Accord Transformer & Switchgear
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 02 Mar 2026 | ₹4 | +8.70% | ₹9,100 | ₹50 | ₹12,000 |
| 01 Mar 2026 | ₹4 | +8.70% | ₹9,100 | ₹50 | ₹12,000 |
| 28 Feb 2026 | ₹4 | +8.70% | ₹9,100 | ₹50 | ₹12,000 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 23 Feb 2026 – 25 Feb 2026
- Listing date
- 02 Mar 2026
- Face value
- ₹10 per share
- Issue price
- ₹46 per share
- Lot size
- 3,000 shares
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹25.59 Cr
- Market cap at offer price
- ₹94.64 Cr
- Promoter holding
- 84.94% → 61.98% pre-issue → post-issue
- ISIN
- INE132201018
- Registrar
- Kfin Technologies Ltd.
- Lead managers
- GYR Capital Advisors Pvt.Ltd.
- Registered office
- Unit No.724, Seventh Floor, Eros Corporate Park, K Block, Sector 2, IMT Manesar, Manesar, Haryana
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 15,84,000 | — | — |
| Market maker | 2,82,000 | — | — |
Application size
Minimum 3,000 shares per lot, in multiples, at ₹46
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 3,000 | ₹1,38,000 |
| S-HNI (min) | 2 | 6,000 | ₹2,76,000 |
| S-HNI (max) | 7 | 21,000 | ₹9,66,000 |
| B-HNI (min) | 8 | 24,000 | ₹11,04,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹46 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 4.03 | 2.94 |
| P/E (×) | 11.41 | 15.65 |
| Price to book (×) | 3.21 | — |
| Market cap | — | ₹94.64 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 28.10%
- ROCE
- 26.00%
- Debt / equity
- 0.55
- PAT margin
- 7.66%
- EBITDA margin
- 11.49%
- NAV per share
- ₹14.35
- Price to book
- 3.21
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Accord Transformer & Switchgear
Accord Transformer & Switchgear Limited (formerly Accord Transformer & Switchgear Private Limited) was incorporated on June 20, 2014 at Gurgaon, Haryana and converted into a public limited company pursuant to a shareholders' resolution dated October 22, 2024, with a fresh certificate of incorporation issued December 04, 2024. The company is engaged in the design, engineering, manufacturing and supply of electrical power and distribution transformers and related equipment, including distribution transformers (up to 2.5 MVA, 36 kV), power transformers (up to 20 MVA, 33 kV), dry-type transformers (up to 5,000 KVA, 33 kV), solar and special-duty transformers, package and skid-mounted substations, low-voltage control panels, medium-voltage/vacuum circuit breaker panels, busducts, cable trays and EV charging stations. It operates two manufacturing facilities in Bhiwadi, Rajasthan, supported by its registered office at Manesar, Haryana, follows ZED manufacturing principles, holds ISO 9001:2015, ISO 14001:2015 and ISO 45001:2018 certifications, and has technical collaborations with SGB-SMIT GmbH, Lucy Electric India Private Limited and Schneider Electric India Private Limited. It earns revenue overwhelmingly from product sales (97.26% of revenue from operations for the period ended December 31, 2025), led by transformers (~79% of revenue), with the balance from services, primarily against purchase orders won through request-for-quotation processes from customers in power T&D, renewables, industry, infrastructure and government utilities. For Fiscal 2025 it reported revenue from operations of ₹ 7,90,225.33 thousand and profit after tax of ₹ 60,536.03 thousand.
Company Analysis
from DRHPAccord Transformer & Switchgear Limited designs, engineers, manufactures and supplies transformers, control panels, switchgear and distribution equipment serving power transmission & distribution, renewable energy, industrial, infrastructure and EV-charging applications.
Accord Transformer & Switchgear Limited (formerly Accord Transformer & Switchgear Private Limited) was incorporated on June 20, 2014 at Gurgaon, Haryana and converted into a public limited company pursuant to a shareholders' resolution dated October 22, 2024, with a fresh certificate of incorporation issued December 04, 2024. The company is engaged in the design, engineering, manufacturing and supply of electrical power and distribution transformers and related equipment, including distribution transformers (up to 2.5 MVA, 36 kV), power transformers (up to 20 MVA, 33 kV), dry-type transformers (up to 5,000 KVA, 33 kV), solar and special-duty transformers, package and skid-mounted substations, low-voltage control panels, medium-voltage/vacuum circuit breaker panels, busducts, cable trays and EV charging stations. It operates two manufacturing facilities in Bhiwadi, Rajasthan, supported by its registered office at Manesar, Haryana, follows ZED manufacturing principles, holds ISO 9001:2015, ISO 14001:2015 and ISO 45001:2018 certifications, and has technical collaborations with SGB-SMIT GmbH, Lucy Electric India Private Limited and Schneider Electric India Private Limited. It earns revenue overwhelmingly from product sales (97.26% of revenue from operations for the period ended December 31, 2025), led by transformers (~79% of revenue), with the balance from services, primarily against purchase orders won through request-for-quotation processes from customers in power T&D, renewables, industry, infrastructure and government utilities. For Fiscal 2025 it reported revenue from operations of ₹ 7,90,225.33 thousand and profit after tax of ₹ 60,536.03 thousand.
Objects of the Issue
- Capital expenditure towards purchase of machinery and equipment (a Vapour Phase Drying Plant with 200-ton trolley vacuum chamber, Integrated Transformer Test System, erection & commissioning of the VPD plant, and a Portable Capacitance & Tan Delta Test Set) to enhance in-house manufacturing and testing capacity up to 100 MVA, 220 KV class ₹ 1,30,266.80 thousand (of total estimated capex of ₹ 1,61,000.00 thousand; balance ₹ 30,733.20 thousand from internal accruals) p.67
- Funding of working capital requirements of the Company ₹ 1,00,000.00 thousand p.71
- General corporate purposes (capped at the lower of 15% of gross proceeds of the Fresh Issue or ₹ 10 crore) p.73
Issue Structure
- Total Issue
- 55,62,000* Equity Shares of face value of ₹ 10 each aggregating to ₹ 2,55,852.00 Thousand (*subject to finalisation of basis of allotment)
- Fresh Issue
- Entire Issue is a Fresh Issue of 55,62,000* Equity Shares aggregating to ₹ 2,55,852.00 Thousand (including Market Maker Reservation Portion of 2,82,000* Equity Shares aggregating to ₹ 12,972.00 Thousands; Net Issue of 52,80,000* Equity Shares aggregating to ₹ 2,42,880.00 Thousands)
- Offer for Sale
- NIL
- Price Band
- Floor Price ₹ 43/- to Cap Price ₹ 46/-; Issue Price fixed at ₹ 46/- per equity share (including securities premium of ₹ 36/- per equity share)
- Lot Size
- Bid Lot of 6,000 Equity Shares of face value of ₹ 10 each and in multiples of 3,000 Equity Shares thereafter
- Face Value
- ₹ 10 each
Business Model
Revenue comes predominantly from sale of manufactured products — transformers (78.95% of revenue from operations for the period ended December 31, 2025), compact substations, package sub-stations, panels and raw materials/others — which together contributed 97.26% of revenue from operations, with the remaining 2.74% from services. Sales are typically executed against customer purchase orders awarded through request-for-quotation processes, serving utility, government, industrial and infrastructure clients across India.
Business Segments
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Pradeep Kumar Verma | Promoter | 42.47% | 30.99% |
| Shalini Singh | Promoter | 42.47% | 30.99% |
Leadership
Auto-extracted from the company's DRHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official DRHP before relying on it.