Accord Transformer & Switchgear was incorporated on June 20, 2014. The company is engaged in the design, engineering, manufacturing, and supply of a wide range of electrical power and distribution transformers and related equipment. With over 10 years of experience, it serves standard and customized needs across power transmission, renewable energy, industrial, infrastructure, and EV charging sectors
| Bidding Dates |
|---|
| 23 Feb 2026 - 25 Feb 2026 |
| Subscription |
|---|
| 332.11x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹2,58,000 | 2 | 2 | 3000 | 5.6 M | ₹43 - ₹46 | 61.97 % | ₹239.2 M - ₹255.9 M | RHP DOC |
Accord Transformer IPO SUBSCRIPTION STATUS
25 Feb '26Accord Transformer IPO overall subscription rate was 332.11 times the total available shares
Accord Transformer IPO retail subscription rate was 487.9 times in the retail segment
Accord Transformer IPO non-institutional investor subscription rate was 804.85 times in the non-institutional investor category
Accord Transformer IPO Qualified Institutional Bidder subscription rate was 81.24 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 35% | 15% | 50% |
25 Feb 2026 (Day 3) | 487.9x | 804.85x | 81.24x |
24 Feb 2026 (Day 2) | 79.3x | 66.13x | 0.57x |
23 Feb 2026 (Day 1) | 21.58x | 14.96x | 0.01x |
Accord Transformer FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| 9MFY26 | 45.2 | 2.9 | 9.0 | 7.6 | 10.2% |
| FY25 | 79.0 | 6.1 | -8.9 | -11.7 | 11.5% |
| FY24 | 48.5 | 1.6 | -4.9 | -7.3 | 5.5% |
| FY23 | 40.8 | 0.9 | 1.9 | 1.7 | 3.8% |
Accord Transformer IPO SUBSCRIPTION STATUS DETAILS
Accord Transformer had 5.6 M shares on offer
Accord Transformer IPO offer price was in the range ₹43 - ₹46
Accord Transformer IPO minimum Investment was ₹258000
Accord Transformer IPO issue size was ₹ 239.2 M - ₹ 255.9 M
Accord Transformer had a minimum lot size of 3000 Shares per application
Accord Transformer NUMBER OF SHARES ON OFFER
Accord Transformer IPO IMPORTANT DATES
| Issue Open Date | 23 Feb 2026 |
| Issue close Date | 25 Feb 2026 |
| Allotment Date | 26 Feb 2026 |
| Refund Date | 27 Feb 2026 |
| Demat Account Credit Date | 27 Feb 2026 |
| Listing Date | 02 Mar 2026 |
| Listing on Exchange(s) | BSE |
| Accord Transformer Allotment Status | Exchange/ Registrar |
Accord Transformer IPO subscription opened on 23 Feb 2026, and closed on 25 Feb 2026
IPO allotment for Accord Transformer was finalized on Thursday, 26 Feb 2026
IPO listing for Accord Transformer was on BSE on Monday, 02 Mar 2026
Accord Transformer IPO LISTING GAINS
| Issue Price (adjusted) | 46.0 |
| Listing Open Price | 50.0 |
| Listing Close Price | 52.5 |
| Listing Gain% | 8.7% |
| Current Gain% | 36.1% |
Accord Transformer Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Accord Transformer & Switchgear Ltd. | 62.6 | 128.8 | 28.6 | -1.1 | 1.8 | 9.2 | 5.4 | 70.4 | -11.2 | 4.5 | -25.6 | 2.2 | -25.6 |
| ABB India Ltd. | 7600 | 161050.4 | 53.9 | 11.8 | 21.3 | 12.2 | 13555.1 | 8.1 | 1668.3 | -10.9 | 141 | ||
| Hitachi Energy India Ltd. | 32600 | 145306 | 126.3 | 1 | 15.9 | 19.1 | 8.2 | 8387.6 | 30.2 | 987.8 | 157.3 | 258.1 | 127.7 |
| Bharat Heavy Electricals Ltd. | 405.2 | 141093.2 | 58 | 0.1 | 3.9 | 6.1 | 2.1 | 34589.8 | 20.1 | 1600.3 | 199.7 | 7 | 739.4 |
| Siemens Ltd. | 3940.1 | 140315 | 90.2 | -2.2 | 7.8 | 19.9 | 12.9 | 25598.6 | 10.5 | 2751.6 | 1.3 | 43.7 | -40.3 |
| CG Power and Industrial Solutions Ltd. | 879 | 138482.1 | 110.8 | 4.5 | 10.8 | 15.1 | 9.5 | 12662.2 | 25.7 | 1206.3 | 23.8 | 7.9 | 24.7 |
Accord Transformer INFORMATION ON IPO ISSUE
About Accord Transformer
Accord Transformer & Switchgear was incorporated on June 20, 2014. The company is engaged in the design, engineering, manufacturing, and supply of a wide range of electrical power and distribution transformers and related equipment. With over 10 years of experience, it serves standard and customized needs across power transmission, renewable energy, industrial, infrastructure, and EV charging sectors
Object of the Issue
- Funding of capital expenditure requirements of the company towards purchase of machinery and equipment to be used by the company
- Funding of working capital requirements of the company
- General corporate purposes
Accord Transformer - PROMOTERS
| Name |
|---|
| Pradeep Kumar Verma |
| Shalini Singh |
Accord Transformer - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Pradeep Kumar Verma | Chairman & Managing Director |
| Shalini Singh | Whole-Time Director |
| Dipakkumar Chandrakantbhai Thakkar | Independent Director |
| Neelam | Independent Director |
| Amrendra Nath Shukla | Non-Executive Director |
Accord Transformer Book Running Lead Manager
GYR Capital Advisors Private Limited
accord.ipo@gyrcapitaladvisors.in
Accord Transformer Registrar to the issue
KFIN Technologies Limited
accord.ipo@kfintech.com
Accord Transformer Strengths
Quality & timely delivery
The company has built a strong position by focusing on a niche market with an emphasis on quality and timely delivery. With over 10 years of experience, it serves a defined customer base efficiently by providing reliable, tailored solutions that meet industry needs
Customer delight & best-in-class service
The company focuses on delivering a positive customer experience by building strong relationships through clear communication, prompt support, and reliable service. Its commitment to quality and personalized attention fosters trust, repeat business, and long-term customer loyalty
Integrated management systems
The company’s operations follow globally recognized ISO 9001, ISO 14001, and ISO 45001 standards, ensuring quality, safety, and environmental responsibility. These certifications promote continuous improvement, operational efficiency, and customer trust through consistent compliance and reduced risks
Accord Transformer Risks
Non-compliance
The company is subject to strict quality and delivery obligations, and failure to meet required specifications may lead to order cancellations, product recalls, or warranty and liability claims. As it manufactures complex and precision-based products, any non-compliance could adversely impact operations, financial performance, and cash flows
Working capital intensive
The company has significant working capital requirements, with inventories and receivables forming a major part of its assets, and insufficient cash flows could affect operations. As transformer and switchgear manufacturing requires high raw material inventory, any inefficiency in managing stock may increase costs and adversely impact financial performance
Approvals & licenses
The company requires various statutory approvals and licenses to operate, and failure to obtain, renew, or comply with these requirements may adversely affect its operations. Delays in securing certain approvals, including Fire NOCs for its Rajasthan units, have occurred in the past and may pose regulatory risks in the future
IPO FAQs
The promoters of the company are Pradeep Kumar Verma and Shalini Singh.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.
The price band of the IPO is Rs 43.0 - 46.0.
The IPO application opens on Feb 23, 2026 and closes on Feb 25, 2026.
The minimum lot size for the IPO is 6000. The maximum lot size for the IPO is 6000.
For all category investors, the minimum application amount for this IPO is Rs. 258,000.0, the maximum value for this IPO is Rs 276,000.0.
This IPO will be allotted on Feb 26, 2026.
The refund will be credited to your account on Feb 27, 2026.
The allotted shares will be credited to your demat on Feb 27, 2026.
Accord Transformer & Switchgear Ltd.’s shares listed on the stock exchanges on Mar 02, 2026.