Accord Transformer & Switchgear Limited
Accord Transformer & Switchgear Limited is a Gurugram-based SME company engaged in designing, engineering, manufacturing, and supplying transformers, control panels, and distribution equipment for power, renewable energy, and infrastructure sectors. The company raised ₹25.59 crores through a 100% fresh issue IPO listed on BSE SME in March 2026.
Overview
About the Company
Accord Transformer & Switchgear Limited (ATSL) was established on June 20, 2014, in Gurgaon, Haryana, initially as a private limited company before transitioning to a public limited company in December 2024. With over a decade of experience, the company specialises in designing, engineering, manufacturing, and supplying a wide range of electrical power and distribution equipment, including distribution transformers (up to 2.5 MVA, 36 kV), power transformers (up to 20 MVA, 33 kV), dry-type transformers (up to 5000 KVA, 36 kV), special-purpose transformers, LV/MV control panels, switchgear assemblies, package substations, and busducts. ATSL serves customers across power transmission and distribution, renewable energy, industrial applications, infrastructure projects, and EV charging networks. The company operates two manufacturing facilities in Bhiwadi, Rajasthan, equipped with advanced machinery including plasma cutting systems and foil winding machines, supported by in-house testing labs certified under ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018. As of December 31, 2025, the company employed 114 permanent staff.
Company Details
📋 Objects of Issue (Use of Proceeds)
- › Funding capital expenditure for the acquisition of new machinery and equipment to expand and upgrade manufacturing capabilities, with an estimated allocation of ₹13.03 crores.
- › Meeting incremental working capital requirements to support the company's growing order book and operational needs, with an estimated allocation of ₹10.00 crores.
- › Deployment towards general corporate purposes including routine business operations and other expenses not covered under the specific heads above.
✅ Strengths
- ✓ The company maintains a broad and diversified product lineup spanning transformers of various types, low and medium voltage control panels, switchgear assemblies, and package substations, reducing reliance on any single product category.
- ✓ ATSL has established a strong footprint across multiple high-growth end-use sectors including power transmission, renewable energy, industrial automation, infrastructure development, and EV charging infrastructure.
- ✓ The company's two manufacturing plants in Bhiwadi, Rajasthan, hold ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018 certifications and are equipped with sophisticated in-house testing laboratories, enabling rigorous quality control.
- ✓ The promoters bring substantial experience in the electrical equipment industry, providing strategic direction and deep domain expertise that supports ATSL's engineering capabilities and customer relationships.
- ✓ Revenue has grown consistently over the reported financial periods, driven by expanding demand in India's power and renewable energy infrastructure, positioning the company to benefit from ongoing sector tailwinds.
⚠️ Risks
- ! A significant portion of ATSL's revenues is derived from a small group of key clients, making the business vulnerable to the loss or reduction in orders from any one of these customers.
- ! The company's fortunes are closely tied to activity levels in the power sector and infrastructure development; any slowdown in government spending or project execution could adversely affect revenues.
- ! Both manufacturing facilities are located on leased premises, which exposes the company to risks related to lease renewals, possible termination, or adverse changes in lease terms.
- ! As a manufacturer of critical power equipment, ATSL is subject to stringent product quality standards, performance guarantees, and warranty obligations, which could lead to financial liability if products underperform.
- ! The business is capital-intensive in nature with elevated working capital needs, and any volatility in demand or delays in collections from customers could strain liquidity and operational continuity.