Acme India Industries

ListedListed 9 Oct 2026BSE SMENSE: ACMERAILCheck allotment

Current price₹ 175.25−10.59% since issue

Listing day+12.76%

Issue price: ₹ 196
Issue size: ₹ 121.69 Cr.
Min. investment: ₹ 1,17,600
Listing price: ₹ 221
Subscribed: 115.51x
Lot size: 600 shares
P/E: 18.88
RoNW: 23.52%
RoCE: 23.20%
Debt / Equity: 0.82
PAT margin: 9.24%
EBITDA margin: 15.10%
RoE: 30.65%
EPS: ₹ 10.38
NAV: ₹ 59.94
Promoter stake: 64.46%

About

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.

Timeline

Opens
30 Sep
done
Closes
6 Oct
done
Allotment
7 Oct
done
Refunds
8 Oct
done
Demat credit
8 Oct
done
Listing
9 Oct
done

Grey market premium (GMP)

GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Highest: ₹ 65 on 6 Oct 2026
Lowest: ₹ 0 on 26 Sep 2026
First quoted: ₹ 0 on 26 Sep 2026

Subscription

How many times each investor group bid for its share, as of 09 Oct 2026, 06:30 PM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type

Retail (Min)	1	600	₹ 1,17,600
Retail (Max)	1	600	₹ 1,17,600
HNI (Min)	2	1,200	₹ 2,35,200

Company overview

Financials

Financials by year

Assets	382.79	272.45	217.6
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	69.8

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.

What the money is for

Objects of the issue

Funding to meet working capital requirements	38
Repayment and/or pre-payment, in full or part, of borrowing availed by Company	41
Funding Capital Expenditure towards purchase of additional plant & machinery	6.27
General Corporate Purposes	—

Promoters

Suraj Pandey
Sadhvi Pandey

Promoter holding88.19%→64.46%before → after the issue · down 23.73 points

Registrar, lead managers and documents

Listing on: BSE SME
Face value: ₹ 10 a share
Registrar: Bigshare Services Private Limited
Lead managers: Hem Securities Ltd.
Basis of allotment: Open

IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.