Updated on 19.02.2026| 14:58 PM
Accord Transformer & Switchgear Limited and switchgear, is entering the primary market with its Initial Public Offering (IPO) on Monday, February 23, 2026. It is a Rajasthan-based manufacturer specialising in power and distribution transformers, control panels.
It will close on Wednesday, February 25, 2026. With over three decades of experience and two manufacturing units in Bhiwadi, the company serves critical sectors, including state electricity boards and renewable energy projects.
The IPO is a 100% fresh issue aiming to raise approximately ₹25.59 Crores with a price band fixed at ₹43 to ₹46 per share. You can find details of all the upcoming and live IPOs at our IPO section.
The proceeds will be utilised to fund capital expenditure for capacity expansion and meet working capital requirements.
In this article, you will find the Accord Transformer & Switchgear IPO GMP today, price band, and a detailed review. For subscription status, check our daily updated subscription section and for the allotment status, check the IPO allotment status page for more details.
Briefs of Accord Transformer & Switchgear IPO Details:
- Price Band: ₹43 – ₹46 per equity share
- IPO Open / Close Dates: February 23, 2026 – February 25, 2026
- Lot Size: 3,000 Shares
- Issue Size: 55,62,000 Equity Shares / ~₹25.59 Crores
- Fresh Issue / OFS: 100% Fresh Issue
- Registrar: Kfin Technologies Ltd.
- Listing Exchange: BSE SME
The investors who have queries regarding refunds, credit of shares, and other allotment related issue they can find our detailed guide on Kfin IPO allotment status quite useful.
What Is The Accord Transformer & Switchgear IPO GMP Today?
You can check the GMP of this and other issues at our GMP today section.
Note: Grey Market Premium (GMP) changes daily based on market demand. It is an unofficial indicator and is not regularised by SEBI, NSE, or BSE.
What Are The Important Accord Transformer & Switchgear IPO
Dates & Allotment Schedule?
For investors planning their capital allocation, here is the critical timeline for the issue:
- IPO Open Date: Monday, February 23, 2026
- IPO Close Date: Wednesday, February 25, 2026
- Basis of Allotment Date: Thursday, February 26, 2026
- Refund Initiation Date: Friday, February 27, 2026
- Credit of Shares: Friday, February 27, 2026
- Listing Date: Monday, March 2, 2026
What Are The Objectives of Accord Transformer & Switchgear IPO?
The company proposes to utilize the Net Proceeds from the Fresh Issue towards the following strategic purposes:
- Capital Expenditure: A significant allocation of ₹13.03 Crores is earmarked for the purchase of plant and machinery, including Vapour Phase Drying Plants, to enhance manufacturing capabilities for higher-rated transformers.
- Working Capital: To meet incremental working capital requirements of ₹10.00 Crores, essential for managing the inventory and receivables cycle in the power infrastructure sector.
- General Corporate Purposes: To fund ongoing operational needs and strategic initiatives.
How is The Financial Performance of Accord Transformer & Switchgear?
The following table summarizes the financial performance of the company based on restated financial statements.
(Figures in ₹ Crores)
| Particulars | Period Ended 30 Sep 25 | FY 2024-25 | FY 2023-24 | FY 2022-23 |
Total Income | 45.29 | 79.20 | 48.60 | 40.81 |
Profit After Tax (PAT) | 2.91 | 6.05 | 1.61 | 0.88 |
EBITDA | 4.62 | 9.10 | 2.67 | 1.54 |
Total Borrowing | 4.37 | 11.81 | 9.13 | 2.30 |
Assets | 41.02 | 59.89 | 26.46 | 15.82 |
Source: RHP
Financial Analysis & Observations:
Total Income:
The company reported Total Income of ₹79.20 Crores in FY25, reflecting a substantial growth of nearly 63% over FY24. This growth is attributed to capacity expansion and backward integration via a new fabrication unit, allowing the company to execute larger orders.
Profit After Tax (PAT):
Profitability surged significantly, with PAT rising to ₹6.05 Crores in FY25 compared to ₹1.61 Crores in the previous year. The net margins expanded due to better absorption of fixed costs and improved operational efficiencies.
EBITDA:
Operational strength is evident with EBITDA growing to ₹9.10 Crores in FY25, with margins improving to 11.49%. This indicates robust core business performance and economies of scale.
Total Borrowing:
Debt levels peaked at ₹11.81 Crores in FY25 to support increased working capital needs but have since reduced to ₹4.37 Crores as of September 2025. The Debt-to-Equity ratio improved significantly to 0.18 in the recent period, indicating a healthier balance sheet.
Assets:
The asset base grew to ₹59.89 Crores in FY25 before moderating to ₹41.02 Crores in the recent period. The consistent investment in plant and machinery underscores the company's commitment to upgrading its technology infrastructure.
What Are the P/E Ratio and Peer Comparison?
Based on its Fiscal Year 2025 earnings per share (EPS) of ₹4.35, the IPO is priced at a Price-to-Earnings (P/E) multiple of approximately 10.57x at the upper end of the price band (₹46).
P/E Ratio = ₹46(Price) / ₹4.35(Earnings Per Share)
P/E Ratio ≈ 10.57x
Peer Comparison Table (FY 2025 Data):
| Company | P/E Ratio | RoNW (%) | Total Income (₹ Cr) |
Accord Transformer | 10.57 | 28.10 | 79.20 |
| Danish Power Ltd | 18.09 | 18.00 | 432.95 |
| Transformers & Rectifiers | 34.43 | 17.01 | 2,051.08 |
| Voltamp Transformers | 24.76 | 20.50 | 2,018.92 |
Analysis:
Accord Transformer & Switchgear is entering the market at a P/E multiple of approximately 10.57x based on its FY25 EPS. When compared to the industry average of roughly 25.76x and listed peers like Transformers & Rectifiers (34.43x) and Voltamp (24.76x), the issue appears to be priced very attractively. Additionally, Accord has a Return on Net Worth (RoNW) of 28.10%, suggesting highly efficient utilization of shareholder capital compared to its larger peers.
What is the Industry Outlook Accord Transformer & Switchgear?
Growth Potential:
The Indian power sector is undergoing a massive transformation with the government's focus on renewable energy integration and upgrading transmission infrastructure. Initiatives like the Revamped Distribution Sector Scheme (RDSS) act as strong tailwinds for transformer manufacturers.
Market Trends:
There is increasing demand for energy-efficient and specialized transformers for solar and wind projects. Accord's strategic partnerships with global players like Schneider Electric position it well to capture value in this evolving market.
What Are The Strengths and Risks of Accord Transformer IPO?
Strengths:
- Strong Financials: The company has demonstrated high growth in revenue and profitability with impressive return ratios (RoNW ~28%).
- Strategic Ties: Collaborations with global technology leaders enhance its product capabilities and market credibility.
- Order Book: A confirmed order book of over ₹164 Crores provides strong revenue visibility for the near term.
Risks:
- Customer Concentration: The top 10 customers contribute a significant portion of revenue (approx. 84% in FY25). Loss of key clients could impact financials.
- Raw Material Volatility: Margins are sensitive to fluctuations in the prices of copper, aluminium, and CRGO steel.
- Working Capital: The business is capital-intensive with long inventory cycles. While cash flows have improved, managing liquidity remains a key monitorable.
Key Considerations for Investors
This section is for information purposes only and does not constitute financial advice.
Investors should note the Minimum Investment structure.
- Minimum Application: The lot size is 3,000 Shares. Based on the data provided, the minimum application for Retail Individual Investors is 2 Lots (6,000 Shares), amounting to ₹2,76,000. Note: This investment amount exceeds the typical ₹2 Lakh retail limit, which implies this category effectively targets High Net-worth Investors (HNIs).
- Valuation: At ~10.6x P/E, the pricing offers a significant discount to industry peers.
- Risk Profile: The company is profitable and efficient but operates on a smaller scale than its listed peers with high client concentration.
Key Takeaways
- IPO Price: ₹46 per share (Upper Band).
- Min Investment: ₹2,76,000 (6,000 Shares).
- Allotment: February 26, 2026
- Listing: BSE SME platform on March 2, 2026.
FAQs on Accord Transformer IPO
What is Accord Transformer IPO GMP today?
The GMP is a dynamic market sentiment indicator. Please check trusted financial news portals or our dedicated GMP section for the latest updates.
What is Accord Transformer IPO price band?
The price band is fixed at ₹43 to ₹46 per equity share.
What is Accord Transformer IPO allotment date?
The allotment status is expected to be finalised on Thursday, February 26, 2026.
How to check Accord Transformer IPO allotment status?
Investors can check the status on the website of Kfin Technologies Ltd. (the Registrar) or via the BSE IPO allotment portal.
What is Accord Transformer IPO listing date?
The shares are tentatively scheduled to list on Monday, March 2, 2026.
Investment Perspective on Accord Transformer IPO
Accord Transformer & Switchgear offers a compelling value proposition in the power ancillary space with strong growth metrics and a low valuation multiple. However, the high minimum investment ticket size and customer concentration risks are factors that investors must weigh carefully against the growth potential.
Disclaimer:
This article is strictly for educational purposes. Please consult a SEBI-registered investment advisor before making any investment decisions.
