Accord Transformer & Switchgear Limited Links 
Allotment
The Accord Transformer & Switchgear IPO is a book-built issue aggregating to ₹25.59 crore. The issue consists entirely of a fresh issue of 0.56 crore shares worth ₹25.59 crore.
The IPO will open for subscription on February 23, 2026, and close on February 25, 2026. The basis of allotment is expected 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.
The price band for the issue has been fixed at ₹43 to ₹46 per share. The lot size is 3,000 shares.
Retail Investors: Minimum investment of ₹2,76,000 (6,000 shares at the upper price band).
HNI Investors: Minimum of 3 lots (9,000 shares), amounting to ₹4,14,000.
GYR Capital Advisors Pvt. Ltd. is the book-running lead manager to the issue, while Kfin Technologies Ltd. serves as the registrar. The market maker for the IPO is Giriraj Stock Broking Pvt. Ltd..
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Updates On
Feb 17, 2026
IPO. Open
Feb 23, 2026
IPO. Close
Feb 25, 2026
IPO. Price
₹46.00
IPO Market price
₹94.64 Cr
IPO Details
| IPO Date | 2 Mar |
| IPO Listing Date | 2 Mar |
| IPO Face Value | ₹1.00 per share |
| IPO Price Range | ₹46.00 |
| IPO Issue Size | 55,62,000 shares |
| IPO Sale Type | Fresh Capital |
| Employee Discount | - |
| IPO Issue Type | Bookbuilding IPO |
| IPO Listing | BSE SME Platform |
| Share Holding Pre Issue | 1,50,11,289 shares |
IPO Timeline
| IPO Open Date | 23 Feb |
| IPO Close Date | 25 Feb |
| IPO Allotment (Tentative) | 26 Feb |
| Refunds | 27 Feb |
| Credit to Demat Account | 27 Feb |
| IPO Listing Date | 2 Mar |
IPO Reservation
| Category | Offer |
|---|---|
| QIB Shares Offered | 11,90,400 Shares |
| NII (HNI) Shares Offered | 3,60,000 Shares |
| Retail Shares Offered | 8,35,200 Shares |
IPO Lot Size
Investors must place bids for a minimum of 3,200 shares, and any additional shares must be applied for in multiples of 1,600 shares thereafter.
| Application | Lots | Share | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 2 | 3,200 | ₹2,56,000 |
| Individual investors (Retail) (Max) | 2 | 3,200 | ₹2,56,000 |
| S-HNI (Min) | 3 | 4,800 | ₹3,84,000 |
| S-HNI (Max) | 7 | 11,200 | ₹8,96,000 |
| B-HNI (Min) | 8 | 12,800 | ₹10,24,000 |
Incorporated in 2014, Accord Transformer & Switchgear Ltd. is an established company engaged in the design, engineering, manufacturing, and supply of a diversified range of electrical power and distribution equipment.
With over 10 years of experience, the company serves both standard and customised requirements across sectors such as power transmission and distribution, renewable energy, industrial applications, infrastructure projects, and electric vehicle (EV) charging networks.
Product Portfolio
1. Transformers
- Distribution Transformers: Up to 2.5 MVA, 36 kV
- Power Transformers: Up to 20 MVA, 33 kV
- Dry-Type Transformers: Up to 5,000 KVA, 36 kV
- Special-Purpose Transformers: Including solar transformers, wind inverter duty, and furnace duty transformers
2. Control Panels & Switchgear
- Low-Voltage (LV) Control Panels, LV Control Switchboards, and APFC Panels
- Medium-Voltage (MV) / Vacuum Circuit Breaker (VCB) panels
- Industrial Panels
- Customised Prisma Set control panels (in collaboration with Schneider Electric)
- Package Substations, Busducts, cable trays, and associated switchgear assemblies
The company operates two manufacturing facilities in Bhiwadi, Rajasthan, with its registered office in Manesar, Haryana. These facilities are equipped with advanced machinery, including plasma cutting systems, foil winding machines, shot blasting and painting booths, and comprehensive in-house testing laboratories, enabling end-to-end expertise in the design, manufacture, testing, and deployment of critical power systems.
As of December 31, 2025, the company employed 114 permanent employees.
Company Financials (Consolidated)
| Assets | 41.02 | 59.89 | 26.46 |
| Total Income | 45.29 | 79.2 | 48.6 |
| Profit After Tax | 2.91 | 6.05 | 1.61 |
| EBITDA | 4.62 | 9.1 | 2.67 |
| Net Worth | 24.45 | 21.54 | 6.04 |
| Reserves and Surplus | 9.44 | 21.25 | 5.79 |
| Total Borrowing | 4.37 | 11.81 | 9.13 |
Key Performance Indicator (KPI)
| ROE | 43.90% |
| ROCE | 26% |
| Debt/Equity | 0.55 |
| RoNW | 28.10% |
| PAT Margin | 7.66% |
| EBITDA Margin | 11.49% |
| Price to book value | 3.21 |
IPO Objects of the Issue
| S.No. | Objects of the ipo Resources Detail | IPO Amount |
|---|---|---|
| 1 | Funding capital expenditure requirements for the purchase of equipment/machineries | 13.03 |
| 2 | To meet out the expenses of Working Capital Requirement | 10 |
| 3 | To meet out the General Corporate Purposes; | - |
| 4 | Offer for Sale (OFS) | - |
Contact Details
Accord Transformer & Switchgear Ltd. Address
Unit No. 724, Seventh Floor
Eros Corporate Park, K Block, Sector 2
IMT Manesar, Manesar
Gurgaon, Haryana, 122052
+91 85274 22944
compliance@atsgroup.in
https://atsgroup.in/
Detail Registrar
IPO Registrar
Kfin Technologies Ltd.
04067162222, 04079611000
accord.ipo@kfintech.com
https://ipostatus.kfintech.com/
The IPO will open on February 23, 2026, and close on February 25, 2026, giving investors three days to submit applications.
The IPO is a book-built issue of 55.62 lakh shares, entirely a fresh issue, aggregating to ₹25.59 crore to fund capital expenditure and working capital requirements.
The price band is ₹43 to ₹46 per share. The lot size is 3,000 shares. Retail investors must apply for a minimum of 2 lots (6,000 shares), while HNI investors must apply for a minimum of 3 lots (9,000 shares).
GYR Capital Advisors Pvt. Ltd. is the book-running lead manager, Kfin Technologies Ltd. is the registrar, and Giriraj Stock Broking Pvt. Ltd. is the market maker for the IPO.
The basis of allotment is expected on February 26, 2026, refunds will be initiated on February 27, 2026, and shares are expected to be listed on BSE SME on March 2, 2026.
The company manufactures transformers, control panels, and switchgear for power, industrial, renewable energy, and EV applications, operates advanced manufacturing facilities in Bhiwadi, Rajasthan, and employs skilled staff with over a decade of industry experience.
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