Sharescart Research Club logo

ATV Projects India Overview

1. Business Overview

ATV Projects India Ltd. was historically engaged in the engineering sector, primarily as an engineering, procurement, and construction (EPC) contractor and manufacturer of industrial equipment. Its core business involved undertaking turn-key projects for various industries such as chemical, fertilizer, sugar, cement, power, and general engineering. The company manufactured heavy engineering equipment like pressure vessels, heat exchangers, columns, and reactors. It generated revenue by executing these projects and selling manufactured equipment. As of recent information, the company is under corporate insolvency resolution process (CIRP) as per the National Company Law Tribunal (NCLT), Mumbai Bench, indicating significant operational distress and cessation of active business operations.

2. Key Segments / Revenue Mix

Historically, ATV Projects India Ltd.'s revenue primarily came from:

EPC Contracts: Executing turn-key projects in various industrial sectors.

Heavy Engineering Manufacturing: Production and sale of industrial equipment.

Specific detailed revenue mix by segment is not readily available or relevant given its current inactive status. Due to its insolvency, current operational revenue generation is minimal to non-existent.

3. Industry & Positioning

The company operated in the highly competitive Indian Engineering - Industrial Equipments sector, which includes EPC players and equipment manufacturers. This industry is cyclical, capital-intensive, and sensitive to infrastructure spending, industrial capex cycles, and government policies. Historically, ATV Projects aimed to position itself as an integrated player offering both project execution and equipment manufacturing capabilities. However, due to prolonged financial distress and insolvency proceedings, the company currently holds virtually no active market position relative to its peers, many of whom are larger, financially stronger, and more diversified entities.

4. Competitive Advantage (Moat)

Historically, ATV Projects India Ltd. might have possessed some advantages through its manufacturing capabilities and experience in executing complex industrial projects. However, these advantages proved insufficient to build a durable competitive moat. The company lacked significant scale, proprietary technology, strong brand recall, or client stickiness that could protect it from intense competition, operational inefficiencies, or financial mismanagement. Its eventual insolvency indicates a failure to sustain any competitive edge it might have once held.

5. Growth Drivers

Given that ATV Projects India Ltd. is currently under corporate insolvency resolution process (CIRP), the concept of traditional "growth drivers" is not applicable. The company's future hinges entirely on the successful resolution of its insolvency, which could involve:

Approval of a Resolution Plan: If a viable resolution plan is submitted by a prospective bidder and approved by the Committee of Creditors (CoC) and NCLT, it might lead to a restructuring and potential revival of some operations.

Liquidation: If no viable plan is approved, the company will likely undergo liquidation, ceasing to exist as a going concern.

Therefore, "growth" in the conventional sense is non-existent; the focus is on a possible restructuring to emerge from insolvency.

6. Risks

The primary risks for ATV Projects India Ltd. are existential:

Insolvency & Liquidation: The most significant risk is the failure of the Corporate Insolvency Resolution Process (CIRP) to yield a viable resolution plan, leading to the company's eventual liquidation.

Operational Cessation: Current operations are largely non-existent, and any revival is highly uncertain.

Regulatory & Legal Risks: Ongoing legal battles and compliance requirements related to the insolvency proceedings, potential creditor claims, and past governance issues.

Debt Burden: Historic and current substantial debt levels make any financial recovery extremely challenging.

Loss of Assets & Capabilities: Degradation or sale of operational assets, loss of skilled personnel, and erosion of capabilities during the insolvency period.

Market Perception: Extreme negative market perception makes attracting new business or investment incredibly difficult, even post-resolution.

7. Management & Ownership

Historically, ATV Projects India Ltd. was promoted by the Ahuja family. However, with the initiation of the Corporate Insolvency Resolution Process (CIRP), the powers of the Board of Directors and the management are suspended. The company is currently managed by a Resolution Professional (RP) appointed by the NCLT, under the oversight of a Committee of Creditors (CoC). The RP is responsible for managing the company's affairs during the CIRP and facilitating the insolvency resolution process. Ownership structure still reflects historical shareholders, but effective control rests with the RP and CoC.

8. Outlook

The outlook for ATV Projects India Ltd. is extremely challenging and precarious. The most probable scenario, given the company's prolonged financial distress and existing insolvency status, is that the Corporate Insolvency Resolution Process (CIRP) will either fail to attract a viable resolution plan or result in a plan that leads to significant dilution for existing shareholders, or ultimately, liquidation. Operations are largely ceased, and the market for its historical services and products is highly competitive. Without a substantial capital infusion, a complete operational overhaul, and effective debt restructuring, the company's long-term viability as an independent, operating entity is highly questionable. A less probable scenario would involve the successful approval and implementation of a robust resolution plan by a new investor, which would need to address the massive debt burden and outline a credible strategy for revival. Even in this optimistic scenario, existing shareholders would likely face substantial dilution. In essence, the company is at a critical juncture where its future hinges entirely on the outcome of its insolvency proceedings, with a high likelihood of unfavorable outcomes for existing equity holders.

Want to Start Investing in Top Unlisted Stocks?

Our experts help you choose the right stocks based on performance, risk, and growth potential.

ATV Projects India Key Financials

Market Cap ₹155 Cr.

Stock P/E 20.9

P/B 0.7

Current Price ₹29.1

Book Value ₹ 39.8

Face Value 10

52W High ₹44.8

Dividend Yield 0%

52W Low ₹ 28

ATV Projects India Share Price

| |

Volume
Price

ATV Projects India Quarterly Price

Show Value Show %

ATV Projects India Peer Comparison

ATV Projects India Quarterly Results

#(Fig in Cr.) Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025
Net Sales 17 12 19 20 17 16 18 15 14 18
Other Income 0 0 0 0 0 0 1 0 0 0
Total Income 17 12 19 20 17 16 18 15 14 18
Total Expenditure 15 10 17 18 16 14 16 13 12 16
Operating Profit 2 1 2 2 2 2 3 2 2 2
Interest 0 0 0 0 0 0 0 0 0 0
Depreciation 0 0 0 0 0 0 0 0 0 0
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 2 1 2 2 2 2 3 2 1 2
Provision for Tax -0 -0 -0 -0 -0 -0 -0 -0 -0 -0
Profit After Tax 2 1 2 2 2 2 3 2 1 2
Adjustments 0 0 0 0 0 0 0 -0 0 0
Profit After Adjustments 2 1 2 2 2 2 3 2 1 2
Adjusted Earnings Per Share 0.3 0.2 0.3 0.3 0.3 0.3 0.5 0.4 0.3 0.3

ATV Projects India Profit & Loss

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 63 76 60 54 41 38 34 33 48 62 71 65
Other Income 1 3 1 2 0 0 0 1 1 0 1 1
Total Income 64 79 60 56 41 38 34 33 49 62 71 65
Total Expenditure 61 72 55 53 38 34 30 29 43 54 63 57
Operating Profit 3 7 6 3 3 4 4 4 6 8 8 9
Interest 0 0 0 0 0 0 0 0 0 0 0 0
Depreciation 0 0 1 1 1 1 1 1 1 1 1 0
Exceptional Income / Expenses 34 0 146 36 -6 0 4 4 0 0 0 0
Profit Before Tax 36 7 151 38 -4 3 7 7 5 6 7 8
Provision for Tax 0 0 0 -0 0 0 0 -1 -0 -0 -0 0
Profit After Tax 36 7 151 38 -4 2 7 8 5 6 7 8
Adjustments 0 0 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 36 7 151 38 -4 2 7 8 5 6 7 8
Adjusted Earnings Per Share 6.9 1.3 28.8 7.3 -0.7 0.5 1.3 1.5 1 1.2 1.4 1.5

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 15% 29% 13% 1%
Operating Profit CAGR 0% 26% 15% 10%
PAT CAGR 17% -4% 28% -15%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR -12% 48% 39% 14%
ROE Average 4% 3% 4% 4%
ROCE Average 3% 3% 3% 10%

ATV Projects India Balance Sheet

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds -149 -142 110 179 180 182 183 187 192 199 206
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 410 402 126 77 70 62 62 54 54 51 43
Other Non-Current Liabilities 0 0 2 2 2 2 2 2 2 2 2
Total Current Liabilities 18 19 15 21 17 13 14 20 19 16 9
Total Liabilities 279 278 253 279 269 260 262 263 268 267 259
Fixed Assets 225 220 180 217 222 221 216 214 214 214 213
Other Non-Current Assets 1 1 4 4 4 1 1 1 1 1 1
Total Current Assets 53 57 69 57 43 38 44 49 53 52 45
Total Assets 279 278 253 279 269 260 262 263 268 267 259

ATV Projects India Cash Flow

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 0 1 1 1 5 1 2 1 0 1 3
Cash Flow from Operating Activities -8 11 -14 21 4 9 -5 5 -1 7 6
Cash Flow from Investing Activities 0 -3 14 33 -1 -0 4 2 1 -1 0
Cash Flow from Financing Activities 9 -8 -0 -50 -7 -8 -0 -8 0 -4 -8
Net Cash Inflow / Outflow 0 -0 0 4 -4 1 -1 -1 1 2 -2
Closing Cash & Cash Equivalent 1 1 1 5 1 2 1 0 1 3 1

ATV Projects India Ratios

# Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 6.92 1.33 28.78 7.31 -0.69 0.47 1.32 1.52 0.97 1.23 1.41
CEPS(Rs) 6.96 1.42 28.91 7.42 -0.5 0.64 1.48 1.7 1.21 1.45 1.61
DPS(Rs) 0 0 0 0 0 0 0 0 0 0 0
Book NAV/Share(Rs) -28.37 -27.04 20.87 34 34.18 34.65 34.9 35.59 36.55 37.78 39.19
Core EBITDA Margin(%) 3.07 5.67 8.27 2.59 7.19 9.75 10.6 9.28 10.17 12.11 10.9
EBIT Margin(%) 56.85 9.04 245.31 70.24 -8.76 7.45 21.95 21.46 10.47 10.42 10.44
Pre Tax Margin(%) 56.85 9.04 245.31 70.24 -8.76 7.4 21.92 21.44 10.45 10.41 10.43
PAT Margin (%) 56.85 9.04 245.13 70.27 -8.91 6.5 20.44 24.61 10.62 10.49 10.49
Cash Profit Margin (%) 57.2 9.61 246.2 71.3 -6.41 8.94 22.98 27.41 13.35 12.35 12
ROA(%) 13.23 2.51 56.97 14.47 -1.33 0.93 2.65 3.05 1.91 2.41 2.81
ROE(%) 0 0 0 26.66 -2.03 1.36 3.78 4.32 2.68 3.31 3.66
ROCE(%) 14.25 2.69 61.09 15.64 -1.42 1.14 3.03 2.87 2.05 2.59 2.96
Receivable days 130.56 157.92 252.28 266.09 175.03 53.69 63.46 59.06 37.08 39.62 52.58
Inventory Days 63.31 36.69 49.18 66.37 137.45 191.55 208.77 285.98 253.81 202.57 141.29
Payable days 79.89 87.55 77.52 38.17 39.19 37.85 43.98 71.68 49.37 27.2 24.78
PER(x) 0.33 6.03 0.21 1.32 0 5.79 3.15 6.49 7.26 12.79 22.5
Price/Book(x) -0.08 -0.3 0.29 0.28 0.19 0.08 0.12 0.28 0.19 0.42 0.81
Dividend Yield(%) 0 0 0 0 0 0 0 0 0 0 0
EV/Net Sales(x) 6.71 5.8 2.63 2.25 2.52 1.97 2.46 3.26 1.89 2.11 2.94
EV/Core EBITDA(x) 155.36 59.57 27.15 36.57 33.46 19.93 21.38 29.08 14.32 17.19 24.63
Net Sales Growth(%) 12.05 21.61 -21.68 -9.01 -24.92 -7.58 -10.42 -3.87 47.08 28.72 14.69
EBIT Growth(%) 2010.27 -80.77 2064.66 -74.62 -109.31 178.62 163.97 -6.02 -28.23 28.12 14.84
PAT Growth(%) 2010.27 -80.77 2063.03 -74.59 -109.47 167.37 181.89 15.72 -36.55 27.22 14.62
EPS Growth(%) 2010.55 -80.77 2063.03 -74.59 -109.47 167.38 181.89 15.72 -36.55 27.22 14.63
Debt/Equity(x) -2.75 -2.83 1.15 0.43 0.39 0.34 0.34 0.29 0.28 0.25 0.21
Current Ratio(x) 2.93 3.03 4.7 2.71 2.45 2.82 3.07 2.44 2.76 3.2 5.05
Quick Ratio(x) 2.48 2.63 4.08 2.21 1.31 1.34 1.75 0.85 0.95 1.15 2.69
Interest Cover(x) 0 0 0 0 -1882.58 147.23 589.11 742.11 459.28 641.41 1133.26
Total Debt/Mcap(x) 33.99 9.43 3.96 1.5 2.05 4.33 2.82 1.04 1.46 0.61 0.25

ATV Projects India Shareholding Pattern

# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 27.13 27.13 26.95 26.95 26.95 26.95 26.95 26.95 26.95 26.89
FII 0 0 0 0 0 0 0 0 0 0
DII 2.97 2.49 2.49 2.46 2.44 2.35 2.35 2.35 2.35 2.35
Public 69.9 70.39 70.57 70.6 70.62 70.7 70.7 70.7 70.7 70.77
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

ATV Projects India News

ATV Projects India Pros & Cons

Pros

  • Stock is trading at 0.7 times its book value
  • Company has delivered good profit growth of 28% CAGR over last 5 years
  • Debtor days have improved from 27.2 to 24.78days.
  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • Promoter holding is low: 26.89%.
  • Company has a low return on equity of 3% over the last 3 years.
whatsapp