Why hasn't Accord deployed the IPO money it raised?

The ₹25.59 crore was raised to buy machinery, with ₹13.03 crore earmarked for that purpose. The filing states that spend has not commenced, offering no reason for the hold-up.

How did the company's financial performance change in FY26?

Total revenue declined 11% year-on-year to ₹70.36 crore, and net profit contracted by 24% to ₹4.50 crore. Both metrics fell in the first full year after listing.

What is the significance of the unutilised 80%?

It means the market-funded expansion plan is on hold. The company is now generating lower revenue and profit while holding most of the capital meant to grow the business.

Earnings · Electric Equipment · Micro cap

Accord Transformer's first results since listing: profit down 24%, IPO cash idle

The nano-cap's first full-year results show revenue fell 11% and 80% of the ₹25.59 crore IPO raise remains unspent.

— 2 earlier stories on Accord Transformer & Switchgear Ltd. →

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

Mkt cap₹120 cr

P/E26.54×

ROE28.10%

Debt / eq.0.55

80% Of the ₹25.59 crore IPO proceeds still sitting unutilised.

What's new

Revenue fell 11% to ₹70.36 cr; net profit contracted 24% to ₹4.50 cr in FY26.
80% of the ₹25.59 crore February 2026 IPO proceeds are unspent.
The planned ₹13.03 cr machinery capex, the primary use of the raise, has not started.

Why this matters

A company that just raised public money to expand is delivering shrinking results while that money sits idle. The idle capital is now the dominant story, not the operational decline.

What we're watching

Management's explanation for the capex delay and unspent IPO funds.
Whether regulators question the unutilised proceeds.
If the operational decline reverses in the next quarter.

The full read

Accord Transformer's first full-year results since its BSE SME listing are a letdown. Revenue fell 11% to ₹70.36 crore and net profit dropped 24% to ₹4.50 crore in FY26. The core problem is the ₹25.59 crore the company raised in its February 2026 IPO. 80% of it is unspent. The key capex, ₹13.03 crore for machinery, hasn't started. The company raised money to grow. It instead delivered less revenue and less profit. The idle cash is now the story. It's been a year.

Questions answered

Why hasn't Accord deployed the IPO money it raised?: The ₹25.59 crore was raised to buy machinery, with ₹13.03 crore earmarked for that purpose. The filing states that spend has not commenced, offering no reason for the hold-up.
How did the company's financial performance change in FY26?: Total revenue declined 11% year-on-year to ₹70.36 crore, and net profit contracted by 24% to ₹4.50 crore. Both metrics fell in the first full year after listing.
What is the significance of the unutilised 80%?: It means the market-funded expansion plan is on hold. The company is now generating lower revenue and profit while holding most of the capital meant to grow the business.

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

Primary source BSE · NSE

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

Story so far

All notes on ACCORDTS →

29 May 2026 · 8:13 PM IST Accord Transformer's first results since listing: profit down 24%, IPO cash idle
today Accord Transformer guides ₹120-180 cr revenue for FY27, anchored to a ₹1,600 cr LOI
5d ago Accord Transformer's IPO cash sits idle while profit falls 24%