ACCORD TRANSFORMER & SWITCHGEA

Manufactures transformers, switchgear panels, compact substations and EV-charging infrastructure for India's power distribution utilities, renewable energy developers and industrial customers. FY26 revenue from operations was ₹70.07 cr, with the shortfall versus prior year attributed by management to ₹34 cr of revenue deferred to FY27 because of renewable EPC site delays. The order book stood at ₹156 cr as of May 25, 2026, with bids worth ₹225 cr pending (MVVNL ₹125 cr, Torrent Power ₹100 cr). Recent wins include a ₹19.97 cr order for 3.6 MVA wind turbine transformers for a Gadag-1, Karnataka wind project, vendor approvals from MVVNL, DHBVNL, UGVCL and Aditya Birla Renewables, and an LOI for 450 highway EV-charging compact substations (~₹1,600 cr addressable) under the NHEV programme. The company CPRI-certified a 17.60 MVA inverter-duty transformer — described by management as the highest rating in the renewable segment — and has partnerships with Schneider Electric, Lucy Electric and Siemens (Germany). A 2.5 lakh sq ft greenfield plant is planned on 20,300 sq m of land acquired in Khairthal, Rajasthan (₹8.85 cr purchase plus ₹1.82 cr stamp duty/commission) to enter EHV transformers and add in-house powder coating. Materials at 75.5% of revenue are the dominant cost. The company listed on the BSE SME platform in March 2026.