Accord Transformer & Switchgear Lot(s) Distribution
| Category | Lot(s) | Qty | Amount | Reserved |
|---|---|---|---|---|
| INDIVIDUAL | 2 | 6000 | 276000 | 308 |
| sHNI | 3 | 9000 | 414000 | 29 |
| bHNI | 8 | 24000 | 1104000 | 59 |
Accord Transformer & Switchgear Reservation
| Category | Shares Offered | % |
|---|---|---|
| Anchor | 1584000 | 28.48% |
| QIB | 1056000 | 18.99% |
| HNI | 792000 | 14.24% |
| INDIVIDUAL | 1848000 | 33.23% |
| Market Maker | 282000 | 5.07% |
| Total | 5562000 | 100% |
Accord Transformer & Switchgear About
IPO Details
| Total Issue Size | 55,62,000 shares (aggregating up to ₹25.59 Cr) |
| Fresh Issue | 55,62,000 shares (aggregating up to ₹25.59 Cr) |
| Face Value | ₹10/- Per Share |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Share Holding Pre Issue | 1,50,11,289 shares |
| Share Holding Post Issue | 2,05,73,289 shares |
| Reserved for Market Maker | 2,82,000 shares (aggregating up to ₹1.29 Cr) |
| Market Maker | Giriraj Stock Broking |
Key Performance Indicators (KPI)
| KPI | Dec-25 | Mar-25 | Mar-24 |
|---|---|---|---|
| ROE | 12.67% | 43.90% | 30.69% |
| ROCE | 14.52% | 26.09% | 16.47% |
| EPS (BASIC) | 1.94 | 4.35 | 1.26 |
| P/E Pre IPO | 11.41 | ||
| P/E Post IPO | 15.63 |
Company Financial (In ₹Crore)
| Period Ended | Dec-25 | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|---|
| Assets | 41.0 | 59.9 | 26.5 | 15.8 |
| Total Income | 45.3 | 79.2 | 48.6 | 40.8 |
| Profit After Tax | 2.9 | 6.1 | 1.6 | 0.9 |
| EBITDA | 4.6 | 9.1 | 2.7 | 1.5 |
| NET Worth | 24.5 | 21.5 | 6.0 | 4.4 |
| Reserves and Surplus | 9.4 | 21.3 | 5.8 | 4.2 |
| Total Borrowing | 4.37 | 11.81 | 9.13 | 2.3 |
Peer Comparision (Valuation)
| Company | P/E (x) | CMP*(₹) | Face value (₹) |
|---|---|---|---|
| Danish Power | 18.09 | 625.10 | 10.00 |
| Transformers and Rectifiers (India) | 34.43 | 248.25 | 1.00 |
| Voltamp Transformers | 24.76 | 7964.40 | 10.00 |
| Accord Transformer & Switchgear | 11.41 | 46.00 | 10.00 |
Peer Comparision (Financial Performance)
| Company | NAV/Share (₹) | RoNW (%) | EPS (Basic) (₹) |
|---|---|---|---|
| Danish Power | 162.5 | 18 | 34.55 |
| Transformers and Rectifiers (India) | 42.39 | 17.01 | 7.21 |
| Voltamp Transformers | 1,569.24 | 20.5 | 321.65 |
| Accord Transformer & Switchgear | 14.35 | 28.1 | 4.35 |
About Company
Incorporated in 2014, Accord Transformer & Switchgear Ltd. is engaged in the design, engineering, manufacturing and supply of electrical power and distribution equipment.
The company caters to sectors such as power transmission & distribution, renewable energy, industrial applications, infrastructure projects and EV charging networks.
Diversified product portfolio including Distribution Transformers (up to 2.5 MVA), Power Transformers (up to 20 MVA), Dry-Type Transformers and special-purpose transformers such as solar and wind inverter duty transformers.
Also manufactures LV/MV control panels, VCB panels, Prisma Set panels (with Schneider Electric), package substations, busducts and cable trays.
Operates two manufacturing facilities in Bhiwadi, Rajasthan with advanced machinery and in-house testing laboratories; registered office located in Manesar, Haryana.
As of December 31, 2025, the company had 114 permanent employees.
IPO proceeds to be utilised for capital expenditure (₹13.03 Cr), working capital (₹10.00 Cr) and general corporate purposes.
Strength
Experienced Promoters with domain expertise: The promoters possess strong technical and industry knowledge, enabling efficient execution, customization capability and scalable business growth.
In-house manufacturing capabilities: Advanced machinery and integrated testing infrastructure provide quality assurance, cost efficiency and better control over production timelines.
Established customer relationships: Long-standing clients across power and infrastructure sectors provide repeat business and operational stability.
Weakness
Lease dependency risk: One manufacturing unit operates on leased premises and any termination or non-renewal could disrupt operations and affect production capacity.
Strict performance obligations: Failure to meet contractual delivery schedules or quality standards may lead to penalties, order cancellations or warranty claims.
Customer concentration risk: Revenue dependence on a limited number of customers may materially impact financial performance if key clients are lost.
Accord Transformer & Switchgear Lead Manager(s)
Accord Transformer & Switchgear Address
Address
Unit No. 724, Seventh Floor
Eros Corporate Park, K Block, Sector 2
IMT Manesar, Manesar
Gurgaon, Haryana, 122052
+91 85274 22944
compliance@atsgroup.in
Website: https://atsgroup.in/