Accord Transformer & Switchgear Ltd. IPO is a book-built issue aggregating to ₹25.59 crore and comprises entirely a fresh issue of 0.56 crore equity shares.
The IPO will open for subscription on February 23, 2026, and close on February 25, 2026. The basis of allotment is expected to be finalised on February 26, 2026. The shares are proposed to be listed on BSE SME, with a tentative listing date of March 2, 2026.
GYR Capital Advisors Pvt. Ltd. is acting as the book-running lead manager to the issue, while Kfin Technologies Ltd. has been appointed as the registrar. The market maker for the issue is Giriraj Stock Broking Pvt. Ltd..
Investors can refer to the Red Herring Prospectus (RHP) for detailed information about the IPO.
Accord Transformer & Switchgear IPO Objectives
The company plans to utilise the net proceeds from the issue for the following purposes:
- ₹13.03 crore will be used towards capital expenditure, primarily for the purchase of new machinery and equipment.
- ₹10 crore will be allocated to meet working capital requirements.
- The remaining amount will be used for general corporate purposes.
The total estimated utilisation of funds aggregates to ₹23.03 crore.
About Accord Transformer & Switchgear Limited
Incorporated in 2014, Accord Transformer & Switchgear Ltd. is engaged in the design, engineering, manufacturing, and supply of a wide range of electrical power and distribution equipment. With over a decade of industry experience, the company serves both standard and customised requirements across sectors such as power transmission and distribution, renewable energy, industrial applications, infrastructure development, and EV charging networks.
The company offers a diversified product portfolio that 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 specialised transformers such as solar, wind inverter duty, and furnace duty transformers. Its offerings also extend to low-voltage and medium-voltage control panels, VCB panels, APFC panels, industrial panels, customised Prisma Set panels in collaboration with Schneider Electric, as well as package substations, busducts, cable trays, and related switchgear assemblies.
The company operates two manufacturing units in Bhiwadi, Rajasthan, and has its registered office in Manesar, Haryana. Its facilities are equipped with advanced machinery and in-house testing laboratories, supporting end-to-end capabilities in the design, manufacturing, testing, and deployment of power systems. As of December 31, 2025, the company employed 114 permanent staff.
Industry Outlook
- Rising global electricity demand across residential, industrial, and transport sectors supports steady power generation growth.
- Power generation market expected to reach ~$2.63 trillion by 2029, driven by industrialisation and urbanisation.
- Renewable energy expansion (solar, wind) is increasing demand for transformers and switchgear.
- EV charging infrastructure growth is boosting power distribution equipment needs.
- Electrical equipment market projected to reach ~$2.2 trillion by 2029.
- Smart grids, IoT, and digital technologies are driving advanced equipment demand.
- Manufacturing sector expansion supports sustained demand for control panels and power systems.
- Grid modernisation and energy storage investments strengthen long-term industry outlook.
How To Apply for the Accord Transformer & Switchgear IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Accord Transformer & Switchgear IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Check the Allotment Status of Accord Transformer & Switchgear IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
Contact Details of Accord Transformer & Switchgear Limited
Registered office: Accord Transformer & Switchgear Ltd. Address - Unit No. 724, Seventh Floor, Eros Corporate Park, K Block, Sector 2, IMT Manesar, Manesar, Gurgaon, Haryana, 122052
Phone:+91 85274 22944
E-mail:compliance@atsgroup.in
Accord Transformer & Switchgear IPO Reservation
| Investor Category | Shares Offered (% of Issue) |
| Market Maker | 2,82,000 (5.07%) |
| QIB (Total) | 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 (> ₹10L) | 5,28,000 (9.49%) |
| └─ sNII (< ₹10L) | 2,64,000 (4.75%) |
| Retail (RII) | 18,48,000 (33.23%) |
| Total | 55,62,000 (100.00%) |
Accord Transformer & Switchgear IPO Lot Size Details
| Application Category | Lots | Shares | Amount (₹) |
| Individual Investors (Retail) – Min | 2 | 6,000 | 2,76,000 |
| Individual Investors (Retail) – 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 |
Accord Transformer & Switchgear IPO Promoter Holding
The promoters of the company include Mr. Pradeep Kumar Verma and Mrs Shalini Singh.
| Share Holding Pre-Issue | 84.94% |
| Share Holding Post Issue | 61.98% |
Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.
Accord Transformer & Switchgear IPO Anchor Investors Details
| Particulars | Details |
| Anchor Bid Date | February 20, 2026 |
| Shares Offered to Anchor Investors | 15,84,000 |
| Anchor Portion (Amount Raised) | ₹7.29 Crore |
| Lock-in End Date (50% Shares – 30 Days) | March 28, 2026 |
| Lock-in End Date (Remaining 50% – 90 Days) | May 27, 2026 |
Key Performance Indicators for Accord Transformer & Switchgear IPO
| KPI | Dec 31, 2025 | Mar 31, 2025 |
| ROE | 12.67% | 43.90% |
| ROCE | 14.52% | 26% |
| 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 |
Accord Transformer & Switchgear IPO Registrar and Lead Managers
Accord Transformer & Switchgear IPO Lead Managers
- GYR Capital Advisors Pvt.Ltd.
Registrar for Accord Transformer & Switchgear IPO
Kfin Technologies Ltd.
- Contact Number: 04067162222, 04079611000
- Email Address: accord.ipo@kfintech.com
Financial Performance of Accord Transformer & Switchgear Limited
| Particulars | As of Dec 31 2025 | Year ending as of Mar 31 2025 | Year ending as of Mar 31 2024 | Year ending as of Mar 31 2023 |
| Assets (Cr) | 41.02 | 59.89 | 26.46 | 15.82 |
| Total Income (Cr) | 45.29 | 79.20 | 48.60 | 40.81 |
| Profit After Tax (Cr) | 2.91 | 6.05 | 1.61 | 0.87 |
| EBITDA (Cr) | 4.62 | 9.10 | 2.67 | 1.54 |
| Net Worth (Cr) | 24.45 | 21.54 | 6.04 | 4.43 |
| Reserves & Surplus (Cr) | 9.44 | 21.25 | 5.79 | 4.18 |
| Total Borrowing (Cr) | 4.37 | 11.81 | 9.13 | 2.30 |
Accord Transformer & Switchgear Limited Peer Comparison
| Company Name | EPS (Basic) | EPS (Diluted) | NAV (₹/Share) | P/E (x) | RoNW (%) | P/BV (x) |
| Danish Power Ltd. | 34.55 | 34.55 | 162.50 | 25.53 | 18.00 | 3.86 |
| Transformers and Rectifiers (India) Ltd. | 7.21 | 7.21 | 42.39 | 74.04 | 17.01 | 5.90 |
| Voltamp Transformers Ltd. | 321.65 | 321.65 | 1,569.24 | 23.04 | 20.50 | 5.08 |
| Accord Transformer & Switchgear Ltd. | 4.35 | 4.35 | 14.35 | — | 28.10 | — |
Strengths and Opportunities of Accord Transformer & Switchgear Limited
- The company has a broad product range covering transformers, control panels, and power distribution equipment.
- It has a solid presence across power transmission, renewable energy, and infrastructure segments.
- Its ISO-certified manufacturing units are supported by advanced in-house testing facilities.
- The promoters bring relevant industry experience in the electrical equipment space.
- Revenue growth has been supported by rising demand from the power and renewable energy sectors.
Risks and Threats of Accord Transformer & Switchgear Limited
- A significant portion of revenue is derived from a limited number of major customers, leading to client concentration risk.
- The business is closely linked to the performance of the power and infrastructure sectors, making it vulnerable to industry slowdowns.
- Manufacturing operations are conducted from leased facilities, which may pose operational continuity risks.
- The company is subject to strict quality standards, performance requirements, and warranty commitments.
- Operations require substantial working capital, and demand fluctuations in the sector could impact cash flows and profitability.
