Acme India Industries IPO
Acme India Industries IPO is an SME IPO raising ₹122 Cr at ₹186 – ₹196 a share. It listed on 9 Oct 2026 at ₹221, +12.8% against its issue price of ₹196, and trades at ₹183 today (−6.9% since issue). It was subscribed 116× in total.
115.5 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
Acme India Industries Limited designs, manufactures, supplies and maintains interiors for Indian Railways passenger coaches. Its work covers turnkey furnishing of new coaches (including Vande Bharat trains, LHB and ICF variants at production units like MCF Raebareli, ICF Chennai, RCF Kapurthala), refurbishment and upgradation of old coaches, and modernising toilet facilities in coaches. It also manufactures and supplies components such as braille signages, FRP panels, aluminium-polymer composite sanitaryware, epoxy flooring, toilet doors, fire-barrier coatings and vacuum circuit breakers to Indian Railways and private clients.
How it earns
Primarily through tenders awarded by Indian Railways via the IREPS e-procurement portal, plus direct supplies to private clients; revenue comes from turnkey furnishing contracts, refurbishment/upgradation projects, toilet upgradation and sale of manufactured/supplied components (amounts converted from lakh: 1 crore = 100 lakh).
Who buys
Mainly Indian Railways and its zonal/production units, procured via IREPS tenders. Named execution contracts include Modern Coach Factory Raebareli (turnkey furnishing of LHB AC-3 tier Economy coaches, ₹69.33 cr and ₹45.85 cr), North Eastern Railway Gorakhpur (refurbishment of 156 ICF coaches, ₹44.13 cr), and North Western Railway Jodhpur (refurbishment of 231 ICF coaches, ₹28.75 cr). Order book of ₹737.97 cr as of 30-Jun-2026 includes a separate 'Supply – Private Clients' bucket worth ₹229.09 cr (31.04% of order book), indicating non-railway buyers are material. The prospectus does not state a single-customer concentration percentage.
Scale
Single owned/leased manufacturing unit of ~92,000 sq ft at Akbarpur Barota, Sonipat, Haryana (rented at ~₹17.48 lakh/month); executes work across 16 railway zones, 3 production units and 2 mid-life rehabilitation units; 43 on-payroll employees plus 235 outsourced personnel (235 total staff as of 30-Jun-2026); FY26 revenue from operations of ₹263.71 cr (₹26,370.77 lakhs).
What it says sets it apart
- Execution track record in coach furnishing/refurbishment: 1,610 turnkey-furnished coaches, 1,888 refurbished/upgraded coaches and 10,948 toilet units delivered across 16 railway zones, 3 production units and 2 mid-life rehabilitation units.
- Order book of ₹737.97 cr (₹73,797.33 lakhs) as of 30-Jun-2026, spanning turnkey furnishing, refurbishment, toilet upgradation and supply.
- Exclusive/strategic global tie-ups for specialised inputs: entity in USA for photosensitised anodised aluminium foils for Braille signages, entity in Belgium for water-based polyurethane fire-retardant coatings, entity in Korea for solid-surface sanitaryware, and a Russian JV for specialised doors.
- In-house manufacturing at a single ~92,000 sq ft plant in Barota, Sonipat (Haryana), with an in-house testing lab, ISO 9001:2015 (TUV Nord) and ISO 15085 (UK Certification & Inspection) certifications.
- Independent board-level guidance from three non-promoter directors with 38–42 years' experience each in Indian Railways and NTPC, supplementing an internal design & new-product-development team.
Revenue mix
The numbers at a glance
The price they’re asking →derived: cut-off price Rs196 / stated EPS Rs14.1 (FY26 (year ending March 31, 2026) basic & diluted EPS, restated consolidated financial statements). Stated figures are as printed in the prospectus; margins, growth and the borrowing ratio are computed from its own summary table. A multiple is one lens, not a verdict.
The last few years in numbers
From the prospectus’s own summary financial table (restated consolidated). Margins and growth are computed from the stated figures; everything else is as printed.
| Period | Revenue | Profit after tax | PAT margin | Net worth | Borrowings |
|---|---|---|---|---|---|
| FY2026 | ₹264 Cr+26% | ₹24 Cr+48% | 9.2% | ₹104 Cr | ₹85 Cr |
| FY2025 | ₹210 Cr-2% | ₹16 Cr-14% | 7.8% | ₹55 Cr | ₹81 Cr |
| FY2024 | ₹213 Cr | ₹19 Cr | 9.0% | ₹36 Cr | ₹70 Cr |
Where the money goes
The offer →Most of this issue is new shares — the money raised goes to the company, not to exiting shareholders.
How its cohort has done
185 SME issues listed in 2026 that we can price today. This is the group this issue belongs to.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
How the book finished
The category split is the number worth reading, not the total.
Demand is spread fairly evenly across investor categories.
What we hold for this issue
Stated up front on every issue, so a sparse page reads as a fact about the source rather than a broken one.
What could go wrong
All 14 risks & documents →From the register read out of the issuer’s own prospectus — each item is quoted verbatim with its page on the risks tab.
What happens when
Next: the UPI mandate expires on 17 Nov 2026.
What to watch
- The asking multiple is 13.9× earnings, and the issuer names no listed peers to compare it against.
- The register's top risk: Indian Railways revenue concentration (prospectus page 27).
- Its cohort's record: median −2.7% since issue price, 51.9% now below it — a base rate, not a forecast.
Each line restates a disclosure from the prospectus or the exchanges — nothing here is a recommendation to apply to this issue.
Track Acme India Industries Limited
Results, orders, board decisions and every other filing — summarised and sent to your WhatsApp the minute they are out.
Figures are as published by the exchanges and the issuer’s prospectus. MarketPing publishes facts, comparisons and history only — nothing here is a recommendation to apply to this issue, and we do not publish grey market premium.