How did Accord Transformer perform in its first full year as a listed company?

Revenue dropped 11% year-on-year to ₹70.36 crore, and net profit fell 24% to ₹4.50 crore. It's a decline from a period the market expected to be an inflection point.

What is happening with the money from the February IPO?

About 80% of the ₹25.59 crore raised remains unutilized. The specific plan to buy machinery and equipment for ₹13.03 crore has not yet started.

Why is the low utilisation of IPO proceeds significant?

It means the company raised capital for a purpose and has yet to deploy it, while the business itself shrank. The gap between the capital raise and the operational reality is widening.

What does this mean for the company's post-IPO strategy?

The results show a business in transition that hasn't yet translated its balance sheet into operational growth. The idle capital is the clearest evidence of that disconnect.

Earnings · Electric Equipment · Micro cap

Accord Transformer's first full-year results as listed firm show profit fell 24%

Revenue dropped 11% to ₹70.36 crore, and the company has barely touched the ₹25.59 crore it raised in its February IPO.

— 1 earlier story on Accord Transformer & Switchgear Ltd. →

ACCORDTS By Tipsheet Editorial 29 May 2026 · 8:13 PM IST Verify on BSE · NSE

Mkt cap₹140 cr

P/E23.08×

ROE28.10%

Debt / eq.0.55

80% Of its IPO proceeds still sitting unutilized.

What's new

FY26 revenue fell 11% YoY to ₹70.36 crore; net profit down 24% to ₹4.50 crore.
It's the first full-year audited results since the BSE SME listing.
₹13.03 crore planned for machinery capex from the IPO has not yet been spent.

Why this matters

The listing was supposed to fund an expansion. Instead, revenue and profit are shrinking, and four-fifths of the capital raised sits idle. For a nano-cap, this raises the question of whether the IPO solved a problem the business doesn't yet have the scale to execute on.

What we're watching

The pace of capex deployment from the ₹25.59 crore IPO fund.
Whether the revenue decline stabilises or deepens in FY27.
Any management commentary on the delayed machinery purchases.

The full read

Accord Transformer's first full-year results since listing are a letdown. Revenue fell 11% to ₹70.36 crore and profit dropped 24% to ₹4.50 crore. The company raised ₹25.59 crore in a February 2026 IPO, but 80% of it is still unspent. The planned ₹13.03 crore capex on machinery hasn't started. For a nano-cap that just went public, the picture is stark: the business is contracting while its balance sheet is flush with unused cash. The capital raise hasn't yet turned into an operational catalyst.

Questions answered

How did Accord Transformer perform in its first full year as a listed company?: Revenue dropped 11% year-on-year to ₹70.36 crore, and net profit fell 24% to ₹4.50 crore. It's a decline from a period the market expected to be an inflection point.
What is happening with the money from the February IPO?: About 80% of the ₹25.59 crore raised remains unutilized. The specific plan to buy machinery and equipment for ₹13.03 crore has not yet started.
Why is the low utilisation of IPO proceeds significant?: It means the company raised capital for a purpose and has yet to deploy it, while the business itself shrank. The gap between the capital raise and the operational reality is widening.
What does this mean for the company's post-IPO strategy?: The results show a business in transition that hasn't yet translated its balance sheet into operational growth. The idle capital is the clearest evidence of that disconnect.

Mentioned: BSE SME · ₹25.59 crore IPO · ₹13.03 crore machinery capex

Primary source BSE · NSE · Tijori

An independent reading of the company's own disclosure — the primary filing above is the final word.

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29 May 2026 · 8:13 PM IST Accord Transformer's first full-year results as listed firm show profit fell 24%
1d ago Accord Transformer's IPO cash sits idle as revenue falls 11%