1. Opening Hook
While the government debates whether China can enter tenders, Atlanta Electricals quietly shipped transformers worth ₹472 crore. No press leaks, no policy panic—just metal, copper, and invoices moving out of factories.
Q3 FY26 wasn’t a “steady quarter.” It was the moment Atlanta’s capex binge stopped burning cash and started printing operating leverage. Four-fold capacity expansion? Check. Margins at decade highs? Check. Order book bursting at the seams? Very much check.
Management says this is just the beginning, because India’s grid is choking, renewables are waiting, and transformers are suddenly the bottleneck nobody planned for.
Read on—because the real story is not growth.
It’s how long this party can last.
2. At a Glance
- Revenue up 80% YoY – Vadodara woke up and chose violence.
- EBITDA up 120% YoY – Operating leverage finally showed up to work.
- EBITDA margin at 19.4% – Higher kV, higher swagger.
- PAT up 95% YoY – Not bad for a “cyclical” manufacturer.
- Order book ₹2,451 cr – That’s ~1.5 years of future stress-free execution.
- Quarterly order inflow ₹796 cr – Utilities aren’t waiting anymore.
3. Management’s Key Commentary
“Q3 marks the beginning of a new growth chapter.”
(Translation:
Capex pain phase is over, now comes the fun part 😏)
“We expanded capacity from 16,000 MVA to 63,000 MVA.”
(Four years of industry expansion done in 18 months—casual.)
“EBITDA margins expanded by 350 basis points.”
(Higher kV classes quietly pay better rent.)
“India plans ₹9.6 trillion transmission capex by 2032.”
(Transformer makers just found their retirement plan.)
“Chinese participation won’t disrupt us.”
(Because approvals take 18 months and factories take years.)
“Only one Chinese player manufactures locally, and they’re full.”
(Translation: Fear headlines > ground reality.)
“Vadodara contributed one-third of quarterly revenue.”
(Brand-new plant already paying EMIs.)
4. Numbers Decoded
| Metric | Q3 FY26 | YoY Change |
|---|---|---|
| Revenue | ₹472 cr | +80% |
| EBITDA | ₹91 cr | +120% |
| EBITDA Margin | 19.4% | +350 bps |
| PAT | ₹43 cr | +95% |
| Order Book | ₹2,451 cr | All-time high |
Decoded:
- This is volume-led growth, not pricing gymnastics.
- Margins expanded because mix shifted upward, not because
