Acme India Industries IPO

About Acme India Industries IPO

Acme India Industries IPO, an SME IPO, opens on September 30, 2026 and closes on October 6, 2026. The allotment of shares will take place on Wednesday, October 7, 2026. The listing of shares will take place on Friday, October 9, 2026 on the BSE SME platform. Acme India Industries IPO's price band is set at ₹186 to ₹196 per share. The lot size for an application is 600. The minimum amount of investment required by a retail investor is ₹2,35,200 (1,200 shares) based on the upper price.

The offer consists of both a fresh issue and an offer for sale component. The fresh issue will include 54,07,200 shares aggregating up to ₹105.98 crore. The offer for sale portion includes 8,01,600 shares aggregating up to ₹15.71 crore.

Acme India Industries operates in the Indian railway rolling stock sector, designing, manufacturing, and maintaining railway coach interiors on a tender basis. It provides turnkey furnishing for new coaches, refurbishment, up-gradation, and conversion of old coaches, and up-gradation of toilet facilities. It also manufactures and supplies components to Indian Railways.

Objectives of Acme India Industries IPO

• Funding working capital requirements of the company.
• Repayment and/or pre-payment, in full or part, of borrowings availed by the company.
• Funding capital expenditure towards the purchase of additional plant and machinery.
• General corporate purposes.

Industry Outlook

Indian Railways' fleet reached 1,03,054 coaches in FY 25. Between 2020-21 and 2024-25, the coach inventory grew at a CAGR of 7%, a trend the Dun & Bradstreet report expects to continue as passenger demand rises. Coach output rose 9% in 2024-25. Indian Railways produced 7,134 coaches that year against 6,541 in 2023-24, across ICF Chennai, RCF Kapurthala, and MCF Rae Bareli.

The Dun & Bradstreet report sizes the annual turnkey furnishing market for new coaches at ₹3,908 crore, based on 8,684 coaches at ₹45 lakhs each. Refurbishment adds ₹2,576 crore a year. That estimate assumes 8,588 coaches need refurbishment annually on a 10–12 year cycle, at about ₹30 lakhs per coach under Mission Retrofitment. Toilet up-gradation represents ₹8,741.1 crore. This covers 19,980 coaches where work is under way and 67,431 coaches still to be upgraded, at ₹10 lakhs per coach.

About Acme India Industries Limited

Acme India Industries was incorporated on December 22, 2021. It took over M/s Acme India, a proprietorship Promoter Suraj Pandey started in 2012, which introduced Braille signage for Divyangjan passengers. Fire-retardant epoxy flooring meeting EN-45545 standards followed in 2016. From 2017, the business moved into turnkey furnishing, refurbishment and up-gradation of coaches, and up-gradation of toilets for Indian Railways.

Since 2017, the Company has completed turnkey furnishing of 1,610 coaches across 28 projects at MCF Rae Bareli, ICF Chennai, and RCF Kapurthala. It has refurbished and upgraded 1,888 coaches. Its toilet up-gradation work covers 10,948 units in LHB and ICF coaches. Work spans 16 railway zones and 28 coach variants.

Strengths of Acme India Industries

• 1,610 coaches furnished on a turnkey basis, 1,888 coaches refurbished and upgraded, and 10,948 toilet units upgraded give the Company an execution record across 28 coach variants.
• 16 railway zones, 3 production units, and 2 mid-life rehabilitation units make up the company's operating footprint within Indian Railways.
• A 92,000 square feet Sonipat facility manufactures FRP toilets, side walls, ceilings, and aluminium polymer composite wash basins in-house, backed by ISO 9001:2015 and ISO 15085 certifications.
• Tie-ups with entities in Russia, the USA, Belgium, and South Korea give the Company access to specialised doors, Braille foils, fire-retardant coatings, and PAPIS systems for Vande Bharat trains and metros.

Risks of Acme India Industries

• Indian Railways contributed 46.77% of revenue in FY 26 and 91.54% in FY 25, so any cut in coach spending or change in railway policy would directly reduce the Company's order inflow.
• Contracts are won through competitive tenders awarded mainly on price, so losing bids to lower-priced entrants could slow the Company's revenue growth.
• Trade receivable days rose from 263 in FY 24 to 416 in FY 26, which locks up working capital and contributed to negative operating cash flow of ₹11.50 crore in FY 26.
• The top 10 suppliers accounted for 76.95% of purchases in FY 26, so a supply disruption or quality lapse could delay deliveries and trigger contract penalties.
• Contingent liabilities of ₹94.64 crore as of March 31, 2026, including bank guarantees and income tax demands, could strain finances if they crystallise.

Peer Comparison

As per the RHP, there are no listed companies in India engaged in a business similar to that of the company. Accordingly, an industry comparison in relation to the company is not possible.

Anchor Investor Bidding Date

Tuesday, September 29, 2026

IPO Registrar and Book Running Lead Managers

Registrar Details
Bigshare Services Private Limited
Email: ipo@bigshareonline.com
Tel No.: +91 022-6263 8200

Book Running Lead Manager
Hem Securities Limited

Acme India Industries Contact Details
Plot No-34, Second Floor Dwarka Sector3, New Delhi, Delhi, Delhi, India, 110078.
E-mail: cs@acmeindia.com
Tel No: +91-11 41642215

Acme India Industries Business Model

The company earns its revenue through tender-based contracts with Indian Railways and its production units for turnkey furnishing of new coaches, refurbishment and up-gradation of old coaches, and toilet up-gradation, along with the supply of manufactured and traded components to Indian Railways and private clients. All tenders are sourced through IREPS, the Indian Railways e-procurement portal, and each award requires a Performance Bank Guarantee of around 5%–10% of the work order value.

Acme India Industries Growth Trajectory

Acme India Industries Limited's Total Income for FY26 was ₹267.89 crore, whereas in FY25 and FY24 it was ₹213.45 crore and ₹215.02 crore, respectively.

The Profit After Tax for FY26 was ₹24.36 crore, whereas in FY25 and FY24 it was ₹16.46 crore and ₹19.21 crore, respectively.

Their EBITDA for FY26 was ₹39.82 crore, whereas in FY25 and FY24 it was ₹28.76 crore and ₹29.57 crore, respectively.

Acme India Industries Market Position

Acme India Industries works with 16 railway zones, 3 production units, and 2 mid-life rehabilitation units of Indian Railways. Its completed projects include a turnkey furnishing contract for LHB AC-3 tier economy class coaches at Modern Coach Factory, Raebareli worth ₹69.33 crore, refurbishment of 156 ICF coaches for North Eastern Railway, Gorakhpur worth ₹44.13 crore, and refurbishment of 231 ICF type BG coaches for North Western Railway, Jodhpur worth ₹28.75 crore. In 2023, its mock-up for the interior furnishing of Vande Bharat sleeper coaches was accepted by the Indian Railway Board.

The Company holds ISO 9001:2015 certification from TUV Nord Group, Germany and ISO 15085 certification from UK Certification & Inspection. It has secured initial orders worth ₹27.00 crore in the coach repair segment. As of 31 March 2026, the company's Total Income, Profit After Tax, and EBITDA were ₹267.89 crore, ₹24.36 crore, and ₹39.82 crore, respectively.

How to apply for Acme India Industries IPO?

• Step 1: Log in to your Kotak Neo Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details. Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification. Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.