| Annual Financials | Mar 2024 | Mar 2025 | Mar 2026 |
| Revenue | 213.43 | 210.00 | 263.71 |
| Expenses | 189.08 | 189.32 | 234.67 |
| Other Income | 1.59 | 3.46 | 4.18 |
| Total Revenue | 215.02 | 213.45 | 267.89 |
| Profit Before Tax | 25.94 | 24.14 | 33.22 |
| Net Profit | 19.21 | 16.46 | 24.36 |
Acme India Industries
Acme India Industries IPO
₹2,23,200
0.33 xOver-subscribedBidding Dates 30 Sept, 26 -06 Oct, 26
Min Investment ₹2,23,200
Lot Size600
Price Range ₹186 – ₹196
Issue Size ₹121.69 Cr.
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IPO Subscription Details
Retail Subscription Details
0.08 x
Non-Institutional Buyers (sHNI)
0.06 x
Non-Institutional Buyers (bHNI)
0.01 x
Qualified Institutional Buyers (QIB)
1 x
Total0.33 x
0.33 x IPO Timeline
IPO Offer Start
30 Sept,26
IPO Offer Ends
06 Oct,26
Allotment Finalisation
07 Oct,26
Refund Initiation
08 Oct,26
Listing of Shares
09 Oct,26
IPO Analysis
Strengths
The company has established a strong presence in the Indian railway sector, having completed turnkey furnishing of 1,610 coaches, refurbished 1,888 coaches, and upgraded 10,948 toilet units since 2017, spanning 28 coach variants across 3 production units, 2 mid-life rehabilitation units, and 16 zonal railways.
The company holds an order book of ₹73,797.33 lakhs as of June 30, 2026, diversified across turnkey furnishing (8.51%), refurbishment/upgradation (9.13%), toilet upgradation (46.92%), supply to private clients (31.04%), and supply to Indian Railways (4.40%).
The company is led by promoters with over 28 years of combined industry experience, supported by board members bringing 42, 42, and 38 years of expertise from Indian Railways and NTPC respectively, enabling strong strategic decision-making and market execution.
Risks
The company's business operations and revenues are entirely dependent on Indian Railways, which contributed ₹12,306.45 Lakhs (46.77%), ₹19,222.62 Lakhs (91.54%), and ₹18,542.42 Lakhs (88.00%) of total revenue for FY2026, FY2025, and FY2024 respectively. Any adverse change in Ministry of Railways policy, reduction in coach spending, or withdrawal of private sector programs could materially impact financial condition and results of operations.
The company is exposed to significant working capital risks, with a working capital gap growing from ₹8,257.64 Lakhs (FY2024) to ₹15,481.72 Lakhs (FY2026), driven by high trade receivables, inventories, and bank guarantee requirements. Net cash flow from operating activities was negative at ₹(1,150.16) Lakhs in FY2026 and ₹(609.37) Lakhs in FY2024, posing liquidity and financial stability risks.
The company faces total contingent liabilities of ₹9,463.66 Lakhs as of March 31, 2026, including bank guarantees of ₹4,402.56 Lakhs, LC issued by banks of ₹2,987.61 Lakhs, and income tax/TDS demands of ₹1,469.15 Lakhs. If these contingent liabilities materialize, they could significantly impair the company's financial position and cash flows.
Objectives
The company proposes to utilize a portion of the Fresh Issue proceeds towards funding its long-term working capital requirements, including executing increased order volumes, high inventory levels, high debtors, advance payments to suppliers, and security deposits.
The company intends to utilize a portion of the Net Proceeds to repay in part or full certain borrowings availed from lenders, which is expected to reduce outstanding indebtedness, debt servicing costs, and improve the company's leverage capacity for future growth.
The company proposes to utilize a portion of the Net Proceeds for purchasing machinery and equipment including 3D Printers, Press Brake, Optical Emission Spectrometer, Welding Machines, and Vacuum Forming Machines to enhance in-house manufacturing capabilities and production efficiency.
The company intends to deploy the balance Fresh Issue proceeds towards general corporate purposes including meeting operating expenses, initial development costs, strengthening business development and marketing capabilities, and meeting unforeseen exigencies, subject to a cap of 15% of Gross Proceeds or Rs. 10 crores, whichever is lower.
Yearly Financial Results
Balance Sheet
| Balance Sheet | Mar 2024 | Mar 2025 | Mar 2026 |
| Total Assets | 217.60 | 272.45 | 382.79 |
| Current Assets | 182.98 | 234.53 | 351.44 |
| Fixed Assets | 34.62 | 37.93 | 31.35 |
| Total Equity & Liabilities | 217.60 | 272.45 | 382.79 |
| Total Liabilities | 181.79 | 217.09 | 279.24 |
| Current Liabilities | 179.53 | 215.61 | 278.55 |
| Non Current Liabilities | 2.27 | 1.48 | 0.69 |
| Total Equity | 35.81 | 55.41 | 103.56 |
Cash Flow
| Cash Flow | Mar 2024 | Mar 2025 | Mar 2026 |
| Net Cash Flow | -0.15 | 0.17 | -0.03 |
| Investing Activities | -17.11 | -28.52 | -3.97 |
| Operating Activities | -6.09 | 23.97 | -11.50 |
| Financing Activities | 23.05 | 4.72 | 15.44 |
About Acme India Industries
ACME India Industries Limited is engaged in the Indian railway rolling stock sector, specializing in turnkey furnishing of new railway coaches, refurbishment/upgradation of old coaches, and modernization of toilet facilities. Originally started as a sole proprietorship in 2012, the company has presence across 16 railway zones, 3 production units, and...more
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Managing DirectorSuraj Pandey
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