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- Price band
- ₹186 – ₹196
- Issue size
- ₹122 Cr
- Lot size
- 600 sh
- Bidding
- 30 Sep – 6 Oct
- Grey market
- ₹43
Face value ₹10.00
87% fresh capital
₹2,35,200 minimum
Lists 9 Oct 2026
Unofficial quote
The question this issue poses
In one sentence
A profitable, fast-growing Indian Railways interiors contractor that came to market at 18.88× post-issue FY26 earnings with no listed comparable anywhere in its own prospectus — the question is what a ₹737.97 Cr order book is worth when ₹252.18 Cr of last year's revenue was still sitting in receivables and FY26 operating cash flow was negative ₹11.50 Cr.
IPOVista score
How this issue scores, and why
Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.
65Balanced
IPOVista score 65 out of 100, graded Balanced.IPOVista score
Undemanding multiple for the margins
93% of the scoring model was backed by disclosed data for Acme India, giving high confidence. Weights for anything missing were redistributed rather than scored as zero.
PillarScoreWeight
Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.
Read this before the number
SME platform listing
SME issues trade in larger lot sizes with thinner volumes than mainboard listings, which makes exiting a position harder.
Grey market data is unofficial
GMP is an unregulated, unverifiable over-the-counter quote. It is shown as a sentiment indicator and carries no settlement guarantee.
The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.
The company
What the business actually does
Founded 2021 · New Delhi, Delhi · 278 employees
Acme India Industries builds the inside of Indian Railways passenger coaches. It designs, manufactures, installs and warranty-maintains coach interiors — flooring, wall panelling, ceilings, seats and berths, modular toilets and aluminium-polymer-composite sanitary ware, toilet and inter-communication doors, braille signage, fire-barrier decorative coatings and hygiene systems such as Automatic Hygiene and Odour Control. The work falls into three buckets: turnkey furnishing of brand-new LHB, Vande Bharat and self-propelled coaches for the production units at Integral Coach Factory Chennai, Rail Coach Factory Kapurthala and Modern Coach Factory Raebareli; refurbishment, upgradation and conversion of ageing coaches at railway workshops; and upgradation of coach toilets. The RHP credits the business with 1,610 coaches furnished across 28 projects since 2017, 1,888 coaches refurbished or upgraded since 2018 and 10,948 toilet upgrades to date. Manufacturing sits at Akbarpur Barota, Sonipat, Haryana on a site of over 92,000 square feet with an in-house laboratory and testing equipment; the company is ISO 9001:2015 certified by TUV Nord and ISO 15085 certified for railway welding, and is empanelled as a Business Associate under a Government of India Navratna PSU. Notable completed contracts include a ₹69.33 Cr turnkey furnishing order for AC-3 tier Economy coaches at Modern Coach Factory Raebareli and the refurbishment of 231 ICF broad-gauge coaches at the Jodhpur carriage workshop.
Work is won almost entirely through competitive tenders on IREPS, Indian Railways' e-procurement portal, and revenue is recognised as contracts are executed. The margin lever is vertical integration: products used in turnkey furnishing and refurbishment are either made in-house at Sonipat or bought in, and as the in-house share has risen the EBITDA margin has widened from 13.85% in FY24 and 13.69% in FY25 to 15.10% in FY26 on ₹263.71 Cr of revenue from operations. Forward revenue sits in an order book of ₹737.97 Cr as at 30 June 2026 across 40 orders, now weighted to toilet upgradation (46.92%) and supply to private clients (31.04%), with turnkey furnishing of new coaches down to 8.51% and refurbishment at 9.13%. Three roughly 51%-owned joint-venture subsidiaries — ACVI Joint Venture, Acme & Vibgyor JV and ACME and Vibgyor MLR JV — carry part of the project work. Because contracts are executed against railway workshop schedules and paid on certification, working capital rather than fixed capital is the binding constraint: trade receivables stood at ₹252.18 Cr at 31 March 2026, equal to 95.6% of the full year's revenue from operations, and short-term borrowings funded it at ₹84.66 Cr of the ₹85.18 Cr total debt. The company also carries four global tie-ups covering specialised doors, anodised aluminium foils, water-based polyurethane coatings and a proposed JV for passenger announcement and information systems on Vande Bharat trains and metros.
What makes it hard to copy
ISO 15085 certification for railway welding and ISO 9001:2015 from TUV Nord, behind a delivered record of 1,610 coaches furnished, 1,888 refurbished and 10,948 toilets upgraded across 28 coach variants, 3 production units, 2 mid-life rehabilitation units and 16 zonal railways.
Where the revenue comes from
Share of revenue by reportable segment, latest full year
- Supply — Electrical and others53.2%
- Up-gradation of toilets22.0%
- Refurbishment, up-gradation and conversion9.4%
- Turnkey furnishing8.3%
- Others (service and job work)7.0%
Hover or focus a segment for its share and what it covers.
Who buys from it
Modern Coach Factory, RaebareliIntegral Coach Factory, ChennaiRail Coach Factory, KapurthalaNorth Eastern Railway, GorakhpurNorth Western Railway, Jodhpur
Customers named in the prospectus or by the company. A short list is not automatically a risk, but concentration is — check the customer-concentration risk factor before assuming a marquee name means stability.
Where it operates
- Manufacturing plants1
Akbarpur Barota, Sonipat, Haryana
- Warehouses1
Matiala Extension, New Delhi
- Registered and corporate offices3
Dwarka Sector-3, New Delhi · Dwarka Sector-21, New Delhi
Markets served
India
Who runs it
- Suraj PandeyManaging Director · since 2024Promoter; redesignated Managing Director with effect from 14 August 2024. Over 15 years in the industry.
- Sadhvi PandeyWhole-Time Director · since 2024Promoter; redesignated Whole-Time Director with effect from 14 August 2024. Oversees human resources.
- Dilip Kumar AgarwalChairman and Non-Executive Director · since 2024
- Radhey Shyam VishwakarmaChief Financial Officer
- BhawnaCompany Secretary and Compliance Officer
The company on paper
- Legal name
- Acme India Industries Limited
- Incorporated
- 22 Dec 2021
- CIN
- U93090DL2021PLC391603
- Sector
- Industrials · Railway rolling stock — coach interiors, refurbishment and components
- Employees
- 278
- Registered office
- Plot No-34, Second Floor, Dwarka Sector-3, New Delhi 110078
- Statutory auditor
- Khandelwal Jain & Co., Chartered Accountants
- Promoters
- Suraj Pandey, Sadhvi Pandey
- Promoter holding, pre-issue
- 88.2%
- Promoter holding, post-issue
- 64.5%
- Website
- acmeindia.co
The numbers
Financial performance
Revenue has compounded at 11.2% a year across the 3 reported financial years.
Revenue and profit
Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.
- Revenue
- Profit after tax
Margin trend
Profit and operating margin as a percentage of revenue
- Net margin
- EBITDA margin
Net worth and borrowings
At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.
- Net worth
- Total borrowings
Profit against cash generated
Profit after tax and net cash from operating activities, in ₹ crore. The figure under each period is cash generated per ₹100 of profit.
- Profit after tax
- Operating cash flow
Above 100% the business collects more cash than it books as profit. Persistently below it, growth is being funded out of working capital.
The price
Valuation
Ratios as disclosed in the prospectus, calculated at the upper end of the price band. P/E is always shown on post-issue earnings so issues stay comparable with each other.
Always post-issue, so issues stay comparable with each other
What you pay
Earnings and sales behind one share, and the multiple the band asks for them.
- EPS, pre-issue (FY26)
- ₹13.48
- EPS, post-issue
- ₹10.38
- Price / sales
- 1.66× – 1.74×
- Net asset value per share
- ₹59.94
What it earns on what it has
Returns and margins. These are the figures that say whether the multiple above is deserved.
- Return on net worth
- 23.5%
- Return on capital employed
- 23.2%
- EBITDA margin
- 15.1%
- Net margin
- 9.2%
What it owes
Gearing at the latest balance-sheet date.
- Debt to equity
- 0.82×
Valuation against listed peers
P/E against operating margin
The prospectus for this issue does not name a listed peer group, or it has not been captured yet.
The terms
How the issue is structured
87% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.
- Fresh issue
- ₹106 Cr
- Offer for sale
- ₹15.71 Cr
- Total issue size
- ₹122 Cr
- Shares offered in the OFS
- 8,01,600
- Pre-issue shares outstanding
- 1,80,65,000
- Employee discount
- None
- Market maker portion
- 3,14,400
Who the shares are reserved for
Share of the net offer set aside for each investor category
Select a category to see who bids in it and how allotment works there.
Percentages are of the net offer, which excludes any employee or shareholder reservation.
Use of proceeds
Stated objects of the fresh issue, largest first
- Repairs the balance sheet
- Invested in growth
- General and unallocated
Hover or focus an object to see whether that spending grows the business or repairs the balance sheet.
51% of the quantified proceeds is earmarked for growth; the rest repairs the balance sheet or is unallocated.
Demand
What the market is bidding
Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.
Subscription by category
Cumulative bid multiples at the end of day 4. Anchor allocations are excluded.
Hover or focus a category to see who bids in it.
Total subscription124.23×
A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.
Anchor book
Anchor investors commit one working day before the issue opens and are locked in for 30 and 90 days. Who turns up here is the first real signal of institutional appetite.
- Raised from anchors
- ₹34.61 Cr
- Anchor investors
- —
- 50% lock-in ends
- 6 Nov 2026
- Remaining lock-in ends
- 5 Jan 2027
Grey market premium
Premium quoted over the ₹196 cut-off price. Unofficial and unregulated — sentiment, not a forecast.
Unofficial
The grey market is an informal, unregulated market with no clearing house and no obligation to settle. A premium here does not guarantee a listing gain, and quotes can move sharply — this one ranged ₹43 to ₹43, a spread of ₹0, across the period shown.
Outcome
How it actually listed
- Issue price
- ₹196.00
- Listed at
- ₹221.00
- Listing gain
- up 12.8%
- Since listing
- up 16.9%
As of 13 Oct 2026
Work it out
What this means for one application
Three calculations, each stating the assumption it rests on.
What one application costs
Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.
Lots
2
- Shares applied for
- 1,200
- At cut-off price
- ₹196.00
- Amount blocked
- ₹2,35,200
One lot is 600 shares at ₹1,17,600. This issue requires a minimum of 2 lots, so the smallest application is ₹2,35,200. That already exceeds the ₹2,00,000 retail ceiling, so every application here bids into the non-institutional category — which is normal on the SME board. Since April 2022 that category is also allotted by draw of lots for the minimum application when it is oversubscribed, so the odds beside this apply much the same way.
Odds of getting an allotment
When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.
~1%
chance of one lot, per application
- Retail subscription
- 85.50×
- Applicants per share available
- 85.5× the retail quota
This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.
What it actually did
This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.
₹221.00
listed at, 12.8% against the issue price
- Issue price
- ₹196.00
- Premium said
- ₹43.00 · 21.9%
- If allotted 600 shares
- ₹15,000
The grey market called 21.9% and the stock did 12.8% — a miss of 9.2 percentage points.
Our read
The case for and against
Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.
What works
- FY26 was the strongest year on record: revenue from operations rose 25.6% to ₹263.71 Cr while PAT rose 48.0% to ₹24.36 Cr, so profit grew roughly twice as fast as the top line.
- Margins widened rather than being bought: EBITDA margin moved from 13.69% in FY25 to 15.10% in FY26 and PAT margin from 7.84% to 9.24%, consistent with more components being made in-house at Sonipat instead of bought in.
- The order book of ₹737.97 Cr as at 30 June 2026 is 2.8× FY26 revenue from operations and is spread across 40 separate orders rather than one or two large contracts.
- Returns are high for a contracting business: RoCE of 23.20% and RoNW of 23.52% in FY26 on a net worth of ₹103.55 Cr.
- ₹41.00 Cr of the ₹86.73 Cr of net proceeds earmarked across the four objects goes to repaying borrowings that stood at ₹85.18 Cr at 31 March 2026 — close to half the debt load retired at a stroke, from a pre-issue debt-to-equity of 0.82×.
- The book was covered 124.23× overall, with NII at 196.27×, QIB at 137.93× and retail at 85.50×, and anchors took 17,65,800 shares for ₹34.61 Cr a day before the issue opened.
What to weigh against it
- Profit is not converting to cash. Operating cash flow was negative ₹11.50 Cr in FY26 and negative ₹6.09 Cr in FY24; only FY25 was positive, at ₹23.97 Cr. The ₹24.36 Cr of FY26 profit arrived as receivables, not cash.
- Trade receivables of ₹252.18 Cr at 31 March 2026 equal 95.6% of the year's ₹263.71 Cr revenue from operations — effectively a full year of billing uncollected, and total assets of ₹382.79 Cr are two-thirds receivables.
- Debt is almost entirely short-term and working-capital shaped: of ₹85.18 Cr of total borrowings at 31 March 2026, ₹84.66 Cr is short-term, and total borrowings have climbed from ₹69.80 Cr in FY24.
- The RHP describes the whole ₹737.97 Cr order book as Indian Railways work awarded by competitive tender, so a change in tendering policy, a shift toward public-sector bidders or a pause in orders hits all of it at once.
- Return on net worth has fallen every year as the equity base has grown — 53.91% in FY24, 29.72% in FY25, 23.52% in FY26 — so the 30.65% 'ROE' quoted on several aggregator sites is a three-year weighted average, not the FY26 figure.
- The company was incorporated only on 22 December 2021, so there is no audited record spanning a full railway procurement cycle; the 10–12 year coach refurbishment cycle the RHP itself cites is longer than the company's entire legal history.
- There is no peer valuation anchor at all — the RHP states flatly that no listed Indian company is engaged in a similar business, so the ₹196 price rests on absolute multiples only.
- Promoter Suraj Pandey sold 8,01,600 shares in the offer for sale at ₹196 against a weighted average cost of acquisition disclosed in the RHP of ₹4.88 per share.
Easy to miss in the prospectus
- Both the 'Comparison of Accounting Ratios with Industry Peers' and the peer-KPI sections of the RHP are single sentences saying a comparison is not possible. The peer P/E table that normally anchors an IPO price is absent entirely, which is why the peers list here is empty.
- Two different FY26 EPS figures circulate. The RHP's restated basic EPS is ₹14.10 on weighted average shares; the ₹13.48 'pre-issue EPS' on aggregator sites divides the same ₹24.36 Cr by the 1,80,65,000 shares outstanding. At ₹196 that is 13.90× versus 14.54× — and the post-issue ₹10.38 gives 18.88×.
- A pre-IPO placement of 10,80,000 shares was allotted at ₹190 on 12 December 2025, ₹6 below the eventual IPO price and about ten months earlier, and it reduced the size of the public offer.
- The last grey market premium of ₹43 implied a debut near ₹239. The stock actually opened at ₹221, closed its first day at ₹232.05 and was at ₹237.60 on 12 October — the GMP was directionally right but overshot the open by about ₹18.
- ₹79.00 Cr of the ₹86.73 Cr allocated across the four objects repairs the balance sheet — ₹41.00 Cr of debt and ₹38.00 Cr of working capital. Only ₹6.27 Cr is new plant and machinery, so this raise buys headroom rather than capacity.
- The order book has drifted away from the business the company leads with: turnkey furnishing of new coaches is 8.51% of the ₹737.97 Cr book and refurbishment 9.13%, while toilet upgradation is 46.92% and supply to private clients 31.04%.
- The track record of 1,610 coaches furnished since 2017 and 1,888 refurbished since 2018 predates the company's own incorporation in December 2021 and belongs to the promoters' earlier operations.
- Only 11,79,000 of the 29,44,800 QIB shares were left after anchors, so the headline 137.93× QIB figure is measured against a small net QIB book; QIB stood at 5.70× for all three of the first bidding days and only moved on the final day.
- As a BSE SME issue the stock depends on Hem Finlease, the designated market maker holding 3,14,400 shares, for two-way quotes; the RHP carries an explicit liquidity risk factor on market-maker continuity.
Straight from the filing
Read it yourself
Every figure on this page comes out of these. Go and check them.
Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.
The paperwork
Who is running the issue
- Lead managers
- Hem Securities Limited
- Registrar
- Bigshare Services Private Limited
How these figures were checked
Reconciled to Acme India's own prospectus and to exchange disclosures, then cross-checked against 10 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.
The prospectus is the authoritative document. Check anything that matters against it before you act.
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