Acme India Industries IPO: GMP, Price Band, Financials and Review

Acme India Industries Ltd. is bringing a ₹121.69 crore book-built SME IPO, made up of a fresh issue of 54.07 lakh shares worth ₹105.98 crore and an offer for sale (OFS) of 8.02 lakh shares worth ₹15.71 crore. The issue opens on 30 September 2026 and closes on 6 October 2026, with a price band of ₹186 to ₹196 per share. The shares are proposed to list on the BSE SME platform.

Acme India Industries IPO Details

Because this is an SME issue, individual investors must apply for a minimum of 2 lots (1,200 shares), which costs ₹2,35,200 at the upper price band. Small HNIs need at least 3 lots (₹3,52,800), while the big HNI category starts at 9 lots (₹10,58,400). Of the net offer, 35.02% is reserved for individual (retail) investors and 15.02% for NIIs. If you are new to this segment, read our guide on SME IPO vs Mainboard IPO.

About Acme India Industries

Incorporated in December 2021, Acme India Industries works in the Indian railway rolling stock sector. It designs, manufactures, supplies, installs and maintains (under warranty) railway coach interiors and components. Its services include turnkey furnishing of new coaches, refurbishment and upgradation of old coaches, and modernisation of toilets.

Its product range includes Braille signage, FRP products, sanitary ware, epoxy flooring, decorative glass FRP, toilet and compartment doors, seats and berths, fire barrier coatings and hygiene products.

• Since 2017, it has completed 28 turnkey furnishing projects covering 1,610 coaches.
• As of 30 June 2026, it had refurbished and upgraded 1,888 coaches and completed 10,948 toilet upgrades.
• It operates across 16 railway zones with three production units and two mid-life rehabilitation units.
• Its manufacturing facility in Sonipat, Haryana covers over 92,000 sq ft and has laboratory and testing facilities.
• Projects have been executed at the Modern Coach Factory (Raebareli), Integral Coach Factory (Chennai) and Rail Coach Factory (Kapurthala), across LHB, Vande Bharat and other self-propelled coach variants.
• It is ISO 9001:2015 and ISO 15085 certified.

The company follows a tender-based model through the Indian Railways e-Procurement System (IREPS). It had 43 employees on its payroll as of 30 June 2026.

Financial Performance

• Total income was nearly flat in FY25 (down about 0.7%) and PAT fell about 14%, before recovering in FY26 with income up about 26% and PAT up about 48%.
• Net worth nearly tripled from ₹35.63 crore in FY24 to ₹103.55 crore in FY26.
• Borrowings have risen steadily, from ₹69.80 crore in FY24 to ₹85.18 crore in FY26.

Key Ratios & Valuation

At the upper band, the post-issue P/E of 18.88x is based on FY26 earnings spread over the enlarged share base of 2,34,72,200 shares. No listed peer comparison was available at the time of writing, so investors may want to check the peer section of the RHP. Our explainer on IPO valuation ratios covers how to read these numbers.

Objects of the Issue

1. Working capital requirements: ₹38.00 crore
2. Repayment or pre-payment of borrowings: ₹41.00 crore
3. Capital expenditure on additional plant and machinery: ₹6.27 crore
4. General corporate purposes

The three specified objects total ₹85.27 crore. The OFS proceeds of ₹15.71 crore go to the selling shareholder, not the company.

Shareholding & Promoters

The promoters are Suraj Pandey and Sadhvi Pandey. Promoter and promoter group holding will fall from 88.19% before the issue to 64.46% after it. Suraj Pandey is the only selling shareholder in the OFS, offering 8,01,600 shares worth ₹15.71 crore.

Acme India Industries IPO GMP Today

The Acme India Industries IPO GMP was ₹30 (about 15.3%) as of 29 September 2026, and it had stayed at ₹30 from 27 to 29 September. GMP is an unofficial, unregulated grey-market indicator that changes daily and is not a reliable predictor of listing price. Track the live GMP and read how accurate IPO GMP is.

Strengths

• Multiple global tie-ups and representations.
• Healthy order book supporting business visibility, as stated by the company.
• Experienced promoters and a management team with domain knowledge.
• Established presence in the Indian railway sector with a diversified range of products and services under one roof.
• Integrated manufacturing facility equipped with machinery from domestic and global suppliers.

Risks to Consider

• Dependence on railway tenders: the business is tender-based through IREPS, so revenue depends on winning bids in one sector.
• Uneven track record: income was flat and profit declined in FY25, and the company itself was incorporated only in December 2021.
• Debt: borrowings rose to ₹85.18 crore in FY26 and debt/equity is 0.82. About ₹41 crore of proceeds will go towards repaying debt rather than growth.
• OFS and dilution: about 13% of the issue is an OFS by a promoter, and promoter holding drops to 64.46%. Post-issue EPS falls to ₹10.38 from ₹13.48.
• SME liquidity: SME shares trade in lots and can be illiquid after listing, even with a market maker. See SME IPO liquidity risks.

How to Check Allotment Status

Allotment is expected to be finalised on 7 October 2026. Bigshare Services Pvt. Ltd. is the registrar, so you can check your status on the registrar website or on our allotment status page. To understand how shares are allotted in oversubscribed issues, read how IPO allotment works.

Disclaimer: This article is for educational purposes only and is not investment advice. GMP is unofficial and can change quickly. Read the RHP and consult a SEBI-registered adviser before investing.