Accord Transformer & Switchgear

What Accord Transformer & Switchgear does

Accord Transformer & Switchgear Limited is an India-based manufacturer and exporter of power and distribution transformers, switchgear, and related electrical equipment, founded in 2014 and headquartered in IMT Manesar, Gurugram, Haryana. The company operates two manufacturing facilities in the RIICO Industrial Area of Bhiwadi, Rajasthan, producing a portfolio that spans Power Transformers, Distribution Transformers, Dry Type Transformers, Ester Oil Transformers, and Inverter Duty Transformers (IDTs). The IDT line is engineered for harmonic-rich, non-linear loads typical of solar inverters, variable frequency drives, and UPS systems, using Premium and High Grade CRGO electrical steel with EC-grade copper and aluminium strip/foil windings to meet IS/IEC energy efficiency standards. Supporting infrastructure products include Compact Substations, Skid Mounted Substations, and HT/LT Electric Panels, extending the core transformer offering into integrated power distribution solutions.

The company's revenue is generated primarily through hardware sales via direct enterprise sales to utilities (DISCOMs such as UGVCL), industrial customers, infrastructure projects, and renewable energy developers, predominantly through tender-based procurement with quote-based pricing negotiated per specification. Notable commercial activity includes a 5-year vendor registration from Uttar Gujarat Vij Company Limited for 500 KVA distribution transformers and a ₹47 Lakh purchase order from Sunsure Energy for auxiliary transformers serving solar and Battery Energy Storage System projects in Rajasthan. FY2025 total income was ₹79.20 crore (up 62.81% YoY) with PAT of ₹6.05 crore; 9M FY26 revenue reached ₹45.21 crore. The company was listed on the BSE SME platform in March 2026 following an IPO that raised approximately ₹25.59 crore, with an MOU signed the same month with Moscow's Western Administrative District covering power infrastructure cooperation, manufacturing, technology transfer, and joint ventures.

The operating footprint is concentrated in India (Gurugram headquarters and Bhiwadi manufacturing, with deliveries to Gujarat and Rajasthan-based customers), supplemented by the recently signed Russia-facing MOU. Sales are sales-led and enterprise-direct; there is no disclosed software, API, or digital product surface, and headcount stood at 114 permanent employees as of December 31, 2025.

Name

Accord Transformer & Switchgear

Legal name

Accord Transformer & Switchgear Limited

Website

https://atsgroup.in

Company type

Public

Founded year

2014

Operating status

Operating

Headcount range

101–250 employees

Short description

Accord Transformer & Switchgear Limited is an India-based manufacturer of power and distribution transformers, switchgear, substations, and HT/LT panels serving utilities, industrial, infrastructure, and renewable energy customers via direct enterprise sales across India and select overseas markets.

Ownership category

akta.pro rank

Headquarters

HQ city

Gurugram

HQ country

India

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Personnel, Operations, Infrastructure, Technology or R&D

Revenue model

1. Manufacturing and sale of electrical equipment: Primary revenue stream from sale of power and distribution transformers, switchgear, and related electrical equipment manufactured at Bhiwadi (Rajasthan) facilities. Revenue of ₹79.20 crore in FY 2025; ₹45.21 crore for 9M FY26 (Apr–Dec 2025). Sold under one-time purchase orders (e.g., ₹47 Lakh Sunsure Energy order) and longer-term vendor registrations (e.g., 5-year UGVCL registration).

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

Accord Transformer & Switchgear manufactures and sells power and distribution transformers, dry type and ester oil transformers, inverter duty transformers, compact and skid-mounted substations, and HT & LT electric panels. Production is carried out at two manufacturing facilities in Bhiwadi, Rajasthan, with the head office in IMT Manesar, Gurugram, Haryana, serving electricity distribution utilities, industrial and infrastructure customers, and renewable energy developers across India and overseas.

Product overview

Accord Transformer & Switchgear offers a multi-product portfolio rather than a single unified product, organized as a core transformer manufacturing platform (Power Transformers, Distribution Transformers, Dry Type Transformers, Ester Oil Transformers, and Inverter Duty Transformers) complemented by switchgear and electrical infrastructure modules (Compact Substations, Skid Mounted Substations, and HT & LT Electric Panels). The core platform centers on power and distribution transformer manufacturing from facilities in Bhiwadi, Rajasthan and the head office in IMT Manesar, Gurgaon, serving utilities, industries, infrastructure projects, and renewable energy sectors across India and overseas. Supporting modules (compact substations, skid-mounted substations, HT/LT panels) extend the core transformer offerings into integrated power distribution solutions.

Differentiator

Problem solved

Functional benefit

Products and services

• Power Transformers

Named customers2 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Two partnerships are on record, tiered core and flagship.

• Uttar Gujarat Vij Company Limited (UGVCL)coreChannel Partner/ Reseller/ Distributor · 24 June 2026Received a 5-year vendor registration from UGVCL following a technical evaluation, enabling the supply of 500 KVA transformers to UGVCL and associated utilities. The registration is valid for five years from the date of approval and strengthens Accord's position within Gujarat's power distribution sector by allowing tender participation.
• Western Administrative District of Moscow, RussiaflagshipStrategic or Co-development Partner · 22 March 2026MOU signed on March 22, 2026 to promote cooperation in power infrastructure and sustainable energy solutions. The agreement involves collaboration in manufacturing, technology transfer, joint ventures, and infrastructural projects to enhance industrial ties and market access between India and Russia.

Scale indicators8 records

Recent moves8 records

Expansion highlights6 records

Broad incumbents

• Siemens Limited (India): Indian arm of Siemens AG offering transformers, switchgear, automation and grid solutions. Comparable in transformer/switchgear product categories and DISCOM customer base, but a broad incumbent with global R&D and deeper tender credentials.
• ABB India Limited: Indian subsidiary of ABB offering transformers, switchgear, drives and grid automation solutions. Overlaps in power and distribution transformers and switchgear sold to utilities and industry, but as part of a much broader portfolio with significantly higher pricing power.
• CG Power and Industrial Solutions Limited: One of India's largest electrical equipment manufacturers offering transformers, switchgear, motors and rotating machines. Comparable product categories and DISCOM/industrial customer base, but operates as a broad incumbent across the full electrical value chain at substantially greater scale.
• Bharat Heavy Electricals Limited (BHEL): India's largest state-owned heavy electrical equipment manufacturer producing power transformers, switchgear and complete substation packages for utilities. Direct product overlap but at much larger scale with PSU-buyer advantages.
• Schneider Electric Infrastructure Limited: Indian listed entity of Schneider Electric focused on power distribution equipment including transformers, switchgear and panel products. Competes in the same DISCOM and industrial customer accounts but as part of a global diversified portfolio.

Direct peers

• Transformers and Rectifiers (India) Limited: Indian listed manufacturer of power and distribution transformers, reactors and switchgear with manufacturing facilities across India. Direct peer with overlapping transformer product range and DISCOM utility customer base, but operating at materially larger scale.
• Bharat Bijlee Limited: Long-established Indian manufacturer of power and distribution transformers, elevator systems and motors. Directly comparable product portfolio, customer base (DISCOMs, industrial) and B2B manufacturing go-to-market, though at significantly larger revenue scale.
• Voltamp Transformers Limited: India-based manufacturer of oil-filled power and distribution transformers serving utilities, industry and infrastructure. Closely comparable in product mix, B2B tender-driven sales motion and Indian mid-market positioning.

Emerging players

• Genus Power Infrastructures Limited: Indian listed provider of smart meters and power infrastructure products to DISCOMs. Comparable in targeting the same electricity-distribution utility customers and benefiting from similar rural electrification and grid modernization tailwinds in India.

Others

• Sunsure Energy Private Limited: Indian solar and BESS Independent Power Producer; named customer of Accord Transformer. Included to highlight the customer-side counterpart in the renewable-energy segment Accord supplies, rather than as a competitive peer.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/theaccordgroup
• LinkedInlinkedin.com/company/accord-transformer-and-switchgear-limited
• Instagraminstagram.com/theaccordgroup

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Accord Transformer & Switchgear