Accord Transformer & Switchgear IPO
Bookbuilding IPO | ₹26.00 Cr | Listing at BSE SME
Closed
IPO Open
Mon, Feb 23, 2026
IPO Close
Wed, Feb 25, 2026
Price Band
₹43.00 to ₹46.00
Market Cap (Pre-IPO)
₹94.64 Cr
IPO Details
| IPO Date | Feb 23, 2026 to Feb 25, 2026 |
| Listing Date | Tentative: Mar 02, 2026 |
| Face Value | ₹10.00 per share |
| Price Band | ₹43.00 to ₹46.00 |
| Lot Size | 3000 Shares (Minimum: ₹138,000.00) |
| Sale Type | Fresh Issue |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Issue Size | ₹26.00 Crores |
| Total Shares Offered | 5,562,000 shares |
| Offer For Sale | 5,562,000 shares |
Accord Transformer & Switchgear IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | 26,40,000 (47.46%) |
| Retail Shares Offered | 18,48,000 (33.23%) |
| NII Shares Offered | 7,92,000 (14.24%) |
Accord Transformer & Switchgear IPO Lot Size
Investors can bid for a minimum of 6,000 shares and in multiples of 3,000 shares thereof.
| 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 Financial Information (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 and Surplus | 9.44 | 21.25 | 5.79 | 4.18 |
| Total Borrowing | 4.37 | 11.81 | 9.13 | 2.30 |
Amount in ₹ Cr
Key Performance Indicators
As of Monday, March 31, 2025| KPI | Values |
|---|---|
| ROE (Return on Equity) | 43.90% |
| ROCE (Return on Capital Employed) | 26.00% |
| Debt/Equity | 0.55 |
| RoNW (Return on Net Worth) | 28.10% |
| PAT Margin (Profit After Tax Margin) | 7.66% |
| EBITDA Margin | 11.49% |
| Price to Book Value | 3.21 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | 4.03 | 2.94 |
| P/E (x) | 11.41 | 15.63 |
| Promoter Holding | 84.94% | 61.98% |
Company Promoters
- Mr. Pradeep Kumar Verma and Mrs Shalini Singh are the promoters.
Company Overview
Accord Transformer & Switchgear – Company Overview
- Incorporated in 2014; engaged in design, engineering, manufacturing, and supply of electrical power & distribution equipment.
- Serves sectors like power transmission & distribution, renewable energy, industrial projects, infrastructure, and EV charging networks.
- Manufactures Distribution, Power, Dry-Type, and Special-Purpose Transformers (solar, wind, furnace duty).
- Offers LV & MV Control Panels, VCB Panels, APFC Panels, Package Substations, Busducts, and Switchgear Systems.
- Provides customised Prisma Set Panels in collaboration with Schneider Electric.
- Operates two manufacturing units in Bhiwadi, Rajasthan with registered office in Manesar, Haryana.
- Equipped with advanced machinery and in-house testing facilities for quality control.
- As of December 31, 2025, the company had 114 permanent employees.
Company Strengths
- Over 10 years of industry experience
- Diversified product portfolio in transformers and switchgear
- Customised engineering capabilities
- Strong presence in renewable energy and infrastructure sectors
- Advanced in-house manufacturing and testing facilities
Use of Proceeds
| 1) | Capital expenditure towards purchase of machinery and equipment | 13.03 |
| 2) | Funding of working capital requirements | 10.00 |
| 3) | General corporate purposes | |
| Total | 23.03 |
Objectives
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
Accord Transformer & Switchgear IPO Peer Comparison
Accord Transformer & Switchgear peer comparison with similar listed entities. (As on March 31, 2025)| Company Name | EPS (Basic) | EPS (Diluted) | NAV (per share) (Rs) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|---|
| Danish Power | 34.55 | 34.55 | 162.50 | 25.53 | 18.00 | 3.86 | - |
| Transformers and Rectifiers (India) | 7.21 | 7.21 | 42.39 | 74.04 | 17.01 | 5.90 | - |
| Voltamp Transformers | 321.65 | 321.65 | 1,569.24 | 23.04 | 20.50 | 5.08 | - |
| Accord Transformer & Switchgear | 4.35 | 4.35 | 14.35 | - | 28.10 | - | - |
Quick Info
| Sector | electrical machinery and equipment manufacturing |
| Exchange | BSE SME |
| Market Cap (Pre-IPO) | ₹94.64 Cr |
Important Dates
| IPO Open | Feb 23, 2026 |
| IPO Close | Feb 25, 2026 |
| Allotment Date | Feb 26, 2026 |
| Credit to Demat | Feb 27, 2026 |
| Listing Date | Tentative: Mar 02, 2026 |
Lead Manager(s)
GYR Capital Advisors Pvt.Ltd.
Registrar
Kfin Technologies Ltd.
04067162222, 04079611000
Description
- IPO Type: Accord Transformer & Switchgear IPO is a book build issue worth ₹25.59 crores, comprising entirely a fresh issue of 0.56 crore equity shares. The funds raised are expected to be utilised for business expansion, working capital requirements, and general corporate purposes.
- IPO Dates: The IPO opens for subscription on February 23, 2026 and closes on February 25, 2026, offering investors a three-day bidding window.
- Allotment & Listing: The basis of allotment is likely to be finalized on February 26, 2026. The shares are proposed to be listed on the BSE SME with a tentative listing date of March 2, 2026.
- Price Band: The IPO price band is fixed at ₹43 to ₹46 per equity share, making it part of the growing SME IPO segment in India.
- Lot Size: The minimum application lot size is 3,000 shares, which determines the entry-level investment requirement.
- Retail Investment Requirement: Retail investors must apply for a minimum of 6,000 shares, amounting to approximately ₹2,76,000 at the upper price band of ₹46 per share.
- HNI Investment Requirement: High Net-worth Individuals (HNI) are required to apply for a minimum of 3 lots (9,000 shares), translating into an investment of about ₹4,14,000 at the upper price.
- Investor Perspective: This SME IPO may attract investors tracking electrical equipment manufacturers, transformer and switchgear companies, and SME listings on BSE, especially those looking for exposure to India’s power and infrastructure sector growth.