NSE: ATLANTAA · BSE: 532759
ATLANTAA LIMITED
Operates road infrastructure assets in India through a toll and hybrid-annuity (HAM) structure. The business runs via three subsidiaries — Atlanta Infra Assets Limited, Atlanta Ropar Tollways Private Limited, and Mora Tollways Limited — with construction activities carried out in India. FY26 standalone revenue from operations stood at Rs 7,390.39 lakhs, up 8.5% year-on-year; consolidated revenue was Rs 9,355.13 lakh. Depreciation dominates the cost base at 61.6% of revenue, reflecting the asset-heavy nature of road concessions, while materials absorb 25.1% and employee costs 9.2%. The company posted a consolidated net loss of Rs 171 lakh in FY26 versus a profit of Rs 4,257.17 lakh in FY25. A Rs 21.79 crore bank guarantee paid to PWD Uttar Pradesh was reclassified from expenses to a recoverable trade receivable and is sub-judice at the Delhi High Court. Outstanding borrowings were Rs 19.67 crore as of March 31, 2026, with credit ratings of IVR BB+/Stable and IVR A4+. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Toll and hybrid-annuity (HAM) road concessions, Construction activities in India. Asset-heavy, depreciation-driven toll and hybrid-annuity road operator
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 234 | 52 | 133 | 68 | 74 |
| EBITDA (ex other income) | (408) | 20 | 572 | 33 | 36 |
| margin % | (174.0) | 38.1 | 430.7 | 48.1 | 49.0 |
| Owners' profit | (403) | (32) | 0 | 0 | 0 |
| EPS, as reported (₹) | (49.38) | (3.90) | 66.10 | 5.22 | (0.21) |
| ROE % · ROCE % | 117.5 · 143.2 | 8.5 · 1.0 | 337.8 · 259.7 | 20.1 · 6.5 | (0.8) · 3.1 |
| Debt / equity (x) | (2.37) | (2.13) | 1.51 | 1.48 | 1.47 |
| Cash from operations | (100) | 46 | 23 | 55 | (33) |
| Capex | (2) | (2) | 0 | (2) | (3) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 13 | 2 | 25 | 15 | 12 | 17 | 31 | 18 |
| Profit before tax | (2) | (16) | 5 | (2) | (26) | (1) | 28 | (5) |
| Net profit | (2) | 9 | 9 | (2) | (21) | (1) | 22 | (5) |
| EPS (₹) | (0.21) | 1.13 | 1.14 | (0.42) | (2.55) | (0.10) | 2.65 | (0.62) |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BF UTILITIES LIMITED | 1,763 | 11.2 | 1.51 | 4.1 | 16.7 | 13.2 | 9.4 | 79.0 |
| INNOVISION LIMITED | 603 | 21.4 | 2.05 | 11.1 | 12.4 | 15.1 | — | (2.5) |
| ATLANTAA LIMITED ◆ | 285 | — | 1.33 | 10.5 | (0.8) | (0.2) | (3.5) | 42.3 |
| BHARAT ROAD NETWORK LTD | 131 | — | 0.25 | 67.6 | (11.1) | (6.3) | (5.9) | (141.8) |
| SADBHAV ENGINEERING LTD | 115 | 3.9 | — | 4.5 | (1025.5) | 9.1 | (15.4) | 79.9 |
| SADBHAV INFRA PROJ LTD. | 93 | 52.8 | — | 5.7 | (7.8) | 12.0 | (9.6) | 73.7 |
| GAYATRI HIGHWAYS LIMITED | 43 | — | — | 11.9 | 0.2 | 8.1 | (29.1) | 14.6 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 1.3 | 1.5 | 5 of 11 | 60% |
| ROCE | (0.2) | 6.7 | 12 of 14 | 15% |
| ROE | (0.8) | 12.4 | 9 of 11 | 20% |
| Debt / Equity | 1.5 | 0.4 | 11 of 11 | 0% |
| EBITDA margin | 42.3 | 39.5 | 7 of 15 | 57% |
| Revenue growth | 26.2 | 13.2 | 2 of 12 | 91% |
| Profit growth | (196.1) | 10.2 | 12 of 13 | 8% |
| Market cap | 285 | 315 | 9 of 15 | 43% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 7 Oct 2026 · Compliance Certificate for Q2 FY26 under SEBI Reg 74(5) | compliance | minimal | — | — |
| 7 Oct 2026 · Compliance Certificate for share capital reconciliation - Q2 FY27 | compliance | minimal | — | — |
| 1 Oct 2026 · Independent Director Meeta Brahmbhatt resigns citing health reasons | management changes | medium | — | — |
| 30 Sept 2026 · Atlantaa Limited appoints Mrs. Mangala Prabhu as Independent Director | management changes | medium | — | — |
| 30 Sept 2026 · All 5 resolutions passed at Atlantaa 43rd AGM | compliance | minimal | — | — |
| 29 Sept 2026 · Atlantaa Limited 43rd AGM held, key resolutions approved | board shareholder meetings | low | — | — |
| 23 Sept 2026 · Trading window closed for Q2 and H1 FY27 results | compliance | minimal | — | — |
| 21 Sept 2026 · Independent Director exits as second term expires; disclosure filed late | management changes | medium | — | — |
| 6 Sept 2026 · Newspaper publication of 43rd AGM notice and Annual Report for FY2025-26 | compliance | minimal | — | — |
| 5 Sept 2026 · Atlantaa dispatches Annual Report FY25-26 weblink to non-email shareholders | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.