The Accord Transformer & Switchgear IPO GMP is currently attracting strong attention in the SME IPO segment. The company operates in the electrical power and distribution equipment industry and is launching a ₹25.59 crore book-build SME IPO.

Investors are closely tracking the grey market premium, valuation metrics, and financial growth before making an investment decision. Here is a complete breakdown of the IPO.

Accord Transformer & Switchgear IPO GMP Today

As of 21 February 2026, the Accord Transformer & Switchgear IPO GMP stands at ₹12.

  • IPO Price Band: ₹43 to ₹46 per share

  • Current GMP: ₹12

  • Estimated Listing Price (Upper Band + GMP): ₹58

  • Estimated Listing Gain: ~26% (indicative)

A GMP of ₹12 suggests positive grey market sentiment ahead of listing. However, investors should consider fundamentals along with GMP trends.

IPO Dates & Key Details

Event

Date

IPO Opening Date

23 February 2026

IPO Closing Date

25 February 2026

IPO Allotment Date

26 February 2026

Refund Initiation

27 February 2026

Expected Listing Date

02 March 2026

Listing Platform

BSE SME

Issue Structure

  • Issue Size: ₹25.59 Crore

  • Fresh Issue: 55,62,000 shares

  • Face Value: ₹10 per share

  • Issue Type: Book Build Issue

  • Registrar: Kfin Technologies Ltd.

This is a fully fresh issue, and proceeds will support capacity expansion and working capital requirements.

Company Overview – Accord Transformer & Switchgear Limited

Accord Transformer & Switchgear Limited is engaged in the engineering, manufacturing, and distribution of electrical power equipment. The company serves industries such as:

  • Infrastructure projects

  • Industrial applications

  • Renewable energy

  • Power transmission & distribution

  • EV charging networks

With over a decade of operational experience, the company focuses on both standard and customized electrical solutions.

 

Product Portfolio

1️⃣ Transformers

  • 36 kV distribution transformers (up to 2.5 MVA)

  • Power transformers up to 20 MVA

  • Dry-type transformers up to 5000 KVA

  • Solar & wind inverter transformers

  • Furnace duty transformers

2️⃣ Switchgear & Control Panels

  • LV control panels & switchboards

  • APFC panels

  • MV/VCB panels

3️⃣ Industrial Panels

  • Custom Prisma Set panels (Schneider collaboration)

  • Package substations

  • Busducts & cable trays

The diversified product portfolio strengthens its position in the electrical equipment sector.

Financial Performance

Key Financial Highlights (₹ in Crores)

Particulars

FY25

FY24

FY23

Total Income

79.20

48.60

40.81

PAT

6.05

1.61

0.87

EBITDA

9.10

2.67

1.54

Net Worth

21.54

6.04

4.43

Total Borrowing

11.81

9.13

2.30

The company has demonstrated strong revenue growth and improving profitability, particularly in FY25.

Valuation Metrics

  • EPS (FY25): ₹4.35

  • P/E Ratio: 10.57x

  • ROE: 43.90%

  • ROCE: 26%

  • RoNW: 28.10%

  • Debt/Equity: 0.55

  • PAT Margin: 7.66%

  • EBITDA Margin: 11.49%

  • Price to Book Value: 3.21

At a P/E of 10.57x, the IPO appears attractively priced compared to listed peers in the transformer and power equipment segment.

Objectives of the Issue

The company plans to use IPO proceeds for:

  • ₹13.03 Cr – Capital expenditure for machinery & equipment

  • ₹10 Cr – Working capital funding

  • General corporate purposes

The focus on capex indicates expansion of manufacturing capacity.

IPO Lot Size Details

Category

Minimum Lots

Shares

Investment Amount

Retail

2 Lots

6000 Shares

₹2,76,000

HNI

3 Lots

9000 Shares

₹4,14,000

As an SME IPO, retail investors must apply for a minimum of 2 lots.

Strengths of the IPO

✔ In-house manufacturing capabilities
✔ Strong and stable customer base
✔ Experienced management team
✔ Growing demand from infrastructure & renewable energy sectors
✔ Healthy return ratios

Risks & Weaknesses

⚠ Dependence on niche markets
⚠ Limited global brand presence
⚠ Capacity expansion required for future growth
⚠ Negative operating cash flow in recent years

Investors should monitor cash flow sustainability despite strong profit growth.

Promoter Shareholding

  • Pre-Issue Holding: 84.94%

  • Post-Issue Holding: 61.98%

Promoters retain majority control even after dilution.

Dividend Policy

The company has not declared dividends in the last three years, indicating reinvestment for business expansion.

Final Verdict – Should You Apply?

The Accord Transformer & Switchgear IPO GMP of ₹12 reflects positive grey market momentum. With:

  • Strong revenue growth

  • Attractive valuation (P/E 10.57x)

  • Improving margins

  • Capex-driven expansion

The IPO appears fairly priced for investors with moderate risk appetite looking for exposure to the power and infrastructure sector.

https://www.finowings.com/IPO/accord-transformer-switchgear-ipo