For investors, it can be quite challenging to decide if the Atlanta Electricals IPO is a good investment or not. If you are unsure and still thinking about whether to apply or skip this IPO, don’t worry. In this article, we present the top key factors and a detailed review of the Atlanta Electricals IPO. This will help you analyze the strengths, risks, and financial details of the Atlanta Electricals IPO, making your investment decision better.
About Company
Atlanta Electricals is one of the leading manufacturers of power, auto, and inverter duty transformers in India in terms of production volume. They are among the few companies in India manufacturing transformers of up to 200 MVA capacity and 220 kV voltage. Moreover, the company has strong relationships with key players in the transmission and distribution, renewable energy, and mobility sectors, which have helped to grow.
As of March 31, 2025, the company offers six types of products: power transformers, inverter-duty transformers, furnace transformers, generator transformers, and special-duty transformers. Further, with over 30 years of experience in the transformer manufacturing industry, the firm has built a legacy of quality and technology. The company has 208 diverse customers, including GETCO, Adani Green Energy, TATA Power, and SMS India.
Strengths
- Atlanta Electricals comprises a comprehensive product portfolio that aims to develop products that will fulfill the requirements of each customer.
- The company has delivered a strong ROE performance, generating an average of 43.4% over the past three years.
- Its manufacturing capabilities focus on quality, regulatory compliance, and strong health and safety measures.
- The company’s working capital cycle has improved, decreasing from 42.6 days to 31.6 days.
Weaknesses
- In FY25, FY24, and FY23, the company generated most of its revenue by manufacturing transformers at the facility in Gujarat. Disruptions in these regions can badly impact the business, cash flow, and overall performance.
- The order book may not accurately reflect its future performance, meaning the actual income could be lower than estimated, which can badly impact the business, financial condition, and cash flow.
- Atlanta Electricals mostly runs its business via its top 10 suppliers, and the company does not have a long-term supply agreement with them, which can badly impact the overall business.
Atlanta Electricals IPO Review
| Reviewer | Recommendation |
| IPO Watch | May Apply |
| Canara Bank | |
| DRChoksey FinServ | |
| Emkay Global | |
| Hem Securities | |
| IDBI Capital | |
| Marwadi Shares | |
| Nirmal Bang | |
| SBICAP Securities | |
| Sharekhan | |
| SMC Global | |
| Sushil Finance | |
| Swastika Investmart | |
| Ventura Securities | |
| Geojit | |
| Reliance Securities | |
| Capital Market | |
| BP Wealth | |
| ICICIdirect | |
| Choice Broking |
Atlanta Electricals IPO Details
| IPO Open Date: | September 22, 2025 |
| IPO Close Date: | September 24, 2025 |
| Face Value: | ₹2 Per Equity Share |
| IPO Price Band: | ₹718 to ₹754 Per Share |
| Issue Size: | ₹687.34 Crores |
| Fresh Issue | ₹38.99 Crores |
| Offer-for-Sale | Up to 38,10,895 equity shares |
| Registrar | MUFG Intime India Pvt. Ltd. |
| IPO Lead Managers | Motilal Oswal Investment Advisors Ltd.Axis Capital Ltd. |
| Basis of Allotment | September 25, 2025 |
| IPO Listing Date: | September 29, 2025 |
| Listing | BSE, NSE |
Financial Performance Trend Details
| Particulars | Fiscal 2025 | Fiscal 2024 |
| Revenue from Operations | 12,441.80 | 8,675.53 |
| EBITDA | 1,998.82 | 1,231.58 |
| EBITDA Margin (%) | 16.07% | 14.20% |
| Profit after Tax (PAT) | 1,186.47 | 635.21 |
| Net Worth | 349.90 | 228.47 |
| RoE (%) | 33.91% | 27.80% |
| RoCE (%) | 39.43% | 42.34% |
Peer Comparison with the Company
| Name of the Company | Face Value per Equity Share (₹) | P/E | EPS (Basic) (₹) | RoNW (%) | NAV per Equity Share (₹) |
| Atlanta Electricals Limited | ₹2 | [●] | ₹16.57 | 33.91% | ₹48.88 |
| Voltamp Transformers Limited | ₹10 | 22.15x | ₹321.65 | 20.50% | ₹1,569.24 |
| Transformers and Rectifiers India Limited | ₹1 | 69.97x | ₹7.21 | 17.29% | ₹41.71 |
| Danish Power Limited | ₹10 | 25.80x | ₹34.55 | 18.00% | ₹162.50 |
Promoters & Track Records, if any
- Late Krupeshbhai Narharibhai Patel holds 5,902,550 of Equity Shares in the company, representing 8.25% of the paid-up Equity Share capital.
- Niral Krupeshbhai Patel, aged 45 years, is a Promoter of the Company. He holds 6,375,000 shares, representing 8.91% of the paid-up Equity Share capital.
- Amish Krupeshbhai Patel, aged 43 years, is a Promoter of the Company, and holds 6,375,000 shares, representing 8.91% of the shares in the company.
- Tanmay Surendrabhai Patel, aged 48 years, is a Promoter of the Company He holds 5,391,400 shares, representing 7.53% of the paid-up Equity Share Capital.
- Narharibhai S. Patel Family Trust holds 33,553,050, representing 46.87% of the paid-up Equity Share capital in the company.
- Atlanta UHV Transformers LLP holds 9,950,050 equity shares, representing 13.90% of the paid-up Equity Share Capital in the company.
Information on Industry’s P/E Ratio
The company Atlanta Electricals IPO did not show the P/E ratio in the RHP. However, let’s check out the renewable energy sector/transformers industry’s P/E ratio to understand it more.
The P/E ratio in the industry ranges from a high of 69.97 to a low of 22.15, with an average of 39.30.
Object of the IPO
- The proceeds raised from the fresh issue will be utilized for the prepayment and repayment of certain borrowings taken by the company.
- Some funds will be used towards the working capital requirements of the Company.
- Lastly, the remaining funds will be used for the company’s general corporate purposes.
Atlanta Electricals IPO – Should You Apply or Not?
Atlanta Electricals has shown a strong order book, outstanding return rates, and significant financial growth, making it one of the well-established players in the transformer manufacturing industry. However, dependency on a few customers & government-controlled entities, and the IPO is costly in comparison to its peers, are the risks investors must keep in mind.
The Indian renewable energy sector is quickly expanding, owing to the government’s emphasis on reducing carbon emissions and increasing clean energy in the power mix. Due to high GMP of ₹126 and investor demand, the listing gains are likely to be positive. Cautious investors must do a complete background check before investing their money in it.
Please note:
Investors are advised to make their own decisions and apply entirely at their own risk. This article is written using information from the company’s RHP (Red Herring Prospectus) data and online sources. If you have any queries, kindly contact the IPO Watch Team.
