Accord Transformer & Switchgear Ltd

BSE: 544710

₹ 84.38-5.00%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 174 crWebsite: www.atsgroup.inUpdated: 24 Oct 2026

About

Accord Transformer & Switchgear designs, engineers, makes and supplies transformers, switchgear, package/compact substations, control panels, bus ducts, cable trays and EV charging solutions. It runs two manufacturing facilities in Bhiwadi, Rajasthan, with installed capacity of over 1,200 MVA, and serves more than 1,000 customers across India, the Middle East, the USA, Africa and other markets. Revenue was Rs 70.07 Cr in FY26.^[1][2]

Business segments

Manufacturing activity turnover was Rs 68.83 Cr in FY26, with a segment result of Rs 3.36 Cr.^[1]
Service activity turnover was Rs 1.24 Cr in FY26, with a segment result of Rs 1.14 Cr.^[1]
Transformers contributed about 80% of FY26 revenue (around INR58 crores). Compact and package substations contributed about 10% (INR8 crores).^[3]

Products and technical approvals

The portfolio covers transformers, switchgear, package/compact substations, control panels, bus ducts, cable trays and EV charging solutions.^[1]
In FY26 the company passed the Dynamic Short Circuit Test at CPRI for its 17.6 MVA, 33kV / 4×660V inverter duty transformer. Management described this as the highest rating in the industry for the renewable segment.^[1][3]

Manufacturing and capacity

The company has two manufacturing facilities in Bhiwadi, Rajasthan, with installed capacity of over 1,200 MVA as of FY26.^[1]
Capacity utilisation was 75%-80% in FY26.^[3]
Management said the existing facility can support up to INR200 crores of revenue without additional capex if dispatches are smooth.^[3]

Order book

The order book was about INR156 crores as of May 25, 2026.^[3]
FY26 revenue was about INR9 crores lower than FY25 because two orders (INR31 cr and INR3 cr) were deferred by delays at EPC customer sites. The goods had been made but were not cleared for dispatch before March 2026.^[3]
The company holds an exclusive letter of intent to supply compact substations to 450 NHEV highway EV charging stations. Management estimates the opportunity at about INR1,600 crores over 3-4 years, with the first 10-15 stations targeted in FY27.^[3]

Customers and markets

The company serves more than 1,000 customers, including power utilities, EPC contractors, industrial manufacturers, commercial infrastructure developers and renewable energy companies.^[1]
Its end markets include data centres, railways, smart cities and EV charging infrastructure.^[1]
Torrent Power accounted for about 35-40% of revenue in FY25. In FY26, six or seven customers together made up 45% of revenue.^[3]
The company is present across India, the Middle East, the USA, Africa and Asia.^[1]
In FY26 it gained vendor approvals from MVVNL, DHBVNL, UGVNL, Toyota and SMC-C Japan. It bid for about INR125 crores of projects in an MVVNL tender worth about INR356 crores.^[3]
It received a five-year UGVCL vendor registration for 500 KVA, 11/0.415 KV distribution transformers in Gujarat, and vendor approval from Aditya Birla Renewables.^[1]

Expansion

The company acquired about 20,300 sq. m. of land at Khairthal-Tijara, Rajasthan, for future manufacturing expansion, warehousing and testing infrastructure.^[1]
A planned facility of about 2.50 lakh sq ft is meant to support entry into EHV transformers and bring sheet metal work and powder coating in-house. Construction was expected to start in 2-3 months, with manufacturing about 6 months later.^[3]
IPO funds earmarked for plant and machinery are to be deployed at the new plant. The working capital portion of the IPO funds has already been used.^[3]
The company signed an MoU with the Western Administrative District of the City of Moscow covering energy infrastructure, manufacturing, EPC and technology exchange. No revenue is committed from it for FY27.^[1][3]

Recent developments

From September 14, 2026, the company received three orders totalling Rs 5,27,75,000 (excluding GST). These include Rs 4,48,15,000 from Good Earth Renewable Services for 14 inverter duty transformers.^[4]
On 29 Sep 2026 it reported orders totalling Rs 8,63,89,000, including Rs 8,39,39,000 from a private sector electrical company for 22 transformers, to be delivered within 1 month.^[5]

Market Cap

₹174 Cr

High / Low

₹117 / 45

Stock P/E

38.5

Price / Book

0.0

Book Value

₹24

EPS

₹2.2

No. of Shares

2.06 Cr

ROCE

11.5%

ROE

9.2%

OPM

9.4%

Debt / Equity

0.18

Sales

₹70 Cr

Net Profit

₹5 Cr

Promoter holding

62.0%

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