Accord Transformer & Switchgear Ltd IPO
Capital Goods - Electrical Equipment
Price Band
₹43 – ₹46
Lot Size
3000
Minimum Bid Quantity
6000
Minimum Investment
₹276000
Issue Size
₹25.59Cr
Opens
2026-02-23
Closes
2026-02-25
Listing
02-03-2026
Subscription Status
Qualified Institutional Buyers
153.01 x
Non-Institutional Investor
443.88 x
Retail Individual Investor
347.91 x
Total
322.08 x
IPO Details
Issue Type
FP
Face Value
₹10
Tick Size
1
ISIN
INE132201018
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
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.
Pros
- • 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.
Cons
- • 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.
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