Acme India Industries Limited

Acme India Industries Limited is an Indian rail engineering and coach interior manufacturing company specializing in turnkey passenger coach furnishing. The company delivers advanced interior solutions complying with Indian Railways (IR) and European (EN) fire safety and structural standards.

The company operates across two core segments: turnkey interior furnishing of newly manufactured Linke Hofmann Busch (LHB) coaches at primary rail production units, and the mid-life refurbishment and rehabilitation of conventional passenger coaches across zonal workshops.

Client Demographics & Operational Footprint:

• Client Base: Exclusively embedded within the Indian Railways ecosystem, supplying all 16 railway zones, major production units—including Integral Coach Factory (ICF) Chennai, Modern Coach Factory (MCF) Raebareli, and Rail Coach Factory (RCF) Kapurthala—and Mid-Life Rehabilitation (MLR) workshops at Sonipat and Jhansi via the IREPS e-tendering system.
• Manufacturing Facilities: Operations are centralized across two specialized production units spanning over 1,16,000 sq. ft. in Sonipat, Haryana (Barota).
• Product Portfolio & Capacity: Manufactures modular Fiber Reinforced Plastic (FRP) bio-toilets (annual capacity of 4,000 units), FRP sidewall panels (1,500 sets), ceiling panel assemblies (1,200 sets), and stainless steel washbasins (12,000 units), with precision CNC routing and captive spread-of-flame testing laboratories.

Financial Track Record:

• FY24: Total Income of ₹215.02 Cr | Restated PAT of ₹19.21 Cr
• FY25: Total Income of ₹213.45 Cr | Restated PAT of ₹16.46 Cr
• FY26: Total Income of ₹267.89 Cr | Restated PAT of ₹24.36 Cr (a 2-year total income CAGR of 11.62% and PAT CAGR of 12.61%)
• Balance Sheet & Returns: Net worth stood at ₹108.45 Cr as of March 31, 2026, delivering an RoNW of 23.52% and EBITDA margin of 14.85%, with total debt of ₹85.51 Cr (which will be significantly deleveraged using ₹41.00 Cr allocated from IPO proceeds).

Valuation & Peer Comparison:
At the upper price band of ₹196 per equity share, the issue is priced at a pre-issue P/BV of 3.27x against an NAV of ₹59.94 (as of March 31, 2026) and a post-issue P/BV of approximately 2.15x. Based on post-issue diluted EPS of ₹10.37, the asking price translates to a P/E multiple of 18.91x. Given the lack of pure-play direct listed competitors in passenger coach modular interiors, the company commands a specialized niche within the Indian Railways rolling stock modernisation program.

Lead Manager Performance & Track Record:
The public offer is lead-managed by Hem Securities Limited, which has handled 53 public issues to date. Out of its last 10 managed IPOs, all 10 opened at or above the issue price on listing day. As of September 25, 2026, two of these recent issues are trading below their issue price, while the remaining eight continue to trade at or above their issue price.

• 1 Suraj Pandey
• 2 Sadhvi Pandey