienced management team and qualified personnel with significant industry experience.
- Track record of profitability and consistent financial performance in an industry with significant entry barriers.
Strategies · as stated in the DRHP
- Capital expenditure to achieve capacity expansion and focus on being backward integrated.
- Continue to expand our customer base beyond India and increase wallet share.
- Increase market share with improved utilisation levels.
- Continue to enhance our brand through innovative and focused marketing initiatives.
Risks · as stated in the DRHP
- A significant portion of our revenue is generated from manufacturing of transformers at our facilities situated in Gujarat. As of Fiscal 2025, Fiscal 2024 and Fiscal 2023, we derived 98.88%, 96.83% and 89.97% respectively, of our revenue from manufacturing facilities situated in Gujarat. Any disruptions in the region could have a material adverse effect on our business, financial condition and results of operations.
- We derive a significant portion of our revenue from the supply of transformers to utilities including state electricity companies who constituted 65.85%, 65.46% and 80.47% of our revenue from operation during Fiscal 2025, Fiscal 2024 and Fiscal 2023. Additionally, our business is largely dependent upon the demand for power generation, transmission and distribution which is closely linked to Government policies. Any economy downturn or change in government policy may have an adverse impact on our business, financial condition, cash flows and results of operations.
- A significant portion of its revenue is derived from government-controlled entities, who follow the tendering process for determination of suppliers. Its may be adversely affected if the company does not succeed in all or a majority of the contracts that its tender for.
- The company order book may not be representative of the company future results and its actual income may be significantly less than the estimates reflected in the company order book, which could adversely affect its business, financial condition, results of operations and prospects.
- The company depends on its relationships with the company customers. A substantial portion of its revenues is dependent on its top 10 customers. As of six-month period ended September 30, 2024 and Fiscal 2024, Fiscal 2023 and Fiscal 2022, the company derived 72.89%, 64.82%, 79.87% and 85.22%, respectively, of its revenue from the company top 10 customers. The loss of any of these customers, will materially and adversely affect its revenues and profitability.
- The company majorly depends on its top 10 suppliers. During the six-month period ended September 30, 2024 and in Fiscal 2024. Fiscal 2023 and Fiscal 2022, its top 10 suppliers constituted 61.18%, 62.54%, 71.93% and 73.97% of the total cost of the company raw materials purchased. Its lack of long-term supply orders of key raw materials and components from the company private suppliers increases the risk of pricing pressure for its demand of continued supply, any variation in the supply and cost of such key raw materials and traded goods could have an adverse effect on its business, financial condition and operations.