February 24, 2026
6 mins read
Accord Transformer & Switchgear Limited is a manufacturer of electrical power and distribution equipment with a decade of operational history in the design and supply of transformers and control panels. The company is set to launch its initial public offering on February 23, 2026, which will remain open for subscription until February 25, 2026. This issue consists of 55,62,000 equity shares, aggregating to a total value of approximately ₹25.59 crore. The designated price band for the offering is ₹43 to ₹46 per share. Individual retail investors can participate with a minimum application of two lots, comprising 6,000 shares, at a total investment of ₹2,76,000. The capital raised is intended for acquiring new machinery, meeting working capital requirements, and supporting general corporate purposes.
Accord Transformer & Switchgear Limited, established in 2014, is a manufacturer of electrical power and distribution equipment with over a decade of operational history. The company’s core business focuses on the design, engineering, and supply of a diversified range of transformers—including power, distribution, dry-type, and specialised solar or wind units—alongside low-voltage and medium-voltage control panels. By maintaining two manufacturing facilities in Bhiwadi, Rajasthan, the organisation serves a broad client base across the power distribution, renewable energy, and infrastructure sectors. Its market position is characterised by technical collaborations with global entities and a growing presence in the electric vehicle (EV) charging infrastructure segment.
To participate in the Accord Transformer & Switchgear IPO, eligible investors can apply through the Application Supported by Blocked Amount (ASBA) process via their net banking portal or a UPI-enabled brokerage application. Once logged in, navigate to the "IPO" or "Invest" section and select the listing for Accord Transformer & Switchgear Limited to enter a bid within the price band of ₹43 to ₹46 per share. Investors must apply for at least the minimum lot size of 3,000 shares (requiring an investment of ₹2,76,000 for retail participants applying for 2 lots/6,000 shares) and authorise the payment mandate to block the necessary funds in their bank account. These funds remain blocked until the allotment process is finalised on February 26, 2026, after which they are either debited for the allotted shares or released in the event of non-allotment.
For more details, visit the Accord Transformer & Switchgear Limited IPO page.
Details | Information |
IPO Date | Feb 23, 2026 to Feb 25, 2026 |
Issue Size | 55,62,000 shares (agg. up to ₹26 Cr) |
Price Band | ₹43 to ₹46 per share |
Lot Size | 3000 shares |
Listing At | SME BSE |
Market Maker | Giriraj Stock Broking Pvt.Ltd. |
Capital expenditure towards purchase of machinery and equipment
Funding of working capital requirements
General corporate purposes
Event | Date |
IPO Open Date | Mon, Feb 23, 2026 |
IPO Close Date | Wed, Feb 25, 2026 |
Tentative Allotment | Thu, Feb 26, 2026 |
Initiation of Refunds | Fri, Feb 27, 2026 |
Credit of Shares to Demat | Fri, Feb 27, 2026 |
Tentative Listing Date | Mon, Mar 2, 2026 |
Cut-off time for UPI mandate confirmation | 5 PM on Wed, Feb 25, 2026 |
₹43 to ₹46 per share
Application | Lots | Shares | Amount |
Individual investors (Retail) (Min) | 2 | 6,000 | ₹2,76,000 |
Individual investors (Retail) (Max) | 2 | 6,000 | ₹2,76,000 |
S-HNI (Min) | 3 | 9,000 | ₹4,14,000 |
S-HNI (Max) | 7 | 21,000 | ₹9,66,000 |
B-HNI (Min) | 8 | 24,000 | ₹11,04,000 |
The Accord Transformer & Switchgear Limited IPO application process can be completed online through your trading platform. Below is a step-by-step guide to applying for the IPO:
Access your trading account using the broker's app or website.
Go to the IPO section to view active IPO listings.
Locate Accord Transformer & Switchgear Limited IPO in the list of available IPOs and click the ‘Apply’ button.
Specify the number of shares (lot size: 3000 shares) within the price band of ₹43 to ₹46 per share.
Enter your UPI ID for payment authorisation and ensure sufficient funds in your bank account.
Review your application details and confirm the UPI mandate before 5 PM on the last application day.
Submit the application and monitor the allotment status to check if shares have been allocated to you.
The allocation of shares in the Accord Transformer & Switchgear IPO is structured across investor categories in line with applicable regulatory requirements. The issue provides defined reservations for qualified institutional buyers, non-institutional investors, and retail individual investors, with each category allotted a specified proportion of the net issue. This allocation framework outlines how the shares offered are distributed among different classes of investors.
Investor Category | Shares Offered |
Market Maker Shares Offered | 2,82,000 (5.07%) |
QIB Shares Offered | 26,40,000 (47.46%) |
− Anchor Investor Shares Offered | 15,84,000 (28.48%) |
− QIB (Ex. Anchor) Shares Offered | 10,56,000 (18.99%) |
NII (HNI) Shares Offered | 7,92,000 (14.24%) |
− bNII > ₹10L | 5,28,000 (9.49%) |
− sNII < ₹10L | 2,64,000 (4.75%) |
Retail Shares Offered | 18,48,000 (33.23%) |
Total Shares Offered | 55,62,000 (100.00%) |
This reservation structure reflects the categorisation and allocation approach disclosed for the issue, indicating the proportion of shares available to each investor segment.
Total Assets: Grew from ₹15.82 crore in FY23 to ₹41.02 crore as of Dec 2025.
Total income: Recorded at ₹45.29 crore in Dec 2025, as compared to ₹40.81 crore in FY23.
Profit After Tax (PAT): Reported at ₹2.91 crore in Dec 2025, and ₹0.87 crore in FY23.
Net Worth: Recorded at ₹24.45 crore in Dec 2025 in comparison to ₹4.43 crore in FY23.
Reserves and Surplus: Stood at ₹9.44 crore in Dec 2025, as compared to ₹4.18 crore in FY23.
EBITDA: Stood at ₹4.62 crore in Dec 2025 in comparison to ₹1.54 crore in FY23.
The company has experienced a steady increase in its total assets over the reported period, indicating a strengthened foundation for its manufacturing and operational activities.
Total income and reserves and surplus figures have followed an upward trend, reflecting consistent demand for the company’s electrical equipment and an expansion of its market presence.
The Profit After Tax (PAT) has shown significant growth, suggesting enhanced operational efficiency and better management of bottom-line performance compared to previous fiscal years.
The EBITDA figures indicate an upward movement, highlighting the company's ability to generate higher earnings from its core business operations before accounting for interest, taxes, and depreciation.
The company’s net worth has seen a notable increase, representing a substantial buildup of internal reserves and equity.
Capital and Working Capital Dependencies: The company’s operations require significant funding for machinery acquisition and working capital; any inability to manage these financial requirements or debt levels could impact operational outcomes.
Operational and Market Sensitivities: As a manufacturer in the electrical equipment sector, the company is subject to fluctuations in raw material costs and changes in the infrastructure or renewable energy policies that drive demand for its products.
Diversified Product and Sector Presence: With an established portfolio including solar, wind, and dry-type transformers, the organisation is positioned to benefit from the ongoing expansion of renewable energy and industrial infrastructure in India.
Expansion into Emerging Segments: The company’s growing involvement in the electric vehicle (EV) charging infrastructure segment provides a specialised path for future market engagement.
KPI | Dec 31, 2025 | Mar 31, 2025 |
ROE | 12.67% | 43.90% |
ROCE | 14.52% | 26% |
Debt/Equity | 0.18 | 0.55 |
RoNW | 11.91% | 28.10% |
PAT Margin | 6.44% | 7.66% |
EBITDA Margin | 10.19% | 11.49% |
Price to Book Value | 2.82 | 3.21 |
Registrar | Lead Manager(s) |
Kfin Technologies Ltd. | GYR Capital Advisors Pvt.Ltd. |
Accord Transformer & Switchgear Ltd. Unit No. 724, Seventh Floor Eros Corporate Park, K Block, Sector 2 IMT Manesar, Manesar Gurgaon, Haryana, 122052
Phone: +91 85274 22944
Email: compliance@atsgroup.in
Website: https://atsgroup.in/
Interested in more opportunities? Check out our Upcoming IPO section for new listings and don’t forget to check your Accord Transformer & Switchgear IPO allotment status.
The company is led by Mr. Pradeep Kumar Verma, who serves as the Managing Director. He is an electrical and electronics engineering professional with extensive experience in international business and has been a driving force behind the organisation's growth since its inception.
The IPO is scheduled to open for subscription on Monday, February 23, 2026, and will remain available for bidding until Wednesday, February 25, 2026. This three-day window allows eligible investors to submit their applications through the designated banking and brokerage channels.
The company is engaged in the design, engineering, and manufacturing of a diversified range of electrical power and distribution equipment, including various types of transformers and switchgear panels. Long-term sustainability is supported by its integration into growing sectors like renewable energy and electric vehicle (EV) charging infrastructure; however, its model faces risks from significant customer concentration and the need to maintain technological relevance in a specialised and evolving engineering market.
The total issue size consists of 55,62,000 equity shares, which is expected to aggregate to approximately ₹25.59 crore at the upper price band. The offering is a fresh issue of shares, with the proceeds intended for capital expenditure, working capital requirements, and general corporate purposes.
Pre-applying refers to a convenience feature offered by some brokerage platforms that allows investors to place their IPO applications a few days before the official opening date. This helps investors avoid potential technical delays on the opening day, though it does not provide any preferential treatment or guarantee regarding the allotment of shares.
The market lot size for the IPO is 3,000 shares; however, for retail individual investors, the minimum application requirement is set at two lots, which equates to 6,000 shares. At the upper price band of ₹46, this represents a minimum investment of ₹2,76,000.
The basis of allotment for the IPO is tentatively scheduled to be finalised on Thursday, February 26, 2026. Following this, the initiation of refunds and the credit of shares to the Demat accounts of successful applicants are expected to take place by Friday, February 27, 2026.
Kfin Technologies Limited has been appointed as the official registrar for this IPO. They are responsible for overseeing the processing of applications, finalising the allotment in coordination with the stock exchange, and managing the refund and share credit processes for all applicants.
There are no publicly stated governance issues or red flags highlighted. Investors may review the offer documents, including sections on management, board composition, and risk factors, for detailed and verified disclosures.
Investors can apply for the IPO online through the Application Supported by Blocked Amount (ASBA) facility provided by their bank or through a UPI-enabled brokerage application. The process involves selecting the IPO from the platform's active issues, entering the bid details within the ₹43 to ₹46 price range, and authorising the blocking of funds in the bank account until the allotment is concluded.
A valid Demat account is mandatory for any individual wishing to participate in the IPO because the shares are issued exclusively in electronic form. Investors must provide their Depository Participant (DP) ID and Client ID during the application process to ensure that any allotted shares can be successfully credited.
Applicants will receive an official notification via SMS or email from the stock exchange and the registrar once the allotment process is completed. Investors can also manually verify their status on the registrar's website using their PAN or application number or check for a debit notification from their bank indicating that the previously blocked funds have been utilised for the share purchase.
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Content Partner - Dalal Street Investment Journal Wealth Advisory Private Limited
This article is for educational purposes only and should not be considered investment advice. Market investments are subject to risks. DSIJ Wealth Advisory Private Limited is a SEBI-registered Research Analyst (Reg. No: INH000006396) and Investment Adviser (Reg. No: INA000001142). Please consult your financial adviser before investing.
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