Penny Stock In Focus: Revenue Surges 90% In H1, Order Book Hits Rs 173 Crore

Accord Transformer & Switchgear Ltd has reported estimated revenue of Rs 52.68 crore for the first half of FY27, a year-on-year increase of 90.07 per cent, as transformer orders from renewable energy and other power infrastructure projects strengthened its execution pipeline.

The company said its Order Book stood at Rs 173 crore as of September 30, 2026. It secured fresh orders of around Rs 77 crore during H1 FY27 across Solar, wind and other transformer segments. The order book is more than three times the company’s reported H1 revenue, offering a sizeable execution pipeline, although conversion will depend on manufacturing schedules, customer inspections and project-site readiness.

The revenue figure is subject to audit adjustments. For perspective, the estimated H1 FY27 revenue is about 75 per cent of Accord’s audited standalone revenue of Rs 70.07 crore for the full FY26. In FY26, revenue had declined from Rs 79.02 crore in the preceding year, with management attributing the softness largely to delayed customer dispatch clearances and transformer oil availability constraints.

Among the latest contracts, Accord received orders worth Rs 37 crore, excluding GST, for Aditya Birla projects. The orders involve the supply of 119 Transformers and are scheduled for execution within four to five months from the purchase order date. The company also received an order of around Rs 0.51 crore from Sterling and Wilson Renewable Energy Ltd for auxiliary dry-type and power transformers.

The Aditya Birla order alone is equivalent to roughly 70 per cent of the company’s estimated H1 FY27 revenue, underlining the importance of timely execution of a few larger project orders. Accord’s core business remains transformer-led, with management previously indicating that transformers accounted for about 80 per cent of FY26 revenue.

During the half-year, the company obtained vendor approvals from Aditya Birla Renewables, UGVCL, Sterling and Wilson Renewable Energy, Megha Engineering & Infrastructures, BLUPINE and SMCC Construction India. It also completed the 17.6 MVA type test at the Central Power Research Institute, which could support its capability to address larger renewable and industrial transformer requirements.

Accord received a five-year approval from UGVCL to manufacture and supply 500 kVA distribution transformers. The approval enables participation in eligible tenders floated by the Gujarat utility, widening the company’s access to the utility procurement market.

The company is also progressing with its manufacturing expansion. It acquired 20,300 square metres of land at Khairthal-Tijara in Rajasthan for potential manufacturing, warehousing and testing facilities. The land cost Rs 8.85 crore, while associated expenses amounted to Rs 1.82 crore. Accord currently operates two manufacturing units and had previously stated that its Bhiwadi facilities have installed capacity of more than 1,200 MVA.

The expansion is aligned with management’s stated focus on handling larger orders, widening its product range and improving testing capabilities. However, the benefit from the new land will depend on the pace of construction, commissioning and the company’s ability to execute its expanding order book without the customer-side delays that affected earlier revenue recognition.

As of 3:52 pm on October 5, 2026, Accord Transformer shares were trading at Rs 78.00, down 3.13 per cent from the previous close of Rs 80.52. The stock was about 11.3 per cent below its 52-week high of Rs 87.94, while remaining well above its 52-week low of Rs 45.15.

Disclaimer: The article is for informational purposes only and not investment advice.