A New Delhi-based railway coach interiors company is raising Rs 121.69 crore through a BSE SME issue.
Acme India Industries works in the Indian railway rolling stock sector. It designs, manufactures and maintains, under warranty, the interiors of railway coaches, and wins most of its work through tenders.
It provides turnkey interior furnishing for new coaches, refurbishes, upgrades and converts old coaches, and upgrades coach toilets.
It also makes and supplies components to Indian Railways. The company was incorporated on December 22, 2021 and took over the running business of its promoter’s proprietorship, Acme India, which began in 2012. It is based in New Delhi.
The proprietorship started by introducing braille signage for “Divyangjan” (persons with disabilities) in the railway sector.
In 2016 it added fire-retardant epoxy flooring meeting the EN 45545 standard for railway interiors, and from 2017 it moved into turnkey furnishing, coach refurbishment and upgrades, and toilet upgrades. The company has worked across 16 railway zones, 3 production units and 2 mid-life rehabilitation units, and on 28 coach variants.
For new coaches, AIIL designs and installs interiors for Linke Hofmann Busch (LHB) variants, self-propelled units such as Vande Bharat, self-propelled inspection coaches and overhead equipment coaches such as the diesel electric tower car.
It works at the Modern Coach Factory in Raebareli, the Integral Coach Factory in Chennai and the Rail Coach Factory in Kapurthala. Since 2017, it has completed 28 turnkey furnishing projects covering 1,610 coaches.
Since its first upgrade contract in 2018, it has refurbished and upgraded 1,888 LHB and ICF coaches up to June 30, 2026, and it has completed 10,948 toilet upgrades.
AIIL regularly makes and supplies braille signage, fibre-reinforced plastic (FRP) products and aluminium polymer composite sanitary ware.
The company is empanelled as a “Business Associate” under a Navratna PSU of the Government of India. As of June 30, 2026, it had 43 employees and 235 third-party workers, and it hires contract workers when needed.
In FY26, its largest order was for toilet upgrades, worth Rs 257.99 crore. Its order book stood at Rs 737.97 crore across 40 orders as of June 30, 2026.
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | September 30, 2026 |
| Issue Closes | October 6, 2026 |
| Allotment (expected) | October 7, 2026 |
| Listing | BSE SME |
| Listing Date (tentative) | October 9, 2026 |
| Issue Type | Book Built |
| Price Band | Rs 186 – Rs 196 per share |
| Face Value | Rs 10 |
| Issue Size | Rs 121.69 crore (62,08,800 shares) |
| Fresh Issue | 54,07,200 shares (Rs 105.98 crore) |
| Offer for Sale | 8,01,600 shares (Rs 15.71 crore) |
| Lot Size | 600 shares |
| Min. Retail Application | 1,200 shares (2 lots) |
| Min. Retail Investment | Rs 2,35,200 |
| Post-IPO Market Cap | Rs 460.06 crore |
| IPO as % of Post-IPO Capital | 26.45% |
| Lead Manager | Hem Securities Ltd |
| Market Maker | Hem Finlease Pvt Ltd |
| Registrar | Bigshare Services Pvt Ltd |
| Syndicate Member | Hem Finlease Pvt Ltd |
The company raised Rs 34.61 crore from anchor investors, whose bidding took place on September 29, 2026. From the net proceeds, AIIL will use Rs 41.00 crore to repay or prepay certain borrowings, Rs 38.00 crore for working capital and Rs 6.27 crore for capex on additional plant and machinery, with the rest going to general corporate purposes.
Post-IPO, paid-up equity capital rises from Rs 18.06 crore (1,80,65,000 shares) to Rs 23.47 crore (2,34,72,200 shares).
After its initial issue at par, the company issued 1:1 bonus shares in September 2024 and further shares at Rs 90 to Rs 190 per share between March 2024 and December 2025. The promoters’ average acquisition costs are Rs 4.88 and Rs 5.00 per share.
Price Band
At the Rs 196 upper band, with FY26 earnings attributed to the fully diluted post-IPO equity, the issue is valued at a P/E of 18.88x, or 27.96x on FY25 earnings. The P/BV is 6.39 on the March 31, 2026 NAV of Rs 30.65. The post-IPO market cap is Rs 460.06 crore.
Analysts consider the issue aggressively priced, but say well-informed investors may park funds for the medium to long term.
GMP Watch
As per market channels, the Acme India Industries IPO GMP is ₹30. That is about 15.3% over the upper band and indicates a listing price of around ₹226.
GMP is unofficial, unregulated and unendorsed.
Financial Performance
| Particulars (Rs cr, consolidated) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Total Income | 215.02 | 213.45 | 267.89 |
| Net Profit (PAT) | 19.21 | 16.40 | 24.33 |
| PAT Margin (%) | 9.00 | 7.84 | 9.24 |
| RoCE (%) | 30.08 | 24.03 | 23.20 |
On a consolidated basis, total income was Rs 215.02 crore in FY24 and Rs 213.45 crore in FY25, then rose to Rs 267.89 crore in FY26. Net profit fell from Rs 19.21 crore in FY24 to Rs 16.40 crore in FY25, then rose to Rs 24.33 crore in FY26.
The PAT margin moved from 9.00% to 7.84% and then 9.24%, while RoCE fell from 30.08% to 23.20%.
Trade receivables rose from Rs 153.77 crore as of March 31, 2024 to Rs 252.18 crore as of March 31, 2026. Contingent liabilities stood at Rs 94.64 crore as of March 31, 2026. Over the last three fiscals, the company reported an average EPS of Rs 12.30 and an average RoNW of 38.88%. It hasn’t paid any dividends during the reported periods.
Peer Comparison
The offer document says the company has no listed peers to compare with.
Risks to Consider
Very high receivables. Trade receivables of Rs 252.18 crore as of March 31, 2026 compare with FY26 total income of Rs 267.89 crore, up from Rs 153.77 crore in FY24. Rs 38.00 crore of the proceeds is earmarked for working capital.
Large contingent liabilities. Contingent liabilities of Rs 94.64 crore as of March 31, 2026 compare with FY26 net profit of Rs 24.33 crore.
Dependence on railway tenders. Revenue comes mainly from Indian Railways and its units through tenders on the IREPS portal, so order flow depends on railway spending and winning competitive bids.
Uneven profits and falling returns. Net profit fell in FY25 before rising in FY26, and RoCE declined from 30.08% in FY24 to 23.20% in FY26.
Execution capacity. An order book of Rs 737.97 crore will be executed with 43 employees, 235 third-party workers and contract labour hired as needed.
Valuation and SME-specific risks. The issue is priced at 6.39 times pre-IPO book value and 27.96 times FY25 earnings, post-IPO NAV data is missing, and it includes an OFS of 8,01,600 shares. The minimum retail investment is Rs 2.35 lakh, and liquidity on the SME platform is limited.
This article is for informational purposes and is not personalised investment advice; investors should do their own due diligence or consult a SEBI-registered adviser before acting.
