1. Opening Hook
Just when the power sector was being declared “boring but safe,” Atlanta Electricals walked into Q3FY26 like it had something to prove. While most companies blame elections, rates, or weather for muted numbers, Atlanta casually dropped an 80% YoY revenue growth and moved on. No drama, no motivational quotes—just transformers, capacity, and a very loud order book.
Management claims this is not a one-off spike but the payoff from 18 months of aggressive capex. Of course, every capex story sounds great after it starts delivering EBITDA. The interesting part? Margins expanded while scale kicked in, which is usually where execution stories go to die.
But before you start extrapolating this quarter to eternity, there’s nuance, leverage, and a few quiet risks hiding under those shiny MVA numbers.
Read on—this concall gets spicy once the capacity utilization math starts talking.
2. At a Glance
- Revenue up ~80% YoY: Capex hangover cured faster than expected.
- EBITDA up 120%: Operating leverage finally showed up to work.
- EBITDA margin +350 bps: Turns out scale does solve many sins.
- PAT up ~95%: Profits followed revenue instead of ghosting it.
- Order book ₹2,451 Cr: Management basically flexed on the slide.
- Finance cost rising: Growth isn’t free—banks want their cut.
3. Management’s Key Commentary
“Q3 FY26 marks the beginning of a new growth chapter.”
(Translation: Capex phase
is done, now please admire the numbers.) 😏
“Manufacturing capacity expanded to 63,060 MVA, nearly fourfold.”
(We spent aggressively and survived—now let’s monetize.)
“Revenue grew ~80% YoY with EBITDA margins at 19.4%.”
(Finally, scale economics are doing their job.)
“Order book stands at an all-time high of ₹2,451 crores.”
(Visibility secured, execution pressure unlocked.)
“Vadodara facility contributed one-third of quarterly revenue.”
(New plants are not just ribbon-cutting exercises.)
“Atlanta Trafo has commenced operations.”
(The acquisition is now officially off the PowerPoint stage.)
“₹9.6 trillion transmission investment planned till 2032.”
(Macro tailwinds doing some heavy lifting here.)
4. Numbers Decoded
| Metric | Q3FY26 | YoY Read |
|---|---|---|
| Revenue | ₹471.8 Cr | 🚀 +79.7% |
| EBITDA | ₹91.3 Cr | 🚀 +119.6% |
| EBITDA Margin | 19.4% | +350 bps |
| PAT | ₹43.3 Cr | +94.6% |
| Order Intake | ₹796 Cr | Momentum intact |
| Order Book | ₹2,451 Cr | Multi-year visibility |
Decoded:
Growth is real, margins are improving, but depreciation and finance costs are creeping up—classic post-capex reality.
5. Analyst Questions (Decoded)
- Q: Can margins sustain above 18%?
A: Yes, if utilization rises as
