The Indian markets are witnessing another major public issue in the electrical equipment space. Atlanta Electricals, a prominent transformer manufacturer with over three decades of industry presence, is launching its Initial Public Offering (IPO) on 22 September 2025. Investors keen on the power, infrastructure, and renewable energy sectors are watching this IPO closely, given the company’s impressive order book, diversified portfolio, and strong return ratios.
In this Atlanta Electricals IPO review, we break down 10 key points every investor should know before subscribing.
Table of Contents
1. Atlanta Electricals IPO Review: Company Overview
Atlanta Electricals is among India’s leading manufacturers of power, auto, and inverter duty transformers. 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. The company has supplied 4,400 transformers aggregating to 94,000 MVA across 19 states and three union territories. Its clientele includes state electricity boards, national grids, private power producers, and renewable energy developers.
With over 30 years of operating history and NABL-accredited labs, Atlanta Electricals has carved out a reputation for quality, reliability, and innovation in transformer manufacturing. As of 31 March 2025, the company employed 311 professionals across functions.
2. Strong Industry Tailwinds
The Indian power sector is expanding rapidly, driven by demand from data centres, EV charging networks, and high-speed railways. These developments require modern transformer solutions, creating a strong demand pipeline. Additionally, India’s renewable energy push—aiming for 500 GW non-fossil capacity by 2030—is driving the need for inverter duty and step-up transformers. Atlanta Electricals has already executed notable projects like 80 MVA transformers for the Ultra Mega Solar Park in Andhra Pradesh.
Between 2019 and 2024, India’s transformer component market grew at a 10.2% CAGR, and is expected to double to USD 2.6 billion by 2030.
3. Atlanta Electricals IPO Analysis: Product Portfolio
Atlanta Electricals offers a broad and diversified product mix, tailored to various customer needs:
- Power Transformers: 11 kV to 220 kV, up to 200 MVA
- Auto Transformers: 66 kV to 220 kV
- Inverter Duty Transformers: 0.60 kV to 33 kV
- Furnace Transformers: 0.43 kV to 66 kV, up to 50 MVA
- Generator Transformers: 3.30 kV to 220 kV
- Special Duty Transformers: up to 132 kV
In Fiscal 2025, Power Transformers generated INR 915.69 crore in sales, while inverter duty transformers contributed INR 129.10 crore. Notably, Atlanta Electricals has designed customized solutions for challenging terrains, such as 66 kV transformers for Leh at altitudes over 3,000 meters, and eco-friendly ester-oil-based transformers for urban use.
4. Atlanta Electricals IPO Review: Manufacturing Strength
Atlanta operates five facilities:
- Anand Unit I (Gujarat): 9,360 MVA capacity – large rating transformers (50–200 MVA).
- Anand Unit II (Gujarat): 6,660 MVA – power & inverter duty transformers.
- Bengaluru Unit: 720 MVA – smaller power transformers (up to 16 MVA).
- Vadod Unit (commissioned July 2025): 30,540 MVA – capacity up to 500 MVA/400 kV.
- Ankhi Unit (under commissioning): 15,780 MVA – single-phase, up to 765 kV.
Total installed capacity (FY25): 16,740 MVA, with 98.28% utilization. The Vadod and Ankhi units are expected to significantly enhance capacity going forward.
5. Expanding Order Book
As of 31 March 2025, Atlanta’s Order Book stood at INR 1,642.96 crore, up from INR 1,271.38 crore in FY24 and INR 534.06 crore in FY23.
- 82.08% orders are from public sector undertakings
- 17.92% orders from private sector clients
This robust pipeline ensures revenue visibility and highlights customer trust.
6. Atlanta Electricals IPO Analysis: Offer Details
- IPO Dates: 22–24 September 2025
- Listing Date: 29 September 2025
- Price Band: INR 718 – 754 per share
- Lot Size: 19 shares (min. investment ~INR 14,326)
- Employee Discount: INR 70 per share
- Total Issue Size: INR 674–687 crore
- Fresh Issue: INR 400 crore
- OFS: 3,810,895 shares (~INR 274–287 crore)
- Retail Allocation: 35%
- Listing Exchange: BSE, NSE
- BRLMs: Motilal Oswal Investment Advisors and Axis Capital
- Registrar: MUFG Intime India
Objects of the Issue
Atlanta Electricals proposes to utilize the Net Proceeds from the Issue towards the following objects:
- Repayment/ prepayment, in full or in part, of certain outstanding borrowings availed by the company – INR 79.12 crore
- Funding of working capital requirements of the company – INR 210 crore
- General Corporate Purposes
7. Financial Performance and Valuation Metrics
The company has demonstrated strong growth:
| FY 2023 | FY 2024 | FY 2025 | |
| Revenue | 873.88 | 867.55 | 1,244.18 |
| Expenses | 766.21 | 784.78 | 1,091.15 |
| Net income | 87.54 | 63.36 | 118.65 |
| Margin (%) | 10.02 | 7.30 | 9.54 |
In FY25, revenue grew 43.41% YoY to INR 1,244.18 crore, while PAT nearly doubled to INR 118.65 crore.
| FY 2023 | FY 2024 | FY 2025 | |
| EPS | 12.22 | 8.87 | 16.57 |
| PE Ratio | – | – | 43.33 – 45.50 |
| RONW (%) | 53.05 | 27.80 | 33.91 |
| NAV | 23.03 | 31.92 | 48.88 |
| ROCE (%) | 57.99 | 42.34 | 39.43 |
| EBITDA (%) | 16.38 | 14.20 | 16.07 |
| Debt/Equity | 0.42 | 0.21 | 0.40 |
While the valuation appears higher compared to Voltamp’s P/E (~22x), Atlanta’s high RoNW (33.91%) and strong order book support its premium.
8. Diversified Customer Base
Atlanta Electricals had 208 customers as of FY25, up from 137 in FY23 (23.22% CAGR).
Key clients include:
- Gujarat Energy Transmission Corporation (GETCO)
- Adani Green Energy
- Tata Power
- O2 Power
- EPC players like Shyama Power and SMS India
Renewable energy revenues surged from INR 53.65 crore in FY23 to INR 264.58 crore in FY25, now 21.27% of total revenue.
9. Atlanta Electricals IPO – Comparison With Listed Peer
| Company | PE ratio | EPS | RONW (%) | NAV | Revenue (Cr.) |
| Atlanta Electricals | 46.52 – 48.86 | 15.43 | 33.91 | 48.88 | 1,244.18 |
| Voltamp Transformers | 22.15 | 321.65 | 20.50 | 1,569.24 | 1,934.23 |
| Transformers and Rectifiers India | 69.97 | 7.21 | 17.29 | 41.71 | 2,019.38 |
| Danish Power | 25.80 | 34.55 | 18.00 | 162.50 | 426.71 |
👉 Atlanta leads peers in RoNW (33.91%), but trades at a premium P/E. Its order book size outpaces Voltamp and Danish Power.
10. Atlanta Electricals IPO: Pros & Considerations for Investors
| Pros (Strengths) | Considerations (Challenges) |
|---|---|
| Leading Position – Among top Indian manufacturers of Power, Auto & Inverter Duty transformers (capacity up to 500 MVA / 765 kV). | High PSU Exposure – ~82% FY25 order book from government clients ensures stability; however, payments can be slow, so efficient working capital management remains key. |
| Strong Order Book – INR 16,429.58 million as of FY25 ensures revenue visibility. | Working Capital Intensity – Like most infra players, requires higher working capital (FY25: INR 2,207.60 mn). Management has focused on prudent debt control to handle this. |
| High Return Ratios – FY25 RoNW 33.91% and RoCE 39.43%, better than peers. | Margin Fluctuations – EBITDA margin moved between 14–16% in last 3 years, largely due to raw material price swings. Cost pass-through mechanisms help mitigate impact. |
| Pan-India Presence – Supply across 19 states & 3 UTs, with 4,400 transformers aggregating 94,000 MVA. | Raw Material Dependency – Prices of copper, aluminium, steel can affect margins. However, ATLANTA’s scale and vendor network provide a natural hedge. |
| Renewable Energy Focus – Revenue from renewables grew from 6% (FY23) to 21% (FY25). | Capacity Utilization Near Peak – FY25 utilization at 98.28%. Expansion at Vadod & Ankhi units will unlock significant headroom for future growth. |
| Diverse Product Portfolio – Six transformer categories + allied products. | Competitive Market – Sector has strong listed peers. ATLANTA stands out with higher RoNW (33.91%) and niche engineering capabilities. |
| Custom Engineering Expertise – Proven in special projects (Leh high-altitude, ester-oil eco-friendly urban transformers). | IPO Valuations – P/E of 46–48x may look premium, but reflects high growth visibility, order book strength, and superior return ratios vs peers. |
| Strong Client Base – Includes GETCO, Adani Green, Tata Power, O2 Power, EPC majors. | Scale vs Larger Peers – Revenue at INR 12,441 mn (FY25) is smaller than Voltamp/TRIL, but faster growth (43% in FY25) indicates strong catch-up potential. |
| NABL Accredited Labs – In-house testing ensures quality & reliability. | Promoter-Led Business – Strong promoter expertise is central to growth; succession planning is in place with professional management team support. |
| Experienced Management – Promoters with 20+ years’ experience, supported by 311 professionals. | Exports Still Nascent – Currently focused on India; growing renewable exports is a major future opportunity. |
Conclusion: Should You Subscribe?
Atlanta Electricals is entering the markets at a very exciting time for India’s power and renewable energy sector. With a robust order book, high capacity utilization, strong return ratios, and a rapidly growing renewable energy portfolio, the company is well-positioned to benefit from the nation’s infrastructure and clean energy push.
While the IPO is priced at a premium compared to some peers, Atlanta’s superior growth, strong RoNW of 33.91%, and proven execution capabilities justify this valuation. Its consistent financial performance, diverse product mix, and marquee client base make it a reliable growth story. For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription stay tuned to IPO Central.