Accord Transformer Wins ₹9.69 Crore EV Charging Orders

Accord Transformer & Switchgear Limited has secured two purchase orders worth approximately ₹9.69 crore from Megha Engineering & Infrastructures Limited. The orders are for supplying transformers for electric vehicle charging station development projects.

The company disclosed the orders in a regulatory filing to the BSE on Wednesday. The contracts were received in the ordinary course of business and will involve the supply of 17 transformers across two purchase orders.

The equipment includes 15 transformers of 2,000 kVA capacity and two transformers of 2,500 kVA capacity. These 11kV and 22kV power substation transformers will be deployed in EV charging station projects.

One purchase order is valued at approximately ₹1.81 crore, including GST, while the second is worth around ₹7.88 crore. The combined basic order value is ₹8.21 crore, with 18 percent integrated GST of ₹1.48 crore taking the total invoice value to ₹9.69 crore.

Deliveries under the smaller order are scheduled to be completed by October 31, 2026. Supplies under the larger order are expected to be completed by March 31, 2027. The company said delivery will take place within six to eight weeks of manufacturing clearance or drawing approval.

Prices under the contracts will remain firm and fixed. Accord Transformer will receive 100 percent payment through an irrevocable 60-day usance letter of credit. The contracts also provide for pre-dispatch inspection and testing of the equipment.

A warranty of 60 months from commissioning, or 66 months from receipt of the transformers, will apply. Delays may attract liquidated damages of 0.5 percent per week, capped at 5 percent of the contract value.

The orders were awarded by a domestic entity and do not qualify as related-party transactions. Accord Transformer also said its promoter, promoter group and group companies have no interest in Megha Engineering & Infrastructures.

Any disputes will be resolved through arbitration in Hyderabad under applicable law, as per agreed terms. The demand for electric vehicle charging infrastructure is driving growth in the sector, with companies like Accord Transformer benefiting from the trend.

The Indian government has set ambitious targets for the adoption of electric vehicles, and the development of charging infrastructure is critical to achieving these goals. As the demand for electric vehicles continues to grow, companies that provide charging infrastructure and related equipment are likely to see increased demand for their products.

In conclusion, the orders secured by Accord Transformer are a significant development for the company and reflect the growing demand for electric vehicle charging infrastructure in India. The company's ability to supply high-quality transformers and other equipment will be critical to the success of these projects and the growth of the electric vehicle sector as a whole.