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Accord Transformer & Switchgear IPO vs Dhara Rail Projects IPO

Comparison between Accord Transformer & Switchgear IPO and Dhara Rail Projects IPO.

IPO Details

Accord Transformer & Switchgear IPO is a SME Bookbuilding IPO proposed to list at BSE SME while Dhara Rail Projects IPO is a SME Bookbuilding proposed to list at NSE SME.

 Accord Transformer & Switchgear IPODhara Rail Projects IPO
LogoAccord Transformer & Switchgear IPO LogoDhara Rail Projects IPO Logo
Issue CategorySMESME
Issue TypeIPOIPO
Process TypeBookbuildingBookbuilding
Listing AtBSE SMENSE SME
Lead ManagersGYR Capital Advisors Pvt.Ltd.Hem Securities Ltd.
RegistrarKfin Technologies Ltd.Bigshare Services Pvt.Ltd.
Market MakerGiriraj Stock Broking Pvt.Ltd.Hem Finlease Pvt.Ltd.
DRHPDRHP DRHP
RHPRHP RHP
Final ProspectusFinal Prospectus Final Prospectus
Anchor InvestorAnchor Investor Anchor Investor
IPO Allotment URLIPO Allotment URL IPO Allotment URL

Issue Size and Price

The total issue size of Accord Transformer & Switchgear IPO is up to ₹24.29 Cr whereas the issue size of the Dhara Rail Projects IPO is up to ₹47.63 Cr. The final issue price of Accord Transformer & Switchgear IPO is ₹46.00 per share and of Dhara Rail Projects IPO is ₹126.00 per share.

 Accord Transformer & Switchgear IPODhara Rail Projects IPO
Face Value₹10 per share₹10 per share
Issue Price (Lower)₹43.00 per share₹120.00 per share
Issue Price (Upper)₹46.00 per share₹126.00 per share
Issue Price (Final)₹46.00 per share₹126.00 per share
Discount (Retail)
Discount (Employee)
Market Lot Size3000 shares1000 shares
Fresh Issue Size52,80,000 shares37,80,000 shares
Fresh Issue Size (Amount)up to ₹24.29 Crup to ₹47.63 Cr
OFS Issue Size0 shares0 shares
OFS Issue Size (Amount)up to ₹0.00 Crup to ₹0.00 Cr
Issue Size Total52,80,000 shares37,80,000 shares
Issue Size Total (Amount)up to ₹24.29 Crup to ₹47.63 Cr

IPO Timetable

Accord Transformer & Switchgear IPO opens on Feb 23, 2026, while Dhara Rail Projects IPO opens on Dec 23, 2025. The closing date of Accord Transformer & Switchgear IPO and Dhara Rail Projects IPO is Feb 25, 2026, and Dec 26, 2025, respectively.

 Accord Transformer & Switchgear IPODhara Rail Projects IPO
Anchor Bid DateFeb 20, 2026Dec 22, 2025
Issue OpenFeb 23, 2026Dec 23, 2025
Issue CloseFeb 25, 2026Dec 26, 2025
Basis Of Allotment (Tentative)Feb 26, 2026Dec 29, 2025
Initiation of Refunds (Tentative)Feb 27, 2026Dec 30, 2025
Credit of Share (Tentative)Feb 27, 2026Dec 30, 2025
Listing date (Tentative)Mar 02, 2026Dec 31, 2025
Anchor Lockin End date 1Mar 27, 2026Jan 28, 2026
Anchor Lockin End date 2May 26, 2026Mar 29, 2026

Financials & KPIs

Accord Transformer & Switchgear IPO P/E ratio is 11.41, as compared to Dhara Rail Projects IPO P/E ratio of 21.43.

 Accord Transformer & Switchgear IPODhara Rail Projects IPO
Financials

Company Financials (Restated Consolidated)

Period Ended31 Dec 202531 Mar 202531 Mar 202431 Mar 2023
Assets41.0259.8926.4615.82
Total Income45.2979.2048.6040.81
Profit After Tax2.916.051.610.87
EBITDA4.629.102.671.54
NET Worth24.4521.546.044.43
Reserves and Surplus9.4421.255.794.18
Total Borrowing4.3711.819.132.30
Amount in ₹ Crore

Company Financials (Restated Consolidated)

Dhara Rail Projects Ltd.'s revenue increased by 40% and profit after tax (PAT) rose by 120% between the financial year ending with March 31, 2025 and March 31, 2024.

Period Ended30 Sep 202531 Mar 202531 Mar 202431 Mar 2023
Assets61.7346.2447.2933.98
Total Income28.8348.0034.2327.39
Profit After Tax7.066.532.971.06
EBITDA9.605.281.330.75
NET Worth19.9512.896.363.39
Reserves and Surplus8.8512.796.263.29
Total Borrowing21.2921.3328.1722.74
Amount in ₹ Crore
Promoter Shareholding (Pre-Issue)84.9498.33
Promoter Shareholding (Post-Issue)61.9872.36
P/E Ratio11.4121.43
Market Cap₹94.64 Cr.₹190.06 Cr.
ROE43.9067.85
ROCE2625.59
Debt/Equity0.551.66
EPS₹4.03₹5.88
RoNW28.1050.66

Shares Offered

In the Accord Transformer & Switchgear IPO Retail Individual Investors (RII) are offered 18,48,000 shares while in Dhara Rail Projects IPO retail investors are offered 18,48,000 shares. Qualified Institutional Buyers (QIB) are offered 10,56,000 shares in Accord Transformer & Switchgear IPO and 7,56,000 shares in Dhara Rail Projects IPO.

 Accord Transformer & Switchgear IPODhara Rail Projects IPO
Anchor Investor Reservation15,84,000 shares11,33,000 shares
Market Maker Reservation2,82,000 shares2,04,000 shares
QIB10,56,000 shares7,56,000 shares
NII7,92,000 shares5,67,000 shares
RII18,48,000 shares13,24,000 shares
Employee0 shares0 shares
Others
Total52,80,000 shares37,80,000 shares

Bids Received (Subscription)

Accord Transformer & Switchgear IPO subscribed 250.16x in total, whereas Dhara Rail Projects IPO subscribed 78.36x.

 Accord Transformer & Switchgear IPODhara Rail Projects IPO
QIB (times)153.01x71.30x
NII (times)606.02x199.41x
Big NII (times)709.68x237.67x
Small NII (times)398.70x122.87x
RII (times)367.59x97.61x
Employee (times)
Other (times)
Total (times)250.16x78.36x

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