Accord Transformer & Switchgear Ltd

Accord Transformer & Switchgear IPO

Accord Transformer & Switchgear Ltd

₹2,58,000 /6000 sharesMinimum investment

IPO details

Minimum investment
₹2,58,000
Price range
₹43 - ₹46
Lot size
3,000
Issue size
25.59 Cr
Face value
10
IPO document

Subscription rate

Data will be available soon

Schedule

23 Feb 2026
IPO open date
25 Feb 2026
IPO close date
26 Feb 2026
Allotment date
26 Feb 2026
Funds unblock or debit
2 Mar 2026
Tentative listing date

About

Accord Transformer & Switchgear is engaged in the design, engineering, manufacturing, and supply of electrical power and distribution transformers and related equipment. The company caters to standard and customised requirements across the power transmission and distribution sector, renewable energy, industrial applications, infrastructure projects, and electric vehicle charging networks. Its product portfolio includes distribution transformers, power transformers, dry-type transformers, package substations, and special-purpose transformers. It also manufactures low-voltage control panels, medium-voltage and vacuum circuit breaker panels, busducts, cable trays, and associated switchgear assemblies. The company operates two manufacturing facilities in Bhiwadi, Rajasthan, along with a registered office in Manesar, Haryana.;
Founded in
2014
MD/CEO
Mr. Pradeep Kumar Verma
Parent organisation
Accord Transformer & Switchgear Ltd

Accord Transformer & Switchgear Financials

Revenue
Total Assets
Profit
All values are in ₹ Cr
40.7848.5479.02202320242025

Strengths & Risks

Strengths
Risks
The company claims to focus on a specific niche within the power and distribution equipment segment, serving defined customer groups across transmission, renewable energy, industrial, and EV infrastructure sectors. With over 10 years of experience, it claims to emphasise quality and adherence to delivery timelines.
The company claims to have an order book valued at Rs 164.26 crore as of January 18, 2026. This order backlog indicates confirmed business and provides revenue visibility in the near term. It may also reflect demand across residential, commercial, and industrial power distribution segments.
The company claims to offer customised transformers, control panels, and related systems supported by advanced manufacturing equipment and in-house testing facilities. Its infrastructure is stated to include modern machinery and dedicated testing spaces.
The company claims to have collaborations with SGB-SMIT GmbH, Lucy Electric India Pvt Ltd, and Schneider Electric India Pvt Ltd. These partnerships reportedly cover areas such as liquid-filled transformers, power transformers, and compact substations.
The company holds ISO 9001 certification for its quality management systems, ISO 14001 certification for its environmental management systems, and ISO 45001 certification for occupational health & safety.
The company has witnessed a consistent increase in its revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 40.78 crore in FY23 to Rs 48.54 crore in FY24 and Rs 79.02 crore in FY25. PAT increased from Rs 0.88 crore in FY23 to Rs 1.61 crore in FY24 and Rs 6.05 crore in FY25.
The top five customers accounted for 48.10 percent, 73.62 percent, 58.29 percent and 79.60 percent of the company’s revenue for the period ended December 31, 2025, FY25, FY24, and FY23, respectively. As these engagements are largely on a purchase order basis without long-term contracts, any reduction, delay, or discontinuation of orders from these customers can adversely affect the company’s business, cash flows, results of operations, and financial condition.
The company’s business is dependent on the performance of the power generation, transmission, and distribution sector. Demand for its transformers and switchgear products is linked to investments in power infrastructure and broader infrastructure development. Any slowdown, delay in projects, reduction in capital expenditure by utilities, or adverse changes in government policies affecting the power sector can negatively impact the company’s business, cash flows, results of operations, and financial condition.
The company reported negative cash flow from operating activities amounting to Rs 8.93 crore in FY25 and Rs 4.93 crore in FY24. Additionally, negative cash flow from investing activities amounted to Rs 1.37 crore for the period ended December 31, 2025; Rs 2.69 crore in FY25; Rs 2.31 crore in FY24; and Rs 0.11 crore in FY23. Furthermore, the company reported negative cash flow from financing activities amounting to Rs 7.70 crore for the period ended December 31, 2025, and Rs 1.02 crore in FY23. Continued negative cash flows in the future may adversely affect the company’s liquidity, business operations, and financial condition.
A substantial portion of the company’s revenue is derived from transformer sales. This concentration makes its performance dependent on continued demand for transformers and its ability to retain existing clients and secure new ones. Any decline in transformer demand, loss of key clients, or inability to expand its customer base may adversely affect the company’s business prospects, revenues, cash flows, and financial condition.
The company relies on third-party transportation providers for the movement of raw materials and finished goods. Its manufacturing and delivery schedules are dependent on the timely performance of these external logistics partners. Any disruption, such as delays, labour disputes, fuel shortages, regulatory changes, or operational failures by these service providers, can adversely affect the company’s operations, revenues, cash flows, and financial condition.
The company has heavy working capital requirements due to the nature of its manufacturing operations. Its working capital requirement stood at Rs 19.52 crore for the period ended December 31, 2025; Rs 25.14 crore in FY25; Rs 9.54 crore in FY24; and Rs 3.09 crore in FY23. Its net working capital days increased to 110 days as of December 31, 2025, from 107 days in FY25, 55 days in FY24, and 40 days in FY23, indicating a rising capital cycle. Trade receivables have also increased significantly, rising by about 88 percent in FY24 and about 319 percent in FY25, suggesting higher sales on credit. If the company is unable to recover receivables on time, manage inventory efficiently, or secure adequate funding, it may face liquidity constraints.
As of December 31, 2025, the company had outstanding financial indebtedness of Rs 7.96 crore. Failure to service or repay these loans could harm the company’s operations and financial position.

Application details

For Accord Transformer & Switchgear IPO, eligible investors can apply as Individual investor.

Apply asPrice bandApply rangeLot size
Individual investor₹43 - ₹46₹2 - ₹5 Lakhs3000

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