Accord Transformer & Switchgear IPO is an SME public issue by Accord Transformer & Switchgear Ltd. The IPO opens on February 23, 2026 and closes on February 25, 2026. The basis of allotment is expected on February 26, 2026. The issue will be listed on
BSE SME on March 2, 2026.
The company plans to raise around ₹26 crores through a book building issue, comprising a fresh issue of ₹25.59 crores and an offer for sale of up to [.] equity shares with a face value of ₹10 each. The IPO price band is fixed at ₹43 to ₹46 per share.
Contents
Accord Transformer & Switchgear IPO Details
| Particular | Details |
|---|---|
| IPO Open Date | February 23, 2026 |
| IPO Close Date | February 25, 2026 |
| Face Value | ₹10 per equity share |
| IPO Price Band | ₹43 to ₹46 per share |
| Issue Size | Approx ₹26 crores |
| Fresh Issue | Approx ₹25.59 crores |
| Offer for Sale | Approx [.] equity shares |
| Issue Type | Book building issue |
| IPO Listing | BSE SME |
| DRHP Draft Prospectus | View PDF |
| RHP Draft Prospectus | View PDF |
Accord Transformer IPO
Open: 23-25 Feb
Issue Size: ₹26 Cr.
Objective: To raise capital for business expansion and working capital.
Exchange: BSE
Accord Transformer & Switchgear IPO Review
Accord Transformer & Switchgear IPO offers exposure to a growing power equipment manufacturer benefiting from rising investments in power infrastructure, renewables and EV charging networks. The company has demonstrated a strong improvement in revenues and profitability in FY2025, supported by better execution and expanding customer demand.
While the business operates in a competitive and project-driven environment, its manufacturing capabilities and customised solutions provide some differentiation. The IPO review remains neutral, and investors with a long-term horizon may consider the issue, keeping in mind execution risks, order flow sustainability and working capital requirements.
Accord Transformer & Switchgear IPO Price Band and Quota
| Category | Details |
|---|---|
| Price Band | ₹43 to ₹46 per share |
| Retail Quota | 35% |
| QIB Quota | 50% |
| HNI / NII Quota | 15% |
Accord Transformer & Switchgear IPO Market Lot
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 | 6,000 | ₹2,76,000 |
| Retail Maximum | 2 | 6,000 | ₹2,76,000 |
| S-HNI Minimum | 3 | 9,000 | ₹4,14,000 |
| S-HNI Maximum | 7 | 21,000 | ₹9,66,000 |
| B-HNI Minimum | 8 | 24,000 | ₹11,04,000 |
Accord Transformer & Switchgear IPO Reservation
| Investor Category | Shares Offered | % Shares |
|---|---|---|
| Anchor Investor | 15,84,000 shares | 28.48% |
| QIB (Excluding Anchor) | 10,56,000 shares | 18.99% |
| NII Shares Offered | 7,92,000 shares | 14.24% |
| Retail Shares Offered | 18,48,000 shares | 33.23% |
Accord Transformer & Switchgear IPO Anchor Investors
| Particular | Details |
|---|---|
| Anchor Bidding Date | February 20, 2026 |
| Anchor Investors List | View PDF |
| Shares Offered | 15,84,000 shares |
| Anchor Size | ₹7.29 crores |
| Lock-in end for 50% shares (30 days) | March 28, 2026 |
| Lock-in end for 50% shares (90 days) | May 27, 2026 |
Accord Transformer & Switchgear IPO Dates
| Event | Date |
|---|---|
| IPO Open Date | February 23, 2026 |
| IPO Close Date | February 25, 2026 |
| Basis of Allotment | February 26, 2026 |
| Refunds | February 27, 2026 |
| Credit to Demat Account | February 27, 2026 |
| IPO Listing Date | March 2, 2026 |
| IPO Bidding Cut-off Time | February 25, 2026 – 5 PM |
Promoters and Holding Pattern
The promoters of the company are Mr. Pradeep Kumar Verma and Mrs. Shalini Singh.
| Particular | Shares | % Share |
|---|---|---|
| Promoter Holding Pre Issue | 1,50,11,289 | 4.03% |
| Promoter Holding Post Issue | 2,05,73,289 | 2.94% |
Objects of the Issue
The company proposes to utilise ₹13.03 crores towards capital expenditure for the purchase of machinery and equipment to enhance manufacturing capabilities. An amount of ₹10.00 crores will be deployed towards funding working capital requirements to support business growth and higher order execution. The remaining proceeds will be used for general corporate purposes.
About Accord Transformer & Switchgear IPO
Set up in 2014, Accord Transformer & Switchgear is engaged in the design, engineering, manufacturing and supply of electrical power and distribution equipment such as transformers, control panels and switchgears. The company supplies both standard and customised solutions to its customers.
Its products cater to power transmission and distribution, renewable energy, industrial applications, infrastructure projects and electric vehicle charging networks. The company operates two manufacturing facilities located at Bhiwadi, Rajasthan, equipped with advanced machinery including plasma cutting systems, foil winding machines, shot blasting units and painting booths to support the production of critical power equipment.
Accord Transformer & Switchgear IPO Company Financial Report
(₹ in crores)
| Period Ended | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2023 | 40.81 | 39.59 | 0.87 | 15.82 |
| 2024 | 48.60 | 46.46 | 1.61 | 26.46 |
| 2025 | 79.20 | 71.03 | 6.05 | 59.89 |
| December 2025 | 45.29 | 41.40 | 2.91 | 41.02 |
Accord Transformer & Switchgear IPO Valuation – FY2025
| KPI | Values |
|---|---|
| ROE | 28.10% |
| ROCE | 26.09% |
| EBITDA Margin | 11.49% |
| PAT Margin | 7.66% |
| Debt to Equity Ratio | 0.55 |
| Earnings Per Share (Basic) | ₹4.35 |
| Price / Earnings Ratio | N/A |
| Return on Net Worth | 28.10% |
| Net Asset Value | ₹14.35 |
Peer Group Comparison
| Company | EPS | PE Ratio | RoNW | NAV | Income |
|---|---|---|---|---|---|
| Danish Power Limited | 34.55 | 18.09 | 18.00% | 162.50 | ₹432.95 Cr |
| Transformers and Rectifiers (India) Ltd | 7.21 | 34.43 | 17.01% | 42.39 | ₹2,051.08 Cr |
| Voltamp Transformers Limited | 321.65 | 24.76 | 20.50% | 1,569.24 | ₹2,018.93 Cr |
IPO Lead Manager
| Name |
|---|
| GYR Capital Advisors Pvt. Ltd. |
IPO Registrar
| Name |
|---|
| KFin Technologies Ltd. |
Company Address
| Particular | Details |
|---|---|
| Company Name | Accord Transformer & Switchgear Ltd. |
| Registered Office | Unit No. 724, Seventh Floor, Eros Corporate Park, K Block, Sector 2, IMT Manesar, Manesar, Gurgaon, Haryana – 122052 |
| Phone | +91 85274 22944 |
| compliance@atsgroup.in | |
| Website | https://atsgroup.in/ |
Accord Transformer & Switchgear IPO FAQs
What is Accord Transformer & Switchgear IPO?
Accord Transformer & Switchgear IPO is an SME IPO in which the company plans to raise approximately ₹26 crores at a price band of ₹43 to ₹46 per share.
When will Accord Transformer & Switchgear IPO open for subscription?
The IPO will open on February 23, 2026 and close on February 25, 2026.
What is the investors’ portion in Accord Transformer & Switchgear IPO?
The allocation is QIB 50%, NII 15% and Retail 35%.
How can investors apply for the Accord Transformer & Switchgear IPO?
Investors can apply through ASBA using their bank account, through UPI via their broker, or by submitting offline application forms through their broker.
What is the issue size of Accord Transformer & Switchgear IPO?
The total issue size is approximately ₹26 crores. The fresh issue component is ₹25.59 crores.
What is the Accord Transformer & Switchgear IPO price band?
The price band is ₹43 to ₹46 per equity share.
What is the lot size of Accord Transformer & Switchgear IPO?
The minimum bid is 6,000 shares for an application amount of ₹2,76,000.
What is the allotment date of Accord Transformer & Switchgear IPO?
The basis of allotment is expected to be finalised on February 26, 2026.
What is the listing date of Accord Transformer & Switchgear IPO?
The IPO is scheduled to be listed on March 2, 2026 on BSE SME.
Expert Comment
Accord Transformer & Switchgear IPO represents a niche manufacturing play aligned with India’s power distribution and renewable energy expansion. The sharp improvement in financial performance and moderate leverage profile are positives.
However, investors should carefully assess order visibility, execution capabilities and exposure to project-based revenue cycles. Long-term investors with a moderate risk appetite may consider the issue selectively after evaluating valuation comfort and sector dynamics.
