The Indian power equipment sector is entering a high-growth phase, supported by rising investments in transmission networks, renewable energy integration, and industrial expansion. In this promising environment, Atlanta Electricals, a Gujarat-based transformer manufacturer, is set to launch its maiden public issue between 22–24 September 2025.
Through Atlanta Electricals IPO peer comparison analysis, investors gain insights into how the company measures up against peers on financial performance, valuations, and operational efficiency, offering a clearer picture of its place in India’s evolving transformer landscape.
Atlanta Electricals IPO: Company Overview
Incorporated in 1996, Atlanta Electricals has built a diversified product portfolio that includes power, auto, inverter duty, furnace, generator, and special duty transformers. With four manufacturing facilities spread across Vadodara, Anand, and Bengaluru, the company commands an installed capacity of 47,280 MVA.
Over the years, Atlanta has supplied 4,400+ transformers aggregating to 94,000 MVA across national grids, renewable projects, and private utilities. Its clientele includes marquee names such as GETCO, Adani Green, and Tata Power, reinforcing its credibility in a competitive industry.
Atlanta Electricals IPO Peer Comparison Analysis: Operational Performance
| Particulars (FY25) | Atlanta Electricals | Voltamp Transformers | Transformers & Rectifiers India | Danish Power |
|---|---|---|---|---|
| Revenue | 1,244.18 | 1,934.23 | 2,019.38 | 426.71 |
| EBITDA Margin (%) | 16.07 | 23.31 | 17.95 | 20.87 |
| PAT Margin (%) | 9.54 | 16.82 | 10.72 | 13.50 |
| ROE (%) | 33.91 | 20.50 | 17.29 | 18.00 |
| ROCE (%) | 39.43 | 27.57 | 21.86 | 25.97 |
| Order Book | 1,642.96 | 1,129.0 | 5,132.8 | 450.0 |
Atlanta Electricals, despite being relatively smaller in scale compared to Voltamp and TARIL, demonstrates superior return metrics (ROE: 33.91%, ROCE: 39.43%), highlighting its efficient capital deployment. Its PAT margin of 9.54% lags Voltamp’s 16.82% but is commendable given the company’s aggressive growth trajectory.
The order book of INR 1,642.96 crore provides visibility of future revenues, with a healthy mix dominated by government and PSU contracts, which ensures stability of cash flows. Atlanta’s lean working capital and high return ratios indicate strong execution capability.
Atlanta Electricals vs VoltAmp vs TARIL vs Danish Power: Valuation & Balance Sheet
| Ratios | Atlanta Electricals | Voltamp Transformers | Transformers & Rectifiers India | Danish Power |
|---|---|---|---|---|
| P/E Ratio | 48.86 | 22.8 | 61.6 | 29.7 |
| P/B Ratio | 15.43 | 4.71 | 12.7 | 5.40 |
| P/S Ratio | 4.66 | 3.85 | 7.15 | 4.07 |
| D/E Ratio | 0.40 | 0.00 | 0.23 | 0.01 |
| Current Ratio | 1.57 | 3.67 | 1.45 | 3.64 |
Atlanta’s IPO valuation commands a premium (P/E of ~49x) compared to Voltamp (22.8x) and Danish Power (29.7x). However, this premium reflects the company’s best-in-class return ratios and efficient working capital cycle. TARIL trades at an even higher P/E of 61.6x, showing that the sector enjoys elevated investor interest.
On balance sheet strength, Atlanta’s D/E ratio of 0.40 is higher than its largely debt-free peers. Yet, this is mitigated by IPO proceeds earmarked for debt repayment and working capital, which will strengthen liquidity further. The current ratio of 1.57 is modest compared to Voltamp and Danish, but adequate for operational needs.
Promising Factors About Atlanta Electricals IPO
- Superior Return Ratios – With ROE of 33.91% and ROCE of 39.43%, Atlanta Electricals outperforms all its peers, demonstrating exceptional capital efficiency.
- Robust Order Book – An order book 1.3x of FY25 revenue ensures strong revenue visibility. The fact that 82% comes from government and PSU clients reduces counterparty risks.
- Operational Growth Momentum – FY25 revenue grew 43.4% YoY, the highest among its peer set except TARIL, reflecting Atlanta’s ability to scale.
- Sector Tailwinds – Growing investments in power infrastructure and renewables directly support demand for transformers, benefiting Atlanta’s diversified product portfolio.
Investor Takeaway
The transformer industry is at the cusp of sustained growth, driven by renewable integration, grid modernization, and industrial demand. Atlanta Electricals IPO peer comparison clears that in this context, the company stands out as a nimble yet efficient player, with a proven track record, marquee clients, and sector-leading return ratios.
Atlanta Electricals IPO valuation is a reflection of the company’s growth visibility, superior efficiency, and strong order book strength. Compared to its listed peers:
- Voltamp offers margin stability,
- TARIL provides scale and order book heft,
- Danish Power brings renewable-linked growth,
- but Atlanta delivers the best blend of growth, efficiency, and client reliability.
For long-term investors seeking exposure to India’s power equipment growth story, Atlanta Electricals presents a compelling case, balancing growth potential with operational resilience.