Analysts/Institutional Investor Meet/Con. Call Updates

Q2 ATLANTA 25t July, 2026 To, To, Listing Department Listing Department BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, C-1, Block G Dalal Street Bandra Kurla Complex Mumbai — 400 001 Bandra (E), Mumbai — 400 051 Scrip Code: 544527 Symbol: ATLANTAELE Subject: Submission of Transcript of Earnings Call Ref.: Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Dear Sir/Madam, In continuation of our intimation dated 17 July, 2026 regarding Earnings Call, Financial performance for Q1 FY27 organized by the Company, please find enclosed herewith the Transcript of the said meet held on 22" July, 2026. The same is also being made available on the Company’s website at www.aetrafo.com Kindly take the same on record. Thanking you, Yours faithfully, For Atlanta Electricals Limited Tejal S. Panchal Company Secretary & Compliance Officer Encl: As Above “Atlanta Electricals Limited Q1 FY27 Earnings Conference Call” July 22, 2026 MANAGEMENT: MR. NIRAL KRUPESHBHAI PATEL – CHAIRMAN AND MANAGING DIRECTOR – ATLANTA ELECTRICALS LIMITED MR. AKSHAYKUMAR MATHUR– CHIEF EXECUTIVE OFFICER – ATLANTA ELECTRICALS LIMITED MR. MEHUL MEHTA – CHIEF FINANCIAL OFFICER – ATLANTA ELECTRICALS LIMITED MR. ANAND SHARMA – CHIEF OPERATING OFFICER – ATLANTA ELECTRICALS LIMITED MODERATOR MR. MOHIT UPADHYAY – ADFACTORS PR Page 1 of 19 Atlanta Electricals Limited July 22, 2026 Moderator: Ladies and gentlemen, good day and welcome to the Atlanta Electricals Q1 FY27 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Mohit Upadhyay from Adfactors PR. Thank you and over to you, sir. Mohit Upadhyay: Thank you. Good morning and a very warm welcome to Atlanta Electricals Limited Q1 FY27 earning conference call. Joining us today are Mr. Niral Krupeshbhai Patel, Chairman and Managing Director, Mr. Anand Sharma, Chief Operating Officer, Mr. Akshaykumar Mathur, CEO, and Mr. Mehul Mehta, CFO. Before we begin, I would like to remind participants that certain statements made during this call may be forward-looking in nature and are subject to risk, uncertainties and assumptions. These should not be relied upon as guarantees of future performance. I now invite Mr. Mehul Mehta, our Chief Financial Officer, to take you through the financial highlight for Q1 FY27. Thank you and over to you, Mehul sir. Mehul Mehta: Thank you, Mohit. Good morning, everyone. I will now take you through our financial performance for the first quarter of FY27. We are pleased to begin FY27 on a strong note, building on momentum established during FY26. Our Q1 performance reflects the successful execution of our expansion strategy, improved manufacturing capabilities, and sustained demand across the transmission and distribution and renewable energy sectors. During the quarter, consolidated revenue from operations grew by 48% year-on-year to INR466.33 crores compared with INR315.11 crores in Q1 FY26. This strong growth was primarily volume-driven, supported by the commissioning and ramp-up of our new manufacturing facilities, which significantly expanded our production capacity. Healthy execution of domestic orders and improved capacity utilization across our plants also contributed to this performance. Importantly, there were no material changes in pricing or product mix, with the growth largely attributable to increased production capacity. On the profitability front, gross profit increased by 55.5% year-on-year to INR127.20 crores. While gross margin improved by 130 basis points to 27.3% from 26% in the corresponding quarter last year. This improvement is structural in nature and reflects better operational efficiency and a gradual shift towards higher-value products, including increased production of the 220 kV class. EBITDA for the quarter stood at INR77.10 crores, representing a 58.1% year-on-year increase, with EBITDA margin expanding to 16.5% compared with 15.5% in Q1 FY26. The margin expansion was driven by operating leverage as our higher production volumes were absorbed across the expanded manufacturing base, along with the continued improvement in product mix. Page 2 of 19 Atlanta Electricals Limited July 22, 2026 Profit after tax grew 50.4% year-on-year to INR46.84 crores, while PAT margin improved to 10%. Earnings per share increased by 40% year-on-year to 6.09 per share, reflecting the company's ability to translate revenue growth into higher shareholder earnings. Before I move ahead, let me briefly touch upon the sequential performance. The first quarter is typically a softer quarter for our business, as most customer tenders are floated during the initial part of the financial year, while order execution and revenue recognition are generally stronger during the second half, particularly Q3 and Q4. In addition, as our products are capital goods, customers often accelerate procurement towards the end of the financial year to utilize their annual capital expenditure budgets. Accordingly, revenue and profitability moderated from the exceptionally strong fourth quarter of FY26. Revenue declined by 37.6% quarter-on-quarter, while EBITDA margin normalized from approximately 20% in Q4 FY26 to 16.5% in Q1 FY27. Similarly, PAT margin moderated from 13.7% to 10%. Despite this seasonality, our profitability continues to remain healthy and has shown strong year-on-year improvement. Our manufacturing operations also continued to scale up across all facilities. Against an aggregate installed manufacturing capacity of 63,060 MVA, we recorded sales-based capacity utilization of 4,381 MVA during the quarter. Employee benefit expenses increased during the quarter as we strengthened our workforce to support our expansion of manufacturing systems. These additions were made proactively in anticipation of the future business growth as our new facilities continue to ramp up and contribute higher revenues. Employee costs are expected to normalize as a percentage of sales. Similarly, while absolute operating expenses increased alongside the growth in business, other expenses actually declined as a percentage of revenue, demonstrating improved operating leverage and enhanced cost efficiency. On the input cost front, raw material prices continue to witness upward pressure due to the prevailing geopolitical environment. We expect this trend to persist over the coming quarters. However, given the nature of our contracts and customer relationships, we have been able to pass on a significant portion of these incremental costs, helping protect our margins. Turning to the balance sheet, inventory levels increased during the quarter as we strategically stocked raw materials to support production ramp-up and our newly commissioned facilities and ensure timely execution of our strong order book. The inventory build-up also reflects planned procurement aligned with project execution schedules and measures taken to mitigate potential supply chain disruptions. Our working capital profile remains stable. As of the end of the quarter, net working capital stood at 72 days, with inventory days at 105, receivable days at 88, and payable days at 110. This translates into a cash conversion cycle of approximately 83 days, which remains broadly in line with the previous quarter, reflecting disciplined working capital management despite the increase in business scale. Page 3 of 19 Atlanta Electricals Limited July 22, 2026 Overall, the first quarter demonstrates that the investments we have made over the past year are translating into sustainable growth. Our expanded manufacturing capacity is beginning to deliver meaningful operat [Showing first 8,000 characters — download PDF for full document]