Acme India Industries Ltd. IPO: price band, dates, issue size, business, financials and key risks

Acme India Industries Limited is set to launch an SME IPO on the BSE SME platform with a price band of ₹186 to ₹196 per share. The issue opens on September 30, 2026 and closes on October 6, 2026, with listing scheduled for October 9, 2026. The IPO is sized at ₹121.69 crore, comprising a ₹105.98 crore fresh issue and a ₹15.71 crore offer for sale (OFS). Proceeds from the fresh issue would go to the company, while OFS proceeds would go to the selling shareholders.

What Acme India Industries does in the railway rolling stock value chain

Acme India Industries Limited operates in India’s railway rolling stock ecosystem with a mix of project execution and product supply. Its core activities are tender-driven and include turnkey interior furnishing for new passenger coaches, refurbishment and conversion of legacy coaches, and toilet upgradation and modernisation for railway coaches.

Alongside turnkey work, the company manufactures and supplies interior and hygiene-related components used in coaches. The disclosed product set includes FRP (fibre reinforced plastic) parts, braille signage, sanitary ware, epoxy flooring and doors. The company also cites in-house testing and ISO-certified processes, which are relevant in railway-facing manufacturing and execution where conformance to customer specifications and standards can influence product acceptance and project delivery.

The business model, as described, combines execution capability across coach furnishing and upgrades with an in-house manufacturing layer for select components. This structure links revenue visibility to tender outcomes and execution schedules, while also requiring ongoing compliance with railway-related standards and approvals.

How the IPO positioning frames growth and adjacent opportunities

The IPO is positioned around scaling the company’s railway-coach interior and refurbishment operations, leveraging its order book, and expanding into adjacent railway opportunities. In its stated positioning, Acme references potential expansion into areas such as coach repairs and technology-led retrofits that are being rolled out across Indian Railways, including surveillance systems, recording systems and passenger information systems.

These adjacency areas are described as opportunities rather than completed diversification outcomes. Execution, approvals, and procurement cycles remain central to the company’s operating context because a large part of the business is won through competitive tenders.

The company’s disclosed SWOT and risk statements also highlight the operating features typically associated with this segment: dependence on a large customer ecosystem (Indian Railways), a tender-driven procurement model that can affect the pace of order wins, and contract and collection dynamics that can influence cash flows.

Milestones: from proprietorship to public company and product expansion

Acme traces its origins to 2012, when the promoter started a proprietorship business under the name “Acme India”. The subsequent milestones describe a step-up from interior-related product lines to broader turnkey scope.

In 2016, the business entered the fire-retardant epoxy flooring segment for rail coach interiors aligned with EN-45545 standards. In 2017, it expanded into turnkey furnishing, refurbishment and toilet upgradation for railway coaches.

The corporate structure evolved in 2021 with the incorporation of Acme India Industries Private Limited to take over the proprietorship business. In 2024, it converted into a public limited company and was renamed Acme India Industries Limited, and it also incorporated joint venture subsidiaries with Vibgyor/partners.

In 2023, the company reported securing its first orders related to Vande Bharat coaches and signing an exclusive memorandum of understanding (MOU) with a Russia-based entity for specialised doors. In 2025, it received its first wagon repair orders and reported its highest toilet-upgradation order book in FY2024-25. Collectively, these milestones reflect the company’s progression from product participation in coach interiors to broader involvement across furnishing, upgrades, and repair-linked work.

Financial trajectory: FY2024 to FY2026 movement in revenue, PAT and assets

The company’s reported financials show changes across total revenue, profit after tax (PAT), PAT margin and total assets over FY2024, FY2025 and FY2026. Revenue and PAT in FY2026 are higher than FY2025, while the asset base increased across all three financial years.

On margin disclosures, the reported PAT margin is 9.24% and EBITDA margin is 15.10% (EBITDA stated as a margin percentage). Return metrics disclosed in the offer context include ROE (return on equity) of 30.65%, ROCE (return on capital employed) of 23.20%, and RoNW (return on net worth) of 23.52%.

Leverage and balance-sheet context includes a disclosed debt-to-equity ratio of 0.82. The company also flags working-capital intensity and reliance on bank limits as part of its operating and risk framing, which makes cash collections and receivable movement important context alongside reported profitability.

IPO structure: issue mix, reservations and proposed use of fresh issue proceeds

Acme India Industries is coming to market via a BSE SME IPO. The offer comprises a fresh issue and an OFS. The lot size is 600 shares, and at the upper price band of ₹196, the minimum application amount works out to ₹1,17,600.

The issue schedule sets the opening date as September 30, 2026 and the closing date as October 6, 2026. The timeline indicates allotment on October 7, 2026, refunds on October 8, 2026, and listing on October 9, 2026.

Category-wise reservations disclosed are 50% for Qualified Institutional Buyers (QIBs), 15% for Non-Institutional Investors (NIIs), and 35% for Retail Individual Investors (RIIs). The offer also includes an anchor allocation framework: up to 60% of the QIB portion may be allocated to anchor investors, with 33.33% of the anchor portion reserved for domestic mutual funds.

Use of proceeds applies to the fresh issue portion. The company proposes to deploy fresh issue funds towards meeting working capital requirements, repayment and/or pre-payment (in full or part) of borrowings, capital expenditure for purchase of additional plant and machinery, and general corporate purposes. The RHP narrative also notes that offer-related expenses are to be deducted to the extent payable by the company with respect to the fresh issue.

Valuation and KPI disclosures, GMP snapshot, and key risks to track

Valuation and KPI disclosures provided in the offer context include an EPS of ₹13.48, a pre-IPO P/E of 14.54 times, and a price-to-book of 3.27 times. These are presented alongside profitability and return disclosures, including PAT margin and EBITDA margin, and the stated debt-to-equity ratio.

Grey market premium (GMP) is an unofficial indicator and can change. The latest available observation in the provided data shows a GMP of ₹0 as of September 26, 2026, referenced to an issue price of ₹196. The issue has not opened for subscription yet; category-wise bidding data would update once bidding begins on September 30, 2026.

Key risks and sensitivities disclosed by the company include high dependence on Indian Railways, where policy or budget shifts can reduce orders and affect revenues and cash collections. The business is tender-driven, and losing bids or aggressive low-price competition can affect order inflows and pricing. The company also flags outstanding legal and tax matters, which can result in cash outflows through demands, interest and penalties, and can divert management attention.

Other disclosed risk factors include regulatory or approval delays and changes in standards or procurement policies that can affect execution; contract risks such as liquidated damages, warranty claims, and payment delays by large customers; and statutory compliance issues that can impact cash flows and reputation.

Monitoring points to track after the IPO, based on the disclosed business and risk context, include the movement in working capital and reliance on bank limits.

Another monitoring point is how the revenue mix evolves between turnkey execution work and component supply as the company scales.

The pace of approvals and onboarding under RDSO and Indian Railways standards is a monitoring point because it can affect product rollout and execution timelines.

The extent to which the company expands into adjacent areas referenced in its positioning, such as coach repairs and technology-led retrofits, is also a monitoring point.

Complete numeric snapshot

IPO terms and schedule

Key performance indicators and valuation

Category reservations and anchor allocation

Proposed use of fresh issue proceeds

Subscription status (26 Sep 2026)

Grey market premium (GMP) trend

GMP is an unofficial market indicator and can change; these are dated snapshot observations, not a listing forecast.