- Price band
- ₹43 – ₹46
- Issue size
- ₹25.59 Cr
- Lot size
- 3000 sh
- Bidding
- 23 – 25 Feb
- Grey market
- —
Face value ₹10.00
100% fresh capital
Lists 2 Mar 2026
No quote recorded
Market data to 30 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.
IPOVista score
How this issue scores, and why
Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.
IPOVista score
Broadly well-balanced
63% of the scoring model was backed by disclosed data for Accord Transformer, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.
How this score is builtBelow the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.
Read this before the number
SME platform listing
SME issues trade in larger lot sizes with thinner volumes than mainboard listings, which makes exiting a position harder.
The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.
The company
What the business actually does
Founded 2014 · Manesar, Gurugram, Haryana · 114 employees
Accord Transformer & Switchgear designs, manufactures and supplies power and distribution transformers along with the switchgear and enclosures built around them. The range covers distribution transformers up to 2.5 MVA/36 kV, power transformers up to 20 MVA/33 kV, dry-type transformers up to 5,000 KVA, solar and special-duty units for wind-inverter and furnace loads, LV control and APFC panels, MV/VCB panels, compact and skid-mounted substations, busducts, cable trays and EV charging stations. Buyers are power transmission and distribution utilities and contractors, renewable energy developers, industrial plants and infrastructure projects. The company runs two manufacturing units at Bhiwadi, Rajasthan, keeps its registered office at Manesar, Haryana, and had 114 people on its rolls at 31 December 2025. It has technology tie-ups with SGB-SMIT GmbH, Lucy Electric India and Schneider Electric India.
Revenue is order-driven: customers buy on purchase orders rather than long-term contracts, and the confirmed order book stood at Rs 164.26 Cr on 18 January 2026 against FY25 revenue from operations of Rs 79.02 Cr. Materials dominate the cost base — cost of materials consumed was Rs 68.36 Cr in FY25, 86.32% of total income, with copper and aluminium the main inputs and part of them bought on advance payment. The structural constraints are customer concentration, the top ten customers being 84.16% of FY25 revenue, and plant capacity: transformer capacity utilisation was 55.88% in FY25 and 69.78% in the nine months to December 2025, which is why Rs 13.03 Cr of net proceeds goes to machinery and Rs 10.00 Cr to working capital.
The company on paper
- Legal name
- Accord Transformer & Switchgear Limited
- IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first
- 20 Jun 2014
- CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA
- U31500HR2014PLC052544
- Sector
- Industrials · Power and distribution transformers, substations and switchgear panels
- Employees
- 114
- Registered office
- Manesar, Gurugram, Haryana
- Promoters
- Pradeep Kumar Verma, Shalini Singh
- Promoter holding, pre-issue
- 84.9%
- Promoter holding, post-issue
- 62.0%
- Website
- atsgroup.in
The numbers
Financial performance
Revenue has compounded at 39.2% a year across the 3 reported financial years.
Revenue and profit
Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.
- Revenue
- Profit after tax
Margin trend
Profit and operating margin as a percentage of revenue
- Net margin
- EBITDA margin
Net worth and borrowings
At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.
- Net worth
- Total borrowings
The price
Valuation
What the issue asks for the business, set against what the business earns.
No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.
The terms
How the issue is structured
100% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.
- Fresh issueNew shares — proceeds go to the company
- ₹25.59 Cr
- Offer for saleExisting shares — proceeds go to the selling shareholders
- ₹0
- Total issue size
- ₹25.59 Cr
- Shares offered in the OFS
- —
- Pre-issue shares outstanding
- —
- Employee discount
- —
- Market maker portionSME issues require a market maker to provide two-way quotes
- 2,82,000
What the issue does to ownership
Share of paid-up equity before and after the offer. The promoters give up 23.0% of the company.
- Promoters
- Everyone else
Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.
Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.
Demand
What the market is bidding
Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.
Subscription by category
Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.
Hover or focus a category to see who bids in it.
A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.
Grey market premium
Unofficial over-the-counter sentiment
No grey-market quotes have been recorded for this issue.
Outcome
How it actually listed
- Issue price
- ₹46.00
- Listed at
- ₹50.00
- Listing gain
- up 8.7%
- Since listing
- up 58.9%
- Against the issue price
- up 72.8%
Trading at ₹79.47 on 30 Oct 2026
What an allotment is worth now, before costs
Work it out
What this means for one application
Three calculations, each stating the assumption it rests on.
What one application costs
Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.
- Shares applied for
- 6,000
- At cut-off price
- ₹46.00
- Amount blocked
- ₹2,76,000
One lot is 3000 shares at ₹1,38,000. This issue requires a minimum of 2 lots, so the smallest application is ₹2,76,000. That is how the SME board is built rather than a quirk of this issue: the minimum application is set above the ₹2,00,000 that caps a retail bid on the mainboard — two lots rather than one. The smallest bid here still sits in the individual investors’ category, the one the subscription figures call retail, and when that category is oversubscribed the minimum application is allotted by draw of lots — so the odds beside this apply directly.
Odds of getting an allotment
When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.
~0.3%
chance of one lot, per application
- Retail subscription
- 367.59×
- Applicants per share available
- 367.6× the retail quota
This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.
What it actually did
This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.
₹50.00
listed at, 8.7% against the issue price
- Issue price
- ₹46.00
- Premium said
- —
- If allotted 3000 shares
- ₹12,000
Listing-day figures are as reported by the exchanges.
Our read
Easy to misread
Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.
Easy to miss in the prospectus
- The 9M FY26 row is a nine-month stub to 31 December 2025, not an annual period, and is not comparable to the FY23-FY25 rows above it.
- FY25 net worth rose Rs 15.50 Cr (Rs 6.04 Cr to Rs 21.54 Cr) while PAT for the year was Rs 6.05 Cr; the difference came from equity raised during the year, not retained earnings (share capital rose from Rs 2,500.00 thousand to Rs 2,943.39 thousand).
- Published subscription multiples for this issue differ by denominator. The 357.37x reported here is against the 36,96,000 shares offered after the 15,84,000-share anchor allocation and the 2,82,000-share market maker reservation are set aside; measured against the full 52,80,000-share net issue the same bids are 248.47x.
- Pre-issue share count of 1,50,11,289 includes a 50:1 bonus issue of 1,47,16,950 shares allotted on 13 September 2025, so any per-share figure for FY23-FY25 has been restated onto the post-bonus count and will not tie to those years' balance-sheet share capital.
Straight from the filing
Read it yourself
Every figure on this page comes out of these. Go and check them.
Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.
The paperwork
Who is running the issue
- Lead managers
- GYR Capital Advisors Private Limited
- RegistrarAllotment status is checked on the registrar's own site
- KFin Technologies Limited
How these figures were checked
Reconciled to Accord Transformer's own prospectus and to exchange disclosures, then cross-checked against 3 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.
- Prospectus dated 26 February 2026 (BRLM GYR Capital Advisors) — cover, capital structure, objects, restated financials, KPIs, business overview, issue structure · read 16 Oct 2026
- BSE end-of-day bhavcopy, 2 March 2026 (listing day) — ISIN, series MT, NewBrdLotQty 3000, open 50.00 / high 52.50 / low 47.50 / close 52.50, PrvsClsgPric 0.00 · read 16 Oct 2026
- BSE end-of-day bhavcopy, 15 October 2026 — confirms ISIN INE132201018 and market lot 3000 still current for scrip 544710 · read 16 Oct 2026
The prospectus is the authoritative document. Check anything that matters against it before you act.
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