In February 2026, SME IPO activity continues across industrial manufacturing and infrastructure linked sectors. With rising investments in power transmission, renewable energy, EV charging networks, and infrastructure development, demand for transformers and switchgear equipment remains closely tied to capital expenditure cycles. Companies catering to customised electrical solutions are increasingly tapping the capital markets to expand capacity and strengthen working capital.
Against this backdrop, Accord Transformer & Switchgear Ltd. is set to open its IPO on February 23, 2026. Here is a detailed insight into Accord Transformer & Switchgear Ltd., its IPO, and the industry outlook.
About Accord Transformer & Switchgear Ltd.
Incorporated in 2014, Accord Transformer & Switchgear Ltd. is engaged in the design, engineering, manufacturing, and supply of electrical power and distribution equipment.
With over 10 years of experience, the company caters to standard and customised client requirements across sectors such as power transmission and distribution, renewable energy, industrial applications, infrastructure projects, and EV charging networks.
Product Portfolio
Transformers:
• Distribution Transformers up to 2.5 MVA, 36 kV
• Power Transformers up to 20 MVA, 33 kV
• Dry Type Transformers up to 5000 KVA, 36 kV
• Special Purpose Transformers including solar, wind inverter duty, and furnace duty transformers
Control Panels and Switchgear:
• Low Voltage control panels and APFC panels
• Medium Voltage and Vacuum Circuit Breaker panels
• Industrial panels
• Customised Prisma Set control panels in collaboration with Schneider Electric
• Package substations, busducts, cable trays, and related assemblies
The company operates two manufacturing facilities in Bhiwadi, Rajasthan, and has its registered office in Manesar, Haryana. These facilities are equipped with advanced machinery including plasma cutting systems, foil winding machines, shot blasting and painting booths, and in house testing laboratories.
As of December 31, 2025, the company had 114 permanent employees.
Accord Transformer & Switchgear IPO Details
Accord Transformer & Switchgear IPO is a book build issue of ₹25.59 crores. The issue is entirely a fresh issue of 0.56 crore shares aggregating to ₹25.59 crores.
The IPO price band is set at ₹43 to ₹46 per share. The issue is proposed to be listed on BSE SME.
The company proposes to utilise the net proceeds towards capital expenditure for purchase of machinery and equipment, funding working capital requirements, and general corporate purposes.
Important IPO Timeline
| Event | Date |
|---|---|
| IPO Open Date | February 23, 2026 |
| IPO Close Date | February 25, 2026 |
| Allotment Date | February 26, 2026 |
| Initiation of Refunds | February 27, 2026 |
| Credit of Shares to Demat | February 27, 2026 |
| Listing Date | March 2, 2026 |
Key IPO Details
Here is the table on the Accord Transformer & Switchgear IPO Review:
| Particulars | Details |
|---|---|
| Face Value | ₹10 per share |
| Issue Price Band | ₹43 to ₹46 per share |
| Lot Size | 3,000 shares |
| Total Issue Size | 55,62,000 shares aggregating up to ₹26 crore |
| Fresh Issue | 55,62,000 shares aggregating up to ₹25.59 crore |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Shareholding Pre issue | 1,50,11,289 shares |
| Shareholding Post issue | 2,05,73,289 shares |
| Market Capitalisation Pre IPO | ₹94.64 crore |
Lot Size of Accord Transformer & Switchgear IPO
Investors can bid for a minimum of 6,000 shares and in multiples of 3,000 shares thereafter.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail Investor Min | 2 | 6,000 | ₹2,76,000 |
| Retail Investor 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 |
Accord Transformer & Switchgear Ltd. Financials
Accord Transformer & Switchgear IPO has a pre issue market capitalisation of ₹94.64 crore. Based on financial data as of December 31, 2025, the company reported:
• ROE of 12.67 percent
• ROCE of 14.52 percent
• PAT margin of 6.44 percent
• EBITDA margin of 10.19 percent
• Debt to Equity ratio of 0.18
Other financial details of the company include the following:
Key Company Financials
| Period Ended | 31 Dec 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 41.02 | 59.89 | 26.46 | 15.82 |
| Total Income | 45.29 | 79.20 | 48.60 | 40.81 |
| Profit After Tax | 2.91 | 6.05 | 1.61 | 0.87 |
| EBITDA | 4.62 | 9.10 | 2.67 | 1.54 |
| Net Worth | 24.45 | 21.54 | 6.04 | 4.43 |
| Total Borrowing | 4.37 | 11.81 | 9.13 | 2.30 |
Amount in ₹ crore.
Accord Transformer & Switchgear Ltd.: Industry Outlook
• Rising investments in power infrastructure and grid modernisation support transformer demand.
• Growth in renewable energy projects and EV charging networks increases demand for specialised transformers and switchgear.
• Infrastructure development and industrial capex cycles influence order flows.
• The electrical equipment segment remains competitive and fragmented.
• Working capital intensity and project execution timelines may impact profitability.
Conclusion
Accord Transformer & Switchgear Ltd. presents an SME IPO opportunity in the electrical equipment manufacturing segment. The company offers a diversified product portfolio across transformers and switchgear, catering to infrastructure, renewable energy, and industrial clients. With IPO proceeds earmarked for capacity enhancement and working capital support, it aims to strengthen operational capabilities.
However, investors should evaluate sector cyclicality, margin sustainability, order book visibility, and valuation metrics before investing. Reviewing the offer document in detail and aligning the investment with individual risk appetite remains essential before participating in the IPO.
