What is the GMP of Accord Transformer & Switchgear IPO today?

The Grey Market Premium (GMP) for Accord Transformer & Switchgear IPO is currently ₹4. With an upper price band of ₹46, the estimated listing price is ₹50 per share, reflecting an expected listing gain of ~8.70%. Grey market premiums can fluctuate based on market sentiment and subscription demand.

What is the price band and lot size for Accord Transformer & Switchgear IPO?

The price band for Accord Transformer & Switchgear IPO is ₹43 to ₹46 per equity share. The minimum lot size is 3000 shares, which requires a minimum retail application investment of ₹1,38,000.

What are the important dates for Accord Transformer & Switchgear IPO?

Accord Transformer & Switchgear IPO opens for subscription on 2026-02-23T00:00:00 and closes on 2026-02-25T00:00:00. The basis of allotment is scheduled for 2026-02-26T00:00:00, and shares are expected to list on 2026-03-02T00:00:00 on BSE, NSE.

How can I check the allotment status for Accord Transformer & Switchgear IPO?

You can check Accord Transformer & Switchgear IPO allotment status on the registrar's official portal (KFin Technologies Limited) or through the official BSE and NSE IPO allotment status pages using your PAN number or Application number.

How to apply for Accord Transformer & Switchgear IPO?

Investors can apply for Accord Transformer & Switchgear IPO online through ASBA (Application Supported by Blocked Amount) via their internet banking account, or via UPI using authorized stockbroking platforms like Zerodha, Groww, Angel One, and Upstox.

When does the Accord Transformer & Switchgear IPO open and close?

The IPO opens on 23 Feb 2026, and closes on 25 Feb 2026.

What is Accord Transformer & Switchgear IPO price band?

The issue price band is ₹43.00 to ₹46.00 per equity share.

What is the Accord Transformer & Switchgear IPO lot size?

The minimum lot size is 3000 shares per application.

What is the Accord Transformer & Switchgear IPO allotment date?

The allotment is scheduled on 26 Feb 2026.

Accord Transformer & Switchgear IPO Details - Dates, Price Band, Issue Size

All IPOs

Issue Size

26.00 Cr

Price Band

₹43.00 - ₹46.00

Lot Size

3000 Shares

Min Investment

₹2,76,000

GMP

₹4

Subscription

357.37x

₹6,075.93 Cr

23 Feb 2026

IPO Opens

COMPLETED

25 Feb 2026

IPO Closes

COMPLETED

26 Feb 2026

Basis of Allotment

COMPLETED

27 Feb 2026

Refunds

COMPLETED

27 Feb 2026

Demat Credit

COMPLETED

02 Mar 2026

Listing

COMPLETED

IPO Timeline

IPO OpensDONE

23 Feb 2026

IPO ClosesDONE

25 Feb 2026

Basis of AllotmentDONE

26 Feb 2026

RefundsDONE

27 Feb 2026

Demat CreditDONE

27 Feb 2026

ListingDONE

02 Mar 2026

About Accord Transformer & Switchgear IPO

Accord Transformer IPO open date is February 23, 2026 and the IPO will close on February 25, 2026. Accord Transformer & Switchgear IPO is a Bookbuilding IPO Issue. The company to raise around ₹26 crores via IPO that comprises fresh issue of ₹25.59 crores and offer for sale up to [.] equity shares with face value of ₹10 each.

Accord Transformer IPO price band is ₹43 to ₹46 per share. The retail quota is 35%, QIB is 50%, and HNI is 15%. Accord Transformer & Switchgear IPO to list on BSE SME on March 2, 2026. The allotment of Accord Transformer IPO date is Allotment February 26, 2026.

The company reported revenue of ₹79.20 crores in 2025 against ₹48.60 crores in 2024. The company reported profit of ₹6.05 crores in 2025 against profit of ₹1.61 crores in 2024. As per the financials the IPO investors should apply the IPO for a long term.

IPO Details

Accord Transformer & Switchgear IPO Details and Specifications
IPO Date	23 Feb 2026 to 25 Feb 2026
Face Value	₹10 Per Share
Price Band	₹43.00 - ₹46.00
Lot Size	3000 Shares
Total Issue Size	Approx 26.00 Cr 55,62,000 Equity Shares
Fresh Issue	Approx 26.00 Cr 55,62,000 Equity Shares
Offer for Sale	Approx 0.00 Cr 0 Equity Shares
Retail Portion	35%
Sale Type	Fresh Issue
Issue Type	Book-Building IPO
Listing Date	02 Mar 2026
Listing At	BSE
Total Subscription Amount	₹6,075.93 Cr

Issue Reservation

Investor Category	Shares Offered	% Net Issue
QIB	26,40,000	50.00%
- Anchor	15,84,000	0.00%
- QIB (Ex. Anchor)	10,56,000	0.00%
NII	7,92,000	15.00%
- bNII > ₹10L	5,28,000	0.00%
- sNII < ₹10L	2,64,000	0.00%
Retail	18,48,000	35.00%
Market Maker	2,82,000	0.00%
Total	55,62,000	100.00%

IPO Lot Size

Application	Lots	Shares	Amount
Individual investors (Retail) (Min)	2	6,000	₹2,76,000
Individual investors (Retail) (Max)	2	6,000	₹2,76,000
S-HNI (Min)	3	9,000	₹4,14,000
S-HNI (Max)	7	21,000	₹9,66,000
B-HNI (Min)	8	24,000	₹11,04,000

About Company

Set up in 2014, Accord Transformer & Switchgear is one of the prominent companies that designs electrical power and distribution equipment. The firm is involved in designing, engineering, manufacturing, and supplying transformers, control panels & switchgears. With over 10 years of experience, the firm is serving customers with standard and customised equipment.

Its products mainly cater to various sectors like power transmission and distribution, renewable energy, industrial applications, infrastructure projects, and electric vehicle (EV) charging networks. The company runs 2 manufacturing facilities in Bhiwadi, Rajasthan. Its facilities consist of advanced machinery like plasma cutting systems, foil winding machines, shot blasting, and painting booths, helping the company to design critical power systems.

Contact Details

Accord Transformer & Switchgear Ltd.

Unit No. 724, Seventh Floor

Eros Corporate Park, K Block, Sector 2

IMT Manesar, Manesar

Gurgaon, Haryana, 122052

+91 85274 22944

compliance@atsgroup.in

Visit Website

Registrar

KFin Technologies Limited

04067162222

accord.ipo@kfintech.com

Lead Managers

GYR Capital Advisors Pvt Ltd

Day-wise GMP Trend

Date & Time	GMP (₹)	Est. Listing Price	Est. Gain (%)	Est. Profit / Lot (₹)
02-Mar-2026 12:00 PM	+₹4	₹50	+8.70%	₹12,000
28-Feb-2026 12:00 PM	+₹4	₹50	+8.70%	₹12,000
27-Feb-2026 12:00 PM	+₹6	₹52	+13.04%	₹18,000
26-Feb-2026 12:00 PM	+₹8	₹54	+17.39%	₹24,000
25-Feb-2026 12:00 PM	+₹12	₹58	+26.09%	₹36,000
24-Feb-2026 12:00 PM	+₹13	₹59	+28.26%	₹39,000
23-Feb-2026 12:00 PM	+₹17	₹63	+36.96%	₹51,000
21-Feb-2026 12:00 PM	+₹12	₹58	+26.09%	₹36,000
20-Feb-2026 12:00 PM	+₹12	₹58	+26.09%	₹36,000
19-Feb-2026 12:00 PM	+₹12	₹58	+26.09%	₹36,000
18-Feb-2026 12:00 PM	+₹8	₹54	+17.39%	₹24,000
17-Feb-2026 12:00 PM	+₹3	₹49	+6.52%	₹9,000

Subscription Status

Category	Subscription (x)	Shares Offered	Shares bid for	Total Amount (₹ Cr)
QIB (Ex. Anchor)	153.01x	10,56,000	16,15,83,000	₹743.28 Cr
NII	606.02x	7,92,000	47,99,70,000	₹2,207.86 Cr
bNII > ₹10L	709.68x	5,28,000	37,47,12,000	₹1,723.68 Cr
sNII < ₹10L	398.70x	2,64,000	10,52,58,000	₹484.19 Cr
Retail	367.59x	18,48,000	67,93,02,000	₹3,124.79 Cr
Total	357.37x	36,96,000	1,32,08,55,000	₹6,075.93 Cr

Objects of the Issue

01 Capital expenditure towards purchase of machinery and equipment : 13.03 Cr
02 Funding of working capital requirements : 10.00 Cr
03 Issue Expenses : 2.56 Cr

Company Financials

Period Ended	31 DEC 2025	31 MAR 2025	31 MAR 2024
Total Income	45.29	79.20	48.60
Profit After Tax	2.91	6.05	1.61
EBITDA	4.62	9.10	2.67
NET Worth	24.45	21.54	6.04
Reserves and Surplus	9.44	21.25	5.79
Total Borrowing	4.37	11.81	9.13

Amount in ₹ Crore

IPO Valuation - KPI

KPI	31 Mar 2025
ROCE	26.09%
Debt/Equity Ratio	0.55
Return on Net Worth (RoNW)	28.10%
PAT Margin	7.66%
EBITDA Margin	11.49%
Net Asset Value (NAV)	₹14.35
Earning Per Share (EPS)	₹4.35
Price/Earning P/E Ratio	-

Peer Comparison

Company Name	EPS (₹)	P/E (x)	NAV (₹)	RoNW (%)	Income (₹ Cr)
Voltamp Transformers Limited	321.65	24.76	1,569.24	20.50	2,018.93
Transformers and Rectifiers (India) Ltd	7.21	34.43	42.39	17.01	2,051.08
Danish Power Limited	34.55	18.09	162.50	18.00	432.95

IPO Anchor Investors

Anchor Investors Letter (PDF)

Promoters and Holding Pattern

Pradeep Kumar Verma, Shalini Singh are the company's promoters of Accord Transformer & Switchgear.

Particular	Pre IPO	Post IPO
Promoter and Promoter Group	84.94%	61.98%
Others*	15.06%	38.02%

Strengths

The company claims to focus on a specific niche within the power and distribution equipment segment, serving defined customer groups across transmission, renewable energy, industrial, and EV infrastructure sectors. With over 10 years of experience, it claims to emphasise quality and adherence to delivery timelines.
The company claims to have an order book valued at Rs 164.26 crore as of January 18, 2026. This order backlog indicates confirmed business and provides revenue visibility in the near term. It may also reflect demand across residential, commercial, and industrial power distribution segments.
The company claims to offer customised transformers, control panels, and related systems supported by advanced manufacturing equipment and in-house testing facilities. Its infrastructure is stated to include modern machinery and dedicated testing spaces.
The company claims to have collaborations with SGB-SMIT GmbH, Lucy Electric India Pvt Ltd, and Schneider Electric India Pvt Ltd. These partnerships reportedly cover areas such as liquid-filled transformers, power transformers, and compact substations.
The company holds ISO 9001 certification for its quality management systems, ISO 14001 certification for its environmental management systems, and ISO 45001 certification for occupational health & safety.
The company has witnessed a consistent increase in its revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 40.78 crore in FY23 to Rs 48.54 crore in FY24 and Rs 79.02 crore in FY25. PAT increased from Rs 0.88 crore in FY23 to Rs 1.61 crore in FY24 and Rs 6.05 crore in FY25.

Risks

The top five customers accounted for 48.10 percent, 73.62 percent, 58.29 percent and 79.60 percent of the company’s revenue for the period ended December 31, 2025, FY25, FY24, and FY23, respectively. As these engagements are largely on a purchase order basis without long-term contracts, any reduction, delay, or discontinuation of orders from these customers can adversely affect the company’s business, cash flows, results of operations, and financial condition.
The company’s business is dependent on the performance of the power generation, transmission, and distribution sector. Demand for its transformers and switchgear products is linked to investments in power infrastructure and broader infrastructure development. Any slowdown, delay in projects, reduction in capital expenditure by utilities, or adverse changes in government policies affecting the power sector can negatively impact the company’s business, cash flows, results of operations, and financial condition.
A substantial portion of the company’s revenue is derived from transformer sales. This concentration makes its performance dependent on continued demand for transformers and its ability to retain existing clients and secure new ones. Any decline in transformer demand, loss of key clients, or inability to expand its customer base may adversely affect the company’s business prospects, revenues, cash flows, and financial condition.
The company has heavy working capital requirements due to the nature of its manufacturing operations. Its working capital requirement stood at Rs 19.52 crore for the period ended December 31, 2025; Rs 25.14 crore in FY25; Rs 9.54 crore in FY24; and Rs 3.09 crore in FY23. Its net working capital days increased to 110 days as of December 31, 2025, from 107 days in FY25, 55 days in FY24, and 40 days in FY23, indicating a rising capital cycle. Trade receivables have also increased significantly, rising by about 88 percent in FY24 and about 319 percent in FY25, suggesting higher sales on credit. If the company is unable to recover receivables on time, manage inventory efficiently, or secure adequate funding, it may face liquidity constraints.

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About Accord Transformer & Switchgear IPO

IPO Details

Accord Transformer & Switchgear IPO Details and Specifications
IPO Date	23 Feb 2026 to 25 Feb 2026
Face Value	₹10 Per Share
Price Band	₹43.00 - ₹46.00
Lot Size	3000 Shares
Total Issue Size	Approx 26.00 Cr 55,62,000 Equity Shares
Fresh Issue	Approx 26.00 Cr 55,62,000 Equity Shares
Offer for Sale	Approx 0.00 Cr 0 Equity Shares
Retail Portion	35%
Sale Type	Fresh Issue
Issue Type	Book-Building IPO
Listing Date	02 Mar 2026
Listing At	BSE
Total Subscription Amount	₹6,075.93 Cr

Investor Category

Shares Offered

% Net Issue

QIB

26,40,000

50.00%

- Anchor

15,84,000

0.00%

- QIB (Ex. Anchor)

10,56,000

0.00%

NII

7,92,000

15.00%

- bNII > ₹10L

5,28,000

0.00%

- sNII < ₹10L

2,64,000

0.00%

Retail

18,48,000

35.00%

Market Maker

2,82,000

0.00%

Total

55,62,000

100.00%

Application

Lots

Amount

Individual investors (Retail) (Min)

6,000

₹2,76,000

Individual investors (Retail) (Max)

6,000

₹2,76,000

S-HNI (Min)

9,000

₹4,14,000

S-HNI (Max)

21,000

₹9,66,000

B-HNI (Min)

24,000

₹11,04,000

About Company

Contact Details

Accord Transformer & Switchgear Ltd.

Unit No. 724, Seventh Floor

Eros Corporate Park, K Block, Sector 2

IMT Manesar, Manesar

Gurgaon, Haryana, 122052

+91 85274 22944

compliance@atsgroup.in

Visit Website

Date & Time

GMP (₹)

Est. Listing Price

Est. Gain (%)

Est. Profit / Lot (₹)

02-Mar-2026 12:00 PM

+₹4

₹50

+8.70%

₹12,000

28-Feb-2026 12:00 PM

+₹4

₹50

+8.70%

₹12,000

27-Feb-2026 12:00 PM

+₹6

₹52

+13.04%

₹18,000

26-Feb-2026 12:00 PM

+₹8

₹54

+17.39%

₹24,000

25-Feb-2026 12:00 PM

+₹12

₹58

+26.09%

₹36,000

24-Feb-2026 12:00 PM

+₹13

₹59

+28.26%

₹39,000

23-Feb-2026 12:00 PM

+₹17

₹63

+36.96%

₹51,000

21-Feb-2026 12:00 PM

+₹12

₹58

+26.09%

₹36,000

20-Feb-2026 12:00 PM

+₹12

₹58

+26.09%

₹36,000

19-Feb-2026 12:00 PM

+₹12

₹58

+26.09%

₹36,000

18-Feb-2026 12:00 PM

+₹8

₹54

+17.39%

₹24,000

17-Feb-2026 12:00 PM

+₹3

₹49

+6.52%

₹9,000

Accord Transformer & Switchgear IPO Details

About Accord Transformer & Switchgear IPO

IPO Details

Issue Reservation

IPO Lot Size

About Company

Day-wise GMP Trend

Objects of the Issue

Company Financials

IPO Valuation - KPI

Peer Comparison

IPO Anchor Investors

Promoters and Holding Pattern

Strengths

Risks

Frequently Asked Questions (FAQ)

When does the Accord Transformer & Switchgear IPO open and close?

What is Accord Transformer & Switchgear IPO price band?

What is the Accord Transformer & Switchgear IPO lot size?

What is the Accord Transformer & Switchgear IPO allotment date?

What is the Accord Transformer & Switchgear IPO listing date?

What is the minimum investment required in Accord Transformer & Switchgear IPO?

Join the discussion

Accord Transformer & Switchgear IPO Details

About Accord Transformer & Switchgear IPO

IPO Details

Issue Reservation

IPO Lot Size

About Company

Day-wise GMP Trend

Objects of the Issue

Company Financials

IPO Valuation - KPI

Peer Comparison

IPO Anchor Investors

Promoters and Holding Pattern

Strengths

Risks

Frequently Asked Questions (FAQ)

When does the Accord Transformer & Switchgear IPO open and close?

What is Accord Transformer & Switchgear IPO price band?

What is the Accord Transformer & Switchgear IPO lot size?

What is the Accord Transformer & Switchgear IPO allotment date?

What is the Accord Transformer & Switchgear IPO listing date?

What is the minimum investment required in Accord Transformer & Switchgear IPO?

Join the discussion