Accord Transformer & Switchgear Limited (ATSL), incorporated in 2014, is an established engineering-driven company engaged in the design, engineering, manufacturing and supply of electrical power and distribution equipment. The company operates within India’s power transmission and distribution ecosystem, catering to utilities, industrial clients, infrastructure developers and renewable energy projects.
With over a decade of operational experience, ATSL provides both standard and customised power solutions, addressing diverse client requirements across sectors including:
- Power transmission & distribution
- Renewable energy (solar and wind projects)
- Industrial and manufacturing units
- Infrastructure projects
- Electric Vehicle (EV) charging networks
Accord Transformer & Switchgear Ltd. offers a comprehensive product portfolio, including:
- 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 – Solar, wind inverter duty, and furnace duty
- Control Panels & Switchgear Solutions
- Low-Voltage (LV) Control Panels
- LV Control Switchboards
- APFC Panels
- Medium-Voltage (MV) / Vacuum Circuit Breaker (VCB) Panels
- Industrial Panels
- Customised Prisma Set Control Panels (in collaboration with Schneider Electric)
- Package Substations
- Busducts
- Cable trays and associated switchgear assemblies
The company operates two manufacturing facilities in Bhiwadi, Rajasthan, with its registered office in Manesar, Haryana. Equipped with advanced machinery and in-house testing labs, the facilities support efficient manufacturing and quality assurance of critical power systems.
As of December 31, 2025, the company had 114 permanent employees, supporting its operations across engineering, manufacturing, quality control and administration.
Accord Transformer & Switchgear IPO – Details
| IPO Opening Date | 23 February 2026 |
| IPO Closing Date | 25 February 2026 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue: 55,62,000 Shares Worth ₹25.59 Crore Fresh Issue: 55,62,000 Shares Worth ₹25.59 Crore |
| Face Value | ₹10 per equity share |
| IPO Price | ₹43 – ₹46 per share |
| Market Lot | 3000 Shares |
| Min Order | 3000 Shares [ 1 Lot ] |
| Listing At | BSE SME |
| Registrar | Kfin Technologies Ltd. |
| QIB Shares Offered | 50% |
| NII Shares Offered | 15% |
| Retail Shares Offered | 35% |
Accord Transformer & Switchgear IPO – Date Schedule
| IPO Open Date | 23 February 2026 |
| IPO Close Date | 25 February 2026 |
| Basis of Allotment | 26 February 2026 |
| Initiation of Refund | 27 February 2026 |
| Credit of Shares to Demat | 27 February 2026 |
| IPO Listing Date | 02 March 2026 |
| Cut-off time for UPI mandate confirmation | 5 PM on February 25, 2026 |
Accord Transformer & Switchgear IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 6000 | ₹2,76,000 |
| Retail (Max) | 2 | 6000 | ₹2,76,000 |
| S-HNI (Min) | 3 | 9000 | ₹4,14,000 |
| S-HNI (Max) | 7 | 21000 | ₹9,66,000 |
| B-HNI (Min) | 8 | 24000 | ₹11,04,000 |
Competitive Strength
- Experienced Promoters having deep domain knowledge to scale up the business.
- In house manufacturing capabilities.
- Long-standing customer base leading to stability in the business operations.
- The management team having established track record.
- Established track record of completed projects.
- Strong order books.
Company Promoters
- Mr. Pradeep Kumar Verma
- Mrs Shalini Singh
Company Financials
| Period | Total Revenue | Total Expense | Profit After Tax | Total Borrowings |
|---|---|---|---|---|
| 31 March 2023 | ₹40.81 Cr | ₹39.60 Cr | ₹0.87 Cr | ₹2.30 Cr |
| 31 March 2024 | ₹48.60 Cr | ₹46.46 Cr | ₹1.61 Cr | ₹9.13 Cr |
| 31 March 2025 | ₹79.20 Cr | ₹71.03 Cr | ₹6.05 Cr | ₹11.81 Cr |
| 31 December 2025 | ₹45.29 Cr | ₹41.40 Cr | ₹2.91 Cr | ₹4.37 Cr |
Key Performance Indicator
| KPI | Values (Dec 31, 2025) |
|---|---|
| ROE | 12.67% |
| ROCE | 14.52% |
| Debt/Equity | 0.18 |
| RoNW | 11.91% |
| PAT Margin | 6.44% |
| EBITDA Margin | 10.19% |
| Price to Book Value | 2.82 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 4.03 | 2.94 |
| P/E (x) | 11.41 | 15.63 |
Object Of The Issue
| Objects of the Issue | Expected Amount (in Crore) |
|---|---|
| Capital expenditure towards purchase of machinery and equipment. | ₹13.03 |
| Funding of working capital requirements. | ₹10.00 |
| General corporate purposes. | – |
✅Strengths
- Diversified portfolio of transformers and switchgear products.
- Customised solutions for renewable, industrial & infrastructure sectors.
- Two equipped manufacturing facilities with in-house testing.
- Experienced promoters with over a decade of industry presence.
- Beneficiary of power sector and renewable energy growth.
⚠️Risks
- Revenue dependent on power & infrastructure capex cycle.
- Working capital intensive operations.
- Exposure to raw material price volatility (copper, steel, etc.).
- Potential customer concentration risk.
Accord Transformer & Switchgear IPO Promoter Holding
| Pre-Issue Share Holding | 84.94% |
| Post Issue Share Holding | 61.98% |
Accord Transformer & Switchgear IPO Prospectus
Company Contact Information
| Accord Transformer & Switchgear Ltd. Unit No. 724, Seventh Floor Eros Corporate Park, K Block, Sector 2 IMT Manesar, Manesar Gurgaon, Haryana, 122052 Phone: +91 85274 22944 Email: compliance@atsgroup.in Website: https://atsgroup.in/ |
Accord Transformer & Switchgear IPO Registrar
| Kfin Technologies Ltd. Phone: 04067162222, 04079611000 Email: accord.ipo@kfintech.com Website: https://ipostatus.kfintech.com/ |
Accord Transformer & Switchgear IPO Lead Manager(s)
| 1. GYR Capital Advisors Pvt. Ltd. |
Accord Transformer & Switchgear IPO FAQ
| What is the Accord Transformer & Switchgear IPO? Accord Transformer & Switchgear IPO is an SME IPO. The issue is priced at ₹43 – ₹46 per equity share. The IPO is to be listed on BSE SME. |
| When will Accord Transformer & Switchgear IPO open? The IPO is to open on 23 February 2026 for QIB, NII, and Retail Investors. |
| What is Accord Transformer & Switchgear IPO Investors’ Portion? The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| What is the Accord Transformer & Switchgear IPO Size? Accord Transformer & Switchgear IPO size is ₹25.59 Crore. |
| What are the Accord Transformer & Switchgear IPO Minimum and Maximum Lot Sizes for Retail Investors? The minimum bid is 6000 Shares for ₹2,76,000, while the maximum bid is 6000 Shares for ₹2,76,000. |
| What is the Accord Transformer & Switchgear IPO Allotment Date? Accord Transformer & Switchgear IPO allotment date is 26 February 2026. |
| What is the Accord Transformer & Switchgear IPO Listing Date? Accord Transformer & Switchgear IPO listing date is 02 March 2026. The IPO is to be listed on the BSE SME. |
