Accord Transformer & Switchgear IPO

Accord Transformers and Switchgear is engaged in the design, engineering, manufacturing and supply of a wide range of electrical power equipment. Its product portfolio includes distribution transformers (up to 2.5 MVA, 36 kV), power transformers (up to 20 MVA, 33 kV), dry-type transformers, solar and special duty transformers, compact and skid-mounted substations (up to 2500 kVA), LV/MV control panels, bus ducts and cable trays and EV charging stations. The company operates manufacturing facilities in Haryana and Rajasthan. For FY25, revenue from products contributed 98.44% and rest by the services segment. Within products, transformers were the core revenue contributor at 78.85%, followed by package substations at 14.10%. Geographically, revenue is diversified with Gujarat contributing 56.06%, Dadra and Nagar Haveli 14.23% and Uttar Pradesh 10.44% in FY25.

As on January 18, 2026, the company had an executable order book of ₹164.26 crore. Installed capacity for transformers is 900.36 MVA with capacity utilisation of 69.78% as on Dec 2025. The business is primarily project-driven with top 10 customers contributing over 84.16% of revenue in FY25.