💰 Financial Performance

Revenue Growth by Segment

The company operates in a single business segment: Infrastructure development and construction. Consolidated Net Profit before Tax declined significantly by approximately 272.6%, shifting from a profit of INR 15.99 Cr in H1 FY25 to a loss of INR 27.62 Cr in H1 FY26.

Geographic Revenue Split

100% of revenue is generated within India, as the company operates in a single geographical segment focused on domestic infrastructure projects.

Profitability Margins

Profitability has seen a sharp downturn; Standalone Operating Profit before working capital changes fell from INR 13.27 Cr in H1 FY25 to a loss of INR 25.94 Cr in H1 FY26. Consolidated Net Profit margin is currently negative due to the INR 27.62 Cr loss reported for the half-year ended September 2025.

EBITDA Margin

Not explicitly disclosed as a percentage, but core operational profitability is under pressure as Standalone Operating Profit before working capital changes turned negative at INR -25.94 Cr in H1 FY26 compared to a positive INR 13.27 Cr in the previous year.

Capital Expenditure

Consolidated Property, Plant, and Equipment (PPE) increased to INR 10.43 Cr as of September 30, 2025, from INR 9.42 Cr as of March 31, 2025, representing a net addition of INR 1.01 Cr in the first half of the fiscal year.

Credit Rating & Borrowing

Assigned a long-term rating of IVR BB+/Stable and a short-term rating of IVR A4+ by Infomerics as of July 23, 2025. The company maintains a debt-free capital structure, though it utilizes non-fund-based limits backed by fixed deposits of INR 40.47 Cr.

⚙️ Operational Drivers

Raw Materials

Specific raw materials include steel, cement, bitumen, and aggregates typical for EPC and infrastructure projects; however, the exact percentage of total cost for each is not disclosed in the provided documents.

Capacity Expansion

The company has an operational track record of over 40 years in infrastructure. Current capacity is defined by its ability to execute EPC, PPP, and HAM projects. Future expansion is linked to the execution of nascent-stage construction projects and real estate developments.

Raw Material Costs

Not explicitly disclosed as a percentage of revenue; however, the company reported a consolidated inventory increase of INR 10.30 Cr in H1 FY26, reflecting ongoing project execution costs.

Manufacturing Efficiency

Not applicable as the company is service/contracting-oriented; however, project execution efficiency is a key sensitivity for profitability.

📈 Strategic Growth

Expected Growth Rate

Not disclosed

Growth Strategy

The company aims to achieve growth through a diversified strategy across Engineering, Procurement, and Construction (EPC), Public-Private Partnerships (PPP), Hybrid Annuity Mode (HAM), and Real Estate projects. It focuses on leveraging its 4-decade track record to secure government and local authority contracts while improving sales velocity in its residential and commercial real estate portfolio.

Products & Services

Infrastructure development (roads, bridges), EPC contracting services, and residential/commercial real estate properties.

Brand Portfolio

ATLANTAA (formerly Atlanta Limited).

New Products/Services

The company is involved in nascent-stage construction and real estate projects; specific new product launch revenue contributions are not disclosed.

Market Expansion

Focus remains on the Indian infrastructure and real estate markets, particularly projects for government and local authorities.

Strategic Alliances

Operates through subsidiaries including Atlanta Infra Assets Ltd., Atlanta Ropar Tollways Private Ltd., and MORA Tollways Ltd.

🌍 External Factors

Industry Trends

The industry is characterized by a shift toward HAM and OMT models in infrastructure. The real estate sector is currently experiencing inherent cyclicality, requiring companies to maintain high sales velocity and construction progress to remain viable.

Competitive Landscape

Competes with other mid-to-large scale EPC and real estate developers in India.

Competitive Moat

The moat is built on a 40-year operational track record and the extensive experience of the promoters. This provides a competitive advantage in qualifying for large-scale government infrastructure tenders.

Macro Economic Sensitivity

Highly sensitive to the cyclical nature of the real estate sector and government infrastructure spending cycles.

Consumer Behavior

Demand for real estate is driven by interest rates and economic stability, affecting the company's residential and commercial project off-take.

Geopolitical Risks

Primarily domestic focus limits direct geopolitical exposure, but macro-economic shifts affecting interest rates can impact real estate demand.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by SEBI (LODR) Regulations 2015, Indian Accounting Standards (Ind AS), and specific infrastructure/construction norms set by government authorities.

Taxation Policy Impact

Not explicitly disclosed; however, the company reported a standalone Net Loss before tax of INR 22.58 Cr for H1 FY26.

Legal Contingencies

The company has various subsidiaries (MORA Tollways, Atlanta Ropar Tollways) which may have project-specific legal or regulatory requirements; specific pending court case values are not disclosed in the snippets.

⚠️ Risk Analysis

Key Uncertainties

Volatility in the scale of operations and the nascent stage of current construction projects present significant risks to near-term cash flows.

Geographic Concentration Risk

100% concentration in the Indian market, making it vulnerable to domestic regulatory and economic shifts.

Third Party Dependencies

Dependent on government and local authorities for project awards and timely payments.

Technology Obsolescence Risk

Low risk in core construction, but digital transformation in project management is ongoing.

Credit & Counterparty Risk

Receivables management is critical; current trade receivables (Consolidated) decreased by INR 8.95 Cr in H1 FY26, indicating active management of counterparty credit risk.