Acme India Industries IPO Review: Key Details, Company Overview and Financials
- September 28, 2026
- Posted by: Harsh Piplani
- Category: IPO
Acme India Industries IPO price band Rs 186 to Rs 196. Opens 30 Sep, closes 6 Oct 2026. Issue size Rs 121.69 Cr. Lists 9 Oct on BSE SME.
Quick Answer
The Acme India Industries IPO is a Rs 121.69 crore bookbuilding SME issue priced between Rs 186 and Rs 196 per share, open for bidding from 30 September to 6 October 2026. The Delhi based railway coach interiors specialist combines a Rs 105.98 crore fresh issue with a Rs 15.71 crore offer for sale. Shares are proposed to list on BSE SME around 9 October 2026, with FY26 revenue up 26 percent and profit up 48 percent.
The Acme India Industries IPO is a bookbuilding issue of 62,08,800 equity shares aggregating about Rs 121.69 crore, comprising a fresh issue worth Rs 105.98 crore and an offer for sale of 8,01,600 equity shares worth Rs 15.71 crore. The IPO will open for subscription on 30 September 2026 and close on 6 October 2026. The allotment is expected on 7 October 2026, and the shares are proposed to list on the SME platform of BSE around 9 October 2026.
The Acme India Industries IPO price band is Rs 186 to Rs 196 per share, with a lot size of 600 shares. Retail investors must apply for a minimum of 2 lots (1,200 shares), requiring an investment of Rs 2,35,200 at the upper price band.
Hem Securities Ltd. is the book-running lead manager for the Acme India Industries IPO, while Bigshare Services Pvt. Ltd. is the registrar to the issue.
For detailed information on the company’s business, financials, risk factors and the proposed utilisation of proceeds, investors should refer to the Acme India Industries IPO Red Herring Prospectus (RHP) before making an investment decision.
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Company Overview
Incorporated in December 2021 and taking over a business run since the mid-2010s, Acme India Industries Limited operates in India’s railway rolling stock ecosystem, designing, manufacturing, supplying, installing and maintaining railway coach interiors and components. Its services include tender-driven turnkey interior furnishing for new passenger coaches, refurbishment and conversion of older coaches, and toilet upgradation and modernisation.
Since 2017 the company has executed 28 turnkey projects covering 1,610 coaches, refurbished or upgraded 1,888 coaches and completed 10,948 railway toilet upgrades as of 30 June 2026. Products include FRP components, Braille signage, epoxy flooring, toilet and compartment doors, seats and berths, fire-barrier coatings and sanitary ware. Work is carried out for coach factories at Raebareli, Chennai and Kapurthala, across LHB coaches, Vande Bharat and other self-propelled units. The company is promoted by Suraj Pandey and Sadhvi Pandey.
Read on for the complete Acme India Industries IPO details, including price band, lot size, listing timeline and the company’s financial track record.
IPO Details
| Particulars | Details |
|---|---|
| IPO Date | 30 September to 6 October 2026 |
| Allotment | Wed, 7 October 2026 |
| Listing Date | Fri, 9 October 2026 (tentative) |
| Face Value | Rs 10 per share |
| Price Band | Rs 186 to Rs 196 |
| Lot Size | 600 Shares |
| Issue Type | Bookbuilding IPO (SME) |
| Sale Type | Fresh Issue cum Offer for Sale |
| Total Issue Size | 62,08,800 shares (agg. about Rs 121.69 Cr) |
| Fresh Issue | Aggregating up to Rs 105.98 Cr |
| Offer for Sale | 8,01,600 shares (agg. Rs 15.71 Cr) |
| Listing Exchange | BSE SME |
(Compiled from the RHP/DRHP and market updates)
Industry Context
- Indian Railways is modernising its passenger fleet, including LHB coaches and Vande Bharat trains, which creates recurring demand for coach interior furnishing and refurbishment.
- Toilet upgradation and hygiene modernisation in existing coaches is a distinct programme that opens steady work for specialised vendors.
- Work is awarded through competitive tenders after pre-qualification, so track record and delivery history matter more than price alone.
- Revenue in this industry is lumpy, and delivery and acceptance schedules often cluster toward the second half of the financial year.
- Suppliers need working capital to buy materials and complete work before railway payments arrive.
Business Strengths
Here are the key strengths investors evaluating the Acme India Industries IPO should weigh:
- A specialised railway rolling stock capability spanning new coach interiors, refurbishment, toilet upgradation and component manufacturing, with in-house testing and ISO-certified processes.
- A disclosed Indian Railways order book of Rs 737.97 crore as of 30 June 2026, supporting near-term revenue visibility.
- Strong FY26 growth, with revenue up 26 percent to about Rs 267.89 crore and profit after tax up 48 percent.
- A reduced dependence on one customer in revenue terms, with Indian Railways falling to 46.77 percent of FY26 revenue from 91.54 percent in FY25.
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Business Risks
Alongside these strengths, the Acme India Industries IPO also carries the following business risks:
- Revenue is highly seasonal, with 91.13 percent of FY26 turnover booked between October and March, which makes half-year comparisons unreliable.
- Revenue from Indian Railways itself fell from Rs 192.23 crore in FY25 to Rs 123.06 crore in FY26, and future work depends on winning competitive tenders.
- The company took over the assets and liabilities of a proprietorship, M/s Acme India, owned by a promoter, and disclosures note that some items did not originally belong to the company.
- Reported allocations of proceeds should be verified against the final RHP, and the offer for sale of Rs 15.71 crore will not provide funds to the company.
Financial Performance
The Acme India Industries IPO comes after a year of strong growth. Revenue rose about 26 percent to Rs 267.89 crore in FY26 from Rs 213.45 crore in FY25, and profit after tax rose about 48 percent over the same period, though earnings are concentrated in the October to March period.
Acme India Industries Ltd. – Financials (Rs in Lakh)
| Particulars | Fiscal 2026 | Fiscal 2025 |
|---|---|---|
| Revenue | 26,789.00 | 21,345.00 |
| Revenue from Indian Railways | 12,306.00 | 19,223.00 |
| Indian Railways Share of Revenue (%) | 46.77% | 91.54% |
| PAT Growth (YoY) | ~48% | Not applicable |
Amounts in Rs Lakh unless stated otherwise, compiled from published Acme India Industries IPO disclosures. Absolute profit after tax figures were not consistently reported across the sources used for this review, so only the disclosed growth rate is shown; refer to the RHP for the restated financial statements.
Key Ratios and Metrics
The table below summarises the key ratios and metrics relevant to the Acme India Industries IPO as of the latest reported period.
These ratios offer a quick snapshot of how the Acme India Industries IPO is priced relative to the company’s profitability and net worth.
| KPI (Mar 31, 2026) | Value |
|---|---|
| Revenue Growth (FY26) | ~26% |
| PAT Growth (FY26) | ~48% |
| Indian Railways Order Book (30 Jun 2026) | Rs 737.97 Cr |
| FY26 Turnover Booked Oct to Mar | 91.13% |
| Post-Issue P/E (per tracker) | ~20.23x |
Objects of the Offer
The company proposes to use the net proceeds of the fresh issue portion of the Acme India Industries IPO towards working capital, repayment of borrowings, capital expenditure and general corporate purposes. The allocations quoted by some trackers do not reconcile with the fresh issue size, so investors should confirm the itemised breakdown in the RHP.
- Funding working capital requirements
- Repayment or prepayment of certain borrowings
- Capital expenditure for capacity expansion
- General corporate purposes
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Conclusion
Here is the bottom line on the Acme India Industries IPO.
The Acme India Industries IPO reflects a specialised railway coach interiors company with a large order book, a proven execution record and strong FY26 growth.
However, strongly seasonal revenue, tender dependence, unreconciled proceeds allocations and the takeover of proprietorship assets are factors that could affect the investment case for the Acme India Industries IPO.
Overall, investors weighing the Acme India Industries IPO should evaluate the company’s business model, financial performance, industry outlook, competitive positioning, valuation and risk factors in detail, and carefully review the Red Herring Prospectus (RHP) before making an informed investment decision.
Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data independently before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
Univest does not publish grey market premium figures. Grey market premium is an unofficial and unregulated indicator collected informally outside the stock exchanges. It is not published, verified or endorsed by SEBI, NSE or BSE, can vary widely between trackers, and is not always accurate.
FAQs
What are the Acme India Industries IPO dates, and when will it list?
Ans. The Acme India Industries IPO opens for subscription on 30 September 2026 and closes on 6 October 2026. The allotment is expected on 7 October 2026, and the shares are tentatively scheduled to list on the SME platform of BSE on 9 October 2026.
What is the price band and minimum investment for the Acme India Industries IPO?
Ans. The price band is Rs 186 to Rs 196 per equity share, with a lot size of 600 shares. Retail investors must apply for at least 2 lots, or 1,200 shares, which costs Rs 2,35,200 at the upper price band.
What does Acme India Industries Limited actually do?
Ans. The company designs, manufactures, installs and maintains railway coach interiors and components. It handles turnkey interiors for new coaches, refurbishment and conversion of older coaches, and toilet upgradation, and supplies FRP parts, Braille signage, epoxy flooring, doors, seats and sanitary ware.
Is the Acme India Industries IPO a fresh issue or does it include an offer for sale?
Ans. The issue combines a fresh issue worth Rs 105.98 crore with an offer for sale of 8,01,600 shares worth Rs 15.71 crore. The company receives only the fresh issue proceeds, and the offer for sale proceeds go to the selling shareholder.
How large is Acme India’s order book and how dependent is it on Indian Railways?
Ans. Acme India reported an Indian Railways order book of Rs 737.97 crore as of 30 June 2026. Indian Railways contributed 46.77 percent of FY26 revenue against 91.54 percent in FY25, although railway revenue itself fell from Rs 192.23 crore to Rs 123.06 crore.
Why is Acme India’s revenue so seasonal?
Ans. In FY26 the company booked Rs 239.80 crore, or 91.13 percent of turnover, between October and March, against Rs 23.35 crore from April to September. This reflects delivery and acceptance cycles in railway projects, so investors should not annualise half-year numbers.
What are the main risks or concerns flagged for the Acme India Industries IPO?
Ans. Revenue is strongly seasonal and tender driven, revenue from Indian Railways declined in FY26, the company took over the assets and liabilities of a promoter proprietorship, and the reported use of proceeds should be checked against the final RHP.
Who are the lead manager and registrar for the Acme India Industries IPO?
Ans. Hem Securities Ltd. is the book-running lead manager for the Acme India Industries IPO, responsible for structuring and managing the offer process. Bigshare Services Pvt. Ltd. is the registrar to the issue and will handle the allotment process and crediting of shares to successful applicants’ demat accounts.
Is the Acme India Industries IPO a good investment?
Ans. Acme India offers exposure to a niche railway interiors specialist with a large order book and strong recent growth. Seasonality, tender dependence and disclosure points that need checking call for a careful approach. Investors should study the RHP in detail and assess their own risk appetite before applying.
