The Indian power equipment manufacturing industry is growing at 12-15% CAGR and aims to reach $30 Bn by 2030. Accord Transformer & Switchgear Limited, incorporated in 2018 in Sonipat, Haryana, produces distribution transformers (up to 2500 kVA), switchgear panels (HT/LT), and customized power solutions for the utility, industrial, and OEM markets. The company utilizes in-house design capabilities, testing labs, and ISO 9001:2015 certification for quality assurance.
Accord Transformer & Switchgear Limited designs, manufactures transformers/switchgear in Haryana, meeting power distribution requirements with capacity for oil-immersed/power transformers and prefabricated substations. The company has Pan-India operations with emphasis on reliable, BIS/IEC-compliant products for metro, solar, and industrial applications. The company’s strengths lie in its technical know-how, broad product offerings (transformers 50-2500 kVA), loyal customer base in the power sector, and investment in capacity enhancement.
Accord Transformer has registered strong pre-IPO growth with FY25 revenue/PAT justifying P/E ratio of ~15x, substantial order book. ₹25.59 Cr BSE SME IPO (55.62 lakh shares @ ₹10 FV) at ₹43-46 price band (lot size ~3,000 shares, min ~₹2.76 lakh). Opens February 23-25, 2026, allotment on February 26, BSE SME listing on March 2.
Accord Transformer & Switchgear IPO Details:
Accord Transformer & Switchgear Issue Management:
GYR Capital Advisors Pvt Ltd acts as the book-running lead manager for Accord Transformer & Switchgear SME IPO, managing underwriting and compliance.
Accord Transformer & Switchgear IPO RTA (Registrar) Details:
Kfin Technologies Ltd handles allotment, refunds, and demat credits—contact at 04067162222, 04079611000 or accord.ipo@kfintech.com.
Accord Transformer & Switchgear IPO Allotment Status:
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Action Links:
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Accord Transformer & Switchgear Limited, incorporated in 2014 in Manesar, Haryana, is a designer, manufacturer, and seller of power transformers, switchgear panels, and substations to the power sector and industries. It also handles the entire lifecycle, from engineering to testing, through its own labs and warehouses.
It taps into its production capacity in Bhiwadi facilities (Rajasthan), Pan-India supply chain, and cutting-edge tech for customized power solutions in the renewable energy and EV sectors.Key strengths are its diversified electrical equipment business, ISO-certified quality, regular clients in T&D business, and infra demand-driven manufacturing scalability.
Accord Transformer & Switchgear Limited had a strong pre-IPO business performance in FY25, with revenue of ~₹79 Cr, PAT of ₹6.05 Cr (RoNW 28%, ROE 44%), with high visibility.Its ₹25.59 Cr BSE SME IPO (55.62 lakh shares @ ₹10 FV) at ₹43-46 price band (lot size 3,000 shares, minimum investment ₹2.76 lakh for 2 lots/6,000 shares). Opens on February 23-25, 2026, allotment on February 26, BSE SME listing on March 2.
Accord Transformer & Switchgear Limited IPO is ₹25.59 Cr total (55.62 lakh shares @ ₹10 FV): 100% fresh issue (no OFS)—for capex, working capital, general purposes.
Accord Transformer & Switchgear IPO proceeds will be deployed towards the following objectives:
Accord Transformer & Switchgear Ltd BSE SME IPO reserves 22.68 lakh shares per SEBI SME norms
The Anchor bidding opens February 20, 2026 (15.84 lakh shares/~₹7.29 Cr, 28.48% QIB).
Lock-in: 50% for 30 days, 50% for 90 days per SEBI norms. as per SEBI SME guidelines.
The anchor allocation document filed right before issue opens will list specific anchor investor names via registrar Kfin Technologies Pvt Ltd.
According to RHP reports, Accord Transformer & Switchgear Limited posted solid FY25 financials. Revenue grew ~40% YoY to ₹79.15 Cr, PAT rose 85% to ₹6.05 Cr (7.64% margin), ROE 44.3%, ROCE 28.5%, EBITDA margin ~15.2%. Growth fueled by infra capex, renewables orders, switchgear demand, client diversification, and capacity utilization ramp-up.
The important risks and strengths of Accord Transformer & Switchgear IPO are mentioned below:
Strengths:
Strong financials with FY25 revenue growth, PAT of ₹6.05 Cr, RoNW ~28%, EBITDA of ₹9.10 Cr (11.49% margin).
Large order book >₹164 Cr for revenue visibility; tech collaborations enhance capabilities.
Diversified business (transformers, switchgear, EV charging solutions) with ISO quality and customized offerings.
Infra sector growth; capex on better-rated transformers for future growth.
Risks
Customer concentration risk: Top 10 customers ~84% of FY25 revenue.
Raw material price fluctuations (copper, steel) affecting margins.
Working capital-driven business with long cycles; managing cash flows is critical.
Competitive/fragmented industry; 9MFY26 disappointment, rich valuation.
The RHP filings confirm Accord Transformer & Switchgear Limited's FY25 strength with revenue ₹79.15 Cr (+40% YoY), PAT ₹6.05 Cr (7.64% margin), RoNW 28.10%, and post-issue P/E 15.63x—attractive vs peers Danish Power (19.9x), Voltamp Transformers (24.2x), Transformers & Rectifiers (33.7x). The integrated manufacturing model (transformers up to 2500 kVA, switchgear panels, in-house testing labs) serves power T&D, renewables, and EVs with efficient supply chain.
The ₹25.59 Cr BSE SME IPO at ₹46 upper band trades at 1.20x sales/15.63x EPS (post-issue). Strong RoNW/RoCE (28%/26%), 85% promoter stake, and infra capex outweigh client concentration risks for listing gains.
Investors are advised to exercise discretion and refer to the full DRHP/RHP document before reaching any investment decision. This analysis is for informative purposes and not investment advice.
Action Links:
To apply for Accord Transformer & Switchgear IPO, open a demat account here
Accord Transformer & Switchgear IPO Subscription Status: Check live subscription here
Accord Transformer & Switchgear IPO GMP Update: Check latest grey market premium here
1. What is the Accord Transformer & Switchgear IPO open and close date?
The Accord Transformer BSE SME IPO opens February 23, closes February 25, 2026; allotment February 26, listing March 2.
Track Accord Transformer & Switchgear IPO subscription status live here from Finnpick.
2. What is the Accord Transformer & Switchgear IPO price band and lot size?
The IPO Price band ₹43-46 per share (FV ₹10), lot size 3,000 shares; retail min ₹2.76 lakh (2 lots/6,000 shares).
3. What is Accord Transformer & Switchgear IPO total size?
The Accord Transformer & Switchgear IPO size is ₹25.59 Cr fresh issue (55.62 lakh shares), lists BSE SME March 2, 2026.
4. How to apply for the Accord Transformer & Switchgear IPO?
Open a demat here (Zerodha/Upstox/AngelOne) or ASBA by Feb 25, 4 PM. Monitor Accord Transformer & Switchgear IPO subscription tracker here.
5. How to check Accord Transformer & Switchgear IPO Allotment Status?
The allotment date is on Feb 26th and can be checked on Kfin Technologies Pvt Ltd portal RTA portal using PAN/DP ID.
6. What is Accord Transformer & Switchgear IPO GMP today and subscription status?
Current Grey Market Premium (GMP) stands at ₹10 as of Feb 22, indicating listing at the price range of ₹56 (22% premium)—check daily updates of Accord Transformer & Switchgear IPO GMP trends here and live subscription status here from Feb 23rd opening only on Finnpick.
7. What does Accord Transformer & Switchgear specialize in?
Accord Transformer & Switchgear Limited specializes in power transformers (up to 2500 kVA), switchgear panels, substations for utilities, renewables, EVs.
8. When is the Accord Transformer & Switchgear IPO listing date?
The Accord Transformer & Switchgear Ltd IPO lists on 02nd March, 2026 on BSE SME (~T+3 post-allotment Feb 26).
9. What are the Accord Transformer & Switchgear IPO proceeds utilization details?
The Accord Transformer & Switchgear IPO fresh issue proceeds of ₹23.03 Cr net proceeds allocate ₹13.03 Cr for machinery purchase, ₹10 Cr working capital, balance general corporate purposes.
