Acme India Industries IPO opened for subscription on September 30, 2026, with the issue clocking an overall subscription of 0.03x in early trading. Retail investors and small HNIs (sHNI) led the initial charge, each at 0.05x, while QIB and bHNI categories had yet to register significant bids by 12:15 IST.

Subscription Status

The IPO is open from September 30, 2026, to October 6, 2026. The table below captures the end-of-day snapshot for Day 1.

Category-wise Breakdown

Retail and sHNI categories ticked up to 0.05x each in the early hours, representing the only active demand segments on Day 1. QIB and bHNI categories remained at 0.00x and 0.05x respectively as of the first available snapshot. QIB participation, which typically picks up in the final hours of the subscription window, had not commenced at this stage.

Intra-day Timeline on 30-09-2026

Offer Details

About the Company

ACME India Industries Limited operates in the Indian railway rolling stock sector, specialising in turnkey furnishing of new railway coaches, refurbishment and upgradation of old coaches, and modernisation of toilet facilities. Originally started as a sole proprietorship in 2012, the company has presence across 16 railway zones and 3 production units. It has delivered 1,610 coaches (turnkey), refurbished 1,888 coaches, and completed 10,948 toilet upgrades. The company operates an ISO 9001:2015 and ISO 15085 certified manufacturing facility of over 92,000 sq. ft. in Sonipat, Haryana. As of June 30, 2026, its order book stood at ₹73,797.33 lakhs. The company is led by MD Suraj Pandey and supported by CFO Radhey Shyam Vishwakarma and COO Sivesh Mishra.

Financial Highlights

Revenue from operations grew to ₹263.71 crore in FY2026 from ₹210.00 crore in FY2025. Net profit rose to ₹24.36 crore in FY2026, up from ₹16.46 crore in FY2025. However, net cash flow from operating activities was negative at ₹(11.50) crore in FY2026.

Objects of the Issue

• Funding Working Capital Requirements: ₹38.00 crore — to support execution of increased order volumes, manage high inventory levels, trade receivables, advance payments to suppliers, and security deposits.
• Repayment and/or Pre-payment of Borrowings: ₹41.00 crore — to repay in part or full certain borrowings, reducing outstanding indebtedness and debt servicing costs.
• Capital Expenditure for Plant & Machinery: ₹6.27 crore — for purchase of 3D Printers, Press Brake, Optical Emission Spectrometer, Welding Machines, and Vacuum Forming Machines.
• General Corporate Purposes: Balance proceeds, subject to a cap of 15% of Gross Proceeds or ₹10 crore, whichever is lower.

Risk Factors

• Entire Business Dependency on Indian Railways: Indian Railways contributed 46.77%, 91.54%, and 88.00% of total revenue in FY2026, FY2025, and FY2024 respectively. Any adverse policy change or reduction in coach spending could materially impact revenues.
• High Working Capital Requirements and Negative Cash Flows: The working capital gap grew from ₹8,257.64 lakhs (FY2024) to ₹15,481.72 lakhs (FY2026). Net cash flow from operations was negative at ₹(1,150.16) lakhs in FY2026 and ₹(609.37) lakhs in FY2024.
• Significant Contingent Liabilities: Total contingent liabilities stood at ₹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.
• Significant Indebtedness: Total outstanding indebtedness was ₹8,518.21 lakhs as of March 31, 2026, including secured loans of ₹6,791.40 lakhs and unsecured loans of ₹1,726.81 lakhs that may be recalled at any time.
• Regulatory Non-Compliance: The company has a history of 33 instances of delayed and erroneous ROC filings, delayed GST payments of up to 119 days, and delayed EPF contributions of up to 294 days.

What's Next

The IPO remains open until October 6, 2026. Allotment is scheduled for October 6, 2026, and shares are expected to list on October 8, 2026.