Atmastco Limited (ATMASTCO)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Atmastco's revenue was ₹42.7 Cr (-18.6% year on year, -69.9% on the previous quarter), and net profit ₹1.4 Cr (+61.9% year on year); the operating margin was 17.0%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹42.7 | -18.6% | -69.9% |
| Operating profit | ₹7.3 | +80.9% | -75.8% |
| Net profit | ₹1.4 | +61.9% | -89.8% |
| EPS (₹) | 0.57 | +58.3% | -89.9% |
| Operating margin | 17.0% | — | — |
ATMASTCO delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 91.67% of the ATMASTCO shares traded on NSE were taken to delivery, against the stock's own 20-session average of 83.64%. That is close to its usual level. Turnover was only ₹5 lakh, so a handful of trades can move this figure. Volume was 0.2 times its average, well below normal. It closed at a price band (circuit) on 2 sessions in about the last 20.
Delivery in the last 5 sessions: 81.6% · 80.8% · 85.7% · 90.5% · 91.7%
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
Atmastco 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 was provided by Cameo Corporate Services Limited, the Registrar and Transfer Agent (RTA) of the company. This is a routine regulatory filing confirming the dematerialization and rematerialization processes of company securities. There is no material impact on the company's financials or operations.
- Compliance submitted under Regulation 74(5) of SEBI Regulations, 2018
- Covers the quarter ended September 30, 2026
- Issued via Registrar and Transfer Agent Cameo Corporate Services Limited
Atmastco Limited's wholly owned subsidiary, Atmastco Defence Systems Private Limited, has secured its maiden order from the Ministry of Defence and the Ministry of Power. The announcement confirms entry into the defence sector, marking an operational diversification from its traditional turnkey steel and EPC engineering business. However, the filing extract lacks specific commercial details such as the total contract value and execution timeline. Atmastco's overall TTM revenue stands at ₹456 Cr with a market cap of ₹303 Cr.
- Wholly owned subsidiary Atmastco Defence Systems Private Limited secured its first order
- Clients comprise the Ministry of Defence and the Ministry of Power
- Order value and execution timeline are not disclosed in the filing extract
- Follows historical company TTM revenue base of ₹456 Cr
Atmastco Limited informed the stock exchange regarding the receipt/bagging of orders or contracts on September 23, 2026. However, the provided document text contains only digital signature metadata without the underlying contract value, client name, or execution timeline. Against TTM revenues of Rs 456 crore, the financial impact cannot be determined from the available document text. Investors should wait for the complete filing attachment to evaluate materiality.
- Filing submitted under Bagging/Receiving of orders/contracts category on 2026-09-23
- Digital signature timestamped 2026.09.23 14:51:18 +05'30'
- Contract value, counterparty, and execution duration are not disclosed in the excerpt
Atmastco Limited has appointed Mr. Ankit Mishra as its Company Secretary and Compliance Officer effective September 12, 2026. Mr. Mishra is an Associate Member of the Institute of Company Secretaries of India (ACS 56147) with over 8 years of experience. The board meeting approving the appointment concluded at 12:15 PM on September 12, 2026. This is a routine statutory management appointment that satisfies SEBI LODR compliance requirements.
- Appointment of Mr. Ankit Mishra as Company Secretary & Compliance Officer effective September 12, 2026
- Appointee holds ICSI membership ACS 56147 with over 8 years of professional experience
- Board meeting approving the appointment was held from 11:00 AM to 12:15 PM on September 12, 2026
Atmastco Limited submitted a regulatory intimation regarding the bagging/receiving of orders or contracts on September 10, 2026. However, the available document extract contains only digital signature metadata without disclosing the contract value, client name, or execution timeline. Against Atmastco's TTM revenue of ₹456 crore, the materiality of this order win cannot be evaluated until full contract details are furnished. Investors must monitor subsequent exchange disclosures for commercial terms.
- Filing submitted on September 10, 2026 under the category of Bagging/Receiving of orders/contracts
- Digital signature recorded by Subramaniam Swaminathan Iyer from Bhilai on 2026.09.10 17:21:59 +05'30'
- Contract value, counterparty, and execution duration not disclosed in the filing extract
Atmastco Limited has appointed Mr. Sarvesh Kumar as Chief Financial Officer (CFO) and Key Managerial Personnel, effective August 14, 2026. Mr. Kumar brings over 23 years of experience in finance, accounting, and risk management as a Chartered Accountant. He replaces Mr. Venkataraman Ganesan, who relinquished the CFO position while continuing to serve as an Executive Director of the company. Additionally, the Board reviewed and approved the unaudited financial results for the quarter ended June 30, 2026.
- Appointment of Mr. Sarvesh Kumar as Chief Financial Officer & KMP effective August 14, 2026.
- Outgoing CFO Mr. Venkataraman Ganesan relinquished the CFO role but continues as Executive Director.
- Incoming CFO brings over 23 years of experience across accounting, finance, and risk management.
- Board meeting commenced at 7:30 P.M. and concluded at 9:15 P.M. on August 14, 2026.
Atmastco Limited's Board of Directors approved the unaudited financial results for the quarter ended June 30, 2026, in its meeting held on August 14, 2026. The company appointed Mr. Sarvesh Kumar, a Chartered Accountant with over 23 years of experience, as the Chief Financial Officer and Key Managerial Personnel. Concurrently, Mr. Venkataraman Ganesan relinquished the CFO role but will continue serving as Executive Director. For the quarter ended June 2026, the company posted revenue of Rs 42.73 Cr and net profit of Rs 1.42 Cr.
- Appointment of Mr. Sarvesh Kumar as Chief Financial Officer & KMP effective August 14, 2026.
- Mr. Sarvesh Kumar is a Chartered Accountant with over 23 years of experience across finance and risk management.
- Mr. Venkataraman Ganesan stepped down as CFO while retaining his position as Executive Director.
- Approval of unaudited standalone and consolidated financial results for the quarter ended June 30, 2026.
- The new CFO holds nil equity shares in the company.
Financial Performance
Revenue Growth by Segment
Total operating income grew 29.27% YoY to INR 289.57 Cr in FY25 from INR 224.01 Cr in FY24. Growth was primarily driven by the EPC segment, which offers larger scale and better margins than the traditional fabrication segment. As of July 2025, the unexecuted order book of INR 342.27 Cr is dominated by EPC at 77.8% (INR 266.30 Cr) compared to fabrication at 22.2% (INR 75.97 Cr).
Geographic Revenue Split
The company maintains a diversified geographic presence with operations and project execution across Chhattisgarh, Tamil Nadu, Jammu and Kashmir, and New Delhi. Specific percentage splits per region are not disclosed in available documents.
Profitability Margins
Profitability showed a declining trend in FY25; EBITDA margin fell to 15.01% from 17.33% in FY24, and PAT margin decreased to 6.87% from 7.46% in FY24. This compression was caused by high variable costs incurred during EPC project execution where revenue recognition was delayed due to pending quality clearances from customers.
EBITDA Margin
EBITDA margin stood at 15.01% in FY25, a YoY decrease of 232 basis points from 17.33% in FY24. Despite the margin percentage drop, absolute EBITDA grew 11.95% to INR 43.46 Cr due to the significant increase in the scale of operations.
Capital Expenditure
The company utilized proceeds from capital raised in the market during FY24 to partly repay unsecured loans, which decreased from INR 16.98 Cr to INR 8.65 Cr by March 2025. Specific INR figures for new plant and machinery CAPEX are not disclosed.
Credit Rating & Borrowing
Credit ratings are highly fragmented: Acuité reaffirmed 'ACUITE BBB- | Stable' in August 2025. However, CARE downgraded the company to 'CARE B-; Stable; ISSUER NOT COOPERATING' in June 2025, and Infomerics downgraded it to 'IVR BB-/ Negative; ISSUER NOT COOPERATING' in November 2025 due to lack of management cooperation and information. Borrowing costs are impacted by high bank limit utilization of 96% for fund-based limits.
Operational Drivers
Raw Materials
Steel is the primary raw material, accounting for approximately 90% of total procurement requirements for fabrication and structural engineering.
Capacity Expansion
The company operates two manufacturing units in Bhilai and has a presence in Trichy. While specific MTPA capacity is not disclosed, the company is expanding its operational scope by entering the private factory construction contracting business as of FY23.
Raw Material Costs
Raw material costs are managed through a bulk procurement strategy where the company procures up to 90% of its steel requirements in a single cycle to mitigate price volatility. This strategy contributes to high inventory levels of 204 days.
Manufacturing Efficiency
Manufacturing efficiency is currently challenged by pending quality clearances which delayed billing in FY25 despite project execution. However, the successful first-attempt completion of the Performance Guarantee (PG) test for the Vedanta Anode Rodding Shop #3 project in November 2025 demonstrates high technical competency.
Strategic Growth
Expected Growth Rate
310%
Growth Strategy
Growth will be achieved through a massive order book expansion, with new order inflows of INR 900.00 Cr as of July 2025 (representing over 3x FY25 revenue). The strategy involves shifting focus toward high-value EPC contracts (INR 750 Cr of the new pipeline) and diversifying into factory construction for private players, supported by a healthy capital structure with gearing at 0.56x.
Products & Services
Boiler structures, heavy steel columns, beams, assemblies for power plants, high precision mechanical equipment, and specialized heavy structures for steel, energy, railway, and cement sectors.
Brand Portfolio
ATMASTCO
New Products/Services
The company has recently expanded into EPC contracting for setting up factory premises for private players, which is expected to be a major revenue driver in the INR 900 Cr order pipeline.
Market Expansion
Expansion is targeted through the EPC segment and multidisciplinary engineering services in core industrial sectors like water systems and railways.
External Factors
Industry Trends
The industry is shifting toward integrated EPC solutions rather than standalone fabrication. Atmastco is positioning itself by increasing its EPC order book to INR 266.30 Cr to capture higher revenue visibility and multidisciplinary project requirements.
Competitive Landscape
Competes with other multidisciplinary engineering and fabrication firms in the infrastructure and core industrial sectors.
Competitive Moat
The moat is built on a 20-year track record and 'approved vendor' status with marquee government and private clients. This is sustainable because industrial certifications and proven execution (like the Vedanta PG test success) create high entry barriers for new fabricators.
Macro Economic Sensitivity
Highly sensitive to industrial CAPEX cycles in the steel, power, and infrastructure sectors. A slowdown in these sectors would directly reduce the INR 900 Cr order pipeline conversion rate.
Regulatory & Governance
Industry Regulations
Operations are subject to stringent quality clearances and Performance Guarantee (PG) tests from industrial customers. Failure to meet these standards results in unrealized revenue and higher variable costs.
Environmental Compliance
Maintains ISO 14001:2015 (Environmental Management System) and ISO 45001:2018 (Occupational Health and Safety).
Taxation Policy Impact
The effective tax rate is approximately 25.5%, based on a PAT of INR 19.89 Cr and PBT implied by financials.
Legal Contingencies
In November 2025, the National Stock Exchange (NSE) returned the company's application for in-principle approval (Application No. 50979). The company has committed to providing complete responses for future compliance.
Risk Analysis
Key Uncertainties
The primary uncertainty is the 'Issuer Not Cooperating' status with CARE and Infomerics, which could lead to credit tightening or increased borrowing costs despite a healthy standalone financial profile. Potential impact could be a 10-15% increase in finance costs.
Geographic Concentration Risk
Significant concentration in Chhattisgarh, where its primary manufacturing units (Unit-1 and Unit-2) are located in Bhilai.
Third Party Dependencies
High dependency on steel suppliers, with 90% of raw material needs being steel-based.
Technology Obsolescence Risk
Low risk due to the nature of heavy structural fabrication, but the company is mitigating digital risks through compliance with SEBI listing regulations and updated accounting standards (Ind AS 34).
Credit & Counterparty Risk
Counterparty risk is low due to a client base of government entities and large conglomerates like Tata and Vedanta. However, receivables increased to 91 days in FY25, indicating slower collection cycles.
