SME IPO Corner: Accord Transformer & Switchgear Limited

Accord Transformer & Switchgear Limited, a manufacturer of transformers, switchgear and customised power solutions, has filed its Red Herring Prospectus (RHP) dated February 16, 2026 with the Registrar of Companies, Haryana, in connection with its proposed SME initial public offering.

The IPO comprises a fresh issue of up to 55,62,000 equity shares of face value ₹10 each through the book-building route.

• Issue Opens: February 23, 2026
• Issue Closes: February 25, 2026
• Face Value: Rs 10 each
• Listing: BSE SME

Out of the total issue of up to 55,62,000 equity shares, up to 2,82,000 shares are reserved for the Market Maker. The issue will open for subscription on Monday, February 23, 2026 and close on Wednesday, February 25, 2026, with the equity shares proposed to be listed on the BSE SME platform. The anchor investor portion shall open and close on Friday, February 20, 2026.

Incorporated in 2014, Accord Transformer & Switchgear Limited is engaged in the manufacturing, design, engineering and supply of a wide range of transformers, switchgear and customised electrical power solutions catering to utilities, infrastructure and industrial customers. The company’s product portfolio includes distribution and power transformers (up to 20 MVA), dry-type and solar transformers, LV control panels and switchgear, compact and skid-mounted substations, bus-ducts, cable trays and EV charging solutions.

Accord has registered office in IMT Manesar, Haryana and operates from 2 manufacturing facilities located in Bhiwadi, Rajasthan. and has developed technical collaborations and channel partnerships with global electrical companies such as Schneider Electric and Lucy Electric, strengthening its capabilities in advanced power distribution solutions.

For FY 25, the company reported revenue from operations of ₹ 79.03 crore and profit after tax of ₹ 6.05 crore. For the nine-month period ended December 31, 2025, revenue stood at ₹ 45.22 crore with PAT of ₹ 2.91 crore.