Accord Transformer SME IPO Review

• IPO GMP
• IPO Review
• IPO Allotment
• IPO Listing Estimate

About the Company
Accord Transformer & Switchgear Ltd., incorporated in 2014, is engaged in the design, engineering and manufacturing of electrical power and distribution equipment. The company provides transformers, switchgear assemblies and customised electrical solutions catering to power transmission, renewable energy, infrastructure, industrial projects and EV charging networks. Its product portfolio includes distribution transformers, power transformers, dry-type transformers and solar/inverter-duty transformers along with LV/MV panels and substations. The company operates two manufacturing units in Bhiwadi, Rajasthan and follows a project-driven business model focused on customised solutions. With growing demand from infrastructure and renewable energy sectors, the company aims to expand capacity through IPO-funded capex.

Financials and Key Parameters 

Company Financials (Rs. crore – Restated Consolidated)

Key Performance Indicators

Valuation (Pre / Post IPO)

Peer Comparison
Accord Transformer & Switchgear operates in the electrical equipment and transformer manufacturing segment, where peers typically include transformer manufacturers and power equipment suppliers servicing infrastructure and renewable projects. Compared with larger listed electrical equipment companies, the business remains relatively small with SME-scale operations. However, valuation at around mid-teen P/E appears moderate within the SME electrical equipment space. Margins and return ratios are healthy but dependent on execution and order inflows, unlike diversified large-cap electrical peers that benefit from scale and stronger balance sheets.

Industrial Scenario
India’s power equipment and transformer industry is witnessing structural growth driven by grid expansion, renewable energy capacity additions, EV charging infrastructure and industrial electrification. Government focus on transmission upgrades and renewable integration is creating long-term demand visibility for electrical equipment manufacturers. However, SME players remain exposed to order concentration risk, working capital pressures and project execution timelines. While sector outlook remains positive structurally, performance for smaller companies depends heavily on consistent order inflows and efficient capital management.

Chanakya IPO Review – Observation
Accord Transformer & Switchgear offers exposure to the electrical equipment value chain aligned with renewable and infrastructure growth. Financial improvement and relatively moderate leverage are positives, while SME liquidity risks, execution dependency and scale limitations remain key monitorables. The IPO may suit investors comfortable with SME volatility and project-driven business models rather than those seeking stable large-cap electrical exposure.