Accord Transformer & Switchgear Limited Files RHP; SME IPO to Open on February 23, 2026

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 (IPO).

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

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 net issue of up to 52,80,000 shares will be allocated as follows: not more than 50 per cent to Qualified Institutional Buyers, not less than 15 per cent to Non-Institutional Investors and not less than 35 per cent to Individual Investors.

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.

IPO Highlights

• Fresh Issue: up to 55,62,000 equity shares
• Face Value: Rs 10 per share
• Issue Type: 100 per cent book-built SME IPO
• Listing: BSE SME
• Promoters: Mr. Pradeep Kumar Verma & Mrs. Shalini Singh
• Book Running Lead Manager: GYR Capital Advisors Pvt. Ltd.

The price band and bid lot will be decided by the company in consultation with the Book Running Lead Manager and announced prior to issue opening.

About Accord Transformer & Switchgear Limited

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 Rs  79.03  crore and profit after Tax of Rs  6.05  crore. For the nine-month period ended December 31, 2025, revenue stood at Rs  45.22  crore with PAT of Rs  2.91  crore.

Investors are advised to read the Red Herring Prospectus dated February 16, 2026, including the section titled “Risk Factors,” before making an investment decision.

Disclaimer: The article is for informational purposes only and not investment advice.