Accord Transformer & Switchgear IPO (SME)
Accord Transformer & Switchgear IPO is a book build SME issue of Rs. 25.59 crore, comprising a fresh issue of 0.56 crore equity shares aggregating to Rs. 25.59 crore.
The IPO opens on February 23, 2026, and closes on February 25, 2026. The allotment is expected on February 26, 2026, and the listing is tentatively scheduled for March 2, 2026 on BSE SME.
The IPO is offered at a price band of Rs. 43 – Rs. 46 per share, and the lot size is 3,000 shares. The minimum investment for retail investors is Rs. 2,76,000 (6,000 shares), and for HNI investors, Rs. 4,14,000 (9,000 shares).
Lead Manager: GYR Capital Advisors Pvt. Ltd.
Registrar: Kfin Technologies Ltd.
Market Maker: Giriraj Stock Broking Pvt. Ltd.
🕗 Last Update: 17 February 2026, 6.00 AM
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IPO Key Dates
| Event | Date |
|---|---|
| IPO Open Date | February 23, 2026 |
| IPO Close Date | February 25, 2026 |
| Allotment Date | February 26, 2026 |
| Refunds Initiation | February 27, 2026 |
| Credit to Demat | February 27, 2026 |
| Listing Date | March 2, 2026 |
IPO Details
| Particulars | Details |
|---|---|
| Face Value | Rs. 10 per share |
| Issue Price | Rs. 43 – Rs. 46 |
| Lot Size | 3,000 shares |
| Sale Type | Fresh Issue |
| Total Issue Size | 55,62,000 shares (Rs. 25.59 Cr) |
| Market Maker Portion | 2,82,000 shares (Rs. 1.00 Cr) – Giriraj Stock Broking Pvt. Ltd. |
| Net Offer to Public | 52,80,000 shares (Rs. 24.00 Cr) |
| Issue Type | Book Building Issue |
| Listing At | BSE SME |
| Shareholding Pre-Issue | 1,50,11,289 shares |
| Shareholding Post-Issue | 2,05,73,289 shares |
| Market Cap (Pre-IPO) | Rs. 94.64 Cr |
Reservation
| Investor Category | Shares Offered | % of Issue |
|---|---|---|
| Market Maker | 2,82,000 | 5.07% |
| QIB | 26,40,000 | 47.46% |
| − Anchor Investors | 15,84,000 | 28.48% |
| − QIB (Ex Anchor) | 10,56,000 | 18.99% |
| NII (HNI) | 7,92,000 | 14.24% |
| − bNII > Rs. 10L | 5,28,000 | 9.49% |
| − sNII < Rs. 10L | 2,64,000 | 4.75% |
| Retail Individual Investors | 18,48,000 | 33.23% |
| Total | 55,62,000 | 100.00% |
Application Details
| Application | Lots | Shares | Amount (Rs.) |
|---|---|---|---|
| Retail (Min / Max) | 2 | 6,000 | 2,76,000 |
| S-HNI (Min) | 3 | 9,000 | 4,14,000 |
| S-HNI (Max) | 7 | 21,000 | 9,66,000 |
| B-HNI (Min) | 8 | 24,000 | 11,04,000 |
Promoter Holding
| Particulars | Percentage |
|---|---|
| Promoter Holding Pre-Issue | 84.94% |
| Promoter Holding Post-Issue | 61.98% |
Promoters: Mr. Pradeep Kumar Verma and Mrs. Shalini Singh.
About Accord Transformer & Switchgear Ltd.
Accord Transformer & Switchgear Ltd., incorporated in 2014, is engaged in the design, engineering, manufacturing and supply of electrical power and distribution equipment. The company caters to both standard and customised requirements across sectors such as power transmission and distribution, renewable energy, industrial applications, infrastructure projects and EV charging networks.
Product portfolio includes distribution transformers (up to 2.5 MVA, 36 kV), power transformers (up to 20 MVA, 33 kV), dry-type transformers (up to 5000 KVA, 36 kV), and special-purpose transformers such as solar and inverter duty transformers. The company also manufactures LV control panels, MV/VCB panels, APFC panels, package substations, busducts and associated switchgear assemblies.
It operates two manufacturing facilities in Bhiwadi, Rajasthan, with the registered office located in Manesar, Haryana. As of December 31, 2025, the company had 114 permanent employees.
Company Financials (Rs. crore – Restated Consolidated)
| Period Ended | 31 Dec 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 41.02 | 59.89 | 26.46 | 15.82 |
| Total Income | 45.29 | 79.20 | 48.60 | 40.81 |
| Profit After Tax | 2.91 | 6.05 | 1.61 | 0.87 |
| EBITDA | 4.62 | 9.10 | 2.67 | 1.54 |
| Net Worth | 24.45 | 21.54 | 6.04 | 4.43 |
| Reserves & Surplus | 9.44 | 21.25 | 5.79 | 4.18 |
| Total Borrowings | 4.37 | 11.81 | 9.13 | 2.30 |
Objects of the Issue (Rs. crore)
| S.No. | Objects of the Issue | Amount |
|---|---|---|
| 1 | Capital expenditure towards purchase of machinery and equipment | 13.03 |
| 2 | Funding of working capital requirements | 10.00 |
| 3 | General corporate purposes | Balance |
| Total | 23.03 |
Key Performance Indicators
| KPI | 31 Dec 2025 | 31 Mar 2025 |
|---|---|---|
| ROE | 12.67% | 43.90% |
| ROCE | 14.52% | 26.00% |
| Debt/Equity | 0.18 | 0.55 |
| RoNW | 11.91% | 28.10% |
| PAT Margin | 6.44% | 7.66% |
| EBITDA Margin | 10.19% | 11.49% |
| Price to Book Value | 2.82 | 3.21 |
Valuation (Pre / Post IPO)
| Particulars | Pre IPO | Post IPO |
|---|---|---|
| EPS (Rs.) | 4.03 | 2.94 |
| P/E (x) | 11.41 | 15.63 |
| Market Cap | Rs. 94.64 Cr | Rs. 94.64 Cr |
Company Contact
| Particulars | Details |
|---|---|
| Company Name | Accord Transformer & Switchgear Ltd. |
| Address | Unit No. 724, Seventh Floor, Eros Corporate Park, K Block, Sector 2, IMT Manesar, Gurgaon, Haryana – 122052 |
| Phone | +91 85274 22944 |
| compliance@atsgroup.in | |
| Website | Visit Website |
IPO Lead Manager(s)
| Particulars | Details |
|---|---|
| Lead Manager | GYR Capital Advisors Pvt. Ltd. |
IPO Registrar
| Particulars | Details |
|---|---|
| Registrar | Kfin Technologies Ltd. |
| Phone | 04067162222, 04079611000 |
| accord.ipo@kfintech.com | |
| Website | Visit Website |
Chanakya IPO Review – by Paresh Gordhandas, CA & Research Analyst
| Particulars | Details |
|---|---|
| Analyst View | Accord Transformer & Switchgear operates in the power equipment value chain with offerings across transformers, panels and switchgear. The IPO proceeds are earmarked for capex and working capital, which can support scale-up. Key monitorables include execution, order inflows from infrastructure/renewables, working capital cycle and SME liquidity risks. |
| Chanakya View | NEUTRAL / HIGH RISK APPLY – suitable for investors comfortable with SME volatility and business execution risks. |
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Disclaimer
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