Atlas Cycles (Haryana) Limited (ATLASCYCLE)
₹87.37 -0.40% last close, 22 Oct
Q2 FY27 results
📅 Next results: 28 Oct 2026 (board meeting)Atlas Cycles (Haryana) Limited's board meets on 28 Oct 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, Atlas Cycles' revenue was ₹1.5 Cr (-22.4% year on year, +5.9% on the previous quarter), and net profit ₹-1.9 Cr (a bigger loss than a year earlier); the operating margin was -96.4%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹1.5 | -22.4% | +5.9% |
| Operating profit | ₹-1.5 | loss widened | loss narrowed |
| Net profit | ₹-1.9 | loss widened | loss narrowed |
| EPS (₹) | -2.95 | loss widened | loss narrowed |
| Operating margin | -96.4% | — | — |
ATLASCYCLE delivery percentage
NSE end-of-day data for
On Thu, 22 Oct 2026, 83.5% of the ATLASCYCLE shares traded on NSE were taken to delivery, against the stock's own 20-session average of 68.83%. That is higher than usual for this stock. Turnover was only ₹1 lakh, so a handful of trades can move this figure. Volume was under a tenth of its average.
Delivery in the last 5 sessions: 82.5% · 79.6% · 82.2% · 73.1% · 83.5%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Atlas Cycles (Haryana) Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate, issued by Registrar and Share Transfer Agent Mas Services Limited on October 6, 2026, confirms that securities received for dematerialization between July 1, 2026, and September 30, 2026, were processed within the mandated 15-day timeline. The document confirms that security certificates were mutilated, cancelled, and the register of members was duly updated. This filing represents a routine regulatory disclosure with zero impact on operational or financial metrics.
- Compliance certificate covers the quarter ended September 30, 2026
- Confirmation from RTA Mas Services Limited dated October 6, 2026
- Securities processed and confirmed to depositories within the required 15 days
- Covers dematerialization requests received from July 1, 2026 to September 30, 2026
Atlas Cycles (Haryana) Limited responded to a clarification sought by the National Stock Exchange regarding the signatory format of its financial results for the quarter ended June 30, 2026. The exchange had noted that the results were signed only by a Director. The company clarified that it currently does not have a Chairperson, Managing Director, or Whole-Time Director, and therefore an authorized Director signed the results in accordance with Regulation 33(2)(b) of SEBI LODR Regulations, 2015.
- NSE sought clarification regarding June 30, 2026 quarterly results signed only by a Director
- Company confirmed it operates without a Chairperson, Managing Director, or Whole-Time Director
- Results were signed by an authorized Director pursuant to SEBI LODR Regulation 33(2)(b)
- CEO signature was appended in addition to the regulatory requirement
Atlas Cycles (Haryana) Limited has concluded its 75th Annual General Meeting (AGM) held on August 12, 2026. Shareholders approved the audited financial statements for the year ended March 31, 2026, and the re-appointment of Mr. Sanjiv Kavaljit Singh as a Director. Total voter turnout was 41.46% of the total share capital, with the promoter group showing high participation at 94.96% of their holdings. Despite the company's distressed financial state (TTM revenue of only ₹6 Cr), the resolutions passed with over 90% majority.
- Resolution to adopt FY26 audited financial statements passed with 90.97% of total votes in favor
- Re-appointment of Director Sanjiv Kavaljit Singh approved with 94.17% majority
- Total voter turnout recorded at 41.46% of the 6,503,838 total outstanding shares
- Promoter group polled 2,589,179 votes, representing 94.96% of their total shareholding
- Public non-institutional participation remained low at 2.84% of their total shares
Atlas Cycles (Haryana) Limited conducted its 75th Annual General Meeting on August 12, 2026, to adopt the audited financial statements for the year ended March 31, 2026. The meeting, which lasted 20 minutes, also addressed the reappointment of Mr. Sanjiv Kavaljit Singh as a Director. Given the company's small market cap of ₹64 Cr and its 'CRISIL D' default status, these procedural steps are necessary for maintaining listing compliance during its ongoing management overhaul. Investors should note the company's volatile financial state, including a reported net loss of ₹48.92 Cr for the half-year ended September 2025.
- 75th Annual General Meeting held on August 12, 2026, at Sonepat, Haryana.
- Quorum of 30 members was present for the meeting which commenced at 11:30 a.m. and concluded at 11:50 a.m.
- E-voting facility was provided to members from August 8, 2026, to August 11, 2026.
- Two ordinary resolutions were proposed: adoption of FY26 financial statements and reappointment of a retiring director.
- Company remains under 'CRISIL D' rating, impacting its ability to secure working capital for production.
Atlas Cycles has extended the execution deadline for the sale of its 20-acre Sonepat land parcel to December 31, 2026, following a request from the buyer. The company has already received an advance of ₹45.00 crore, which is highly significant relative to its current market capitalization of ₹64 crore. A further payment of ₹15.00 crore is scheduled to be received by October 30, 2026. This liquidity is critical for the company, which is currently grappling with a 'CRISIL D' rating and severe working capital constraints.
- Execution deadline for the 20-acre Sonepat land sale extended to December 31, 2026.
- ₹45.00 crore already received as advance against the sale agreement.
- Additional ₹15.00 crore payment committed by the buyer by October 30, 2026.
- The original Agreement to Sell was initiated on December 7, 2024.
- Transaction involves a significant land parcel of 20 acres in Haryana.
Atlas Cycles reported a net loss of Rs 1.92 crore for the quarter ended June 30, 2026, on a marginal revenue of Rs 1.54 crore. The company continues to face severe operational challenges, with auditors qualifying the results due to non-provision of interest on overdue payments and loans. A critical liquidity event—the sale of 20 acres of land in Sonepat—has been delayed, with the buyer granted an extension until December 31, 2026, to execute the sale deed. While the company has received Rs 45 crore in advances (approx. 70% of its market cap), the core business remains deeply unprofitable.
- Net loss of Rs 192.02 lakh for Q1 FY27, compared to a loss of Rs 158.38 lakh in the same quarter last year.
- Revenue from operations stood at Rs 153.57 lakh, showing minimal growth from Rs 145.27 lakh in the previous quarter.
- Extension granted for Sonepat land sale deed execution until December 31, 2026, at the buyer's request.
- Total advance received for the land sale stands at Rs 45.00 crore, with an additional Rs 15.00 crore due by October 30, 2026.
- Auditors flagged a loss understatement of Rs 24.75 lakh due to non-provision of interest on defaulted Inter-Corporate Loans.
Atlas Cycles (Haryana) Limited has scheduled its 75th Annual General Meeting (AGM) for August 12, 2026. The company has released its Annual Report for FY 2025-26 and is urging shareholders to update their KYC, PAN, and bank details in compliance with SEBI mandates. This comes as the company attempts a recovery from significant financial distress, having reported a net loss of ‡48.92 Cr for the half-year ended September 2025. The filing is primarily administrative, focusing on shareholder communication and regulatory compliance.
- 75th Annual General Meeting scheduled for August 12, 2026, at 11:30 a.m.
- Annual Report for FY 2025-26 dispatched via email and available on the company website.
- Cut-off date for email registration for the AGM is stated as August 5, 2025 (per document).
- Mandatory KYC and PAN updates required for physical shareholders per SEBI circular dated February 6, 2026.
- Company reported a massive ‡48.92 Cr net loss in H1 FY26 against a TTM revenue of only ‡6 Cr.
Atlas Cycles has released its FY 2025-26 annual report, revealing a sharp 60% decline in revenue from operations to ₹6.90 crore compared to ₹17.14 crore in the previous year. The company swung to a net loss of ₹8.04 crore from a profit of ₹9.51 crore in FY25. Production volumes also fell significantly, with only 21,838 bicycles produced during the year. The company remains in a 'Business revival' phase under a management overhaul, while still grappling with a 'CRISIL D' rating and severe working capital constraints.
- Revenue from operations fell by 60% to ₹6.90 crore in FY 2025-26.
- Reported a net loss of ₹8.04 crore compared to a net profit of ₹9.51 crore in FY 2024-25.
- Bicycle production volume decreased by 25.8% to 21,838 units from 29,456 units.
- The company reported zero exports for the financial year 2025-26.
- The record date for e-voting eligibility is set for August 5, 2026.
Atlas Cycles (Haryana) Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The company's Registrar and Share Transfer Agent, Mas Services Limited, confirmed that all dematerialization requests received between April 1, 2026, and June 30, 2026, were processed within the mandated 15-day timeline. This filing is a standard administrative requirement to confirm the integrity of the company's share register and has no impact on business operations or financials.
- Confirmation of compliance for the quarter ended June 30, 2026
- Dematerialization requests processed within the regulatory limit of 15 days
- Reporting period covers April 1, 2026, to June 30, 2026
- Certificate issued by Registrar Mas Services Limited on July 2, 2026
Atlas Cycles (Haryana) Limited has announced the closure of its trading window for all designated persons starting July 1, 2026. This action is a standard regulatory requirement under SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the declaration of financial results for the quarter ending June 30, 2026. The window will remain closed until 48 hours after the results are officially disclosed. Given the company's current 'CRISIL D' rating and low TTM revenue of ₹6 Cr, the upcoming results are significant for monitoring its recovery trajectory.
- Trading window closure effective from July 1, 2026, for the quarter ending June 30, 2026.
- Window to reopen 48 hours after the announcement of financial results.
- Company is currently operating with a low TTM revenue of ₹6 Cr and a TTM PAT of ₹1 Cr.
- Management is undergoing an overhaul following a net loss of ₹48.92 Cr for the half-year ended September 30, 2025.
Atlas Cycles (Haryana) Limited has informed the exchanges that Dr. Praveen Kumar has ceased to be a Non-Executive Independent Director of the company. The change is effective from the close of business hours on May 28, 2026. This cessation is not a resignation but a result of the natural completion of his tenure as an Independent Director. The company has filed this disclosure in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015.
- Dr. Praveen Kumar (DIN: 08257044) ceased to be an Independent Director on May 28, 2026.
- The cessation is due to the completion of his scheduled tenure.
- The disclosure was made under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015.
Atlas Cycles (Haryana) Limited reported a dismal financial performance for FY26, swinging to a net loss of ₹803.62 lakh from a profit of ₹951.26 lakh in FY25. Annual revenue from operations collapsed by nearly 60% to ₹690.44 lakh, reflecting severe operational challenges. The auditor has issued a modified opinion, stating that losses are understated by at least ₹99 lakh due to non-provisioning of interest on loans. Additionally, the company has defaulted on inter-corporate loan repayments and faces unquantified liabilities regarding overdue payments to creditors and MSMEs.
- Annual revenue from operations dropped 59.7% YoY to ₹690.44 lakh from ₹1,713.08 lakh.
- Reported a net loss of ₹803.62 lakh for FY26 compared to a net profit of ₹951.26 lakh in FY25.
- Auditors flagged an understatement of losses by ₹99 lakh due to missing interest provisions on inter-corporate loans.
- The company defaulted on repayment of Inter Corporate Loans and failed to provide for interest on overdue payments to MSMEs.
- Q4 FY26 revenue stood at ₹145.27 lakh, down from ₹367.25 lakh in the same quarter previous year.
Atlas Cycles has approved a further extension for the execution of the sale deed for its 20-acre land parcel in Sonepat, Haryana, moving the deadline to June 30, 2026. The company has already received ₹34.80 crore as part consideration for the transaction. Additionally, the buyer has committed to paying a further ₹25.20 crore within April 2026. This asset monetization is a key development for the company's liquidity position, though the repeated extensions indicate a prolonged closing process.
- Sale deed execution deadline for 20 acres of Sonepat land extended to June 30, 2026
- Total part consideration received by the company till date stands at ₹34.80 crore
- Buyer undertaken to pay an additional ₹25.20 crore in part consideration during April 2026
- The original agreement to sell for this land parcel was entered into on December 7, 2024
Atlas Cycles (Haryana) Limited has announced the closure of its trading window starting April 1, 2026, in compliance with SEBI insider trading regulations. This closure is ahead of the declaration of the company's audited financial results for the quarter and full financial year ending March 31, 2026. The restriction applies to all designated persons and their immediate relatives. The trading window will reopen 48 hours after the financial results are officially disclosed to the stock exchanges.
- Trading window closure begins on April 1, 2026.
- Closure is related to the audited financial results for the quarter and year ending March 31, 2026.
- Restriction applies to all designated persons and their immediate relatives as per SEBI norms.
- The window will remain closed until 48 hours after the results are declared.
Atlas Cycles (Haryana) Limited has granted a further extension to the buyer of its 20-acre land parcel in Sonepat, Haryana, moving the Sale Deed execution deadline to March 31, 2026. The company confirmed it has already received ₹30 Crore in tranches as part of the total consideration. Additionally, the buyer has committed to paying another ₹30 Crore by the new March 2026 deadline. This transaction stems from an initial agreement to sell entered into on December 7, 2024.
- Extension granted for execution of Sale Deed for 20 acres of land in Sonepat until March 31, 2026
- Company has already received ₹30 Crore in part consideration as of January 16, 2026
- Buyer has undertaken to pay an additional ₹30 Crore by the revised deadline of March 31, 2026
- The land sale process has been ongoing since the original agreement on December 7, 2024
Financial Performance
Revenue Growth by Segment
The company operates in a single reportable segment: Cycles. Total income for the half-year ended September 30, 2025, reached INR 266.15 Cr (26,615.20 Lakhs), a significant recovery compared to the full-year FY24 revenue of only INR 0.0636 Cr (6.36 Lakhs). This suggests a massive scale-up or resumption of operations from a near-halt in previous periods.
Geographic Revenue Split
Not specifically disclosed in available documents, though the company manufactures for both domestic and export markets under the Atlas brand.
Profitability Margins
Net Profit Margin (NPM) for FY24 was 10.37% on very low volumes. However, for the half-year ended September 30, 2025, the company reported a Net Loss of INR 48.92 Cr (4,892.07 Lakhs) on income of INR 266.15 Cr, resulting in a negative NPM of -18.38%. FY23 margins were severely distressed with an Operating Profit Margin of -897%.
EBITDA Margin
Operating Profit before Working Capital Changes for the half-year ended September 30, 2025, was a loss of INR 3.09 Cr (308.96 Lakhs). This reflects a core operational struggle to cover fixed costs despite the revenue increase.
Capital Expenditure
Historical data shows minimal investment; for the period ending September 30, 2025, the purchase of property, plant, and equipment was INR 0.00, compared to a small spend of INR 0.199 Cr (19.91 Lakhs) in the previous year. This indicates a lack of expansionary CAPEX due to liquidity constraints.
Credit Rating & Borrowing
The company is rated 'CRISIL D Issuer Not Cooperating', signifying a state of default. CRISIL notes a lack of information adequacy as management has failed to provide financial performance or strategic intent details, restricting forward-looking credit assessments.
Operational Drivers
Raw Materials
Steel, rubber, and bicycle components (tubes). Specific percentage of total cost for each is not disclosed, but 'Changes in inventories of finished goods and work-in-progress' amounted to INR 1.92 Cr in FY25.
Capacity Expansion
Current manufacturing facilities are located in Sonipat (Haryana) and Sahibabad (Uttar Pradesh). Operations at the Bawal (Haryana) tube plant and Malanpur (Madhya Pradesh) bicycle unit were shut down in fiscal 2015 to consolidate operations.
Raw Material Costs
Total expenses for the half-year ended September 30, 2025, were INR 8.07 Cr (807.54 Lakhs) for a specific standalone unit, though consolidated figures suggest much higher operational costs associated with the revenue of INR 266.15 Cr.
Manufacturing Efficiency
Not disclosed; however, the high operating losses relative to revenue suggest low capacity utilization or high fixed overheads at the remaining plants.
Strategic Growth
Growth Strategy
The company is undergoing a management overhaul to drive recovery. Mr. Chander Mohan Dhall, a veteran with over two decades at Atlas, was appointed CEO effective November 13, 2025, to leverage his experience in accounts, finance, and cycle industry operations. The strategy involves stabilizing the core 'Cycles' segment and addressing the default status.
Products & Services
Bicycles (domestic and export) and bicycle tubes.
Brand Portfolio
Atlas.
Market Share & Ranking
Not disclosed; however, the company is a legacy player listed on both NSE and BSE.
External Factors
Industry Trends
The bicycle industry is evolving toward premium and electric segments, but Atlas appears focused on traditional cycles. The current growth rate for the company is volatile due to its recovery phase from near-zero revenue in FY23/FY24.
Competitive Landscape
Competes with other major Indian bicycle manufacturers; market dynamics are currently unfavorable for Atlas due to its default status.
Competitive Moat
The primary moat is the 'Atlas' brand name, which has high recall in India. However, this moat is unsustainable without financial stability and the ability to meet credit obligations.
Macro Economic Sensitivity
Highly sensitive to rural demand and inflation in steel prices, as bicycles are a price-sensitive consumer product in the Indian market.
Consumer Behavior
Shift toward fitness-oriented and premium cycling, which requires R&D investment that the company currently lacks.
Regulatory & Governance
Industry Regulations
Subject to standard manufacturing and safety standards for bicycles; however, the primary regulatory focus is on SEBI Listing Obligations (LODR) compliance, where the company recently filed its delayed results.
Taxation Policy Impact
The company reported zero tax expense for the period ending September 30, 2025, due to significant accumulated losses.
Legal Contingencies
The company faces significant information adequacy risks. While specific court case values are not listed, the 'Issuer Not Cooperating' status often stems from unresolved financial disputes or inability to meet debt obligations.
Risk Analysis
Key Uncertainties
The primary uncertainty is the company's ability to exit the 'Default' (D) rating. Failure to engage with credit agencies and lenders could lead to insolvency proceedings.
Geographic Concentration Risk
Manufacturing is concentrated in North India (Haryana and UP), making it vulnerable to regional labor or regulatory shifts.
Third Party Dependencies
High dependency on raw material suppliers who may demand upfront payment due to the company's poor credit rating.
Technology Obsolescence Risk
Risk of falling behind competitors who are investing in E-bikes and lightweight alloy frames while Atlas struggles with basic liquidity.
Credit & Counterparty Risk
Receivables were adjusted by INR 0.50 Cr (50.55 Lakhs) in the cash flow statement, indicating potential issues with collections or bad debt provisions.
