BSE: 544710
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Transformers, Switchgear panels, Package / compact substations (CSS), EV-charging infrastructure. Small-cap, order-driven electrical equipment manufacturer; recent BSE SME IPO (March 2026); FY26 results pressured by customer-side project deferrals
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY26 |
|---|---|
| Revenue | 70 |
| EBITDA (ex other income) | — |
| margin % | — |
| Owners' profit | — |
| EPS, as reported (₹) | 2.90 |
| ROE % · ROCE % | — · 13.3 |
| Debt / equity (x) | — |
| Cash from operations | 9 |
| Capex | (1) |
Exhibit 2: Quarterly performance, last 1 quarters
| ₹ crore | Q4 FY26 |
|---|---|
| Revenue | 42 |
| Profit before tax | 4 |
| Net profit | — |
| EPS (₹) | 2.03 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| BHEL | 1,39,247 | 57.2 | 5.33 | 46.4 | 6.1 | 4.7 | 14.3 | 9.3 |
| ABB INDIA LIMITED | 1,38,795 | 46.5 | 14.86 | — | 23.0 | 10.2 | — | 15.2 |
| CG POWER AND IND SOL LTD | 1,31,576 | 86.1 | 16.05 | 71.6 | 14.6 | 19.2 | 33.2 | 14.7 |
| HITACHI ENERGY INDIA LTD | 1,26,642 | 110.0 | 24.47 | — | 19.1 | 24.7 | — | 16.9 |
| SIEMENS LTD | 1,18,886 | 36.3 | 8.58 | 33.5 | 19.9 | 20.6 | 31.1 | 11.6 |
| GE VERNOVA T&D INDIA LTD | 1,01,908 | 78.1 | 37.88 | — | 45.8 | 57.9 | — | 27.4 |
| SIEMENS ENERGY INDIA LTD | 1,01,243 | 68.0 | 21.04 | — | 14.3 | 15.8 | — | 25.9 |
| SUZLON ENERGY LIMITED | 50,776 | 16.2 | 5.37 | 15.7 | 33.4 | 22.7 | 38.0 | 16.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 41.5 | 36.3 | 21 of 34 | 39% |
| ROCE | 12.2 | 16.6 | 23 of 36 | 37% |
| Market cap | 173 | 6531 | 32 of 35 | 9% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 19 Oct 2026 · New orders worth Rs 1.41 crore received from three domestic clients | business updates | medium | — | — |
| 13 Oct 2026 · Accord Transformer gets Rs 70 lakh orders from two private firms | business updates | medium | — | — |
| 7 Oct 2026 · Reg 74(5) compliance certificate submitted for Jul-Sep 2026 quarter | compliance | minimal | — | — |
| 5 Oct 2026 · H1 FY27 revenue up 90% to Rs 52.68 Cr; order book at Rs 173 Cr | business updates | medium | — | — |
| 29 Sept 2026 · New orders worth Rs 8.63 Cr from private and renewable clients | business updates | medium | — | — |
| 28 Sept 2026 · Trading window closed for insiders ahead of half-year results | compliance | minimal | — | — |
| 26 Sept 2026 · Shareholders approve ATSL ESOP 2026 covering up to 5 lakh stock options | capital market events | low | — | — |
| 26 Sept 2026 · Voting results of 12th AGM - all 4 resolutions passed unanimously | board shareholder meetings | low | — | — |
| 26 Sept 2026 · 12th AGM proceedings filed; ESOP 2026 and IPO object change tabled | board shareholder meetings | low | — | — |
| 25 Sept 2026 · Outcome of Rising Star Conference held on 25 Sep 2026 | investor communications | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.