Subscribe for Atlanta Electricals Ltd IPO; Geojit Financial Services

Geojit Financial Services, has come out with its report on Atlanta Electricals Ltd. The research firm has recommended to “ Subscribe” the ipo in its research report as on September 22, 2025.

Broker Research

September 22, 2025 / 15:02 IST

IPO

Geojit Financial Services, Atlanta Electricals Ltd

Atlanta Electricals Ltd. (AEL), established in 1988, brings over 36 years of expertise in transformer manufacturing. Its product portfolio includes power, auto, inverter-duty (renewable energy), furnace, generator, and special-duty transformers. The company operates five manufacturing facilities (four active) across Anand and Vadodara in Gujarat and Bengaluru in Karnataka. AEL has delivered over 4,400 transformers with a cumulative capacity of 94,000 MVA across India. As of March 31, 2025, it serves 208 customers spanning 19 states and 3 union territories. India’s transformer market grew at a CAGR of 10.4% during 2019–2023 and is expected to grow at a CAGR of 6–7% from 2024 to 2030, driven by increasing power demand, grid modernization, and continued infrastructure investments. AEL holds an order backlog of ~₹1,643cr, over 1.3x its FY25 revenue. Backed by a diversified base of customers, including GETCO, Adani, and Tata Power, the company enjoys healthy revenue visibility.

Valuation and Outlook

At the upper price band of ₹754, AEL is available at a P/E ratio of 49x (FY25 diluted basis) and appears premium compared to its peers. AEL’s strong fundamentals, healthy return ratios, capacity expansion, robust order book, and strategic initiatives support its valuation, making it appealing for long-term investors in India’s power infrastructure growth. Hence, we recommend a ‘Subscribe’ rating with a long-term investment perspective.

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