AGM Proceedings

The 38th Annual General Meeting was held on Monday, September 21, 2026 at 03:00 PM at Madhubhan Resort & Spa, Anand - Sojitra Road, Vallabh Vidyanagar - 388120, Gujarat, India in physical mode.

Mr. Niral Patel, Chairman and Managing Director, presided over the meeting. The Company Secretary confirmed quorum was present.

The following resolutions were considered:

Ordinary Businesses:

1. Adoption of audited financial statements for FY26 and reports of Board of Directors and Auditors (Ordinary Resolution)

2. Appointment of Mr. Amish Patel (DIN: 02234678) as Whole-Time Director retiring by rotation (Ordinary Resolution)

Special Businesses:

3. Ratification of remuneration of Cost Auditors for FY27 (Ordinary Resolution)

4. Appointment of M/s Nandaniya Joshi & Associates as Secretarial Auditor for five financial years (2026-27 to 2030-31) (Ordinary Resolution)

5. Approval of 'Atlanta Electricals Employee Stock Option Scheme 2026' (ESOS 2026) (Special Resolution)

6. Extension of ESOS 2026 to employees of Holding, Subsidiary, Associate and Group Companies (Special Resolution)

Mr. Mayank Joshi of M/s Nandaniya Joshi and Associates was appointed as Scrutinizer. The meeting concluded at 04:10 PM.

Financial Performance FY26 (Consolidated)

  • Revenue from operations: ₹1,851.5 crore (48.8% growth YoY from ₹1,244 crore)
  • EBITDA: ₹344.4 crore (77.9% growth YoY)
  • EBITDA margin: 18.6% (expanded 300 bps from 15.6%)
  • Profit after tax: ₹201.8 crore (70.1% growth YoY)
  • Operating cash flow: ₹184 crore
  • Net working capital days: 64 days

Capacity Expansion and Operations

  • Installed capacity increased from 16,740 MVA in FY25 to 63,060 MVA in FY26
  • Total production: 22,943 MVA across five manufacturing facilities
  • Unit-IV (Vadod): Commercial operation from July 2025, produced 6,960 MVA (39% utilization of 30,000 MVA capacity)
  • Unit-V (Ankhi): Commenced production, contributed 580 MVA in first three months
  • New orders booked: ₹2,507 crore
  • Unexecuted order book as of March 31, 2026: ₹2,493 crore

Debt and Financial Position

  • Term loans fully repaid ahead of schedule: ₹340 crore total (₹130 crore Vadod term loan + ₹210 crore BATIPL acquisition)
  • Nil term-loan balance as of March 31, 2026
  • Bank facilities enhanced from ₹910 crore to ₹1,320 crore (predominantly non-fund based)
  • CRISIL ratings reaffirmed: Long-term A/Stable, Short-term A1

IPO Fund Utilization

  • Fresh issue amount: ₹400 crore
  • Utilized as of March 31, 2026: ₹395.46 crore
  • ₹79.12 crore: Repayment of Vadod term loan
  • ₹210 crore: Working capital requirements
  • ₹85 crore: Repayment of BATIPL acquisition term loan (under general corporate purposes)
  • ₹21.31 crore: Public issue expenses
  • Balance: ₹4.54 crore in public money account against expenses yet to be claimed
  • No deviation from offer document objects

Technical Developments and Approvals

  • Received PGCIL approval on April 2, 2026 for 400 kV class transformers at Unit-IV (subject to short-circuit test completion)
  • First 400 kV order received
  • Focus on prototyping and validation for 400 kV (Vadod) and 765 kV (Ankhi) transformers

Future Strategy and Outlook

  • Unit-VI (inverter-duty transformer facility): 5,000 MVA capacity, planned commissioning in FY27 (before end of calendar year 2026)
  • Robotic tank and radiator manufacturing facility near Vadod under development for backward integration
  • Export target: 15% of revenue over next three years
  • Focus on renewable energy, battery storage systems, data centers, and transmission infrastructure
  • Utilization target: Vadod facility from 39% in FY26 to 65% in FY27
  • Growth objective: 40% CAGR over next three years

Corporate Governance

  • Statutory Auditor's Report and Secretarial Auditor's Report contained no qualifications, reservations, adverse remarks or disclaimers
  • Digital signature by Tejal S. Panchal, Company Secretary and Compliance Officer