Accord Transformer IPO GMP Today, Date, Price, DRHP & Review 2026
Accord Transformer IPO: Powering Growth or Just Overcharged?
(Accord Transformer & Switchgear Limited IPO Review 2026)
The accord transformer ipo is one of the most discussed SME public issues in early 2026, especially among investors tracking India’s power infrastructure and EV charging growth story.
Accord Transformer & Switchgear Limited (ATSL) is entering the capital markets to raise funds for expansion in transformers, substations, and EV-focused electrical solutions. With two manufacturing facilities in Rajasthan and more than a decade of operating experience, the company positions itself as a high-growth electrical equipment manufacturer riding India’s grid modernization wave.
But beyond the strong financial numbers and attractive IPO pricing, investors must examine the underlying business risks — especially customer concentration, compliance delays, and cash flow pressure.
This detailed, SEO-optimized analysis of the Accord Transformer & Switchgear IPO breaks down everything you need to know — from GMP to valuation, financials, risks, and investment suitability.
The Cheat Sheet: Key IPO Details
The Accord Transformer IPO is a Book Built Issue listed on the BSE SME platform.
This section answers the most searched query: “What are the details of the Accord Transformer IPO?”
Accord Transformer IPO GMP Today (Live Sentiment Analysis)
One of the top investor queries is:
What is the Accord Transformer IPO GMP?
As of 23-02-2026, the accord transformer ipo GMP is:
₹12 per share
Expected Listing Gain
At the upper price band of ₹46:
- Estimated Listing Price: ₹58
- Expected Listing Gain: 26.09%
The accord transformer & switchgear limited IPO GMP has improved from ₹8 (Feb 17) to ₹12, indicating rising grey market sentiment.
⚠️ However, SME IPO GMP can change rapidly and should not be the only factor in investment decisions.
About Accord Transformer & Switchgear Limited
Accord Transformer & Switchgear Limited operates in the electrical equipment manufacturing segment, serving utilities, industrial customers, and renewable energy projects.
Core Business Segments
1. Transformers Manufacturing
- Power Transformers (up to 20 MVA)
- Distribution Transformers (up to 2.5 MVA)
- Dry-Type Transformers (up to 5000 KVA)
2. EV Charging Infrastructure
The company has entered the EV ecosystem by manufacturing:
- Inverter-duty transformers
- Specialized equipment for EV charging networks
3. Renewable Energy Solutions
Accord manufactures transformers suitable for:
- Solar power plants
- Wind energy integration
- Grid connectivity projects
4. Strategic Collaborations
The company has partnerships with global players such as:
- Schneider Electric
- Lucy Electric
These collaborations allow Accord to offer high-end control panels and substations.
Industry Tailwinds Supporting the Accord Transformer IPO
The Accord Transformer & Switchgear IPO benefits from multiple macro tailwinds:
- Government push for renewable energy
- EV charging infrastructure expansion
- Power grid modernization
- Rural electrification programs
- Increased industrialization
India’s energy transition requires transformer capacity upgrades, which positions the company in a structurally growing sector.
Order Book Strength
As of January 2026:
- Order Book: ₹164 Crore
This provides strong near-term revenue visibility.
For context: The order book is nearly 2x FY25 revenue — indicating strong demand traction.
If execution remains smooth, revenue growth may sustain into FY27.
Financial Analysis: The FY25 Explosion
The biggest highlight from the accord transformer & switchgear limited drhp is the dramatic jump in profitability.
Revenue & Profit Trend
What Changed in FY25?
Revenue Growth
Revenue grew 62% year-on-year.
Profit Explosion
PAT increased 275%.
Net profit margin improved from: 3.3% → 7.6%
This margin expansion is the IPO’s strongest positive factor.
Return on Net Worth (RoNW)
FY25 RoNW: 28%
This suggests efficient capital deployment.
However, sustainability is key — whether margins remain at 7%+ levels.
Valuation Analysis
At the upper price band:
- Post-IPO P/E ≈ 15x (FY25 earnings basis)
Compared with SME transformer peers, valuation appears reasonable.
It is neither a deep-value opportunity nor aggressively overpriced.
For SME IPO investors, this pricing provides moderate comfort — assuming margins sustain.
Risk Analysis: What the DRHP Reveals
Every investor should study the accord transformer & switchgear limited drhp carefully.
Here are the critical risk factors.
1. Extreme Customer Concentration
In FY25:
- 84% of revenue came from just 10 customers.
This means:
Loss of 1–2 key clients = major revenue hit.
This is the single largest structural risk.
2. Compliance Delays
The DRHP discloses:
- Delayed ROC filings
- GST compliance issues
- Provident Fund delays
- Board meeting reporting discrepancies
For a company entering public markets, governance systems must strengthen significantly.
3. Lease Dependency
One key manufacturing unit in Rajasthan is leased.
Non-renewal risk could disrupt production and revenue.
4. Negative Operating Cash Flow
Despite strong PAT growth:
- Negative operating cash flows reported in FY24 & FY25.
Meaning:
Profits are stuck in receivables and inventory.
Cash conversion efficiency needs improvement.
Use of IPO Proceeds
The company plans to use funds as follows:
- ₹13.03 Cr → Purchase of Vapour Phase Drying Plant
- ₹10.00 Cr → Working capital
- Remaining → General corporate purposes
If machinery improves productivity and margins, returns could strengthen further.
SME IPO Liquidity Considerations
Since this is a BSE SME listing:
- Lower liquidity compared to mainboard
- Higher volatility
- Larger bid-ask spreads
- Higher minimum investment (₹2,76,000)
Investors must be comfortable holding longer durations.
Bull vs Bear Case
Bull Case
✔ Strong ₹164 Cr order book
✔ 62% revenue growth in FY25
✔ 275% PAT growth
✔ Margin expansion trend
✔ 28% RoNW
✔ Reasonable valuation
Bear Case
❌ 84% revenue from top 10 customers
❌ Compliance red flags
❌ Negative cash flow
❌ Lease risk
❌ SME liquidity constraints
Who Should Apply for Accord Transformer IPO?
Suitable For:
- High-risk SME investors
- Investors with long-term horizon
- Investors bullish on EV & power infra
- Investors comfortable with illiquidity
Not Suitable For:
- Conservative capital preservation investors
- Short-term GMP-only traders
- Small capital retail investors
How to Apply for the Accord Transformer IPO
You can apply via:
- ASBA through net banking
- UPI via trading app
- SME IPO platforms
If you’re looking for a cost-efficient and beginner-friendly trading platform to track SME IPO listings and trade post-listing, platforms like Firstock – Option Trading App offer:
- Zero brokerage on equity delivery
- Flat ₹20 per order for intraday & F&O
- Advanced charting tools
- Stock screener features
For investors who plan to trade SME listings post allotment, using a low-cost broker can help optimize returns.
Long-Term Outlook: Can Growth Sustain?
Key monitoring factors:
- Order book execution
- Working capital cycle improvement
- Reduction in customer concentration
- Margin stability above 6–7%
- Governance & compliance strengthening
If these improve, the IPO may reward long-term investors.
If concentration risk materializes, downside could be sharp.
Final Verdict: Enough Thinking
The Accord Transformer & Switchgear IPO is a high-growth SME opportunity with real infrastructure exposure.
It offers:
✔ Explosive FY25 growth
✔ Strong order book
✔ Reasonable pricing
✔ Sector tailwinds
But carries:
❌ Concentration risk
❌ Governance concerns
❌ Cash flow pressure
This is not a low-risk investment.
For aggressive investors comfortable with SME volatility, it may offer upside.
For conservative investors, caution is advised.
FAQs
1. What is the Accord Transformer IPO GMP today?
The accord transformer ipo GMP is ₹12 as of 20-02-2026.
2. When does the Accord Transformer IPO open and close?
Opens: February 23, 2026 Closes: February 25, 2026
3. What is the price band?
₹43 to ₹46 per share.
4. What is the minimum investment?
₹2,76,000 (3,000 shares).
5. Is Accord Transformer a mainboard IPO?
No, it is a BSE SME IPO.
6. What is the total issue size?
Approximately ₹25.59 Crores via fresh issue.
7. What is the expected listing gain?
Based on current GMP, around 26%.
8. What does Accord Transformer manufacture?
Power transformers, distribution transformers, dry-type transformers, EV infrastructure equipment.
9. What is the order book size?
₹164 Crore as of January 2026.
10. What is RoNW in FY25?
28%.
11. Why are margins improving?
Better product mix and operational efficiency.
12. What are the biggest risks?
Customer concentration and compliance delays.
13. Is the IPO valuation reasonable?
At ~15x P/E, valuation appears moderate for an SME.
14. Should I invest for long term?
Only if comfortable with SME risks and business volatility.
15. Where can I read official details?
Refer to the RHP filed by Accord Transformer & Switchgear Limited.
Disclaimer: Investments in securities market are subject to market risks. Read all related documents carefully before investing.
Source: Red Herring Prospectus (RHP) of Accord Transformer & Switchgear Limited.
