Document Composition

The submission includes:

  • Cover letter to BSE dated September 10, 2026
  • Annual Report 2025-26 comprising Business Overview, Statutory Reports, and Financial Statements
  • Notice of 12th Annual General Meeting scheduled for September 26, 2026
  • Directors' Report with detailed financial and operational performance
  • Audited Financial Statements with auditor's reports

Financial Performance FY 2025-26

Revenue from Operations: ₹7,006.92 lakhs (Previous year: ₹7,902.25 lakhs)

Total Income: ₹7,035.71 lakhs (Previous year: ₹7,919.19 lakhs)

Profit Before Tax: ₹605.75 lakhs (Previous year: ₹798.05 lakhs)

Profit After Tax: ₹450.43 lakhs (Previous year: ₹594.37 lakhs)

Earnings Per Share (Basic & Diluted): ₹2.90 (Previous year: ₹4.27)

Capital Structure Changes

Authorized Share Capital: Increased from ₹2.075 crore to ₹23.00 crore during the year

Paid-up Capital: Increased from ₹29.43 lakh to ₹2,057.33 lakh through:

  • Bonus issue of 1,47,16,950 equity shares (50:1 ratio) on September 13, 2025
  • Fresh issue of 55,62,000 equity shares through IPO at ₹46 per share

IPO Details

IPO Date: February 26, 2026

Listing Date: March 2, 2026 on BSE SME Platform

Issue Size: ₹25.59 crore (Fresh issue)

Issue Price: ₹46 per share (Face value ₹10, Premium ₹36)

Objects of Issue:

  • Capital expenditure for machinery and equipment: ₹1,302.67 lakhs
  • Working capital requirements: ₹1,000.00 lakhs
  • IPO issue expenses: ₹255.85 lakhs

IPO Fund Utilization (as of September 2, 2026)

Total Proceeds Raised: ₹2,558.52 lakhs

Amount Utilized: ₹1,187.44 lakhs (46.41%)

Unutilized Amount: ₹1,371.08 lakhs

Breakdown:

  • Machinery & equipment: ₹0 utilized out of ₹1,302.67 lakhs allocated
  • Working capital: ₹931.59 lakhs utilized out of ₹1,000.00 lakhs allocated
  • IPO expenses: ₹255.85 lakhs fully utilized

Proposed Variation in IPO Objects

Special resolution to reallocate ₹700.00 lakhs from "machinery and equipment" to "construction of building/civil structure and plant capacity expansion" at Khairthal-Tijara, Rajasthan

Operational Highlights

Manufacturing Facilities: 2 facilities at Bhiwadi, Rajasthan with installed capacity of 1,200 MVA

Product Portfolio: Transformers, switchgear, control panels, package substations, busduct systems, EV charging solutions

Customer Base: Over 1,000 customers across utilities, renewable energy, industrial manufacturing, infrastructure projects

Key Achievements:

  • Successful Dynamic Short Circuit Test for 17.6 MVA, 33kV/4×660V Inverter Duty Transformer at CPRI
  • Vendor approval from UGVCL for 5 years for distribution transformers
  • Vendor approval from Aditya Birla Renewables Limited
  • MoU with Western Administrative District of Moscow for international collaboration

Strategic Initiatives

Land Acquisition: Acquired 20,300 sq. metres at Khairthal-Tijara, Rajasthan for future expansion

ESOP Plan: Proposed "ATSL ESOP 2026" for up to 5,00,000 options to employees

Corporate Governance

Board Composition: 5 Directors (1 Chairman & MD, 1 Whole-time Director, 1 Non-Executive Director, 2 Independent Directors)

Board Meetings: 19 meetings held during FY 2025-26

Committees: Audit Committee, Nomination & Remuneration Committee, Stakeholders Relationship Committee, CSR Committee

Auditor Reports

Statutory Auditors: M/S P.K. Lakhani & Co., Chartered Accountants

Secretarial Auditor: Ms. Divya Rani, Practicing Company Secretaries

Audit Opinion: Unmodified opinion on financial statements

Key Audit Matters: Revenue recognition and IPO fund utilization

AGM Agenda

Ordinary Business:

1. Adoption of audited financial statements for FY 2025-26

2. Re-appointment of Mrs. Shalini Singh as Whole-time Director

Special Business:

3. Alteration in objects of IPO (reallocation of ₹700 lakhs)

4. Approval of Employee Stock Option Plan 2026

Key Financial Ratios

Current Ratio: 2.23 (Previous: 1.41)

Debt-Equity Ratio: 0.18 (Previous: 0.55)

Return on Equity: 12.79% (Previous: 42.93%)

Inventory Turnover Ratio: 2.51 (Previous: 5.51)

Net Profit Margin: 6.43% (Previous: 7.51%)

Related Party Transactions

Transactions with related parties totaling ₹194.88 lakhs, primarily with directors and their related entities

CSR Activities

CSR Expenditure: ₹7.71 lakhs on education initiatives through Great Value Institute of Education

Required Spending: ₹7.70 lakhs (2% of average net profit)

Forward-looking Statements

The report contains forward-looking statements subject to risks and uncertainties, including market conditions, regulatory changes, and operational challenges.