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Accord Transformer & Switchgear IPO Review - Issue Date, Price, GMP, Subscription, Allotment, Lot Size, and Details
Accord Transformer & Switchgear Limited is engaged in manufacturing and supplying transformers, switchgear panels, compact substations and related power distribution equipment. The company earns revenue from manufacturing, engineering, and supplying electrical equipment for power transmission and distribution projects. Revenue from operations stood at ₹7,90,225.33 thousand in FY25 . Its products are used in industrial plants, infrastructure projects, utilities, and commercial establishments.
Accord Transformer & Switchgear, an Book Built Issue, amounting to ₹
25.59 Crore,consisting entirely an fresh issue of
0.56 crore shares of
₹
25.59 crores. The subscription period for the Accord Transformer & Switchgear IPO opens on February 23, 2026, and closes on February 25, 2026. The allotment is expected to be finalized on or about 26 February 2026, Thursday, and the shares will be listed on the NSE with a tentative listing date set on or about Monday, March 02, 2026.
The Share Price Band of Accord Transformer & Switchgear IPO is set at ₹43 to ₹46 per share per equity share. The Market Capitalisation of the Accord Transformer & Switchgear at IPO price of ₹46 per equity share will be ₹94.64 Cr. The lot size of the IPO is 3000 shares. Retail investors are required to invest a minimum of ₹
276,000, 2 lots (
6,000 shares), while the minimum investment for High-Net-Worth Individuals (HNIs) is
3 lots (
9,000 shares), amounting to ₹
414,000
GYR Capital Advisors Private Limited, are the book running lead manager of the Accord Transformer & Switchgear Ltd. while KFIN Technologies Limited is the registrar for the issue.The Market Maker of the company is Giriraj Stock Broking Pvt.Ltd.
Accord Transformer & Switchgear Limited IPO GMP Today
The Grey Market Premium of Accord Transformer & Switchgear IPO is expected to be ₹153 based on the financial performance of the company. No real trading is done on the basis of Grey Market Premium that's why no real discovery of price can be done before the listing of shares on the stock exchange. The Grey Market Premium totally depends upon the Demand and Supply of the shares of the company in unorganized manner which is not recommended. The Grey Market Premium is mentioned for educational and informational purposes only.
Accord Transformer & Switchgear Limited IPO Live Subscription Status Today: Real-Time Update
As of 06:30 PM on 25 February 2026, the Accord Transformer & Switchgear IPO live subscription status shows that the IPO subscribed 357.37 times on its Final Day of subscription period. Check the Accord Transformer & Switchgear IPO Live Subscription Status Today at BSE.
Accord Transformer & Switchgear Limited IPO Allotment Date - Step by Step Guide to Check Allotment Status Online
Accord Transformer & Switchgear IPO allotment date is 26 February 2026, Thursday, Accord Transformer & Switchgear IPO Allotment will be out on 26 February 2026, Thursday, and will be live on Registrar Website from the allotment date.
KFIN Technologies Limited IPO Allotment Status here. Here's how you can check the allotment status:
- Navigate to the IPO allotment status page.
- Select Accord Transformer & Switchgear IPO from the dropdown list of IPO
- Enter your application number, PAN, or DP Client ID
- Submit the details to check your allotment status.
By following either of these methods, investors can quickly determine their allotment status and proceed accordingly with their investments.
Objectives of Accord Transformer & Switchgear Limited IPO
Accord Transformer & Switchgear to utilise the Net Proceeds towards the following objects:
1. ₹1,30,266.80 Thousand is required for Capital expenditure towards purchase of machinery and equipment organization’s expansion across domestic markets
2. ₹1,00,000.00 Thousand is required for Funding of working capital requirements
3. General Corporate Purposes.
Refer to Accord Transformer & Switchgear Limited RHP for more details about the Company.
Accord Transformer & Switchgear Limited Day Wise IPO GMP Trend
| GMP Date | Issue Price | Expected Listing Price | GMP | Last Updated |
|---|---|---|---|---|
| February 17, 2026 | ₹ 46 | ₹ 46 | ₹0(0.0%) | 18 February 2026; 11:09 AM |
| February 17, 2026 | ₹ 46 | ₹ 53 | ₹7(15.2%) | 19 February 2026; 10:29 AM |
Accord Transformer & Switchgear IPO Details
| Market Capitalization | ₹94.64 Cr |
| IPO Date | February 23, 2026 to February 25, 2026 |
| Listing Date | March 02, 2026 |
| Face Value | ₹10 Per Share |
| Price Band | ₹43 to ₹46 per share |
| Issue Price | ₹46 per share |
| Employee Discount | NA |
| Lot Size | 3000 Equity Shares |
| Total Issue Size | 55,62,000 Equity Shares (aggregating to ₹25.59 Cr) |
| Fresh Issue | 55,62,000 Equity Shares (aggregating to ₹25.59 Cr) |
| Offer for Sale | NA |
| Issue Type | Book Built Issue |
| Listing At | BSE SME |
| Share holding pre issue | 1,50,11,289 |
| Share holding post issue | 2,05,73,289 |
| Rating | Apply |
Accord Transformer & Switchgear IPO Anchor Investors Details
| Bid Date | N/A |
| Shares Offered | N/A |
| Anchor Portion Size (In Cr.) | N/A |
| Anchor lock-in period end date for 50% shares (30 Days) | N/A |
| Anchor lock-in period end date for remaining shares (90 Days) | N/A |
Accord Transformer & Switchgear IPO Timeline (Tentative Schedule)
| IPO Open Date | Mon, Feb 23, 2026 |
| IPO Close Date | Wed, Feb 25, 2026 |
| Basis of Allotment | Thu, Feb 26, 2026 |
| Initiation of Refunds | Fri, Feb 27, 2026 |
| Credit of Shares to Demat | Fri, Feb 27, 2026 |
| Listing Date | Mon, Mar 2, 2026 |
| Cut-off time for UPI mandate confirmation | Thu, Feb 26, 2026 |
Accord Transformer & Switchgear IPO Reservation
| Investor Category | Shares Offered | Reservation % |
|---|---|---|
| QIB Portion | 2,640,000 | Not less than 50% of the Net Offer |
| Non-Institutional Investor Portion | 792,000 | Not more than 15% of the Net Issue |
| Retail Shares Offered | 1,848,000 | Not more than 35% of the Net Offer |
| Market Maker Portion | 282,000 | - |
Accord Transformer & Switchgear IPO Promoter Holding
| Share Holding Pre Issue | 84.94% |
| Share Holding Post Issue | 61.97% |
Accord Transformer & Switchgear IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 6,000 | ₹276,000 |
| Retail (Max) | 2 | 6,000 | ₹276,000 |
| S-HNI (Min) | 3 | 9,000 | ₹414,000 |
| S-HNI (Max) | 7 | 21,000 | ₹966,000 |
| B-HNI (Min) | 8 | 24,000 | ₹1,104,000 |
Accord Transformer & Switchgear IPO Subscription Status
| Investor Category | Shares Offered | Shares Bid For | No of Times Subscribed | Last Upadeted |
|---|---|---|---|---|
| Qualified Institutional Buyers (QIB) | 10,56,000 | 16,15,83,000 | 153.01x | 26 February 2026; 09:57 AM |
| Non Institutional Investors(NIIS) | 7,92,000 | 47,99,70,000 | 606.02x | 26 February 2026; 09:57 AM |
| Retail Individual Investors (RIIs) | 18,48,000 | 67,93,02,000 | 367.59x | 26 February 2026; 09:57 AM |
| Total | 36,96,000 | 1,32,08,55,000 | 357.37x | 26 February 2026; 10:00 AM |
About Accord Transformer & Switchgear Limited
Accord Transformer & Switchgear Limited is engaged in manufacturing and supplying transformers, switchgear panels, compact substations and related power distribution equipment. The company earns revenue from manufacturing, engineering, and supplying electrical equipment for power transmission and distribution projects. Revenue from operations stood at ₹7,90,225.33 thousand in FY25 . Its products are used in industrial plants, infrastructure projects, utilities, and commercial establishments.
Key Clients & Manufacturing Facilities
The company has strategic collaborations with SGB-SMIT GmbH, Lucy Electric India Private Limited, and Schneider Electric India Private Limited . These partnerships strengthen its technological capabilities and product reach. The company operates manufacturing facilities equipped with plant and machinery valued at ₹28,265.39 thousand (gross block as of March 31, 2025) . Facilities include transformer manufacturing units, panel assembly sections, and testing infrastructure to ensure quality and compliance.
Product Portfolio & Order Book Execution
The product portfolio includes liquid-filled transformers, power transformers, compact substations, and LV panels . These products form critical infrastructure in the power distribution lifecycle of clients. They are capital goods and directly impact operational efficiency and reliability. Work-in-progress and finished goods inventory reflect active project execution . The company follows project-based execution aligned with client timelines, ensuring structured order completion and revenue realization.
Capex, Merger & Expansion Plans
The company converted from private to public in December 2024 to support growth and capital expansion. Increase in building and plant & machinery additions (₹47,842.38 thousand additions in FY25) indicates expansion . The IPO proceeds are aimed at strengthening working capital, scaling manufacturing capacity, and enhancing infrastructure to support rising demand in the power sector.
Employees & Banker
December 31, 2025, the company had 114, full time employees. The Banker to the Company is HDFC Bank Limited and ICICI Bank Limited.
Management & Growth Vision
The promoters of the company are Mr. Pradeep Kumar Verma and Mrs. Shalini Singh . The management focuses on strengthening manufacturing capabilities, technological collaborations, and expanding into advanced transformer technologies through partnerships with global players like SGB-SMIT GmbH .
Their short-term vision includes increasing order inflow, improving capacity utilization, and strengthening balance sheet ratios. The Debt-Equity ratio improved from 1.51 (FY24) to 0.55 (FY25) , showing financial discipline. Long-term plans include expanding product range, improving automation, and strengthening export presence (export revenue ₹9,715.35 thousand in FY25) .
Funds for expansion will be arranged through IPO proceeds and internal accruals supported by improving profitability and operational performance.
Industry Overview
The company operates in the power transmission and distribution equipment industry, which includes transformers, switchgear, substations, and electrical panels.
Industry Size & Growth
- The Indian power equipment market is growing due to electrification, renewable integration, and infrastructure push.
- Government focus on smart grids, renewable capacity, and industrial growth supports transformer demand.
- The industry is expected to grow at 7–9% CAGR in India over the next 5 years.
- Globally, the transformer market is expanding due to renewable energy and grid modernization, growing at around 6–8% CAGR.
Market Leaders
- Global: Siemens, ABB, Schneider Electric
- India: CG Power, Voltamp Transformers, Transformers & Rectifiers India
Growing electricity demand, renewable integration, and infrastructure spending are major growth drivers.
Key Risk Factors (Top 6)
1. Project-Based Revenue Risk
Revenue depends heavily on project execution cycles. Delays in client projects can impact revenue recognition and working capital requirements.
2. Working Capital Intensive Business
The company maintains significant inventory and work-in-progress , indicating capital-intensive operations. Any slowdown may strain liquidity.
3. Industry Competition
The transformer and switchgear industry has established players. Pricing pressure from larger competitors can affect margins and order inflow.
4. Dependence on Collaborations
Technology partnerships with global players enhance capability. Any disruption in these relationships may affect product offerings.
5. Debt & Financial Risk
Though debt-equity improved , any additional borrowing for expansion could impact profitability and coverage ratios.
6. Regulatory & Power Sector Risk
The company’s performance depends on power sector investments. Any slowdown in government spending or regulatory delays can impact order inflow.
Key Strengths, Moat & Opportunities
1. Strong Technical Collaborations
Partnerships with SGB-SMIT, Lucy Electric, and Schneider Electric provide technology access and enhance credibility.
2. Improving Financial Performance
Revenue increased to ₹7,90,225.33 thousand in FY25 , showing strong growth momentum.
3. Strengthening Balance Sheet
Debt-Equity ratio reduced significantly , improving financial stability and lowering risk profile.
4. Diversified Product Portfolio
The company manufactures transformers, switchgear, compact substations, and panels, covering multiple segments in power distribution.
5. Capacity Expansion in Progress
Significant additions in plant & machinery and buildings reflect growth readiness.
6. Growing Power Infrastructure Demand
India’s focus on renewable integration, industrial growth, and rural electrification presents strong future order opportunities.
Accord Transformer & Switchgear Limited Financial Information (Restated Consolidated)
Amount in (₹ in Thousand)
| Period Ended | Dec 31, 2025 | Mar 31, 2025 | Mar 31, 2024 | Mar 31, 2023 |
|---|---|---|---|---|
| Reserve of Surplus | 94,431.92 | 212,467.71 | 57,890.62 | 41,823.86 |
| Total Assets | 410,249.33 | 598,903.23 | 264,596.50 | 158,216.12 |
| Total Borrowings | 43,711.53 | 118,072.78 | 91,345.36 | 22,987.64 |
| Fixed Assets | 78,379.94 | 70,574.82 | 30,863.71 | 26,707.26 |
| Cash | 15,219.93 | 12,666.85 | 6,596.84 | 11,608.39 |
| Cash flow from operating activities | 90,460.19 | -89,314.31 | -49,341.74 | 18,786.91 |
| Cash flows from investing activities | -13,752.08 | -26,872.94 | -23,068.66 | -1,091.30 |
| Cash flow from financing activities | -76,970.04 | 115,991.80 | 64,656.83 | -10,166.74 |
| Net Borrowing | 28,491.60 | 105,405.93 | 84,748.52 | 11,379.25 |
| Revenue | 452,946.30 | 792,004.02 | 485,978.64 | 408,115.92 |
| EBITDA | 46,168.22 | 91,013.90 | 26,727.95 | 15,376.94 |
| PAT | 29,133.72 | 60,536.03 | 16,066.76 | 8,781.06 |
| PAT Margin | 6.43% | 7.64% | 3.31% | 2.15% |
| EPS | 1.94 | 4.35 | 1.26 | 0.69 |
Note 1:- RoE, ROCE & RoNW calculation in KPI is based on 31st Mar, 2025 Data, given in RHP.
Note 2:- Pre EPS and Post EPS calculation in KPI is based (Profit/Loss for the Year) on 31st Mar, 2025 Data, given in RHP.
Note 3:- RoNW calculation in KPI is based on 31st Mar, 2025 Data, given in RHP.
Note 4:- Price to Book Value calculation in KPI is based on Cap Price Post Issue Data, given in FINANCIAL EXPRESS.
Key Performance Indicator
| KPI | Values |
|---|---|
| EPS Pre IPO (Rs.) | 4.35 |
| EPS Post IPO (Rs.) | 2.94 |
| Adjusted 12M EPS Post IPO (Rs.) | 1.89 |
| P/E Pre IPO | 10.57 |
| P/E Post IPO | 15.63 |
| Adjusted 12M P/E Post IPO | 24.36 |
| ROE | 43.90% |
| ROCE | 26.09% |
| P/BV | 3.21 |
| Debt/Equity | 0.55 |
| RoNW | 28.10% |
| EBITDA Margin | 11.49% |
| PAT Margin | 7.64% |
Accord Transformer & Switchgear Limited IPO Peer Comparison
| Company Name | EPS | P/E (x) | ROE | ROCE | P/BV | Debt/Equity | RoNW (%) |
|---|---|---|---|---|---|---|---|
| Accord Transformer & Switchgear | 2.94 | 15.63 | 43.90% | 26.09% | 3.21 | 0.55 | 28.10% |
| Danish Power | 34.55 | 25.53 | 28.9 % | 40.2 % | 3.86 | 0.01 | 18.00% |
| Transformers and Rectifiers (India) | 7.21 | 74.04 | 23.4 % | 28.0 % | 5.90 | 0.27 | 17.01% |
| Voltamp Transformers | 321.65 | 23.04 | 21.7 % | 29.1 % | 5.08 | 0.00 | 20.50% |
Accord Transformer & Switchgear Limited Contact Details
Accord Transformer & Switchgear Limited
Phone: +91 85274 22944
Email: compliance@atsgroup.in
Website: https://atsgroup.in/
Accord Transformer & Switchgear IPO Registrar and Lead Manager(s)
KFIN Technologies Limited
Phone: +91 40 6716 2222
Email: accord.ipo@kfintech.com
Website: http://www.kfintech.com/
GYR Capital Advisors Private Limited
Phone: : +91 87775 64648
Email: accord.ipo@gyrcapitaladvisors.in
Website: http://www.gyrcapitaladvisors.com/
Accord Transformer & Switchgear IPO Review
Accord Transformer & Switchgear Limited is engaged in manufacturing and supplying transformers, switchgear panels, compact substations and related power distribution equipment. The company earns revenue from manufacturing, engineering, and supplying electrical equipment for power transmission and distribution projects. Revenue from operations stood at ₹7,90,225.33 thousand in FY25 . Its products are used in industrial plants, infrastructure projects, utilities, and commercial establishments.
The Company is led by Promoter, i.e.,MR. PRADEEP KUMAR VERMA AND MRS. SHALINI SINGH
The Revenues from operations for the Period ended on Dec 31 2025, and Fiscals ended on Mar 31, 2025, 2024 and 2023 were ₹ 452,946.30 Lakh, ₹ 792,004.02 Thousand, ₹ 485,978.64 Thousand, and ₹ 408,115.92 Thousand, The EBITDA for the Period ended on Dec 31 2025, and Fiscals ended on Mar 31, 2025, 2024 and 2023 were ₹ 46,168.22 Thousand, ₹ 91,013.90 Thousand, ₹ 26,727.95 Thousand, and ₹ 15,376.94 Thousand, The Profit after Tax for the Period ended on Dec 31 2025, and Fiscals ended on Mar 31, 2025, 2024 and 2023 were were ₹ 29,133.72 Thousand, ₹ 60,536.03 Thousand, ₹ 16,066.76 Thousand, and ₹ 8,781.06 Thousand, respectively. This indicates a steady growth in financial performance.
The Company Key Performance Indicates the pre-issue EPS of ₹ 4.35 and post-issue EPS of ₹ 2.94 for FY25. The pre-issue P/E ratio is 10.57x,while the post-issue P/E ratio is 15.63x against the Industry P/E ratio is 25.76x The company's ROE for FY25 is 43.90% and RoNW is 28.10%The Annualised EPS is ₹ 1.89x and P/E is ₹ 24.36x, These metrics suggest that the IPO is Fully priced.
The Grey Market Premium (GMP) of Accord Transformer & Switchgear showing listing gains of 15.2%.Given the company's financial performance and the valuation of the IPO, we recommend Investors to Apply to the Accord Transformer & Switchgear Limited, IPO for Listing gain or Long Term Purposes.
Disclaimer: The information provided in this IPO review is for educational and informational purposes only and should not be construed as financial advice or an offer to buy or sell securities. The review must not be used as a singular basis of any investment decision. The views herein are of a general nature and do not consider the risk appetite or the particular circumstances of an individual investor; readers are requested to take professional advice before investing. Nothing in this document should be construed as investment advice. The content is based on publicly available information and market perceptions as of the date of publication and is subject to change. Neither the author nor the website is responsible for any losses or damages arising from the use of this information. We also use Artificial Intelligence (AI) tools to enhance the efficiency and quality of our research services, including data retrieval, analysis, and report summarization. 1.“Registration granted by SEBI, membership of a SEBI recognized supervisory body (if any) and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.” 2. “Investment in securities market are subject to market risks. Read all the related documents carefully before investing.” 3. To read the Disclaimers, Disclosures, Investor Charter, Investor Complaints please visit Legal our website abhayvarn.com
About the Author
CA Abhay Kumar (Also known as CA Abhay Varn) is a qualified Chartered Accountant by profession and cleared CA at age 21. He is a SEBI Registered Research Analyst with Registration Number - INH300008465. He Possesses 8+ years of experience in the Stock Market Field and has also worked in Big CA firms.
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