Accord Transformer & Switchgear IPO Overview
Accord Transformer & Switchgear Limited is a Gurugram, Haryana-based power and electrical equipment manufacturer, engaged in the design, engineering, manufacturing and supply of transformers, switchgear and related power distribution equipment. Its product portfolio includes distribution transformers, power transformers, dry-type transformers, control panels, LV/MV switchgear panels and related customised solutions serving sectors such as power transmission & distribution, renewable energy, infrastructure, industrial and EV charging networks.
The company is launching its SME IPO on the BSE SME platform from 23–25 February 2026, aiming to raise ₹25.59 crore through a 100% fresh issue of 55,62,000 equity shares priced at ₹43 – ₹46 per share. At the upper price band, the minimum retail investment is ₹2,76,000 (2 lots = 6,000 shares).
IPO DETAILED INFORMATION
Issue Details
| Parameter | Details |
| IPO Type | Book Built – SME (BSE SME) |
| IPO Open Date | 23 February 2026 (Monday) |
| IPO Close Date | 25 February 2026 (Wednesday) |
| Allotment Date | 26 February 2026 (Expected) |
| Credit to Demat | 27 February 2026 (Expected) |
| Refund Initiation | 27 February 2026 (Expected) |
| Listing Date | 2 March 2026 (Tentative) |
| Price Band | ₹43 to ₹46 per share |
| Face Value | ₹10 per share |
| Lot Size | 3,000 shares |
| Min Investment (Retail) | ₹2,76,000 (2 lots at ₹46) |
| sNII Investment | Approx ₹4,14,000 (3 lots) |
| bNII Investment | Higher lots (data not fully disclosed) |
| Issue Size | ~₹25.59 cr |
| Fresh Issue | ₹25.59 cr (100%) |
| Offer For Sale (OFS) | Nil |
| Total Shares Offered | 55,62,000 equity shares |
| Listing | BSE SME |
Note: The IPO has no OFS component – all proceeds go to the company for growth and operations.
Issue Break-up
| Category | Allocation | Shares |
| QIB (Qualified Institutional Buyers) | ≤ 50% | ~26,40,000 |
| NII (Non-Institutional Investors) | ≥ 15% | ~7,92,000 |
| Retail Individual Investors | ≥ 35% | ~18,48,000 |
| Market Maker | Reserved | ~2,82,000 |
| Total | 100% | ~55,62,000 |
Selling Shareholders (OFS)
NO OFFER FOR SALE – 100% Fresh Issue.
Promoters are not selling any shares in this IPO; all capital raised goes to the company for expansion and working capital.
Objects of the Issue (Fund Utilization)
The net IPO proceeds are intended to be used for:
- Capital Expenditure: Purchase of machinery and equipment to support manufacturing expansion.
- Working Capital Requirements: Funding day-to-day operations and raw material procurement.
- General Corporate Purposes: Other corporate needs as determined by the board.
Strategic Context:
- Capex strengthens production capacity to meet rising demand for transformers & switchgear across power and infrastructure sectors.
- Working capital funding helps manage receivables, inventory and supply cycle requirements.
Lead Managers & Registrar
- Book Running Lead Manager (BRLM): GYR Capital Advisors Pvt. Ltd.
- Registrar to the Issue: Kfin Technologies Ltd.
Promoters & Management
Accord Transformer & Switchgear is promoted by:
- Mr. Pradeep Kumar Verma
- Mrs. Shalini Singh
They oversee strategy, operations, business development and execution.
COMPANY DETAILS
Incorporation & History:
Accord Transformer & Switchgear Ltd was originally incorporated on 20 June 2014 as a private limited company and later converted to a public limited company in December 2024 ahead of the IPO. The corporate office is in Eros Corporate Park, IMT Manesar, Gurugram, Haryana.
Business Activities:
The company designs, engineers, manufactures, tests and supplies a diversified range of electrical equipment and solutions, including:
- Distribution Transformers (up to 2.5 MVA)
- Power Transformers (up to 20 MVA)
- Dry-Type Transformers
- Low & Medium Voltage Switchgear Panels
- Control Panels and Customized Power Solutions
- Package Substations and associated electrical equipment
Operations:
- Manufacturing Facilities: Two plants located in Bhiwadi, Rajasthan.
- Certifications: ISO 9001:2015, ISO 14001:2015, ISO 45001:2018 certified facilities.
- Workforce: Skilled personnel supporting engineering, manufacturing and quality control.
Financial Snapshot (latest available data)
| Period Ended | Total Income (₹ Cr) | PAT (₹ Cr) |
| FY25 (Mar 2025) | ~79.20 | ~6.05 |
| FY24 (Mar 2024) | ~48.54 | ~1.61 |
| FY23 (Mar 2023) | ~40.78 | ~0.87 |
Data indicates a steady revenue increase and improving profitability over recent years.
Company Strengths
- Established manufacturing expertise in transformers and switchgear for over a decade.
- Diverse product portfolio catering to multiple power distribution and industrial segments.
- Serving growth sectors like power transmission, renewable energy, infrastructure and EV charging networks.
- ISO-certified facilities with in-house testing labs ensuring quality compliance.
- Increasing revenue and profits with rising order volumes.
- Experienced promoter leadership focused on scaling operations.
- Positive GMP signal indicating retail/market interest ahead of listing.
Key Risks & Challenges
- Sector dependency: Demand tied to power sector capex and infrastructure investments, which can be cyclical.
- Working capital intensity: Manufacturing requires high working capital due to receivables and inventory cycles.
- Customer concentration: Significant revenue from a limited number of clients can affect stability.
- Competition: Competes with larger established players in transformers and switchgear markets.
- SME liquidity risk: SME-listed stocks may have lower liquidity and higher volatility post-listing.
Disclaimer
This document is for informational purposes only and does not constitute investment advice or a recommendation. Investors should read the Red Herring Prospectus (RHP) and consult certified financial advisors before making investment decisions. Past performance is not indicative of future results and investments are subject to market risks.
