Acme India Industries IPO is a ₹121.69 crore book-built issue comprising a fresh issue of 54.07 lakh equity shares worth ₹105.98 crore and an offer for sale (OFS) of 8.02 lakh shares aggregating to ₹15.71 crore.
The IPO will open for subscription on September 30, 2026, and close on October 6, 2026. The allotment is expected to be finalized on October 7, 2026, with the equity shares scheduled to list on the BSE SME platform on October 9, 2026.
The price band has been fixed at ₹186 to ₹196 per share, with a lot size of 600 shares. Retail investors are required to apply for a minimum of 2 lots, or 1,200 shares, involving an investment of ₹2,35,200 at the upper end of the price band. HNI investors need to apply for at least 3 lots, or 1,800 shares, amounting to ₹3,52,800.
Hem Securities Ltd. is the book-running lead manager for the issue, while Bigshare Services Pvt. Ltd. is the registrar. Hem Finlease Pvt. Ltd. has been appointed as the market maker for the IPO. Investors can refer to the Acme India Industries IPO Red Herring Prospectus (RHP) for detailed information about the company and the offer.
Company Overview
Acme India Industries Limited, incorporated in December 2021, operates in the Indian railway rolling stock sector, providing interior furnishing and related solutions for railway coaches. Its services include designing, manufacturing, supplying, installing and maintaining coach interiors, along with refurbishment, conversion, upgradation and toilet modernization of existing coaches.
The company’s product portfolio includes FRP components, sanitary ware, epoxy flooring, decorative glass FRP, toilet and compartment doors, seats and berths, Braille signage, fire barrier coatings and hygiene products. Since 2017, it has completed 28 turnkey furnishing projects covering 1,610 coaches, refurbished or upgraded 1,888 coaches and completed 10,948 toilet upgrades as of June 30, 2026.
Acme India Industries operates across 16 railway zones through three production units and two mid-life rehabilitation facilities. Its Sonipat facility spans more than 92,000 sq. ft. and includes laboratory and testing infrastructure. The company also has a dedicated design and product development team supporting engineering, prototyping and testing.
Its projects cover LHB coaches, Vande Bharat trains and other self-propelled units. The company follows a tender-based business model through IREPS and has executed projects at major railway production facilities.
IPO Details
| Particulars | Details |
|---|---|
| IPO Date | 30 Sep to 6 Oct, 2026 |
| Allotment | Wed, Oct 7, 2026 |
| Listing Date | Fri, Oct 9, 2026 |
| Face Value | ₹10 per share |
| Price Band | ₹186 to ₹196 per share |
| Lot Size | 600 Shares |
| Issue Type | Bookbuilding IPO |
| Sale Type | Fresh capital cum OFS |
| Total Issue Size | 62,08,800 shares (agg. up to ₹122 Cr) |
| Fresh Issue (Ex. Market Maker) | 50,92,800 shares (agg. up to ₹100 Cr) |
| Reserved for Market Maker | 3,14,400 shares (agg. up to ₹6 Cr) – Hem Finlease Pvt. Ltd. |
| Offer for Sale | 8,01,600 shares of ₹10 (agg. up to ₹16 Cr) |
| Net Offered to Public | 58,94,400 shares (agg. up to ₹116 Cr) |
| Shareholding Pre-Issue | 1,80,65,000 shares |
| Shareholding Post-Issue | 2,34,72,200 shares |
| Listing Exchange | BSE SME |
(Compiled from RHP and market updates)
Industry Context
- The D&B India industry report cited in the RHP estimates that around 8,588 passenger coaches may require refurbishment annually based on the existing coach fleet and refurbishment cycle.
- The D&B India industry report estimates an annual opportunity of around ₹3,908 crore for turnkey furnishing of new passenger coaches.
- Passenger coaches typically have a 25–30-year lifecycle, creating recurring demand for refurbishment, modernization and replacement of interior components.
- Initiatives such as Mission Retrofitment and increasing emphasis on passenger amenities are supporting demand for improved coach interiors, hygiene and comfort.
- Advancements in materials, design, manufacturing and digital railway systems are contributing to modernization and creating opportunities for specialized coach furnishing solutions.
Business Strengths
- Acme has completed 28 turnkey projects covering 1,610 coaches, refurbished or upgraded 1,888 coaches and upgraded 10,948 toilet units across 16 railway zones.
- The company offers turnkey furnishing, refurbishment, coach conversion, toilet modernization and component supplies, allowing it to address multiple railway coach requirements.
- Acme has worked across 28 coach variants and operates through three production units and two mid-life rehabilitation units.
- Its experience includes LHB coaches, Vande Bharat and other self-propelled units, with projects executed at MCF, ICF and RCF.
- The company had an order book of approximately ₹737.97 crore as of June 30, 2026, covering various railway furnishing, refurbishment, toilet upgradation and supply projects.
Business Risks
- A substantial portion of revenue comes from Indian Railways, making the company’s business sensitive to changes in railway spending, policies, programmes and procurement priorities.
- Contracts are awarded through competitive bidding, and there is no assurance that Acme will win future tenders, potentially affecting its order book, revenue and profitability.
- Delays, cancellations, scope changes, payment postponements or difficulties in completing projects can adversely affect cash flows, revenues and earnings.
- The company faces competition from various manufacturers and service providers, with tenders influenced by factors such as price, quality, delivery capabilities and customer relationships.
- The company and its related parties are involved in certain pending legal and contractual proceedings. The outcomes of these matters could have financial or operational implications.
Financial Performance
Acme India Industries Ltd. – Financials (₹ in Lakhs)
| Particulars | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 |
|---|---|---|---|
| Revenue from Operations | 26,370.77 | 20,999.52 | 21,343.46 |
| EBITDA | 3,981.59 | 2,875.56 | 2,957.07 |
| EBITDA Margin (%) | 15.10% | 13.69% | 13.85% |
| Profit After Tax (PAT) | 2,435.77 | 1,645.68 | 1,920.73 |
| PAT Margin (%) | 9.24% | 7.84% | 9.00% |
| Return on Capital Employed (%) | 23.20% | 24.03% | 30.08% |
| Return on Net Worth (%) | 23.52% | 29.72% | 53.91% |
(Source: RHP)
Key Ratios & Metrics
| KPI (Mar 31, 2026) | Value |
|---|---|
| Return on Equity (ROE) | 30.65% |
| Return on Capital Employed (ROCE) | 23.20% |
| Debt-to-Equity Ratio | 0.82 |
| Return on Net Worth (RoNW) | 23.52% |
| PAT Margin | 9.24% |
| EBITDA Margin | 15.10% |
| Net Asset Value (NAV per share) | ₹59.94 |
(Source: RHP)
Objects of the Offer
- Working Capital Requirements: ₹3,800 lakh will be utilised to meet the company’s working capital requirements.
- Repayment/Pre-payment of Borrowings: ₹4,100 lakh will be used towards repayment or pre-payment of certain borrowings.
- Purchase of Plant & Machinery: ₹627.30 lakh will be utilised for purchasing additional plant and machinery.
- General Corporate Purposes: The balance of the Net Proceeds will be utilised towards general corporate purposes, subject to the limits specified in the RHP.
Conclusion
Acme India Industries has an operating presence in the railway coach furnishing and refurbishment segment, supported by experience across multiple railway zones, coach categories and modernization projects. Its track record in turnkey furnishing, coach refurbishment and toilet upgrades, along with its manufacturing and product development capabilities, supports its existing operations in the railway sector.
However, the company’s dependence on tender-based contracts means that project flow and revenue visibility can be influenced by tender awards and execution timelines. Investors may consider the company’s financial performance, order pipeline, valuation, business model and associated risks before making an investment decision.
Disclaimer: Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. This content is purely for informational purposes only and should not be considered as investment advice or a recommendation. Securities quoted are for illustration purposes only and not recommendatory.Opening of account will not guarantee allotment of shares in IPO. Investors are requested to do their own due diligence before investing in any IPO.
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