Accord Transformer & Switchgear IPO

About Accord Transformer & Switchgear IPO

The Accord Transformer & Switchgear IPO opens on Monday, Feb 23, 2026 and closes on Wednesday, Feb 25, 2026. The allotment of shares will take place on Thursday, Feb 26, 2026. The credit of shares to the demat account will take place on Friday, Feb 27, 2026. The initiation of refunds will take place on Friday, Feb 27, 2026. The listing of shares will take place on Monday, Mar 2, 2026.

The offer consists of a fresh issue component. The fresh issue will include 55,62,000 shares (aggregating up to ₹26 crores). The total number of shares is 55,62,000 and the aggregate amount is up to ₹26 crores.

Accord Transformer & Switchgear IPO’s price band is set at ₹43 to ₹46. The lot size for an application is 3,000. The minimum amount of investment required by a retail investor is ₹2,76,000 (6,000 shares) (based on upper price). The minimum lot size required for investment by HNIs is 3 lots (9,000 shares), amounting to ₹4,14,000.

Accord Transformer & Switchgear has expertise in the design, manufacture, testing, and deployment of critical power systems. Their quality control capabilities enable them to develop specialised solutions for renewable energy integration, industrial duty, and special applications while ensuring compliance with domestic and international standards.

Objectives of Accord Transformer & Switchgear IPO

• Funding of capital expenditure requirements of the company towards the purchase of machinery and equipment to be used by the company.
• Funding of the working capital requirements of the company.
• General corporate purposes.

Industry Outlook

The electrical equipment market size has grown strongly in recent years. It will grow from $1,66,751 crores in 2024 to $1,75,223 crores in 2025 at a compound annual growth rate (CAGR) of 5.1%. The India Switchgear Market is growing owing to increasing adoption of smart switchgear and rising investment in developing renewable energy along with government regulations or subsidies.

The rapid growth in investment in renewable energy infrastructure and power generation capacities is expected to drive the India switchgear market during the forecast period. The growing adoption of smart Internet of Things (IoT) ready switchgear solutions is one of the key fundamental factors driving the India switchgear market.

About Accord Transformer & Switchgear

Accord Transformer & Switchgear is engaged in the design, engineering, manufacturing, and supply of a diversified range of electrical power and distribution transformers, and related equipment. Established over 10 years ago, they cater to both standard and customised requirements of clients in the power transmission and distribution sector, renewable energy, industrial applications, infrastructure projects, and electric vehicle (EV) charging networks.

They operate two manufacturing facilities located in Bhiwadi, Rajasthan (two units), supported by their registered office in Manesar, Haryana. They follow ZED (Zero Effect, Zero Defect) manufacturing principles and maintain an Integrated Management System certified under ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018.

Strengths of Accord Transformer & Switchgear

• Niche market focus with quality and timely delivery.
• Robust order book and market confidence.
• Customised solutions backed by advanced manufacturing facilities.
• Commitment to customer delight and best-in-class service.
• Integrated management systems with ISO certifications.

Risks of Accord Transformer & Switchgear

• Adverse developments in the power generation, transmission and distribution sector.
• Any deficiencies in the storage, processing, or handling of their raw materials, work-in-progress, or finished products.
• The loss of or shutdown of their operating facility in Bhiwadi, Rajasthan.
• Any shortage or interruption in the supply of electricity or power at their manufacturing operations.
• Any disruptions in third-party transportation services for their logistics needs.

*Source: All the financial information for listed industry peers mentioned above is sourced from the Annual Reports of the aforesaid companies for the year ended March 31, 2025, and stock exchange data dated February 06, 2026 to compute the corresponding financial ratios for the financial year ended March 31, 2025. The current market price and related figures are as on February 06, 2026.

1. P/E figures for the peers are based on closing market prices of equity shares on BSE and NSE on September 22, 2025 divided by the Diluted EPS as at March 31, 2025.
   
2. Basic and Diluted EPS refers to the Basic and Diluted EPS sourced from the Annual Reports for FY 24-25 of the listed peer companies.
   
3. Return on Net Worth (%) for listed industry peers has been computed based on the Net Profit After Tax for the year ended March 31, 2025 divided by Total Equity as on March 31, 2025.
   
4. NAV per share for listed peers is computed as the Total Equity as on March 31, 2025 divided by the outstanding number of equity shares as on March 31, 2025.
   **The details shall be provided post the fixing of the price band by the Company at the stage of the red herring prospectus or the filing of the price band advertisement.

Anchor Investor Bidding Date

Friday, February 20, 2026*

*The company, in consultation with the BRLM, may consider participation by Anchor Investors in accordance with the SEBI ICDR Regulations. The Anchor Investor Bidding Date/ Issue period shall be one Working Day prior to the Bid/ Issue Opening Date.

• Registrar: KFIN Technologies Limited
• Book Running Lead Managers: GYR Capital Advisors Private Limited

Accord Transformer & Switchgear Business Model

The company earns its revenue by designing, engineering, manufacturing, and supplying a diversified range of electrical power and distribution transformers, as well as related equipment.

Accord Transformer & Switchgear Growth Trajectory

(Restated Data) Accord Transformer & Switchgear’s Total Income for FY25 was ₹79.200 crores, whereas in FY24 and FY23 it was ₹48.597 crores and ₹40.811 crores, respectively.

The Profit After Tax for FY25 was ₹6.053 crores, whereas in FY24 and FY23 it was ₹1.606 crores and ₹0.878 crores, respectively.

Their EBITDA for FY25 was ₹9.101 crores, whereas in FY24 and FY23 it was ₹2.672 crores and ₹1.537 crores, respectively.

Accord Transformer & Switchgear Market Position

The company has carved out a strong position by targeting a specific niche market, focusing on quality and on-time delivery of products. With over 10 years of experience, they serve a well-defined customer base, ensuring that products are not only high in quality but also delivered within committed timelines. This specialisation enables better customer alignment, minimises complexity, and allows them to maintain operational efficiency while delivering tailored solutions that meet industry demands.

As of 31 March 2025, the company’s Total Income, Profit After Tax, and EBITDA were ₹79.200 crores, ₹6.053 crores, and ₹9.101 crores, respectively.

How to apply for Accord Transformer & Switchgear IPO?

• Step 1: Log in to your Kotak Neo Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details. Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification. Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.