ACCORD TRANSFORMER & SWITCHGEAR LIMITED
CORPORATE SNAPSHOT
Particulars | Details |
CIN | U31500HR2014PLC052544 |
Incorporated | June 20, 2014, as a private
limited company; converted to a public limited company on December 4, 2024 |
Registered Office | Unit No. 724, 7th Floor, Eros
Corporate Park, K Block, Sector 2, IMT Manesar, Gurgaon, Manesar, Haryana –
122052 |
Manufacturing Units | Two units at Bhiwadi, Rajasthan
(one on leased premises) |
Promoters | Mr. Pradeep Kumar Verma — Chairman
& Managing Director; Mrs. Shalini Singh — Whole-Time Director |
INTRODUCTION
Accord Transformer & Switchgear Limited (“ATSL”/”Accord”), formerly Accord Transformer & Switchgear Private Limited, is a Gurgaon-headquartered electrical equipment manufacturer with over a decade of operating history. The company designs, engineers, manufactures and supplies transformers, switchgear, control panels and allied distribution equipment, executing both standardised products and project-specific customised solutions. It converted to a public company in December 2024 and completed its maiden public issue on the BSE SME platform in March 2026.
BUSINESS OVERVIEW
- Core activity: Design, engineering, manufacture and supply of power and distribution transformers, switchgear, control panels and substation equipment.
- End-markets served: Power transmission & distribution utilities, renewable energy (solar and wind) project developers, industrial units, infrastructure/EPC projects, and EV-charging network operators.
- Business model: Project-driven and customer-centric — a mix of standard catalogue products and customised, order-specific equipment built to client specifications.
- Technology collaborations: The company has stated it draws on collaborations with global electrical equipment players — including Schneider Electric (for customised “Prisma Set” panels) and Lucy Electric — to strengthen design capability and align with international quality benchmarks.
- Promoter background: The promoters bring over a decade of domain experience in the electrical equipment trade. The Managing Director’s associate proprietary concern, ABL Electricals, has historically operated in a related line (HT transformers, package substations, control/APFC/VCB panels).
PRODUCT PORTFOLIO
Transformers
- Distribution Transformers — up to 2.5 MVA, 36 kV
- Power Transformers — up to 20 MVA, 33 kV
- Dry-Type Transformers — up to 5,000 kVA, 36 kV
- Ester Oil Transformers
- Special-purpose/Inverter Duty Transformers — solar transformers, wind inverter-duty transformers, furnace-duty transformers
Panels & Switchgear
- LV/MV Control Panels, VCB (Vacuum Circuit Breaker) Panels, APFC Panels, Industrial Panels
- Customised “Prisma Set” panels (developed with Schneider Electric)
- HT & LT Electric Panels
Substations & Allied Equipment
- Compact/Package Substations, Skid-Mounted Substations
- Busducts and Cable Trays
MANUFACTURING INFRASTRUCTURE & QUALITY SYSTEMS
- Facilities: Two manufacturing units at Bhiwadi, Rajasthan, supported by the registered/corporate office at IMT Manesar, Gurugram.
- Machinery: Plasma cutting systems, foil winding machines, MIG and arc welding machines, shot blasting and painting booths, busbar processing equipment, and comprehensive in-house testing laboratories.
- Installed capacity: ~900.36 MVA for transformers, with capacity utilisation of approximately 69.78% as of December 31, 2025.
- Workforce: 114 permanent employees as of December 31, 2025.
- Certifications: Integrated Management System certified under ISO 9001:2015 (Quality), ISO 14001:2015 (Environment) and ISO 45001:2018 (Occupational Health & Safety); manufacturing aligned to ZED (Zero Effect, Zero Defect) principles.
MARKET PRESENCE (FY25)
- Revenue mix by offering: Products ~98.44% of revenue; within products, transformers were the largest contributor (~78.85%), followed by package substations (~14.10%).
- Geographic mix: Gujarat ~56.06%, Dadra & Nagar Haveli ~14.23%, Uttar Pradesh ~10.44%, balance spread across other states.
- Customer concentration: Top 10 customers accounted for over 84% of FY25 revenue — a long-standing but concentrated client base typical of project-driven manufacturers.
- Order book: ₹164.26 crore executable order book as of January 18, 2026.
CAPITAL MARKETS MILESTONE — BSE SME LISTING
- Issue: 100% fresh issue of up to 55,62,000 equity shares (₹10 face value), aggregating up to ₹25.59 crore; no offer-for-sale component. Price band ₹43–₹46; market maker — Giriraj Stock Broking Private Limited.
- Timeline: Anchor bidding February 20, 2026; issue open February 23–25, 2026; listed on BSE SME on March 2, 2026. Overall subscription was reported at over 300 times.
- Listing debut: Shares listed at ₹50 (an 8.70% premium to the ₹46 issue price) and touched the 5% upper circuit at ₹52.50 on listing day.
- Use of proceeds: Capital expenditure on machinery/equipment (~₹13.03 crore), working capital funding (~₹10 crore), and general corporate purposes.
- Intermediaries: GYR Capital Advisors Private Limited (Book Running Lead Manager); KFin Technologies Limited (Registrar).
GROWTH STRATEGY & OUTLOOK
- Expand manufacturing capacity and diversify into higher-capacity, smart-grid-compatible products.
- Strengthen exports and step up investment in product innovation over the next five years.
- Longer-term ambition of migrating from the BSE SME platform to the mainboard.
- Positions itself as a technology-driven manufacturer aligned with India’s grid modernisation and renewable energy integration trends.
(These are forward-looking statements of intent by company leadership, not guaranteed outcomes.)
