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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
Working capital requirements
Funding the company's incremental working capital needs to support its expanding order book and growing revenue base.
Prepayment of outstanding borrowings
Repayment or prepayment, in full or in part, of certain outstanding loans availed by the company to reduce debt and lower interest costs.
General corporate purposes
Addressing general corporate requirements including ordinary business expenses not covered by the other stated objectives.
(₹ in Crore)
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Atlanta Electricals Limited is a transformer manufacturer that designs and produces a range of electrical equipment including power transformers, inverter-duty transformers, furnace transformers, generator transformers, and special-duty transformers. Its products are rated up to 200 MVA capacity and 220 kV voltage, serving transmission utilities, electricity distribution companies, renewable energy developers, and industrial customers across the power value chain. Incorporated in December 1988 and headquartered in Anand, Gujarat, the company has expanded its manufacturing footprint to five plants, four of which were operational as of March 2025, with two located in Anand, one in Bengaluru (Karnataka), and a fourth facility at Vadod that began commercial operations in July 2025. The company distributes across 19 states and three union territories in India, serving 208 customers including GETCO, Adani Green Energy, Tata Power, and SMS India. It has also exported products to the United States, Kuwait, and Oman. As of March 2025, it had delivered more than 4,400 transformers aggregating to 94,000 MVA. Atlanta Electricals is positioned to benefit from India's accelerating power infrastructure build-out, covering grid modernisation, new transmission lines, and large renewable energy installations. The company's order book stood at approximately Rs 1,643 crore as of March 2025, underpinned by revenue that grew at a compound rate of roughly 19% between FY23 and FY25. With rising demand from both government-owned utilities and private sector energy players, the company aims to scale capacity through IPO proceeds directed towards working capital augmentation and debt reduction.
Atlanta Electricals allotted approximately 27.15 lakh equity shares at the issue price of Rs 754 per share to 15 anchor investors on September 19, 2025, raising Rs 204.7 crore. Key anchor investors included Kotak AMC, Axis Mutual Fund, Nippon India Mutual Fund, HDFC Mutual Fund, HSBC Mutual Fund, ICICI Prudential Life Insurance, Pinebridge Global Funds, Allianz Global Investors Fund, Ashoka Whiteoak Capital, and ValueQuest India.
Source: RHP • Analysis provided for informational purposes
Last Updated: 13 July 2026, 2:00 PM
Industry experience and scale
With over three decades in the business, Atlanta Electricals ranks among the leading transformer manufacturers in India by production volume, serving both the national grid and private sector customers.
Broad product range
The company's six transformer variants, from power and furnace to inverter-duty and special-duty types, allow it to address a wide spectrum of end-use applications without dependence on a single segment.
Healthy order book
An order book of approximately Rs 1,643 crore as of March 2025, spread across 208 customers in multiple sectors, provides near-term revenue visibility and reduces concentration risk.
Manufacturing capability
Four operational plants with transformer capacity up to 200 MVA and active compliance with quality standards support the company's ability to fulfil large and technically demanding contracts.
Track record and fiscal discipline
Revenue grew at around 19% CAGR from FY23 to FY25, and the company has maintained manageable leverage with a debt-to-equity ratio of 0.40 as of FY25.
Leased facility exposure
Several manufacturing sites operate on leased land; non-renewal or adverse revision of lease terms could disrupt production continuity.
Counterparty credit risk
The business extends credit to utility and industrial customers, and payment delays or defaults could strain working capital and affect earnings.
Capacity expansion execution risk
Delays in fully commissioning the new Vadod manufacturing unit could constrain the company's ability to fulfil growing orders and limit near-term revenue growth.
MUFG Intime India Private Limited
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Promoter guarantee dependency
Certain borrowings are secured by personal guarantees from promoters; withdrawal of these guarantees could trigger early repayment demands from lenders.
Historical record gaps
Incomplete or untraceable corporate records from earlier periods may limit the company's ability to defend certain legal or regulatory claims, creating residual litigation exposure.