Accord Transformer & Switchgear IPO is a ₹25.59 crore SME IPO, which will issue fresh capital with 55,62,000 Equity shares, face value at ₹10/share, through a book-built process.
The bidding period for the Accord Transformer & Switchgear IPO begins on 23 February 2026 and ends on 25 February 2026. The Accord Transformer & Switchgear Ltd expects allotment on 26 February 2026, and the shares are to be listed on BSE SME, which is tentatively scheduled on 2 March 2026.
The price band for the Accord Transformer & Switchgear IPO is ₹43/share – ₹46/share. IPO lot size is 3,000 shares, and the minimum value of each application must be 2 lots (6,000 shares), ₹2,76,000 (calculated on the upper price band).
Accord Transformer & Switchgear IPO: Details
| IPO Open | 23 February 2026 |
| IPO Close | 25 February 2026 |
| Face value | ₹10/share |
| Price Band | ₹43/share–₹46/share |
| IPO Lot Size | 3,000 shares |
| Fresh issue | 55,62,000 shares (₹25.59 crore) |
| Issue Type | Book-built/SME IPO |
| Listing | BSE SME |
| Total Issue Size (₹ Crore) | ₹25.59 crore (55,62,000 shares) |
| Minimum Retail Investment | ₹2,76,000 (6,000 shares/2 Lots) |
Accord Transformer & Switchgear IPO Timeline
| Bid Opening Date | 23 February 2026 |
| Bid Closing Date | 25 February 2026 |
| Allotment | 26 February 2026 |
| Refunds Initiated | 27 February 2026 |
| Share Credit Date | 27 February 2026 |
| Listing Date | 2 March 2026 |
| UPI mandate Cut-off time | 25 February 2026 (5 PM) |
Accord Transformer & Switchgear Key Performance Indicators (KPIs)
| KPIs | 2025 | 2024 | 2023 |
| ROE (%) | 43.9 | 30.69 | 21.98 |
| ROCE (%) | 26.09 | 16.47 | 20.49 |
| Debt-Equity Ratio (in times) | 0.55 | 1.51 | 0.52 |
| RoNW (%) | 28.1 | 26.6 | 19.81 |
| PAT Margin (%) | 8 | 3.31 | 2.15 |
| EBITDA Margin (%) | 11.49 | 5.5 | 3.77 |
| Price-Book Value | – | – | – |
Accord Transformer & Switchgear Ltd Financial Information
| 2025 (in ₹ thousands) | 2024 (in ₹ thousands) | 2023 (in ₹ thousands) | |
| Revenue | 7,90,225.33 | 4,85,369.15 | 4,07,816.87 |
| Assets | 5,98,903.23 | 2,64,596.50 | 1,58,216.12 |
| Profit After Tax | 60,536.03 | 16,066.76 | 8,781.06 |
Subscription Status: Accord Transformer & Switchgear IPO
Subscription Details Not Available!
The subscription rate will be updated once the bidding process starts officially.
Applications are accepted from 10:00 AM to 5:00 PM on each issue day.
Accord Transformer & Switchgear IPO GMP
As of 21 February 2026, the GMP of the Accord Transformer & Switchgear IPO is ₹12. With the price band of the IPO, ₹46, the listing price is expected to be ₹58/share (upper price band + current GMP), and the profit is estimated at 26.09%.
The Accord Transformer & Switchgear IPO GMP is trending upwards and shows a strong listing possibility. Check here for the latest information regarding the Accord Transformer & Switchgear IPO GMP trend!
| Date | GMP (₹) | Estimated Listing Price | Estimated Listing Gain | Trend |
| 21 February 2026 | ₹12 | ₹58 | ₹36,000 (26.09%) | – |
| 20 February 2026 | ₹12 | ₹58 | ₹36,000 (26.09%) | ⬆️Upward |
| 19 February 2026 | ₹10 | ₹56 | ₹30,000 (21.74%) | ⬇️Downward |
| 18 February 2026 | ₹12 | ₹58 | ₹36,000 (26.09%) | ⬆️Upward |
| 17 February 2026 | ₹8 | ₹54 | ₹24,000 (17.39%) | – |
Note: Grey market figures come from unofficial sources and may fluctuate with market sentiment, investor demand, and subscription levels.
Accord Transformer & Switchgear IPO Reservation
Here’s a breakdown of how Accord Transformer & Switchgear IPO shares are allocated among investor categories:
| Investor Category | Number of Shares Offered | % of Shares Offered |
| Market Maker | 2,82,000 | 5.07% |
| Anchor Investor | 15,84,000 | 28.48% |
| QIBs | 10,56,000 | 18.99% |
| Retail Investors | 18,48,000 | 33.23% |
| NII shares offered (HNI) | 7,92,000 | 14.24% |
| Total | 55,62,000 | 100% |
Lot Size for the Accord Transformer & Switchgear IPO
Investors are required to bid for at least 6,000 shares, comprising two lots of 3,000 shares each, and thereafter in multiples of the lot size.
| Application | Lot Size | Shares | Amount(in ₹) |
| Retail Investors Minimum Application | 2 | 6,000 | ₹2,76,000 |
| Retail Investors Maximum Application | 2 | 6,000 | ₹2,76,000 |
| S-HNI Minimum Application | 3 | 9,000 | ₹4,14,000 |
| S-HNI Maximum Application | 7 | 21,000 | ₹9,66,000 |
| B-HNI Minimum Application | 8 | 24,000 | ₹11,04,000 |
Anchor Investors Details: Accord Transformer & Switchgear IPO
| Bidding Opens On | 20 February 2026 |
| Shares to be Offered | 15,84,000 shares |
| Issue Size | ₹7.29 crore |
| 30-days expiry date for lock-in (50% shares) | 28 March 2026 |
| 90-days expiry date for lock-in (Remaining shares) | 27 May 2026 |
Accord Transformer & Switchgear IPO Prospectus
| IPO DRHP (Doc) | Click here! |
| IPO RHP (Doc) | Click here! |
| IPO Anchor Investor (Doc) | Click here! |
About Accord Transformer & Switchgear Limited
Incorporated on 20 June 2014, the company, under its Chairman & Managing Director, Pradeep Kumar Verma, has developed strong capabilities in the design, engineering, and manufacture of electrical power and distribution equipment, over the past decade.
The company serves clients across power transmission and distribution utilities, renewable energy projects, industrial establishments, infrastructure developments, and electric vehicle charging networks. The company manages the entire project cycle, from design and manufacturing to testing and on-site commissioning of critical power systems.
Its product portfolio includes a wide range of power and distribution equipment, including various categories of transformers, factory-assembled substations, control and protection panels across voltage classes, and supporting power distribution infrastructure systems engineered for industrial and utility applications.
| Book Running Lead Managers (BRLM) | GYR Capital Advisors Pvt Ltd |
| IPO Registrar | KFIN Technologies Ltd |
Objectives of Accord Transformer & Switchgear
| Particulars | Amount (in ₹ thousands) |
| For purchasing machinery and equipment | 1,30,266.80 |
| For working capital needs | 1,00,000.00 |
| Corporate requirements | – |
Strengths Of Accord Transformer & Switchgear
- Focused niche positioning: The company focuses on a defined niche market, ensuring consistent quality standards and dependable delivery timelines.
- Strong order visibility: The company’s order book reflects sustained demand and reinforces its stable market positioning.
- Customised manufacturing capability: The advanced manufacturing infrastructure of the company enables the development of customised transformers and power solutions for diverse applications.
- Certified management framework: The company’s ISO-certified systems strengthen quality control, environmental responsibility, and workplace safety practices.
Risks of Accord Transformer & Switchgear
- Leased manufacturing premises risk: The company’s dependence on leased facilities exposes its operations to renewal uncertainties and potential disruption.
- Strict performance obligations: The company’s failure to meet contractual quality or delivery standards may lead to order cancellations or claims.
- Product design dependency: The company’s weakness in the design process could affect performance, credibility, and customer trust.
- Working capital pressure: The company’s insufficient cash flows may constrain debt servicing and day-to-day operational funding.
Accord Transformer & Switchgear IPO Review
Accord Transformer & Switchgear Limited operates in the specialised transformer and switchgear segment, serving utilities, infrastructure, and renewable energy projects.
The company has recorded consistent revenue expansion with improving margins and return ratios, which reflect strengthening operational efficiency. Its rising order pipeline improves earnings predictability, although operations require significant working capital to sustain execution.
Therefore, investors should assess execution capability, industry demand cycles, and financial discipline before arriving at an investment decision.
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Accord Transformer & Switchgear IPO FAQ‘s
The Accord Transformer & Switchgear IPO is a ₹25.59 crore SME public issue comprising 55,62,000 fresh equity shares of face value ₹10 each. The company intends to utilise the proceeds primarily for purchasing machinery and meeting working capital requirements.
To apply for the Accord Transformer & Switchgear IPO, visit your bank and apply through the ASBA system, or you can also apply online through registered stockbroker platforms. Also, make sure the applications are submitted within the bidding period, and UPI mandates must be approved before the specified cut-off time on the closing date.
The Accord Transformer & Switchgear IPO reflects consistent revenue growth and improving return ratios. However, it also carries risks such as dependence on leased premises and working capital requirements. Therefore, investors should evaluate financial performance, valuation, and risk factors carefully before making a decision.
The Accord Transformer & Switchgear IPO returns depend on subscription demand, prevailing market conditions, and listing sentiment. GMP indications suggest a premium, though such figures are unofficial and subject to change. The actual listing gains or losses will depend on market response at the time of debut.
The Accord Transformer & Switchgear IPO will open for subscription on 23 February 2026 and close on 25 February 2026. Investors may place bids during market hours on the issue days, subject to the prescribed timelines and regulatory guidelines.
The Accord Transformer & Switchgear IPO is 3,000 shares. Investors must apply for a minimum of two lots, amounting to 6,000 shares. Based on the upper price band of ₹46 per share, the minimum retail investment required is ₹2,76,000.
The Accord Transformer & Switchgear IPO share allotment is expected to be finalised on 26 February 2026. Refunds for unsuccessful applicants and credits of allotted shares to demat accounts are scheduled shortly thereafter, as per the issue timeline.
The Accord Transformer & Switchgear shares are tentatively scheduled to be listed on the BSE SME platform on 2 March 2026, subject to completion of post-issue formalities and regulatory approvals.
