Atlanta Electricals (ATLANTAE IN) – Visit Update – EHV transformers to drive robust growth – Not Rated

We visited Atlanta Electricals’ (ATLANTAE IN) manufacturing facilities and interacted with the management to assess its capacity expansion plans, product portfolio and growth outlook. ATLANTAE is well placed to capitalize on the structural transformer upcycle, with ~63,000MVA of installed capacity across voltage classes and increasing focus on 400kV/765kV products, where higher entry barriers should support better competitive positioning. Commissioning the new IDT facility (~5,000MVA) should further strengthen its capabilities in distribution transformers, improve manufacturing flexibility and support growing demand across utility and private-sector customers. Furthermore, commissioning of Unit 4 (~30,540MVA, 400kV) and Unit 5 (~16,000MVA, 765kV) provides significant headroom for growth, while ongoing product qualification and technology tie-ups should accelerate its presence in EHV transformers. Strong transmission investments led by renewable integration and grid expansion, along with emerging demand from data centers, BESS and railways, should support sustained order opportunities. With ~INR30bn order book providing near-term revenue visibility and bidding activity expected to accelerate from Dec’26, the management remains confident on demand. Export opportunities are also gaining traction, with exports targeted to reach ~15% of revenue by FY28. Overall, higher EHV exposure, substantial capacity headroom, healthy order visibility and expanding addressable markets provide multiple growth levers for ATLANTAE, although timely qualification and execution of higher voltage products remain key monitorables.