Company Overview

Atlas Cycles (Haryana) Limited is an India-based company engaged in the business of manufacturing and selling of bicycles. Previously known as 'Atlas Cycle Industries Limited', it began with the manufacture of bicycle saddles in 1951 and produced its first bicycle in 1952. The Company name was changed to 'Atlas Cycles (Haryana) Limited' on April 16, 2002.

ACL is an ISO 9001:2000 certified manufacturer and is recognized as one of India's oldest and largest bicycle manufacturers. From a modest beginning of 120 cycles per day, the Company has grown significantly to become India's second-largest cycle manufacturer and has also emerged as a leading exporter of bicycles from India.

Manufacturing Infrastructure and Global Reach

The Company's manufacturing plants are strategically located at Sonepat, Sahibabad, Malanpur, Bawal, and Rasoi. Operational units are situated in Sonepat, Sahibabad, Rasoi, and Gurgaon, all within Haryana. Its combined manufacturing capacity stands at a substantial 3.1 million cycles per annum.

Atlas Cycles has established a significant global footprint, with its bicycles being sold in approximately 50 countries worldwide. The company manufactures bicycles for both domestic and export markets under the 'Atlas' brand. It has actively explored new export markets, including Myanmar and South Africa, and has been exporting components, bicycles, and mopeds, while also tapping into the fitness equipment market overseas.

Subsidiaries and Corporate Structure

The Company's subsidiaries include Atlas Cycles Sonepat Ltd, Atlas Cycles (Malanpur) Ltd, and Atlas Cycles (Sahibabad) Ltd. The company's registered office is located at Atlas Road, Industrial Area, Sonepat, Haryana-131001.

Financial Performance and Market Position

Key Financial Metrics

The market capitalization of Atlas Cycles (Haryana) Ltd is ₹60.57 Crore as of March 28, 2025. The stock is traded on both the NSE and BSE under the symbol ATLASCYCLE.

Stock Performance Metrics

- 52-Week Range: ₹62.99 - ₹176.39

- P/E Ratio: 91.77

- P/B Ratio: 0.16

Recent Financial Results

- Q3 FY2024-25 (Quarter ended December 2024):

- Revenue: Sales rose by 69.23% to ₹2.20 crore, compared to ₹1.30 crore in the quarter ended December 2023.

- Net Profit: Reported a profit of ₹0.27 crore, a significant improvement from a net loss of ₹2.98 crore in the previous year's quarter.

- Q2 FY2024-25 (Quarter ended September 2024):

- Net Profit: Reported a profit of ₹8.72 crore, a notable increase from a net loss of ₹2.71 crore in the quarter ended September 2023.

- Revenue: Sales increased by 126.99% to ₹3.70 crore, up from ₹1.63 crore in the same quarter of the previous year.

- Annual Performance (FY2023-24):

- On a consolidated basis, the company reported a profit of ₹6.63 crore on a total income of ₹53.26 crore for the fiscal year 2023-24.

- The Trailing Twelve Months (TTM) profit after tax was ₹15 crore.

Key Financial Ratios and Returns

- Return on Equity (ROE): Showed significant improvement, rising to 0.17 in 2024 from -7.15 in 2023. This indicates the company is generating profit for its shareholders.

- Debt Position: The company is almost debt-free.

- Debt-Equity Ratio: Stood at 2.77 for both 2023 and 2024, indicating consistent leverage levels.

Shareholding Pattern

- Promoter Holding: Increased to 41.92% as of March 2025, remaining stable from June 2024. This indicates consistent management control and confidence in the company's prospects.

Sector Classification

Atlas Cycles (Haryana) Ltd operates within the Consumer Discretionary sector, specifically the Cycles sub-sector. The bicycle manufacturing industry is experiencing renewed global interest driven by increasing health consciousness, environmental concerns, and government initiatives promoting sustainable transportation.

Investment Highlights

The company has demonstrated resilience in its operations, with debtor days improving from 1,388 to 67.7 days, signifying better working capital management. The stock is trading at 0.23 times its book value, which may be attractive to value investors.

However, investors should note that despite reporting profits, the company has not been paying dividends. Atlas Cycles (Haryana) Ltd continues to focus on strengthening its market position both domestically and internationally, maintaining its legacy as one of India's pioneering bicycle manufacturers.