Acme India Industries IPO

SME • BSE SME • Fresh capital cum OFS

LISTEDSMEBSE SME

Acme India Industries

Price band

₹186 – ₹196

Lot size

600 shares

Min investment

₹1,17,600

Issue size

₹121.69 Cr

About the company

Acme India Industries Limited was incorporated in December 2021 and works in the Indian railway rolling stock sector, fitting out the inside of railway coaches. It provides turnkey furnishing for new coaches, refurbishment, upgradation and conversion of old coaches, and modernisation of toilets. Its products include Braille signage, FRP products, sanitary ware, epoxy flooring, decorative glass FRP, toilet and compartment doors, seats and berths, fire barrier coatings and hygiene products. Since 2017 it has completed 28 turnkey furnishing projects covering 1,610 coaches, refurbished and upgraded 1,888 coaches and completed 10,948 toilet upgrades, as on 30 June 2026. It works across 16 railway zones and has three production units and two mid-life rehabilitation units. The main plant at Sonipat in Haryana is spread over more than 92,000 square feet and has its own laboratory and testing facilities. Work is executed at the Modern Coach Factory in Raebareli, the Integral Coach Factory in Chennai and the Rail Coach Factory in Kapurthala, on coach types including LHB coaches and Vande Bharat. The company is ISO 9001:2015 and ISO 15085 certified, is empanelled as a business associate under a Navratna public sector undertaking, and bids for work through the Indian Railways e-Procurement System. As on 30 June 2026 it had 43 employees on its payroll.

Acme India Industries Limited designs, makes, supplies and installs railway coach interiors for Indian Railways, covering turnkey furnishing of new coaches, refurbishment of old ones and toilet modernisation. It makes FRP products, seats and berths, doors, sanitary ware, epoxy flooring and Braille signage from a plant at Sonipat, Haryana, and works across 16 railway zones.

IPO details

Issue price: ₹196
Price band: ₹186 – ₹196
Face value: ₹10
Lot size: 600
Min investment: ₹1,17,600
Issue size: ₹121.69 Cr
Sale type: Fresh capital cum OFS
Listing on: BSE SME
BSE scrip code: 8021
NSE symbol: ACMERAIL.BO

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	600	₹1,17,600
Retail (Max)	1	600	₹1,17,600
HNI (Min)	2	1,200	₹2,35,200

Investor reservation

CATEGORY	RESERVED
QIB	29,44,800 shares (49.96% of the Offer)
NII	8,85,600 shares (15.02% of the Offer)
Retail	20,64,000 shares (35.02% of the Offer)

Objects of the issue

1Funding to meet working capital requirements38.00

2Repayment and/or pre-payment, in full or part, of borrowing availed by Company41.00

3Funding Capital Expenditure towards purchase of additional plant & machinery6.27

4General Corporate Purposes

Financials

Rs. Crore • restated

METRIC	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	382.79	272.45	217.60
Total Income	267.89	213.45	215.02
Profit After Tax	24.36	16.46	19.21
EBITDA	39.82	28.76	29.57
NET Worth	103.55	55.37	35.63
Reserves and Surplus	85.48	38.58	27.35
Total Borrowing	85.18	81.17	69.80

Key performance indicators

P/E Ratio

18.88

EPS (₹)

10.38

RoE

30.65%

RoCE

23.20%

RoNW

23.52%

PAT Margin

9.24%

EBITDA Margin

15.10%

Debt / Equity

0.82

NAV (₹)

59.94

✓ Strengths

• Revenue grew 26% in FY2026, from Rs 213.45 crore to Rs 267.89 crore, and profit grew 48%, from Rs 16.46 crore to Rs 24.36 crore.

• EBITDA rose from Rs 28.76 crore in FY2025 to Rs 39.82 crore in FY2026, an EBITDA margin of 15.10%.

• Return on net worth is 23.52% and return on capital employed is 23.20%.

• Net worth has nearly tripled in two years, from Rs 35.63 crore in FY2024 to Rs 103.55 crore in FY2026.

• There is a long record of delivery, with 1,610 coaches furnished, 1,888 coaches refurbished and 10,948 toilet upgrades completed as on 30 June 2026.

• It works across 16 railway zones from five units, including the Sonipat plant of over 92,000 square feet with in-house testing, and is ISO 9001:2015 and ISO 15085 certified.

• Rs 41 crore of the issue repays borrowings and Rs 38 crore funds working capital, which should bring down interest cost on borrowing of Rs 85.18 crore.

⚠ Risks

• The two return figures do not agree. Return on equity is shown as 30.65% while return on net worth is shown as 23.52% for the same year.

• Profit is not on a steady path. Profit after tax was Rs 19.21 crore in FY2024, fell to Rs 16.46 crore in FY2025 and then rose to Rs 24.36 crore in FY2026, on revenue that was flat across the first two of those years.

• Rs 41 crore of the Rs 121.69 crore issue repays borrowings, a third of the issue that does not add to the business.

• Borrowing is Rs 85.18 crore against a net worth of Rs 103.55 crore, a debt to equity ratio of 0.82, and it has risen every year.

• Almost all the work comes from Indian Railways through tenders on the IREPS portal, where rates are set by the buyer and a lost tender takes the order with it.

• The profit margin is 9.24%, which leaves little room on a fixed-price tender if material costs rise mid-contract.

• The company has only 43 employees on its payroll against revenue of Rs 267.89 crore, so delivery depends heavily on contract labour and outside vendors.

• The company itself was incorporated only in December 2021, so the listed entity has a short financial record even though the business dates back further.

• This is a fresh issue combined with an offer for sale, so a part of the money goes to the selling shareholders, and promoter holding falls from 88.19% to 64.46%.

• This is an SME issue. One lot is 600 shares, which is about Rs 1.18 lakh at the upper band of Rs 196, and SME shares usually trade in low volume after listing.

Promoters & holding

Suraj Pandey and Sadhvi Pandey

Pre-issue promoter holding

88.19%

Post-issue promoter holding

64.46%

Promoters hold 88.19% before the issue and will hold 64.46% after it.

Data refreshed 09 Nov 2026, 05:00 am IST. GMP is unofficial market sentiment, not investment advice.