ACME India supply sales lead as turnkey share falls to 8%

ACME India Industries Limited (ACME India) reported Rs 263.1481 crore in FY 2025-26 revenue from contracts and services, but Supply – Electrical and Others accounted for 53.23% of that total. Turnkey furnishing’s share fell to 8.29% from 58.52% in FY 2023-24, while toilet upgradation led the June 2026 order book.

How did ACME India’s revenue mix change over two years?

ACME India’s revenue mix moved away from turnkey furnishing and towards supplies and toilet upgradation between FY 2023-24 and FY 2025-26. Turnkey furnishing contributed Rs 123.2982 crore, or 58.52% of revenue from contracts and services, in FY 2023-24. By FY 2025-26, that category had declined to Rs 21.8172 crore, or 8.29% of revenue.

Supply – Electrical and Others became ACME India’s largest reported category in FY 2025-26, generating Rs 140.0681 crore, or 53.23% of revenue. The category had generated Rs 31.6284 crore, or 15.01%, in FY 2023-24. Toilet upgradation also increased from Rs 10.6636 crore, or 5.06%, to Rs 57.9886 crore, or 22.04%, over the same period.

ACME India’s total revenue from contracts and services increased by Rs 52.4369 crore between FY 2023-24 and FY 2025-26. Within that increase, turnkey furnishing lost 50.23 percentage points of sales share, while Supply – Electrical and Others gained 38.22 percentage points and toilet upgradation gained 16.98 percentage points. The reported total therefore rose even as the business mix changed substantially.

Why did ACME India supply sales lead reported revenue?

ACME India supply sales led reported revenue because Supply – Electrical and Others increased by Rs 107.6830 crore from FY 2024-25 to FY 2025-26, while turnkey furnishing decreased by Rs 86.5168 crore. Supply revenue of Rs 140.0681 crore was more than twice the Rs 57.9886 crore reported from toilet upgradation, the second-largest FY 2025-26 category.

The disclosure does not separate Supply – Electrical and Others into individual products, customers or contracts. ACME India describes its supply portfolio as including epoxy flooring, decorative glass fabric reinforced plastic, toilet doors, intercommunication and compartment doors, seats and berths, fire-barrier decorative coating, hygiene products and vacuum circuit breakers. A vacuum circuit breaker is an electrical device that controls power supply and trips under abnormal operating conditions.

ACME India also says it manufactures braille signage, fibre-reinforced plastic, or FRP, products and sanitary ware made of aluminium polymer composite. This product activity is distinct from turnkey furnishing, which covers the design and installation of coach interiors under a single contract. The FY 2025-26 category mix therefore does not identify one product as the cause of supply revenue growth.

What does ACME India’s order book indicate about future work?

ACME India’s order book at June 30, 2026 was led by toilet upgradation rather than turnkey furnishing. ACME India defines order book as the unexecuted portion of secured contracts, calculated as total contract value less work executed and billed. Its order book totalled Rs 737.9733 crore across 40 orders at that date.

Toilet upgradation represented Rs 346.2782 crore across 11 orders, or 46.92% of the June 2026 order book. Turnkey furnishing represented Rs 62.7864 crore across five orders, or 8.51%. Refurbishment, upgradation and conversion of coaches represented Rs 67.3643 crore, or 9.13%, across five orders.

ACME India’s two supply order-book categories together totalled Rs 261.5444 crore, or 35.44% of the June 2026 backlog. That figure is not directly equivalent to FY 2025-26 Supply – Electrical and Others revenue, because the order book separates supplies by private clients and Indian Railways while the revenue table uses a product-based category. The disclosed backlog nevertheless makes toilet-upgradation execution an important determinant of the next reported mix.

What must happen for ACME India’s mix to persist?

ACME India’s revenue recognition depends on tender awards, prototype approvals, inspections, delivery and payment processing under its tender-based railway business. Its disclosed project process starts with pre-qualification and bid submission, followed by tender management and contract award. It then includes prototype delivery and approval, third-party inspection where required, bulk delivery, completion and handover.

ACME India states that only technically qualified bids have their price bids opened, and that the tendering authority identifies the lowest bidder through online tender opening. For revenue from unexecuted orders to be billed, contracts must progress through these steps and the relevant railway authority must certify completed work under the purchase-order terms. The Rs 737.9733 crore order book is therefore a measure of secured but unexecuted work, not reported revenue.

Manufacturing and sourcing are also relevant to supply execution. ACME India has a manufacturing unit in Sonipat, Haryana, with more than 92,000 square feet of area, laboratory facilities and testing equipment. The company says products used in turnkey furnishing and refurbishment may be made internally or sourced from third-party suppliers, making internal production and vendor supply part of the delivery mechanism.

Which disclosed plans could change ACME India’s sales categories?

ACME India has disclosed an entry into the repair segment, with initial orders worth Rs 27 crore. The company describes repairs as an extension of its furnishing capabilities for mid-life rehabilitation, periodic overhaul and component replacement work. It does not provide a forecast revenue contribution or execution timetable for the repair orders.

ACME India has also described technology offerings involving closed-circuit television systems under SMART coaches and a memorandum of understanding with a South Korea-based entity. The arrangement concerns a proposed special-purpose vehicle or joint venture for public address and passenger information systems for Vande Bharat trains and metros. These are disclosed strategies or arrangements, rather than separate FY 2025-26 reported revenue categories.

The source states that Railway Board directives in 2025 required video-surveillance systems to be retrofitted in existing passenger coaches and installed in newly manufactured coaches from September 2025. ACME India’s ability to report revenue from these offerings would depend on contract awards and execution, as its tender process requires technical qualification, contract award and completion certification.

Conclusion

ACME India’s FY 2025-26 revenue from contracts and services was Rs 263.1481 crore, but the headline total conceals a material change in its composition. Supply – Electrical and Others produced 53.23% of revenue after turnkey furnishing declined to 8.29%, while toilet upgradation rose to 22.04% and became the largest category in the unexecuted order book.

The next reported mix will depend on conversion of the June 30, 2026 order book, in which toilet upgradation accounted for 46.92% and supply orders accounted for 35.44%. It will also depend on execution of the disclosed Rs 27 crore repair orders and whether the planned surveillance and passenger-information arrangements result in secured contracts and billed work.