Acme India Industries IPO

Incorporated on December 22, 2021, Acme India Industries Limited operates in the Indian railway rolling stock sector, designing, manufacturing and maintaining (under warranty) interiors for railway coaches. It took over the running business of the promoter's proprietorship, Acme India, which began in 2012, and wins most of its work through railway tenders.

Turnkey furnishing of new coaches, including LHB variants and self-propelled units, at MCF Raebareli, ICF Chennai and RCF Kapurthala, with 1,610 coaches delivered across 28 projects since 2017.

Refurbishment and upgradation of LHB and ICF coaches, with 1,888 coaches completed as of June 30, 2026.

Toilet upgradation in railway coaches, with 10,948 units completed as of the date of the RHP.

Component supply, including braille signage, FRP products, aluminium polymer composite sanitary ware, epoxy flooring, doors, and seats and berths.

The company has a manufacturing unit at Sonipat, Haryana, covering over 92,000 sq. ft. with in-house laboratory and testing equipment. It holds ISO 9001:2015 and ISO 15085 certifications, works across 16 railway zones and has three subsidiaries.

As of June 30, 2026, its order book stood at ₹73,797.33 lakhs across 40 orders, with toilet upgradation accounting for 46.92%. The company aims to broaden its product portfolio, enter the coach repair segment and add technology offerings such as CCTV surveillance for coaches and locomotives.

Established Presence in Railway Sector: Since 2017, the company and its predecessor proprietorship have furnished 1,610 new coaches on a turnkey basis, refurbished or upgraded 1,888 coaches and upgraded 10,948 toilet units. Its work covers 28 coach variants across 3 production units, 2 mid-life rehabilitation units and 16 railway zones.

Healthy Order Book: As of June 30, 2026, the order book stood at ₹73,797.33 lakhs across 40 orders. Toilet upgradation formed the largest share at 46.92%, followed by supply to private clients at 31.04%, with the balance spread across refurbishment, turnkey furnishing and supply to Indian Railways.

Experienced Promoters and Board: Promoter Suraj Pandey has 16 years of industry experience and Sadhvi Pandey has 10 years. The board includes Dilip Kumar Agarwal and Lakshmi Raman, each with 42 years at Indian Railways, and Devdutt Gajanan Salpekar with 38 years at NTPC, all from engineering backgrounds.

Dependence on Indian Railways: The business depends on Indian Railways and Ministry of Railways policy. Revenue from Indian Railways was ₹12,306.45 lakhs, ₹19,222.62 lakhs and ₹18,542.42 lakhs in FY2026, FY2025 and FY2024, or 46.77%, 91.54% and 88.00% of total revenue. Policy changes could lead to contracts being foreclosed, terminated or renegotiated.

Tender-Based Order Wins: Railway projects are awarded through competitive tenders with pre-qualification criteria and largely price-based selection. Although the order book stood at ₹73,797.33 lakhs as of June 30, 2026, there is no assurance that future bids will succeed, and new entrants bidding at lower margins may win contracts.

Outstanding Legal Proceedings: The company, its promoters and directors face pending proceedings, including 2 criminal cases against the company involving ₹183.58 lakhs and 6 direct tax matters involving ₹1,469.14 lakhs. Adverse outcomes could affect cash flows and profits and divert management attention.