Acme India Industries IPO: GMP, Subscription Status, Review and Allotment Odds

Acme India Industries makes the parts of a railway coach that passengers actually touch: the toilets, doors, berths, seats, panels and flooring. It also strips down old coaches and rebuilds their interiors. The company is raising ₹121.69 crore on the BSE SME platform, and unlike most small issues this one came with an anchor book and real institutional demand.

At ₹196 a share the issue is valued at about 18.9 times FY26 earnings after the IPO, which is fair rather than cheap. The pull here is the order flow from Indian Railways’ coach upgrade programme. The catch is that the railways are effectively the company’s only customer, and its profit went backwards in FY25 before recovering.

Acme India Industries IPO at a glance

SME rules mean the smallest application an individual can make is two lots, or ₹2,35,200 at the upper band. That is a large ticket, so size your bid with care. With 2 October a holiday, only two bidding days remain: 5 and 6 October.

What Acme India Industries actually does

Acme India Industries was incorporated in December 2021 and is promoted by Suraj Pandey and Sadhvi Pandey. It works on railway rolling stock, specifically coach interiors. Its product list covers fibre-reinforced plastic (FRP) panels and fittings, sanitary ware, toilet and compartment doors, seats and berths, epoxy flooring, decorative glass, Braille signage and fire-barrier coatings.

The work comes through Indian Railways tenders on the IREPS portal. By 30 June 2026 the company had completed 28 turnkey projects covering 1,610 coaches, refurbished 1,888 coaches and upgraded 10,948 toilets. It has worked with the Modern Coach Factory in Raebareli, the Integral Coach Factory in Chennai and the Rail Coach Factory in Kapurthala, across 16 railway zones.

Manufacturing is based in Sonipat, Haryana, with three production units and two mid-life rehabilitation units. The company had just 43 employees on its rolls in June 2026, which suggests much of the on-site work is done through contractors. It holds ISO 9001 and ISO 15085 certifications, the latter being the welding standard for railway vehicles.

The numbers behind the business

Here are the figures from the offer documents, in ₹ crore, as reported by IPO data sites.

What these numbers tell us, in plain language:

• Growth resumed in FY26 after a pause. Total income was flat at about ₹213 crore to ₹215 crore in FY24 and FY25, and profit dipped from ₹19.2 crore to ₹16.5 crore. FY26 brought a 26% jump in income to ₹267.9 crore and a 48% rise in profit to ₹24.4 crore. Tender-driven businesses are lumpy, and this record shows it.
• Margins are healthy. EBITDA margin was 15.1% and net margin 9.2% in FY26, which is respectable for a contract manufacturer.
• Debt is meaningful. Borrowings rose to ₹85.2 crore in FY26 and debt to equity was 0.82. The company will use ₹41 crore of the IPO money to repay loans, which should lower interest costs from FY27.
• Returns are solid. ROE was 30.7% and ROCE 23.2% in FY26. These will dip after the issue as fresh equity comes in.

How the subscription is playing out, day by day

Institutions have backed this issue. Anchor investors put in ₹34.61 crore on 29 September, and the QIB portion was subscribed 5.70 times by 5:07 PM on 1 October. Retail (0.48x) and NII (0.49x) investors had not yet filled their quotas at that point, which is normal for an SME issue with a high minimum ticket and several days left. Overall the issue was covered 1.97 times.

The day 2 numbers are the latest available because 2 October was a holiday. We will add the final figures after the issue closes on 6 October.

The GMP story so far

The grey market premium stood at about ₹25 on 4 October, roughly 13% over the upper band of ₹196. That points to a listing near ₹221. For an SME issue with an anchor book and QIB support, that premium looks reasonable rather than frothy.

How to check Acme India Industries IPO allotment status

1. Go to the Bigshare Services IPO allotment page, or the BSE allotment status page.
2. Select Acme India Industries from the list of issues.
3. Enter your PAN, application number or DP/Client ID.
4. Submit to see how many shares you were allotted.

Allotment is expected on 7 October 2026, with refunds and demat credit on 8 October. Shares are due to list on BSE SME on 9 October.

The listing outlook

If the ₹25 GMP holds, Acme India could list around ₹221, a gain of about 13%. Half the anchor shares are locked in for 30 days and the rest for 90 days, which reduces selling pressure at listing. The final retail figure and the mood in railway stocks during the week will decide where it actually opens.

What to weigh before you apply

One customer, many tenders

Indian Railways and its coach factories are the source of almost all of Acme’s work. Tender wins are competitive and can be delayed, which is why revenue was flat for two years before rising in FY26. A slowdown in coach production or refurbishment budgets would hit the company directly.

Promoter selling and a big minimum ticket

Promoter Suraj Pandey is selling ₹15.71 crore of shares through the OFS, and promoter holding drops from 88.19% to 64.46%. For individual investors the two-lot minimum of ₹2.35 lakh makes this a concentrated bet.

Strengths and risks

Strengths

• Long execution record: 28 turnkey projects covering 1,610 coaches and 1,888 coach refurbishments
• Anchor book of ₹34.61 crore and a QIB portion subscribed 5.70 times on day 2
• FY26 revenue up 26% and profit up 48%, with ROE of 30.7%
• ₹41 crore of the proceeds goes to debt repayment
• ISO 15085 certification, a key requirement for railway vehicle work

Risks

• Almost all revenue comes from Indian Railways through competitive tenders
• Revenue was flat between FY24 and FY25 and profit fell, showing how lumpy the business can be
• Borrowings of ₹85 crore and debt to equity of 0.82 before the IPO
• Promoter is selling ₹15.71 crore of shares through the OFS
• Small permanent workforce of 43, so execution depends on contractors
• SME listing: lower liquidity and a high minimum investment of ₹2.35 lakh

Your chances of getting an allotment

• The retail quota works out to about 3,440 lots. Under SEBI’s SME rules every individual investor applies for the minimum of two lots (1,200 shares, ₹2,35,200), so roughly 1,720 retail applications can be filled in full.
• Once the retail book is oversubscribed, allotment is decided by a random draw. Every successful applicant gets the minimum application size; nobody gets a partial one.
• Applying for more than the minimum does not improve your retail odds. Separate applications from different PANs in your family do.

What to watch from here

• Retail and NII subscription on 5 and 6 October
• Whether the ₹25 GMP holds into the close
• Allotment status on 7 October through Bigshare Services
• Listing on 9 October and how anchor-backed demand behaves
• After listing: new tender wins and interest savings from debt repayment

Acme India Industries IPO: frequently asked questions

Disclaimer: This article is for information and education only and is not investment advice. GMP is unofficial and data may differ between sources. Read the RHP and consult a SEBI-registered adviser before investing. Data as of 4 October 2026.