- Price band
- To be announcedNot in this filing
- Issue size
- 55,62,000 sharesFresh issue · amount set with price
- Face value
- ₹10per equity share
- Lot size
- To be announcedMin. investment shown once set
- Anchor biddingFri, 2026
- OpensMon, 2026
- ClosesWed, 2026
- AllotmentThu, 2026Refunds same day
- ListingMon, 2026
Dates marked in the offer document as tentative. Times in IST.
Information only, not investment advice. This page provides information compiled from official offer documents for information purposes only. It is not investment advice or a recommendation to apply for, buy or sell any security. We are not a SEBI-registered investment adviser or research analyst. Investments in IPOs are subject to market risks; read the offer document carefully before investing.
Issue details
- Issue type
- Book built, fresh issue
- Fresh issue
- 55,62,000 shares
- Offer for sale
- None
- Total issue
- 55,62,000 shares
- Market maker portion
- 2,82,000 shares
- Face value
- ₹10
- Listing at
- BSE SME
- RHP date
- 16 Feb 2026
Source: Red Herring Prospectus dated 16 Feb 2026Updated
Reservation
Share of the total issue- QIB47.5%
- Retail33.2%
- NII14.2%
- Market maker5.1%
| Category | Shares | Of net offer | Stated in RHP |
|---|---|---|---|
| Retail individual investors | 18,48,000 | 35.00% | 35% |
| Non-institutional investors (NII) | 7,92,000 | 15.00% | 15% |
| Qualified institutional buyers (QIB) | 26,40,000 | 50.00% | 50% |
| Market maker | 2,82,000 | — | — |
Source: Red Herring Prospectus dated 16 Feb 2026Updated
Subscription
Category-wise subscription is published by the exchanges while the issue is open. It appears here once the figures are added.
Valuation
FY 2024-25 (post bonus)- EPS (basic)
- ₹4.35
- EPS (basic) (Period ended December 31, 2025 (not annualised))
- ₹1.94
- RoNW (FY 2024-25)
- 28.10%
- RoNW (Period ended December 31, 2025 (not annualised))
- 11.91%
- NAV per share (As on December 31, 2025)
- ₹16.29
- Debt to equity (FY 2024-25)
- 0.55
- Debt to equity (Period ended December 31, 2025)
- 0.18
- EBITDA margin (FY 2024-25)
- 11.49%
- EBITDA margin (Period ended December 31, 2025)
- 10.19%
- PAT margin (FY 2024-25)
- 7.66%
- PAT margin (Period ended December 31, 2025)
- 6.44%
- ROCE (FY 2024-25)
- 26.09%
- ROCE (Period ended December 31, 2025)
- 14.52%
P/E and market cap are calculated once the price band is announced.
Source: Red Herring Prospectus dated 16 Feb 2026Updated
Financials
Standalone, restated · ₹ crore| Period ended | 31 Mar 202512 months | 31 Mar 202412 months | 31 Mar 202312 months |
|---|---|---|---|
| Revenue from operations | 79.02 | 48.54 | 40.78 |
| Total income | 79.20 | 48.60 | 40.81 |
| EBITDA | 9.10 | 2.67 | 1.54 |
| Profit after tax | 6.05 | 1.61 | 0.88 |
| Net worth | 21.54 | 6.04 | 4.43 |
| Reserves and surplus | 21.25 | 5.79 | 4.18 |
| Total assets | 59.89 | 26.46 | 15.82 |
12 months vs 12 months: revenue +62.8%, profit after tax +276.8%.
Source: Red Herring Prospectus dated 16 Feb 2026Updated
About the company
Designs, engineers, manufactures and supplies power and distribution transformers along with related switchgear, control panels and compact substations. Serves power transmission and distribution, renewable energy, industrial and infrastructure customers from two manufacturing units in Bhiwadi, Rajasthan.
- Incorporated
- 2014
- Industry
- Electrical Equipment
- CIN
- U31500HR2014PLC052544
- Website
- atsgroup.in
Source: Red Herring Prospectus dated 16 Feb 2026Updated
Promoters and shareholders
| Name | Type | Before issue | After issue |
|---|---|---|---|
| Pradeep Kumar Verma | Promoter | 42.47% | — |
| Shalini Singh | Promoter | 42.47% | — |
| Paras M Shah | Public | 2.13% | — |
| Pritesh Pravinchandra Vora | Public | 1.30% | — |
Source: Red Herring Prospectus dated 16 Feb 2026Updated
Objects of the issue
₹ crore| Purpose | Amount |
|---|---|
| Buying new machinery and equipment for manufacturing and testing capacity | 13.03 |
| Funding working capital requirements | 10.00 |
| General corporate purposes | Set with price |
Source: Red Herring Prospectus dated 16 Feb 2026Updated
Peer comparison
As listed in the offer document| Company | EPS | P/E | RoNW | NAV per share |
|---|---|---|---|---|
| Accord Transformer & Switchgear LimitedIssuer | ₹4.35 | — | 28.10% | ₹14.35 |
| Danish Power Limited | ₹34.55 | 18.09× | 18.00% | ₹162.5 |
| Transformers and Rectifiers (India) Ltd | ₹7.21 | 34.43× | 17.01% | ₹42.39 |
| Voltamp Transformers Limited | ₹321.65 | 24.76× | 20.50% | ₹1,569.24 |
Source: Red Herring Prospectus dated 16 Feb 2026Updated
Strengths and risks
Our summary of what the offer document statesStrengths
- Manufactures transformers, switchgear and substation products in-house across two units in Rajasthan.
- Revenue is supported by a reported order book of about ₹16.43 crore as of January 18, 2026.
- Promoters have long industry experience and the company has partnerships with technology firms such as Schneider Electric and Lucy Electric.
- Holds ISO 9001, 14001 and 45001 certifications.
- Restated revenue grew from ₹4.08 crore in FY 2022-23 to ₹79.02 crore in FY 2024-25.
Risks
- One of the manufacturing units is on a leased premises, and non-renewal could force a relocation.
- Top ten customers contributed 66.74% of revenue for the period ended December 31, 2025, and most orders are placed without long-term contracts.
- Demand depends heavily on the power generation, transmission and distribution sectors.
- The company has pending regulatory non-compliances in filings with the Registrar of Companies, which may lead to penalties.
- Machinery to be bought from the issue proceeds has not been ordered, and the objects have not been appraised by any agency.
Source: Red Herring Prospectus dated 16 Feb 2026Updated
Contacts
Source: Red Herring Prospectus dated 16 Feb 2026Updated
Allotment status
Check whether shares were allotted on the official pages below, using your PAN, application number or DP/client ID. Results appear once the basis of allotment is finalised.
- Allotment
- Refunds
- Demat credit
- Listing
Source: Red Herring Prospectus dated 16 Feb 2026Updated
After listing
Listing price, day-one high and low, and the change from the issue price (set at allotment) appear here after the shares list on BSE SME.
Frequently asked questions
When does the Accord Transformer & Switchgear IPO open and close?
According to the Red Herring Prospectus, the issue opens on Monday, 23 February 2026 and closes on Wednesday, 25 February 2026.
What is the Accord Transformer & Switchgear IPO price band?
The Red Herring Prospectus does not include a price band. The company announces it by advertisement before the issue opens, and this page is updated when it is filed.
Where will Accord Transformer & Switchgear shares list?
On BSE SME. The tentative listing date is Monday, 2 March 2026.
Who is the registrar of the issue?
KFin Technologies Limited (SEBI registration INR000000221). Allotment status is checked on the registrar's website.
How do I check the Accord Transformer & Switchgear IPO allotment status?
The basis of allotment is expected to be finalised on Thursday, 26 February 2026. After that, search by PAN, application number or DP/client ID on the registrar's website (KFin Technologies Limited) or the BSE website. Shares that are allotted are credited to your demat account; for an application that is not allotted, the blocked amount is released.
How will the money raised be used?
₹13.03 Cr for buying new machinery and equipment for manufacturing and testing capacity, ₹10 Cr for funding working capital requirements, and the rest for the other stated purposes.
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Spotted something wrong?
Our data comes from official offer documents, but mistakes can slip through. Report an error and tell us which figure looks wrong and where you saw the correct one (the offer-document page number helps). For anything else, see Contact.