AtmastcoShare price, financial results, shareholding and management
- Market cap
- ₹272 cr
- Stock P/E
- 14.3peers 9.9
- Book value
- ₹59.4
- Price to book
- 1.85
- EV / operating profit
- 7.6
- Market cap to sales
- 0.93
- ROCE · FY26
- 16.8%
- ROE · FY26
- 13.9%
- ROE, 3-year average
- 16.6%
- Operating margin · FY26
- 16.0%peers 11.1%
- Sales growth, 3 years
- 6.6%
- Profit growth, 3 years
- 13.5%
- Debt to equity
- 0.71peers 0.70
- Borrowings
- ₹104 cr
- Interest cover
- 3.2×
- Cash from business / op. profit
- 26%
- Debtor days
- 113
- Pledged
- 0.00%
- Promoter holding
- 66.14%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 3,796
- 52-week high / low
- ₹215 / ₹97
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Atmastco share price chart
Close on 6 Nov 2026 · -4.39% on the day · Vol 19,200
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- -6.7%
- 3 months
- -26.5%
- 6 months
- -43.6%
- 1 year
- -45.9%
- Since IPO
- +42.7%
- Traded a day, 20 days
- ₹0.21 cr
- Taken for delivery
- 88%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +1% | -1% |
| 3 years, a year | +7% | +14% |
About Atmastco: business, products and customers
Atmastco builds heavy steel structures and runs turnkey construction projects for steel, power, cement and other industrial plants, from its base in Bhilai, Chhattisgarh. Its shares trade on NSE Emerge.
Atmastco started in Bhilai as a trading company and grew into an engineering firm that designs, fabricates and erects heavy steel structures such as furnace buildings, conveyor galleries, pipe racks and pre engineered buildings. It has units in Bhilai and Trichy, a fabrication works of about 25,000 square metres, and since FY23 a second line as a turnkey contractor that sets up factory buildings and plant sections for private and government clients. Clients named by its rating agency include Vedanta, Tata Steel, BHEL and Engineers India.
The company buys its own steel, often most of a project's needs at one time, and carries a lot of half finished work, so stock and money held back by clients take up much of its capital. Clients keep retention money until a job is finished, and in FY25 some project costs were booked before bills could be raised because clients' quality checks were pending, which pulled margins down. Its bank limits have been used almost in full.
Read more about the business
Its wholly owned subsidiary, Atmastco Defence Systems, opened a plant in January 2026 to make bullet resistant jackets and helmets and cleared government ballistic tests in March 2026; commercial production waits on a BIS certificate. The documents read name no competitors and describe the field as crowded with small fabricators and large firms.
From the FY24 annual report, the Acuite (August 2025) and Infomerics (November 2025) rating notes, and the company's 2026 press releases and exchange announcements.
Read the deeper study ↓In its favour
- The promoters own a large part of the company: 66.14%.
To watch
- Signing of the formal contract for the ₹235 cr SAIL reheating furnace project and the start of work (Press release, 19 Feb 2026).
- BIS certification and first orders for the defence subsidiary's jackets and helmets (Press release, 1 Apr 2026).
- Conversion of the 22,50,000 warrants, which needs ₹25.7 cr more within eighteen months of 24 June 2026 (Exchange announcement, 24 Jun 2026).
- Whether the company resumes sharing information with Infomerics, CARE and India Ratings, and names a new company secretary (Infomerics rating note, Nov 2025; Exchange announcement, 30 Jun 2026).
- The promoters' share has come down: 66.14%, from 68.43%.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Atmastco revenue and profit growth
Half-yearly results · Profit and lossSales have grown slowly. Last year profit fell even as sales rose, so the company kept less from each rupee of sales.
SME companies report every six months.
Atmastco half-yearly results
SME companies report every six months · ₹ crore
| H2FY25 | |
|---|---|
| Sales | 150.66 |
| Expenses | 133.63 |
| Operating profit | 17.03 |
| OPM | 11.3% |
| Interest | 7.71 |
| Depreciation | 1.92 |
| Profit before tax | 7.69 |
| Net profit | 5.06 |
Atmastco profit and loss
Full years to March, FY20 to FY26 · ₹ crore, consolidated where reported
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Sales | 115 | 69 | 94 | 242 | 224 | 289.57 | 293 |
| Expenses | 103 | 60 | 80 | 211 | 185 | 246.71 | 245 |
| Operating profit | 13 | 9 | 14 | 31 | 39 | 42.87 | 47 |
| OPM | 11.0% | 14.0% | 15.0% | 13.0% | 17.0% | 14.8% | 16.0% |
| Other income | 1 | 1 | 1 | 1 | 1 | 0.71 | -5 |
| Interest | 7 | 7 | 8 | 10 | 12 | 12.39 | 12 |
| Depreciation | 2 | 2 | 3 | 4 | 4 | 3.72 | 4 |
| Exceptional and other items | -1 | · | 1 | · | -1 | · | · |
| Profit before tax | 4 | 1 | 5 | 18 | 23 | 27.47 | 26 |
| Tax rate | 25.0% | 0.0% | 40.0% | 27.8% | 30.4% | 29.8% | 26.9% |
| Net profit | 3 | 1 | 3 | 13 | 16 | 19.28 | 19 |
| EPS ₹ | 2.15 | 0.41 | 2.18 | 8.63 | 6.61 | 7.80 | 7.70 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
Atmastco profitability
Margins and returns on capitalLast year the company kept about as much from each rupee of sales as the year before. It earns a moderate return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Operating margin | 11.0% | 14.0% | 15.0% | 13.0% | 17.0% | 14.8% | 16.0% |
| Tax rate | 25.0% | 0.0% | 40.0% | 27.8% | 30.4% | 29.8% | 26.9% |
| ROCE | · | 9.0% | 13.8% | 25.3% | 23.0% | 21.0% | 16.8% |
| ROE | · | 2.6% | 7.3% | 26.5% | 19.6% | 16.4% | 13.9% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Atmastco debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown. Its loans are smaller than its own money. Last year the business brought in less cash than it showed as profit, so part of the profit is still to be collected. Customers take about as long to pay as they did in FY24.
Bars below the line are cash going out.
Atmastco balance sheet
At each 31 March · ₹ crore
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Equity capital | 15 | 15 | 15 | 15 | 25 | 24.73 | 25 |
| Reserves | 24 | 24 | 28 | 40 | 83 | 102.51 | 122 |
| Net worth | 39 | 39 | 43 | 55 | 108 | 127.25 | 147 |
| Borrowings | 45 | 54 | 52 | 71 | 71 | 73.87 | 104 |
| Other liabilities | 41 | 27 | 38 | 110 | 112 | 221 | 171 |
| Total liabilities | 125 | 120 | 133 | 236 | 291 | 422.12 | 422 |
| Fixed assets | 0 | 30 | 28 | 30 | 27 | 24.95 | 34 |
| Capital work in progress | 4 | 0 | 0 | 0 | 0 | 1 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other assets | 121 | 90 | 105 | 206 | 264 | 396.17 | 388 |
| Receivables | · | · | · | · | · | 163.42 | 90.78 |
| Inventory | · | · | · | · | · | 137.24 | 141.08 |
| Cash | · | · | · | · | · | 49.06 | 19.65 |
| Trade payables | · | · | · | · | · | 96.48 | 73.64 |
Atmastco cash flow
₹ crore
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Cash from operations | 11 | 2 | 3 | 20 | -20 | -32.72 | 12 |
| Cash from investing | -1 | -1 | 1 | -5 | 0 | -2.06 | -10 |
| Cash from financing | -11 | -4 | -1 | 23 | 29 | 25.42 | -31 |
| Net cash flow | -1 | -3 | 3 | 38 | 9 | -9.36 | -29 |
| Capital spending | · | · | · | · | · | 2.70 | 11.50 |
Working capital
Days
| FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|---|
| Debtor days | 98 | 164 | 153 | 65 | 137 | 206 | 113 |
| Inventory days | 227 | 449 | 309 | 273 | 356 | 335 | 329 |
| Days payable | 116 | 177 | 117 | 171 | 185 | 236 | 172 |
| Cash conversion cycle | 209 | 436 | 345 | 167 | 308 | 306 | 270 |
| Working capital days | 151 | 89 | 104 | 43 | 130 | 179 | 199 |
Atmastco peers and competitors
Listed SME companies in the same industryBy sales, Atmastco is number 12 of the 58 listed SME companies in construction.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| E To E Transportation Infrastructure | 524 | 30.8 | 380 | 17 | 10.0% | 0.80 |
| Solarium Green Energy | 247 | 12.4 | 368 | 20 | 8.0% | 0.96 |
| Chavda Infra | 330 | 19.4 | 321 | 17 | 18.0% | 0.63 |
| Giriraj Civil Developers | 115 | 7.6 | 309 | 15.1 | 7.7% | 0.15 |
| Karbonsteel Engineering | 164 | 14.9 | 301 | 11 | 11.0% | 0.48 |
| Atmastco | 272 | 14.3 | 293 | 19 | 16.0% | 0.71 |
| Konstelec Engineers | 73 | 10.0 | 210 | 7.3 | 9.3% | 0.85 |
| Mayasheel Ventures | 74 | 6.5 | 206 | 11.3 | 14.5% | 0.69 |
| Sonu Infratech | 52 | 4.0 | 194 | 13 | 15.2% | 0.57 |
| K2 Infragen | 51 | 3.8 | 185 | 13.3 | 12.4% | 1.16 |
| Lakshya Powertech | 98 | 9.8 | 180 | 10 | 11.1% | 0.71 |
| Median of the 10 others | 107 | 9.9 | 256 | 13.2 | 11.1% | 0.70 |
Atmastco shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company, a little less than in the first filing shown. Big foreign and Indian funds own very little. The number of shareholders is about the same.
Atmastco shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Feb 24 | Mar 24 | Sep 24 | Mar 25 | Sep 25 | Mar 26 | Jun 26 | |
|---|---|---|---|---|---|---|---|
| Promoters | 68.43% | 68.43% | 68.43% | 66.15% | 66.15% | 66.14% | 66.14% |
| Foreign investors (FIIs) | 0.00% | 0.03% | 0.01% | 0.00% | - | 0.00% | 0.24% |
| Indian institutions (DIIs) | 1.63% | 0.00% | 0.01% | 0.43% | 0.07% | 0.01% | 0.02% |
| HNIs (over ₹2 lakh each) | 2.24% | 10.35% | 8.46% | 8.29% | 7.73% | 8.50% | 8.97% |
| Small holders (up to ₹2 lakh) | 23.59% | 18.44% | 20.16% | 20.75% | 20.60% | 20.36% | 19.72% |
| Companies and others | 4.11% | 2.75% | 2.93% | 4.38% | 5.45% | 4.99% | 4.91% |
| Number of shareholders | 3,699 | 2,134 | 3,459 | 4,065 | 4,062 | 3,890 | 3,796 |
The named holders are at 30 June 2026, beside 24 June 2026, each under the group the pattern files them in.
Atmastco study: the business from its own documents
Read from 7 of the company's own documentsAtmastco so far
From the company's own record
- 23 Feb 2024Listed on NSE Emerge at ₹77
- 10 Sept 2026An order announced
- 23 Sept 2026An order announced
- 25 Sept 2026An order announced
- 30 June 2026Promoters at 66.14%
- 4 July 2024Highest close since listing, ₹306.40
Atmastco key facts from the filings
Each figure with the document it comes from
- FY25 sales
- ₹289.6 cr
- Operating income, up from ₹224.0 cr in FY24, with profit after tax of ₹19.9 cr.Acuite rating note, Aug 2025, p.3 and p.4
- Order book
- ₹342.3 cr
- Unexecuted orders in July 2025: ₹266.3 cr of turnkey projects and ₹76.0 cr of fabrication.Acuite rating note, Aug 2025, p.3
- SAIL furnace project
- ₹235 cr
- Letter of intent from SAIL's Bhilai Steel Plant in February 2026 for a reheating furnace at its plate mill; a formal contract was still to follow.Press release, 19 Feb 2026, p.2
- Retention money
- ₹82.5 cr
- Held back by clients at March 2025 until work is completed, part of very long working capital.Acuite rating note, Aug 2025, p.3
- Stock on hand
- 204 days
- Inventory days in FY25, up from 180 days, mostly work in progress.Acuite rating note, Aug 2025, p.3
Show 5 more facts
- Bank limits used
- 96%
- Average use of fund based bank limits in the six months to June 2025.Acuite rating note, Aug 2025, p.3
- Rating, not cooperating
- IVR BB-
- Infomerics cut its long term rating in November 2025 because the company did not send information; CARE and India Ratings also list it as not cooperating.Infomerics rating note, Nov 2025, p.1 to 3
- New money raised
- ₹55.8 cr
- Preferential shares and warrants at ₹152 approved in June 2026; ₹30.2 cr was received upfront, including warrants taken by the managing director.Exchange announcement, 24 Jun 2026, p.1 and p.2
- Defence armour
- Tests passed
- The subsidiary's soft and hard armour panels passed national ballistic tests in March 2026; production starts after BIS certification.Press release, 1 Apr 2026, p.2
- Promoter holding
- 66.14%
- Held by the promoter group at June 2026, down from 68.43% at listing.Shareholding pattern, June 2026
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The company says the SAIL letter of intent adds ₹235 cr to its order book and that work starts once the formal contract is signed. Its rating agency recorded a further ₹900 cr of proposed orders in July 2025, mostly turnkey work. The company says the defence subsidiary will begin commercial production after BIS certification and is in talks with government agencies, police departments and buyers abroad. The 22,50,000 warrants allotted in June 2026 can be turned into shares within eighteen months on payment of the remaining ₹25.7 cr.
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Atmastco earns its money building heavy steel structures and plant sections for big industrial companies, and profit margins have been healthy for a contractor.
Its weak spots are that a great deal of money is stuck in half finished work and in amounts clients hold back, and it stopped giving information to some rating agencies.
AverageCan it set its own prices?Turnkey work pays better than plain fabrication, but the company says competition in its field leads to price pressure.
AverageHow strong is it against rivals?It has a long record with large steel and power companies and a big fabrication works, but it competes with many fabricators and contractors.
AverageWho are its customers?Large private and government industrial companies, which lowers the risk of not being paid, though each project is big.
WatchDoes it need a lot of money?Yes. Long projects, large steel stocks and retention money tie up cash, and the company has raised new share capital.
StrongCan it keep finding new work?It has a sizeable order book and won a large furnace job from SAIL in 2026.
WatchDo good and bad years swing a lot?Results depend on when big projects are billed and on spending by steel, power and cement plants, so years can differ a lot.
Who runs Atmastco?
Promoters, directors and officers; tap a name for the background
SSSubramaniam Swaminathan IyerPromoter and Managing Director · holds 29.53%
Managing director who signs the company's filings and press releases; the Acuite note credits the company's growth to the industry experience of Subramaniam Swaminathan Iyer and the other promoters. Held 73,04,277 shares, 29.53%, before taking 18,00,000 warrants in June 2026. The documents read give no education or work history.
Exchange announcement, 27 Jun 2026, p.2 and p.3; Acuite rating note, Aug 2025, p.1VGVenkataraman GanesanWhole-Time Director and Chief Financial Officer
A chartered accountant with more than 25 years in finance, project execution, steel marketing, audit and taxation; on the board since June 2004 and executive director and CFO since October 2018. Also a director of Atmastco Defence Systems. Held 35,83,160 shares.
Annual report FY24, p.4 and p.178JSJayasudha SwaminathanWhole-Time Director
Whole-time director; FY24 pay was ₹0.04 cr. The documents read give no education or work history.
Annual report FY24, p.4 and p.38GSGobichettipalayam Srinivasan VenkatasubramanianChairman and Non-Executive Director
Joined the board on 2 November 2023. The documents read give no education or work history.
Annual report FY24, p.4 and p.24CAChandan AmbalyIndependent Director
Appointed on 5 August 2023; chairs the audit committee. The documents read give no education or work history.
Annual report FY24, p.24, p.28 and p.29SSSiddhartha Shankar RoyIndependent Director
Appointed on 5 August 2023; chairs the nomination and remuneration committee. The documents read give no education or work history.
Annual report FY24, p.24, p.28 and p.29RBRajendra BiswalFormer Company Secretary and Compliance Officer
Resigned with effect from 7 July 2026 to take up another opportunity; the documents read do not name a successor.
Exchange announcement, 30 Jun 2026, p.1Atmastco latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- Shareholding, 30 June 2026: promoters unchanged at 66.14%.
- 25 Sept 2026: an order announced.
- 23 Sept 2026: an order announced.
Atmastco announcements
116 on record, latest first; each opens the filing on the exchange
- Certificate under SEBI (Depositories and Participants) Regulations, 2018Certificate under SEBI (Depositories and Participants) Regulations, 2018PDF ↗
- Updates''PDF ↗
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015PDF ↗
- Press Releasea press release dated September 25, 2026, titled "Atmastco Limited ( the Company ) Wholly Owned Subsidiary Atmastco Defence Systems Private Limited Secured its PDF ↗
- Bagging/Receiving of orders/contractsBagging/Receiving of orders/contractsPDF ↗
- Reply to Clarification- Financial resultsThe Exchange had sought clarification from Atmastco Limited for the quarter ended 30-Jun-2026 with respect to Regulation 33 of the SEBI (Listing Obligations andPDF ↗
- Outcome of Board MeetingHeld on September 12, 2026PDF ↗
- Bagging/Receiving of orders/contractsBagging/Receiving of orders/contractsPDF ↗
- Clarification - Financial ResultsThe Exchange has sought clarification from Atmastco Limited for the quarter ended 30-Jun-2026 with respect to Regulation 33 of the SEBI (Listing Obligations andPDF ↗
- Copy of Newspaper PublicationCopy of Newspaper PublicationPDF ↗
- Resignation of Director/KMP/SMPResignation of Director/KMP/SMPPDF ↗
- Change in Managementchange in ManagementPDF ↗
Atmastco annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
Atmastco share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Atmastco's data · 11
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- !For FY26 the exchange filing's profit lines do not add up as read, so the figures shown are from the results page instead.
- !The two halves of FY26 as reported add up to sales of ₹263.29 cr, the full year to ₹293.00 cr; one of the filings may have been restated.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (2,47,34,690 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter pledge figures are within possible limits in every shareholding pattern shown.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- !The two half-years of FY26 add up to ₹263.3 cr of sales against ₹293.0 cr for the full year, so the half-years of FY26 are held back.
- ✓Earnings per share moves in line with profit across the years shown.
- ✓Revenue and profit are reported for every year shown, FY20 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Atmastco
What does Atmastco do?
Atmastco builds heavy steel structures and runs turnkey construction projects for steel, power, cement and other industrial plants, from its base in Bhilai, Chhattisgarh. Its shares trade on NSE Emerge.
What is the share price of Atmastco?
₹110 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Atmastco?
₹272 cr at the close on 6 Nov 2026, on 2,47,34,690 shares.
What is the P/E of Atmastco?
14.3 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Atmastco's revenue and profit?
Revenue ₹293 cr and profit after tax ₹19 cr in FY26.
Who are the promoters of Atmastco?
Subramaniam Swaminathan Iyer; promoters held 66.14% at 30 June 2026.
What was the IPO price of Atmastco?
₹77 a share; it listed on 23 Feb 2024.
What is Atmastco's website?
www.atmastco.com
More SME companies like Atmastco
Other listed SME companies in construction, the closest in size first, each read from its own documents.
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Every listed SME company in Construction → · SME companies listed in 2024 →
Built from 3 press releases, 2 credit rating notes, 1 result filing, 1 annual report, 116 exchange announcements, 7 shareholding patterns and 7 years of reported results. Every figure carries its source; where the documents are silent, the page says so.