India's Atlanta Electricals gains after InCred starts with buy, sees 'inflection point'

Atlanta Electricals

18/03/2026 09:51

** Transformer maker Atlanta Electricals ATLE.NS is at a "structural inflection point", backed by a fourfold capacity expansion and entry into higher-voltage segments, InCred Equities says

** ATLE up 4% to 1078 rupees, highest since November

** Brokerage initiates coverage with "buy" rating at PT 1,344 rupees

** Expects revenue to grow at ~42% CAGR over FY26-28, supported by 24.51 bln rupees order book, strong demand from India's transmission capex cycle

** Says margins could expand as product mix shifts to higher-voltage transformers, while a near-debt-free balance sheet post IPO supports growth and bidding for large contracts

** Sees upside as company scales into 400kV and 765kV segments, which carry higher margins and face limited competition

** YTD, stock up 22%

 (Reporting by Aleef Jahan in Bengaluru)

 ((aleefjahan.cs@thomsonreuters.com))