ATLANTAELE's Q2 FY27 numbers came in soft, with revenue of Rs. 390.08 Cr (+23.07% YoY) and PAT growth of +28.01% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | October 31, 2026 |
|---|---|
| Revenue (Q2) | Rs. 390.08 Cr (+23.07% YoY) |
| PAT (Q2) | Rs. 32.13 Cr (+28.01% YoY) |
| EBITDA margin | 15.28% (-201 bps YoY) |
| EPS (Q2) | Rs. 4.18 (+19.43% YoY) |
Atlanta Electricals delivered 23.07% YoY revenue growth and 28.01% PAT growth, but EBITDA margin of 15.28% missed management's own 17-18% guidance band, with gross margin down 426 bps YoY on copper-driven input inflation. Sequentially revenue fell 16.35% and PAT 31.40%, while cash conversion tripped both quality flags (CFO/PAT 0.746x; FCF Rs.(21.18) Cr) on a Rs.268.80 Cr inventory build. Meeting the ~40% FY27 revenue guidance now requires H2 growth of 42.34% YoY, making execution on margins and working capital the key swing factors.
| Driver | Expected before results | What happened | Verdict |
|---|---|---|---|
| Revenue | "ahead to in-line… the offsetting risk is conversion, not demand" | Rs.390.08 Cr, +23.07% YoY but −16.35% QoQ; H1 +35.49% vs ~40% path | Partially |
| Margins | "gross margin flat-to-compressing; EBITDA bridge toward the 17–18% guide the key question" | Gross margin 26.57% (−71 bps QoQ, −426 bps YoY); EBITDA margin 15.28% — below even the 16–16.5% band | Played out |
| Input-cost flow-through | "input inflation should flow through to Q2 cost of materials before pass-through catches up" | Consumption +30.66% YoY > revenue growth | Played out |
| Pass-through catching up late | alternative scenario in the pre-call note | Gross margin still fell QoQ | Contradicted |
| Working capital | "net working-capital days against the 80–90 guide" | Derived proxy ~105.1 days (closing basis) — above guide | Played out |
| Finance cost | watch item on direction | Rs.8.45 Cr, −35.98% YoY — lower | Played out |
| Subsidiary loss | "whether the Rs.(4.40) Cr Q1 loss persists" | H1 subsidiary loss Rs.(10.03) Cr; Q2 consol−standalone Rs.(7.39) Cr | Played out |
| Backlog/intake, bushing, DGTR, Unit 6, 765 kV tie-up | to be confirmed on the call | Filing silent on all five — open for the call | Not observable |
Read our full results preview.
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| FY27 revenue ~40% growth on Rs.1,851 Cr | Q1 FY27 earnings call (22 Jul 2026) | Q2 +23.07% YoY; H1 +35.49%; H2 must deliver +42.34% (see §9) | Stretch |
| EBITDA margin 17–18% (excl other income) | Q1 FY27 call | Q2 15.28%; H1 15.96% — period-to-date | Missed |
| EBITDA margin within 16–16.5% | Q1 FY27 call | Q2 15.28% — below even this band | Missed |
| Finance cost "significantly lower" post repayment | Q2 FY26 call (12 Nov 2025) | Q2 Rs.8.45 Cr vs Rs.13.20 Cr (−35.98%) | Met |
| Net working capital days 80–90 (FY27-28) | Q4 FY26 call (11 May 2026) | Derived proxy ~105.1 days (closing basis) — proxy | Missed |
| Unit 6 IDT commissioning by Dec-end; 765 kV tie-up close in Q2; exports 15% of revenue in 3 yrs | Q1 FY27 call / AGM address | Not addressed in the filing | Too Early / Cannot assess |
| Margins "sustainable at 17–18%" | management commentary, Q1 FY27 call | Q2 margin 15.28%, second consecutive quarterly decline | Contradicted so far |
| "Investment phase largely complete; focus on utilization to unlock operating leverage" | management commentary, Q1 FY27 call | Revenue −16.35% QoQ; margin −125 bps QoQ; utilization not disclosed | Too Early |
| Q2/mid-Q3 to be peak order-booking periods | management commentary, Q1 FY27 call | No order-book disclosure in the filing | Too Early |
| FY26 growth "ahead of 40% target" | Chairman & MD's AGM address (21 Sep 2026) | FY26 revenue +48.8% (Rs.1,851.5 Cr) — historical | Confirmed |
Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.