Theoretically, the consecration can be valid, so there can be transubstantiation, just like at a black mass the consecration can be valid, so that satanists can blaspheme God to the highest degree.
I've never been to a black mass, BUT I understand to have a black mass they have to have a consecrated host to perform the sacrilage.
How could a satanist do a consecration unless he was a valid priest?
I don't believe Our Lord becomes present at the whim of a satanist !