Railway coach interiors rarely get investor attention, yet every coach on the tracks needs seating, panelling, flooring and fittings. Acme India Industries, a maker of exactly these products, is raising ₹122 crore through a BSE SME IPO that closes today and tomorrow's window is your last chance to bid.
Here is what the company does, how the issue is structured, how its numbers look, and what to weigh before applying.
Acme India Industries IPO: Key Details
|
Particulars |
Details |
|
IPO Open Date |
30 September 2026 |
|
IPO Close Date |
6 October 2026 |
|
Allotment Date |
7 October 2026 |
|
Listing Date |
9 October 2026 |
|
Listing Platform |
BSE SME |
|
Price Band |
₹186 to ₹196 per share |
|
Face Value |
₹10 per share |
|
Total Issue Size |
₹122 crore (approx.) |
|
Fresh Issue |
₹105.98 crore |
|
Offer for Sale |
8,01,600 shares |
|
Lot Size |
1,200 shares |
|
Minimum Investment (Retail) |
₹2,35,200 (at upper band) |
|
Lead Manager |
Hem Securities Ltd. |
|
Registrar |
Bigshare Services Pvt. Ltd. |
About Acme India Industries
Acme India Industries designs, manufactures and supplies railway coach interiors and components. Its offering covers end-to-end furnishing solutions for new railway coaches, along with refurbishment, upgradation and conversion of older coaches.
- Operates across 16 railway zones
- 3 production units and 2 mid-life rehabilitation centres
- Has completed 28 turnkey projects covering 1,610 coaches
- Incorporated in December 2021
Lot Size and Application Amount
At the upper price band of ₹196, one lot of 1,200 shares comes to ₹2,35,200. SME IPOs have a higher ticket size than mainboard issues, so the minimum bid is a significant commitment.
Reservation Structure
|
Investor Category |
Share of Issue |
|
Anchor Investors |
28.44% |
|
Qualified Institutional Buyers (excl. Anchor) |
18.99% |
|
Non-Institutional Investors |
14.26% |
|
Retail Investors |
33.24% |
Objects of the Issue
The company plans to use the fresh issue proceeds mainly for:
|
Purpose |
Amount |
|
Working capital requirements |
₹38 crore |
|
Repayment or prepayment of debt |
₹41 crore |
|
Purchase of plant and machinery |
₹6.27 crore |
These three items add up to about ₹85 crore of the ₹105.98 crore fresh issue. The balance would typically go to general corporate purposes and issue expenses. Check the offer document for the exact split.
Debt repayment taking a large share is worth noting. It lowers interest costs, but it means a good part of the money raised goes to the lenders rather than into growth.
Financial Performance
|
Financial Year |
Revenue (₹ crore) |
Profit After Tax (₹ crore) |
PAT Margin |
|
FY2024 |
215.02 |
19.21 |
8.93% |
|
FY2025 |
213.45 |
16.46 |
7.71% |
|
FY2026 |
267.89 |
24.36 |
9.09% |
Key ratios (FY2026):
|
Metric |
Value |
|
Return on Equity (ROE) |
23.52% |
|
Return on Capital Employed (ROCE) |
23.20% |
|
Basic EPS |
₹14.10 |
|
Net Asset Value (NAV) |
₹59.94 per share |
|
Debt-to-Equity Ratio |
0.82 |
Revenue grew about 25.5% in FY2026, and profit rose roughly 48%. Revenue dipped slightly in FY2025, so the recovery is recent, not a long unbroken trend.
Valuation
At the upper price band, the issue is priced at around 15.5 times FY2026 earnings by the figures reported on IPO tracking sites. That is not far from the 13.9 times you get by dividing ₹196 by the reported FY2026 basic EPS of ₹14.10. The gap likely comes from the share count used, so treat the multiple as approximate.
The company has no directly listed peers, so a clean peer comparison is hard. Some analysts describe the pricing as fully priced.
Strengths
- Revenue growth: Sales rose about 25.5% in FY2026.
- High return ratios: ROE and ROCE are both above 23%.
- Wide reach: Presence across 16 railway zones.
- Execution record: 28 turnkey projects covering 1,610 coaches.
- Demand backdrop: Coach manufacturing, refurbishment and upgradation sit within India's railway modernisation push.
Risks to Consider
- Short operating history: Incorporated in December 2021.
- High borrowings: About ₹242.57 crore as of December 2025, against a debt-to-equity ratio of 0.82.
- Contingent liabilities: About ₹61.64 crore, which could become a cost if they crystallise.
- Customer concentration: Railway-linked business can depend on a small group of buyers and on tender timing.
- No listed peers: Makes it harder to judge whether the price is fair.
- SME liquidity: SME stocks can be thinly traded and more volatile after listing.
- Uneven earnings: Revenue and profit fell slightly in FY2025 before recovering.
How To Apply for the IPO ?
- Login or Open demat account with JM Financial Services / JM PRO app: Open the JM PRO app or JM Financial Services website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Check the Allotment Status of the IPO?
Steps to check IPO allotment status on JM Pro app:
- Log in to the JM Pro app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
JM Financial Services will notify you of your IPO allotment status via push notification and email
Frequently Asked Questions
₹186 to ₹196 per share.
1,200 shares, which is ₹2,35,200 at the upper price band.
It closes on 6 October 2026, with allotment on 7 October and listing on BSE SME on 9 October 2026.
It designs, manufactures and supplies railway coach interiors and components, including refurbishment and upgradation of older coaches
Mainly for working capital, debt repayment and prepayment, and plant and machinery, with the rest for general corporate purposes.
Hem Securities Ltd. is the lead manager, and Bigshare Services Pvt. Ltd. is the registrar.
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