ClosedSMEElectrical Equipment Manufacturing · Transformers and Switchgear
Accord Transformer & Switchgear
ACCORDTS·₹46·Opens 2026-02-23
★★★★☆4/5
🔗 Official WebsiteSubscribed
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Overall
Price Band: ₹46
About the Company
What does this company do?
Accord Transformer & Switchgear Limited manufactures power transformers with miscellaneous ratings. The company specializes in producing transformers for various voltage classes and capacity ranges.
IPO Details
Issue parameters, key dates and structure.
Reservation Structure
Products & Brands
Key offerings and brand portfolio of the company.
Power Transformers: Transformers with miscellaneous ratings up to various voltage classes and capacity ranges
Financial Performance
P&L, Balance Sheet and Cash Flow — all figures in ₹ Crores.
| Particulars (₹ Cr) | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Revenue from Operations | 790225.33 | 485369.15 | 407816.87 |
| Other Income | 1778.69 | 609.49 | 299.05 |
| EBITDA | 85793.82 | 23027.06 | 13530.02 |
| EBITDA Margin | 10.9% | 4.7% | 3.3% |
| Depreciation & Amortisation | 4049.54 | 1628.35 | 1344.79 |
| EBIT | 81744.28 | 21398.71 | 12185.23 |
| Finance Costs (Interest) | 6737.65 | 4806.03 | 3199.78 |
| PBT (Profit Before Tax) | 81744.28 | 21398.71 | 12185.23 |
| Tax | 21213.5 | 5331.95 | 3439.62 |
| PAT (Net Profit) | 60530.78 | 16066.76 | 8745.61 |
| PAT Margin | 7.7% | 3.3% | 2.1% |
| EPS — Basic (₹) | 4.35 | 1.26 | 0.69 |
| EPS — Diluted (₹) | 4.35 | 1.26 | 0.69 |
All figures in ₹ Crores (INR). Data sourced from DRHP/RHP.
Key Financial Ratios
Valuation and profitability metrics at the IPO price.
EPS — Basic (₹)
4.35
FY2025
EPS — Diluted (₹)
4.35
FY2025
P/E Ratio
10.57
At upper band of ₹46
RoNW (%)
28.09
FY2025
NAV per Share (₹)
14.35
Pre-issue
Debt/Equity
0.55
FY2025
EBITDA Margin (%)
10.86
FY2025
PAT Margin (%)
7.65
FY2025
Revenue CAGR
39.26
FY23-FY25 (2-yr)
SWOT Analysis
Internal strengths & weaknesses; external opportunities & threats.
💪Strengths
Strong revenue growth trajectory
Improving capacity utilization
Strong order visibility
Planned capacity expansion
⚠️Weaknesses
Negative operating cash flows
High working capital requirements
Historical compliance issues
🚀Opportunities
Growing transformer market demand
Expansion to higher capacity transformers
In-house testing capability
🔥Threats
Market competition
Raw material price volatility
Customer concentration
Competitive Strengths
Key advantages highlighted in the DRHP.
✓
Growing revenue with consistent expansion and strong demand from transformer market
✓
Capacity expansion planned with new machinery for testing transformers up to 100 MVA, 220 KV Class
✓
Strong order book visibility with confirmed orders of approximately ₹55-60 crores and active enquiries of ₹25-30 crores
✓
Experienced management team with promoters having long industry tenure
✓
Efficient manufacturing with capacity utilization improvement from 34.72% (FY23) to 65.64% (FY25)
✓
In-house testing capability planned to reduce logistics costs and improve delivery timelines
Promoters & Shareholding
Pre & post-IPO shareholding pattern. Click a promoter card to learn more.
Promoters
Shareholding Pattern
84.9484.94%
15.0615.06%
PrePost
Key Risks
Material risk factors to consider before applying.
⚠
Unable to locate bank statements for rights issue shares issued in 2015
⚠
Managing Director was previously disqualified under Companies Act but disqualification period appears expired
⚠
Delays in filing statutory forms with RoC including CHG-1, AOC-4, MGT-7, etc.
⚠
Negative cash flows from operating activities in FY25 and FY24
⚠
Significant working capital requirements for operations
⚠
High concentration of revenue from transformer sales
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Should You Apply?
Accord Transformer & Switchgear Limited manufactures power transformers and is expanding capacity with new testing equipment. The company demonstrated strong revenue growth of 93.8% (FY23-FY25 CAGR), improving capacity utilization to 65.64% in FY25, and maintaining healthy profitability with 7.65% PAT margins. With a strong order book of ₹55-60 crores and planned machinery investment of ₹1.54 crores, the company is positioned for continued growth. At the upper price band of ₹46, the P/E ratio of 10.57x appears attractive relative to growth trajectory and NAV of ₹14.35 per share.
⚠️ This is not investment advice. CheckIPO provides information for educational purposes only. Always consult a SEBI-registered financial advisor before investing.
IPO Timeline
Key milestones from opening to listing.
📅
IPO Opens
2026-02-23
🔒
IPO Closes
2026-02-25
🏛️
Listing
2026-03-01
Lead Managers & Registrar
Institutions managing the issue and handling allotment.
Book Running Lead Managers (1)
GYR Capital Advisors
Registrar to the Issue
📋
Kfintech Technologies Limited
Registrar to the Issue
Company Details
Registered information and contact details.
Company Name
Accord Transformer & Switchgear Limited
CIN
U31500HR2014PLC052544
Registered Office
Unit No. 724, Seventh Floor, Eros Corporate Park, K Block, Sector 2, IMT Manesar, Gurgaon, Manesar, Haryana, India, 122052
Contact Person
Ms. Tulsi Sharma
Phone
+91 85274 22944
Website
https://atsgroup.in/