IPO Details
Issue Opening Date: September 22, 2025
Issue Closing Date: September 24, 2025
Issue Size: ₹687.34 Cr (@ upper price band of ₹754)
Fresh Issue: ₹400 Cr
Offer for Sale: ₹287.34 Cr
Our View: Long Term Investment for High Risk Investors
Price Band: ₹718 – ₹754 per equity share
Employee Discount: ₹70/share
Lot Size: 19 shares & multiples thereafter
Minimum Application Amount: ₹14,326 (19 shares)
Maximum Application Amount: ₹1,86,238 (247 shares)
Small HNI: ₹2,00,564 (266 shares)
Big HNI: ₹10,02,820 (1,330 shares)
Company Overview
Atlanta Electricals is one of the leading manufacturers of power, auto and inverter duty transformers in
India, terms of production volume up to and including 200 Mega Volt-Amp (“MVA”) capacity and with
220 kilovolts (“kV”) voltage as of Fiscal 2025.
The company has enhanced manufacturing capabilities
and are now able to produce transformers with a rated capacity of up to 500 MVA and with 765 kV.
As of March 31, 2025, the company’s portfolio comprises 6 products, such as power transformers,
inverter duty transformers, furnace transformers, generator transformers, and special duty
transformers and at the same time it has a customer base in 19 states and three union territories,
across India, with a supply of 4,400 transformers, aggregating to 94,000 MVA to various state and
national electricity grids, private sector players and prominent renewable energy generation projects
and construction companies. The company’s Order Book, as on FY25 amounted to ₹ 1,642.96 Cr. Also, it
had a market share of about 12% in terms of total production of transformers in India, ranging from 5
MVA to 200 MVA and voltage up to 220 kV.
The company’s customer base has grown from 137 in FY 2023 to 208 in FY 2025, at a CAGR of 23.22%.
As of March 31, 2025, the company had a diversified customer base of 208 customers, which includes
Gujarat Energy Transmission Corporation Ltd (GETCO), Adani Green Energy Ltd, TATA Power and SMS
India.
Key Highlights
Leading manufacturer of power, auto and inverter duty transformers
Diversified product portfolio
Robust manufacturing capabilities with regulatory compliance
Consistent financial track record
Objects of the Issue
Repayment/prepayment of certain borrowings (₹79.12 Cr)
Funding working capital requirements (₹210 Cr)
General corporate purposes
Offer for Sale of 3,810,895 equity shares (company will not receive proceeds)
Our View
Atlanta Electricals, incorporated in 1988, is one of the top manufacturers of power, auto, and inverter
duty transformers in India based on production volume. By Fiscal 2025, the company had evolved into
a significant player, producing transformers of up to 500 MVA capacity and 765 kV voltage class, a leap
from 200 MVA/220 kV earlier.
Atlanta electricals have expanded its presence not only in the Indian market but also in several other
global markets serving industrial and commercial sectors. The Indian power sector is poised for
significant growth, driven by strong demand from high-growth end markets such as data
centres and EV charging networks.
However, Risks to consider are Intense Competition, High Dependence on prices of Raw Materials,
Heavy reliance on the government policies, Capital-Intensive business, Revenue concentration, Export
dependency, Underutilization or an inability to effectively utilize manufacturing capacities could have
an adverse effect on business prospects, financial performance and cash flows.
Frequently Asked Questions (FAQs)
What is the issue size of Atlanta Electricals Limited IPO?
The issue size is ₹687.34 Cr, comprising a Fresh Issue of ₹400 Cr and an Offer for Sale of ₹287.34 Cr.
What is the price band for Atlanta Electricals IPO?
The price band is ₹718 – ₹754 per equity share, with an employee discount of ₹70/share.
Should I apply for Atlanta Electricals IPO?
Our view: Suitable only for high-risk investors with long-term investment horizon.
Brief Financials
| PARTICULARS |
₹ in Million |
| FY ’25 |
FY ‘24 |
FY ‘23 |
| Total Income |
12,504.85 |
8,720.49 |
8,766.56 |
| Total Expenditure |
10,911.46 |
7,847.83 |
7,662.09 |
| EBITDA |
1,998.82 |
1,231.58 |
1,431.15 |
| Profit before Tax |
1,593.39 |
872.66 |
1,104.47 |
| Profit after Tax |
1,186.47 |
633.62 |
875.41 |
| E.P.S. (Diluted) |
16.57 |
8.87 |
12.22 |
| P/E (x) (Diluted) |
45 |
- |
- |
| RONW (%) |
33.91 |
27.80 |
53.05 |
PRICE CHART (@ ₹ 754) (Retail Category)
| LOT SIZE |
| Amount |
| 19 |
14,326 |
| 38 |
28,652 |
| 57 |
42,978 |
| 76 |
57,304 |
| 95 |
71,630 |
| 114 |
85,956 |
| 133 |
100,282 |
| 152 |
114,608 |
| 171 |
128,934 |
| 190 |
143,260 |
| 209 |
157,586 |
| 228 |
171,912 |
| 247 |
186,238 |
HNI Payment Chart
| Category |
| No. of Shares |
Minimum Bid Lot Amount (Rs.) |
| Small HNI |
448 |
200,564 |
| Big HNI |
2,176 |
1,002,820 |
Indicative Time Table
| Tentative Events |
| Indicative Dates |
| Finalisation of Basis of Allotment with the Designated Stock Exchange |
25/9/2025 |
| Initiation of refunds/unblocking ASBA Fund |
26/9/2025 |
| Credit of Equity Shares to demat accounts of Allottees |
26/9/2025 |
| Commencement of trading of the Equity Shares on the Stock Exchanges |
29/9/2025 |
Disclaimer:
The content provided in this blog is for informational and educational purposes only and should not be construed as investment, legal, or tax advice. While Sushil Finance makes reasonable efforts to ensure accuracy and reliability of the information, we do not guarantee its completeness or timeliness. Readers are advised to consult with their financial advisor before making any investment decisions. Sushil Finance shall not be held responsible for any direct or indirect loss arising from use of this content. Investments in securities are subject to market risks. Read all scheme-related documents carefully before investing.
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