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, incorporated on June 20, 2014, is engaged in the design, engineering, manufacturing, and supply of a wide range of transformers, control panels and distribution equipment, catering to standard and customised requirements across power transmission and distribution, renewable energy, industrial applications, infrastructure, and EV charging networks. The Company operates two manufacturing facilities in Rajasthan, supported by an office in Gurugram. It operates with advanced machinery, in-house testing laboratories, and an integrated management system certified under ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018. The Company was converted from a private limited company to a public limited company on December 4, 2024, consequent to the shareholders' approval on October 22, 2024.
Company Analysis
from RHPAccord Transformer & Switchgear Limited designs, engineers, manufactures, and supplies transformers, control panels, and distribution equipment for power transmission and distribution, renewable energy, industrial applications, infrastructure, and EV charging networks.
Accord Transformer & Switchgear Limited, incorporated on June 20, 2014, is engaged in the design, engineering, manufacturing, and supply of a wide range of transformers, control panels and distribution equipment, catering to standard and customised requirements across power transmission and distribution, renewable energy, industrial applications, infrastructure, and EV charging networks. The Company operates two manufacturing facilities in Rajasthan, supported by an office in Gurugram. It operates with advanced machinery, in-house testing laboratories, and an integrated management system certified under ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018. The Company was converted from a private limited company to a public limited company on December 4, 2024, consequent to the shareholders' approval on October 22, 2024.
Objects of the Issue
- Capital expenditure towards purchase of Machinery and equipment Up to 1,30,266.80 thousand p.24
- Funding of the working capital requirement of our Company Up to 1,00,000.00 thousand p.24
- General corporate purposes p.24
- Capital expenditure towards purchase of machinery and equipment ₹1,30,266.80 thousands p.75
- Funding of working capital requirements ₹1,00,000.00 thousands p.75
- General corporate purposes p.75
- Not specified in this section of the document
- Repayment of borrowings p.229
Issue Structure
- Total Issue
- Up to 55,62,000 Equity Shares of face value of ₹ 10 each aggregating up to ₹ [●] Thousands
- Fresh Issue
- Up to 55,62,000 Equity Shares of face value of ₹ 10 each aggregating up to ₹ [●] Thousands
- Offer for Sale
- NIL
- Price Band
- [●]
- Lot Size
- [●]
- Face Value
- ₹ 10 each
Business Model
The Company designs, engineers, manufactures, and supplies transformers, control panels and distribution equipment. Revenue is primarily derived from the sale of these products to customers in the power generation, transmission and distribution industry, renewable energy sector, industrial applications, infrastructure projects, and EV charging networks. The Company operates on a purchase order basis without long-term contractual commitments from customers.
Business Segments
SWOT Analysis
- • Integrated manufacturing with ISO certifications(p.23)
- • Diverse product portfolio across power and infrastructure sectors(p.23)
- • Experienced promoters with deep domain knowledge(p.84)
- • In-house manufacturing capabilities(p.84)
- • Long-standing customer base providing business stability(p.84)
- • Established management track record(p.84)
- • Strong order book(p.84)
- • Improving capacity utilization and production capacity(p.76)
- • Niche market focus with quality and timely delivery(p.114)
- • Robust order book reflecting market confidence(p.114)
- • Advanced manufacturing facilities and customized solutions(p.115)
- • ISO certifications for quality and safety management(p.116)
- • Strategic global collaborations(p.116)
- • Strong revenue growth trajectory(p.110)
- • Established manufacturing capability with diverse product range(p.162)
- • Strong revenue growth trajectory over recent years(p.206)
- • Backward integration through manufacturing unit establishment(p.214)
- • Improved profitability and strong PAT growth(p.217)
- • Promoter experience in the business(p.150)
- • Strong profitability growth and government order wins(p.217)
- • Significant increase in profit before tax(p.217)
- • Strong after-tax profitability improvement(p.217)
- • Leased manufacturing facility dependent on renewal(p.31)
- • High customer concentration(p.31)
- • Working capital intensive operations with negative cash flows(p.34)
- • Corporate governance and compliance lapses(p.32)
- • Promoter-backed debt with personal guarantees(p.36)
- • Pending trademark registration(p.35)
- • Design process dependent on small team(p.32)
- • Missing historical documentation for share issuance(p.33)
- • Heavy dependence on few major customers for revenue(p.80)
- • High proportion of debt financing for working capital(p.79)
- • Significant reliance on external third-party testing facilities currently(p.77)
- • High inventory holding periods creating working capital pressure(p.81)
- • Concentration of manufacturing facility at single location(p.76)
- • High customer concentration risk(p.111)
- • Limited geographic diversification(p.113)
- • Capacity constraints relative to order book(p.114)
- • New facility expansion dependency(p.117)
- • Significant working capital intensity(p.207)
- • Reliance on key customers(p.148)
- • High debt burden and financial leverage(p.150)
- • Operational execution challenges reflected in historical capacity utilization(p.214)
- • Material discrepancies in bank reporting(p.197)
- • High customer concentration risk(p.223)
- • Business is seasonal in nature(p.223)
- • Negative operating cash flow in recent periods(p.217)
- • Growing India switchgear market with smart grid adoption(p.23)
- • Expanding EV charging and renewable energy sectors(p.23)
- • Strong electrical equipment market growth trajectory(p.23)
- • IoT-ready smart switchgear solutions demand(p.23)
- • Expansion into high-capacity transformer segment (100+ MVA, 220 KV Class)(p.77)
- • Entry into solar power transformer manufacturing(p.81)
- • Expansion of in-house testing capabilities to reduce delivery timelines and costs(p.77)
- • Growing demand for higher-capacity transformers in the market(p.75)
- • Strengthen partnerships with license partners for compact substations(p.75)
- • Significant confirmed order book supporting future revenue growth(p.79)
- • Growing renewable energy market(p.103)
- • Electric vehicle charging infrastructure expansion(p.117)
- • India's renewable energy targets(p.107)
- • India's power sector transformation(p.107)
- • New NCR manufacturing facility expansion capability(p.117)
- • India's strong economic growth and FDI inflows(p.102)
- • Expansion into government power sector undertakings(p.216)
- • Geographic expansion into new states(p.216)
- • Capacity utilization improvement through infrastructure expansion(p.214)
- • Growing order base from existing customers(p.216)
- • Expansion into new geographic markets(p.217)
- • Government and public sector procurement(p.217)
- • Potential migration to main board(p.244)
- • Dependence on power sector cyclicality and infrastructure investment(p.32)
- • Variability in power generation and infrastructure sectors(p.32)
- • Regulatory and compliance uncertainties(p.41)
- • India's macroeconomic and political risks(p.41)
- • Inflation impact on input costs and profitability(p.43)
- • Global economic instability and commodity volatility(p.42)
- • Power supply disruptions affecting manufacturing(p.40)
- • Natural disasters and pandemic risks(p.42)
- • Potential adverse market conditions affecting share price post-listing(p.44)
- • Risk of cost escalation in machinery and equipment procurement(p.79)
- • Price volatility in key raw materials like copper and aluminum(p.81)
- • Delays or cost overruns in machinery installation affecting expansion plans(p.25)
- • Possible industry-wide price and volume fluctuations unrelated to company performance(p.45)
- • Trading restrictions and surveillance measures post-listing(p.46)
- • Global economic slowdown and trade tensions(p.95)
- • Intense competition in transformer and switchgear sector(p.125)
- • Regulatory compliance costs and changes(p.128)
- • Dependence on imported components(p.126)
- • Supply chain and raw material price volatility(p.1)
- • Economic downturn impact on infrastructure investments(p.101)
- • Exposure to raw material price volatility(p.207)
- • Regulatory and policy changes in power sector(p.207)
- • General economic and business cycle risks(p.207)
- • Technology obsolescence risk(p.207)
- • Macroeconomic volatility affecting financing costs(p.207)
- • Future cost and revenue determination by external factors(p.223)
- • Business dependent on price realization(p.223)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Pradeep Kumar Verma | Promoter | 42.47% | 30.99% |
| Shalini Singh | Promoter | 42.47% | 30.99% |
| Pradeep Kumar Verma | Promoter | 42.47% | [●] |
| Shalini Singh | Promoter | 42.47% | [●] |
| Pradeep Kumar Verma | Promoter | 42.47% | — |
| Shalini Singh | Promoter | 42.47% | — |
| Pradeep Kumar Verma | Promoter | 42.47% | — |
| Shalini Singh | Promoter | 42.47% | — |
| Pradeep Kumar Verma | Promoter | — | — |
Leadership
Auto-extracted from the company's RHP 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 RHP before relying on it.