| Price | Lot Size | Issue Date | Issue Size |
|---|---|---|---|
| ₹ 718 to ₹ 754 | 19 | 22nd Sep, 2025 –24th Sep, 2025 | ₹687.34 Cr |
Atlanta Electricals Ltd
Atlanta Electricals Limited is a leading Indian manufacturer in the transformer industry, specializing in power and special duty transformers with capacities up to 200 MVA and voltage levels of 220 KV. The company was originally incorporated as Atlanta Electricals Private Limited in Gujarat in December 1988. Atlanta Electricals operates three advanced manufacturing facilities: two in Anand, Gujarat, and one in Bengaluru, Karnataka, covering over 3,21,451 sq. ft., with a combined aggregate production capacity of 16,740 MVA. The company has over 30 years of experience in producing a varied range of industrial transformers including power, auto, inverter duty, furnace, and special duty types. It has supplied more than 4,000 transformers, totaling 78,000 MVA capacity across 19 states and three union territories in India, supporting power grids, private businesses, and renewable energy projects. The company boasts strong growth, achieving a revenue CAGR of 38.7% between FY22 and FY24 (from Rs. 6,256 million to Rs. 8,675 million), and maintains a healthy order book of about Rs. 12,833 million with 208 customers, which include Gujarat Energy Transmission Corporation Limited (GETCO), Adani Green Energy Limited, TATA Power and SMS India. The company’s notable projects include a significant order for eight 80 MVA, 220/33 kV transformers for the Ultra Mega Solar Park in Andhra Pradesh. With strong order book, well diversified product portfolio and focused product development, the company looks poised for long-term growth.
Objective of the Atlanta Electricals Ltd IPO
The company proposes to utilize net proceeds towards funding the following objects:
- Repayment/ prepayment, in full or in part, of certain outstanding borrowings availed by the company;
- Funding working capital requirements of the company; and
- General corporate purposes.
Rationale To Atlanta Electricals Ltd IPO
One of the leading manufacturers of power, auto and inverter duty transformers in India, well positioned to capture industry tailwinds
Atlanta Electricals Ltd. Is one of the leading manufacturers of power, auto and inverter duty transformers in India in terms of production volume as of FY25. The company has established a legacy of quality and technology with over 30 years of experience in the transformer manufacturing industry. Over the years, they have expanded their operations significantly, allowing them to establish a robust presence across 19 states and three territories in India, helping the company to meet diverse needs of customers nationwide. With India increasing investments in renewable energy projects along with rapid industrialization and infrastructure development, there are significant opportunities in the transformer manufacturing market. Between 2019 and 2024, the Indian transformer market grew at a CAGR of 10.2% to reach USD 1.3 billion. The market is further expected to increase up to USD 2.6 billion during 2024-30 period, registering a CAGR of 12.2%. Also, all the products of the company are designed to meet stringent international standards, ensuring global competitiveness.
Strong order book and execution capabilities coupled with well diversified customer base to drive growth ahead
The company has cultivated relationships with 208 customers, of which 21 are public sector undertaking and 187 are private sector players. The company’s customer base has expanded significantly, growing from 137 customers in FY23 to 208 customers in FY25, reflecting a compounded annual growth rate of 23.2% and reaching 208 customers as of March 31, 2025. The company’s notable customer include key players such as GETCO in the state transmission sector; Adani Green Energy, Tata Power and O2 Power in the renewable energy space; and various EPC firms in both renewable energy and transmission sectors like Shyama Power, ABN Towers and SMS India. The company’s order book at the end of FY25, FY24 and FY23 amounted to Rs.16,429 million, Rs. 12,714 million, Rs. 5,340 million, respectively. The focus on maintaining quality standards in construction and strong project execution skills has helped the company to grow its order book consistently. The order book is diversified across different business and geographical regions, enabling them to pursue a broader range of project tenders, maximize business volumes and improve profit margins. The company has received approvals from PGCIL and Ministry of Railways, Government of India, which have helped them to unlock new opportunities in emerging product segment and geographic markets including the northeast and export territories.
Valuation of Atlanta Electricals Ltd IPO
Atlanta Electricals Ltd. Is one of the leading manufacturers of power, auto and inverter duty transformers in India in terms of production volume as of FY25. The company has over 30 years of experience in producing a varied range of industrial transformers. It has supplied more than 4,000 transformers totaling 78,000 MVA capacity across 19 states and three union territories in India, supporting power grids, private businesses, and renewable energy projects. The company’s facility in Vadod has started commercial production in July 2025. The commissioning of Vadod Unit will increase company’s installed capacity from 16,740 MVA to 47,280 MVA, representing 182.4% increase in manufacturing capabilities. The emerging economies are witnessing significant investment in power generation and transmission, which is further expected to stimulate the transformer market. T&D retrofitting industry plays a vital role in raising transformer demand across the region. China and India in the Asia Pacific region are majorly contributing to the growth of transformer manufacturing market. The global transformer market is expected to reach over USD 97 billion by 2030 at an annual growth rate of 7.3% between 2024 and 2030. India’s current share in total global transformer market as on December 2024 was about 8-10% which is expected to increase to 10-12% by 2030. However, India’s share in Asia Pacific market is in the range of 24-26%. The company has achieved significant growth, with revenue rising at a CAGR of 19.3% over FY2023-25 period. At the upper price band of Rs. 754, Atlanta Electricals Ltd. is valued at a P/E multiple of 45.5x based on FY25 earnings, which is comparatively higher than its peers. Given the company’s expanding margins, robust order book, scalable business model and industry growth potential, we believe the valuation, although at a premium, is justified. Thus, we recommend a “SUBSCRIBE” rating for this issue with a medium to long-term investment horizon.
What is the Atlanta Electricals Ltd IPO?
The initial public offer (IPO) of Atlanta Electricals Ltd offers an early investment opportunity in Atlanta Electricals Ltd . A stock market investor can buy Atlanta Electricals Ltd IPO shares by applying in IPO before All Atlanta Electricals Ltd shares get listed at the stock exchanges. An investor could invest in Atlanta Electricals Ltd IPO for short term listing gain or a long term.
How to apply for the Atlanta Electricals Ltd IPO through StoxBox?
To apply for the Atlanta Electricals Ltd IPO through StoxBox one can apply from the website and also from the app. Click here
When will the Atlanta Electricals Ltd IPO open?
Atlanta Electricals Ltd IPO is opening on 22nd Sep 2025. Apply Now
What is the lot size of the Atlanta Electricals Ltd IPO?
The Lot Size of Atlanta Electricals Ltd IPO is 19 equity shares. Login to your account now.
When is the Atlanta Electricals Ltd allotment date?
The allotment Date for Atlanta Electricals Ltd IPO is 25th Sep 2025. Login to your account now.
When is the Atlanta Electricals Ltd IPO listing date?
The listing Date for Atlanta Electricals Ltd IPO is 29th Sep 2025. Login to your account now
What is the minimum investment required for the Atlanta Electricals Ltd IPO?
In the Retail segment the minimum investment required is Rs. 14,326. Login to your account now
What is the maximum investment allowed for the Atlanta Electricals Ltd IPO?
In the Retail segment the maximum investment requirement is Rs. 1,86,238. Login to your account now
What are the risks associated with investing in the Atlanta Electricals Ltd IPO?
- A significant portion of the company’s revenue is generated from manufacturing of transformers at their facilities situated in Gujarat. As of FY25, FY24 and FY23, the company derived 98.9%, 96.8% and 90.0% respectively, of the revenue from manufacturing facilities situated in Gujarat. Any disruptions in the region could have a material adverse effect on the company’s business, financial condition and results of operations.
- The company derives a significant portion of its revenue from the supply of transformers to utilities including state electricity companies which constituted 65.9%, 65.5% and 80.5% of its revenue from operation during FY25, FY24 and FY23, respectively. Additionally, the company’s 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 their business, financial condition, cash flows and results of operations.
When will the Atlanta Electricals Ltd IPO shares be credited to my Demat account?
The Atlanta Electricals Ltd IPO be credited to the account on allotment date which is 29th Sep 2025. Login to your account now
Where can I find the Atlanta Electricals Ltd IPO prospectus?
The prospectus of Atlanta Electricals Ltd IPO prospectus can be find on the website of SEBI, NSE and BSE
