IPO Analysis
Acme India Industries IPO Analysis: GMP, Financials, Valuation & Risks
Acme India Industries IPO is an SME issue on BSE SME, open from September 30, 2026 to October 6, 2026, with an unofficial GMP of ₹30.
· 5 min read
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Summary
Acme India Industries IPO is an SME book build issue on BSE SME. The price band is ₹186 to ₹196 per share, and the issue size is approximately ₹122 crores.
The issue opened on September 30, 2026 and closes on October 6, 2026. The latest unofficial grey market premium is ₹30 as of 30 Sept 2026, 2:47 am IST.
The company has reported revenue of 267.89 and PAT of 24.36 for 2026, with ROE of 23.52%, ROCE of 23.20%, and debt-to-equity ratio of 0.82.
IPO snapshot
| Particulars | Details |
|---|---|
| Company | Acme India Industries |
| IPO type | SME |
| Exchange | BSE SME |
| Issue type | Book build Issue |
| Price band | ₹186 to ₹196 Per Share |
| Face value | ₹10 Per Equity Share |
| Issue size | Approx 122 Crores |
| Fresh issue | Approx 105.98 Crores |
| Offer for sale | Approx 8,01,600 Equity Shares |
| Registrar | Not available |
Market lot
| Application | Lot size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 | 1200 | 2,35,200 |
| Retail Maximum | 2 | 1200 | 2,35,200 |
| S-HNI Minimum | 3 | 1800 | 3,52,800 |
| S-HNI Maximum | 8 | 4800 | 9,40,800 |
| B-HNI Minimum | 9 | 5400 | 10,58,400 |
Business
Acme India Industries operates in railway coach interiors and related work. The company has completed 28 turnkey furnishing projects and delivered 1,610 coaches since 2017.
It has also refurbished and upgraded 1,888 coaches since the first upgradation contract in 2018, and completed 10,948 toilet upgrade units. The company says it has an order book of ₹73,797.33 lakhs across 40 orders as of June 30, 2026.
The business operates across 16 railway zones, with 3 production units and 2 mid-life rehabilitation units. It holds ISO 9001:2015 and ISO 15085 certifications and is empanelled as a Business Associate under a Navratna PSU.
Financials
| Period ended | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2024 | 215.02 | 189.08 | 19.21 | 217.60 |
| 2025 | 213.45 | 189.32 | 16.46 | 272.45 |
| 2026 | 267.89 | 234.67 | 24.36 | 382.79 |
The company shows a recovery in 2026 after a softer 2025. PAT moved from 19.21 in 2024 to 16.46 in 2025 and then to 24.36 in 2026, while assets increased across the period shown.
Valuation
| Metric | Value |
|---|---|
| ROE | 23.52% |
| ROCE | 23.20% |
| EBITDA margin | 15.10% |
| PAT margin | 9.24% |
| Debt to equity ratio | 0.82 |
| EPS | 14.10 (Basic) |
| P/E ratio | N/A |
| RONW | 23.52% |
| NAV | 59.94 |
The available operating metrics point to a profitable business with moderate leverage. The P/E ratio is shown as N/A, so valuation should be read alongside the issue price band, earnings, margins, and balance sheet strength.
GMP
The latest unofficial grey market premium is ₹30 as of 30 Sept 2026, 2:47 am IST. At that time, the estimated listing price was ₹226 and the estimated listing percent was 15.31%.
| Date | Unofficial GMP | Estimated listing percent |
|---|---|---|
| 2026-09-28 | ₹30 | 15.31% |
| 2026-09-29 | ₹30 | 15.31% |
| 2026-09-30 | ₹30 | 15.31% |
This is an unofficial grey market indication, not an exchange figure.
Strengths
- Completed 28 turnkey furnishing projects and delivered 1,610 coaches since 2017.
- Refurbished and upgraded 1,888 coaches since the first upgradation contract in 2018.
- Completed 10,948 toilet upgrade units.
- Built an order book of ₹73,797.33 lakhs across 40 orders as of June 30, 2026.
- Operates across 16 railway zones, with 3 production units and 2 mid-life rehabilitation units.
- Holds ISO 9001:2015 and ISO 15085 certifications and is empanelled as a Business Associate under a Navratna PSU.
Risks
- Heavy reliance on Indian Railways for revenue and order book exposes the company to policy, tender, renewal, and counterparty concentration risk.
- Tender-based contracts provide no assurance of award, continuation, or profitability of future railway orders.
- Warranty, inspection, and quality failures can cause rework, replacements, penalties, product liability, and liquidity stress through withheld or recovered amounts.
- Outstanding litigation and tax proceedings create contingent liabilities, potential cash outflows, and adverse reputational impact.
- High debt and rising finance costs may pressure margins and working capital.
- Costs have risen sharply in materials, employees, finance charges, and other expenses, which can compress profitability.
- Trademark objections and software/copyright disputes may affect brand rights, operating continuity, and legal exposure.
Important dates
| Event | Date |
|---|---|
| Issue open | September 30, 2026 |
| Issue close | October 6, 2026 |
| Allotment | October 7, 2026 |
| Refunds | October 8, 2026 |
| Credit to demat | October 8, 2026 |
| Listing | October 9, 2026 |
Who may find this IPO relevant
This IPO may be relevant for readers tracking SME listings on BSE SME, especially those studying railway-linked manufacturing and interior work companies.
It may also interest readers comparing profitability, leverage, and order book position before looking at a new issue. For the live listing of current issues, see All IPOs.
FAQs
What is the IPO price band?
The price band is ₹186 to ₹196 per share.
What is the issue size?
The issue size is approximately ₹122 crores.
What is the latest unofficial GMP?
The latest unofficial grey market premium is ₹30 as of 30 Sept 2026, 2:47 am IST.
When does the IPO list?
The listing date is October 9, 2026.
What is the company’s debt-to-equity ratio?
The debt-to-equity ratio is 0.82.