India focused: IPO, special situations, Stylus Holdings

Himanshu Dugar

India focused: IPO, special situations

Stylus Holdings

Stylus Holdings is a buy-side equity research firm. We offer bottom-up investment ideas as well as provide on demand equity research and portfolio tracking. 
At Stylus, our focus is to identify market dislocations that can generate 20+% IRR with a reasonable margin of safety. As part of our research process, we do a deep dive into the fundamentals of the company, evaluate their competitive positioning and assess their valuation.
Our investment team is led by Himanshu Dugar. Himanshu is a Chartered Accountant and a CFA charter holder. He has 10+ years of active experience in the stock market with stints at CRISIL Research, a S&P Global copmany and Miras Investments, a single family office based in Dubai.

Equity Research Firm

Equity Capital Markets

Atlanta Electricals / Equity Capital Markets

<ul>
<li>Atlanta is the third largest manufcaturer of transformers in India. With recent capex coming online, it boasts of capacity and product offering in line with the market leaders.</li>
<li>The company has a strong order book of 1,600cr and given the fairly short execution timeline is positioned to deliver 25-30% growth in FY26.</li>
<li>We believe IPO is being fairly valued at 20-24 times FY26 EBITDA, implying a 30-35% discount vs market leader <a href="https://www.smartkarma.com/entities/transformers-rectifiers-india-ltd" target="_blank" data-smartkarma-citation="entities:4606:1" rel="noopener">Transformers &amp; Rectifiers (India) Ltd (TRIL IN)</a> </li>
</ul>


Atlanta is the third largest manufcaturer of transformers in India. With recent capex coming online, it boasts of capacity and product offering in line with the market leaders.
The company has a strong order book of 1,600cr and given the fairly short execution timeline is positioned to deliver 25-30% growth in FY26.
We believe IPO is being fairly valued at 20-24 times FY26 EBITDA, implying a 30-35% discount vs market leader Transformers &amp; Rectifiers (India) Ltd (TRIL IN) 


Atlanta Electricals: IPO Priced at 30% Discount to Peers. Can Bid for Listing Pop

India

Atlanta Electricals Limited operates as a transformer manufacturing company. The Company manufactures power, auto, furnace, and inverter and special duty transformers. Atlanta Electricals serves customers in India.

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Atlanta Electricals (ATLANTAE IN)

Atlanta Electricals: IPO Priced at 30% Discount to Peers. Can Bid for Listing Pop

Atlanta, the third largest transformer manufacturer in India, is poised for 25-30% growth in FY26 with a strong order book and competitive pricing...

Himanshu Dugar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Atlanta Electricals: IPO Priced at 30% Discount to Peers. Can Bid for Listing Pop

​Atlanta, the third largest transformer manufacturer in India, is poised for 25-30% growth in FY26 with a strong order book and competitive pricing...

Himanshu Dugar

Atlanta, the third largest transformer manufacturer in India, is poised for 25-30% growth in FY26 with a strong order book and competitive pricing...