IPO Overview
Incorporated on December 22, 2021, Acme India Industries Limited is a specialized player in India’s railway rolling stock sector, focused on the design, manufacture, and warranty maintenance of railway coach interiors. The company offers a full range of services including turnkey furnishing of new coaches, refurbishment of old coaches, modular toilet installations and upgradation, and supply of electrical and mechanical interior components. It primarily operates on a tender-based model, with Indian Railways as its primary client, executing projects across LHB, ICF, Vande Bharat, and other specialized railway coach categories.
The company is now launching its SME IPO on the BSE SME platform to raise ₹121.69 crore. The issue is a combination of a fresh issue of 54.07 lakh shares worth ₹105.98 crore and an offer for sale of 8.02 lakh shares worth ₹15.71 crore by promoter Suraj Pandey. The IPO is priced at ₹186 to ₹196 per share with a lot size of 600 shares. The IPO opens on 30 September 2026 and closes on 6 October 2026, with listing expected on 9 October 2026 on BSE SME.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – SME |
| Listing Exchange | BSE SME |
| IPO Open Date | 30 September 2026 |
| IPO Close Date | 06 October 2026 |
| Allotment Date | 07 October 2026 (Expected) |
| Refund Initiation | 08 October 2026 |
| Credit to Demat | 08 October 2026 |
| Listing Date | 09 October 2026 (Tentative) |
| Price Band | ₹186 – ₹196 per share |
| Face Value | ₹10 per share |
| Lot Size | 600 shares |
| Minimum Investment (Retail) | ₹1,17,600 (1 lot = 600 shares) |
| Issue Size | ₹121.69 crore |
| Fresh Issue | 54,07,000 shares (₹105.98 crore) |
| Offer For Sale (OFS) | 8,01,600 shares (₹15.71 crore) |
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | ~50% |
| Non-Institutional Investors (NII/HNI) | ~15% |
| Retail Individual Investors (RII) | ~35% |
| Market Maker | Reserved Portion |
OFS / Selling Shareholders
The OFS portion consists of 8,01,600 shares worth ₹15.71 crore being sold by promoter Suraj Pandey. Post-IPO, the promoter group holding will reduce from 88.19% (pre-IPO) to approximately 64.46%.
Objects of the Issue (Fund Utilization)
The company will receive proceeds only from the fresh issue of ₹105.98 crore. The OFS proceeds will go directly to the selling promoter.
- Funding working capital requirements — ₹38.00 crore
- Repayment / prepayment of existing borrowings — ₹41.00 crore
- Capital expenditure for purchase of additional plant & machinery — ₹6.27 crore
- General corporate purposes — remaining proceeds
Lead Managers & Registrar
- Book Running Lead Managers: Hem Securities Ltd. and Share India Capital Services Pvt. Ltd.
- Registrar to the Issue: Bigshare Services Pvt. Ltd.
Promoters & Management
The company is promoted by Mr. Suraj Pandey and Mrs. Sadhvi Pandey, who bring strong domain knowledge and hands-on experience in the Indian railway interiors and rolling stock sector. Pre-IPO, the promoter group held 96.05% equity in the company.
Company Details
Acme India Industries Limited is engaged in the Indian railway rolling stock sector, providing design, manufacturing, installation, and warranty maintenance services for railway coach interiors. The company executes turnkey coach furnishing projects, old coach refurbishment and upgrades, modular toilet installations, and supplies electrical and mechanical interior components — all primarily through government tenders floated by Indian Railways.
Sectors Served:
- Indian Railways (primary client — LHB, ICF, Vande Bharat, and specialized coaches)
- Railway Component Supply
Key Products & Services:
- Turnkey furnishing of new railway coaches
- Refurbishment and upgradation of old/ageing coaches
- Modular toilet installation and upgradation
- Supply of electrical and mechanical interior components
- Warranty and maintenance services for installed interiors
Key Capabilities:
- Specialized railway rolling stock capability spanning new coach interiors, refurbishment, toilet upgradation, and component manufacturing with in-house testing and ISO-certified processes
- Tender-based execution model with a strong order pipeline from Indian Railways
- As of 31 August 2025, the company’s order book stood at ₹402.08 crore, providing strong near-term revenue visibility
Certifications:
- ISO-certified manufacturing and testing processes
Financial Snapshot
| Period | Total Revenue (₹ Cr) | PAT (₹ Cr) | EBITDA (₹ Cr) | Total Assets (₹ Cr) |
| FY24 | ₹215.02 | ₹19.21 | ₹29.57 | ₹217.60 |
| FY25 | ₹213.45 | ₹16.46 | ₹28.76 | ₹272.45 |
| FY26 | ₹267.89 | ₹24.36 | ₹39.82 | ₹382.79 |
Key Financial Metrics
- Revenue grew ~26% YoY in FY26 (₹213.45 crore → ₹267.89 crore); PAT surged ~48% YoY (₹16.46 crore → ₹24.36 crore)
- PAT Margin: 9.24% | EBITDA Margin: ~15.10% (FY26)
- EPS: ₹9.69 | P/E: ~20.23x | RoNW: 29.72% | ROCE: 23.78%
- Net Worth: ₹103.55 crore (FY26) vs ₹55.37 crore (FY25) — strong equity build-up
- Total Borrowings: ₹85.18 crore (FY26) — debt-to-equity ratio of 1.47x; company plans to use IPO proceeds partly for debt repayment
- Pre-IPO P/E: ~14.54x
Company Strengths
- Specialized end-to-end capability in railway coach interiors — covering new furnishing, refurbishment, toilet upgradation, and component supply under one roof
- Strong order book of ₹402.08 crore as of August 2025, providing clear near-term revenue visibility
- Strong FY26 revenue and profit growth — revenue up ~26%, PAT up ~48% YoY
- Experienced and domain-focused promoters with deep knowledge of Indian Railways’ procurement and execution processes
- Direct beneficiary of the Indian government’s large-scale railway modernisation and rolling stock upgrade program, including Vande Bharat expansion and coach refurbishment schemes
- ISO-certified processes with in-house testing — qualifying for quality-conscious government tender requirements
Key Risks & Challenges
- High client concentration: Indian Railways accounted for over 86% of revenues during FY23–FY25 — any policy shift, budget cut, or disruption in Railway tenders can directly impact revenue
- Tender-driven and seasonal business: Revenue follows delivery and acceptance cycles of railway projects — quarterly earnings are highly uneven and cannot be annualised
- PAT declined in FY25: Despite broadly stable revenue in FY24–FY25, PAT fell from ₹19.21 crore to ₹16.46 crore — raising margin pressure concerns
- High debt level: Total borrowings of ₹85.18 crore exceed the pre-IPO net worth, resulting in a debt-to-equity ratio of 1.47x
- OFS component: ₹15.71 crore of IPO proceeds go to the selling promoter rather than the company
- Competition: Aggressive low-price bidding by competitors in Railway tenders can pressure order inflows and profit margins
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
