# Acme India Industries Limited: IPO analysis

> Acme India Industries Limited (CIN U93090DL2021PLC391603) has filed a Red Herring Prospectus with SEBI for an IPO comprising a fresh issue of 54,07,200 shares and an offer for sale of 8.02 lakh shares, priced at ₹186.00 to ₹196.00 per share. In FY26 it reported revenue of ₹264 Cr (+25.6% on FY25) and a net profit of ₹24 Cr. Promoters hold 88.2% before the IPO. Our earlier look-up of its claims found 5 medium or high concerns across 16 claims looked up.

- Page: https://ipo.innerkore.com/in/company/U93090DL2021PLC391603/acme-india-industries-limited/
- CIN: U93090DL2021PLC391603
- Last updated: 5 Oct 2026

## Key facts

- **Company:** Acme India Industries Limited
- **CIN:** U93090DL2021PLC391603
- **Filing stage:** RHP
- **Latest SEBI filing:** 5 Oct 2026
- **Offer for sale:** 8,01,600 shares
- **Price band:** ₹186.00 to ₹196.00 per share
- **Bidding opens:** 30 Sep 2026
- **Bidding closes:** 6 Oct 2026
- **Listing on:** BSE
- **Revenue FY26:** ₹264 Cr
- **Revenue growth:** +25.6%
- **Net profit FY26:** ₹24 Cr
- **Revenue CAGR FY24 to FY26:** 11.2%
- **Promoter holding (pre-IPO):** 88.2%
- **Lead managers:** HEM SECURITIES LIMITED
- **Registrar:** BIGSHARE SERVICES PRIVATE LIMITED
- **Earlier look-up flags:** 5 high, 0 medium, 2 low

## Key signals (read from the filing; not investment advice)

- **Valuation** (looks fine): 18.9x P/E. From BSE's price band, on FY26 profit; 4.4x book value.
- **Growth** (look closer): 11.2% a year. Sales FY24 to FY26; latest year +25.6%.
- **Profitability** (look closer): 9.2% net margin. FY26; operating margin steady.
- **Debt** (look closer): 0.82x equity. ₹85.2 crore borrowed at the end of FY26.
- **Profit into cash** (concern): -47% of profit. Operations brought in ₹-11.5 crore against ₹24.3 crore of profit in FY26.
- **One-off income** (look closer): 13% of profit. Other and one-off income is 13% of pre-tax profit.
- **Where the money goes** (looks fine): 13% for sale. 87% is new shares issued by the company. 48% of the new money repays debt. (converted using BSE's price band)
- **Red flags** (concern): 5 to review. 16 claims looked up earlier: 5 high, 0 medium concern.

## Financial snapshot (₹ crore unless stated; consolidated)

| | FY24 | FY25 | FY26 |
|---|---:|---:|---:|
| Sales | 213 | 210 | 264 |
| Sales growth | – | -1.6% | 25.6% |
| Operating profit | 30 | 31 | 43 |
| Operating margin | 14.2% | 14.9% | 16.2% |
| Net profit | 19 | 16 | 24 |
| Net margin | 9.0% | 7.8% | 9.2% |
| Net worth | 36 | 55 | 104 |
| Borrowings | 70 | 81 | 85 |
| Return on equity | 53.6% | 29.6% | 23.5% |

## Use of proceeds (fresh issue)

- 1 Funding to meet working capital requirements;: ₹38 crore
- 2 Repayment and/or pre-payment, in full or part, of borrowing availed by our Company: ₹41 crore
- Funding Capital Expenditure towards purchase of additional plant & machinery: ₹6.3 crore
- General Corporate Purpose*: amount not fixed yet

## Claims looked up earlier

- **HIGH** (SubsidiaryPerformance): The company received the highest order book from toilet upgradation worth ₹25,798.64 lakhs during FY 2025-26.. The search results do not contain any information regarding the company's order book, financial performance, or specific revenue figures for FY 2025-26. The provided links only show general stock market data, corporate announcement placeholders, and general sector descriptions, with no mention of the specific ₹25,798.64 lakhs toilet upgradation order.
- **HIGH** (SubsidiaryPerformance): The company awarded orders for over 579 coaches during FY 2024-25.. The provided search results do not contain any information regarding specific order awards or production volumes for FY 2024-25. The available data includes share price metrics, general company descriptions, and a placeholder for future announcements, but lacks the financial performance details required to verify the claim.
- **HIGH** (SubsidiaryPerformance): The company crossed a turnover of ₹200 plus crore during FY 2024-25.. The provided search results do not contain any information regarding the company's turnover for FY 2024-25. While the stock screener displays a market capitalization of ₹421 Cr, it does not list financial performance metrics such as turnover or revenue for the specified fiscal year. Consequently, the claim cannot be verified against the available data.
- **HIGH** (LitigationStatus): The Department of Trade & Taxes issued show cause notices for FY 2018-19, FY 2019-20, and FY 2020-21, with an aggregate amount of ₹1,118.78 lakhs.. The search results do not contain any information regarding show cause notices issued by the Department of Trade & Taxes for Acme India Industries Limited for the specified fiscal years. While the search results mention a different company, NutriKosh India Limited, and a separate case involving ₹68.13 crore claims, they offer no evidence to support the specific claim about ACME India Industries.
- **HIGH** (LitigationStatus): The company has received a Rectification order dated February 04, 2025, against an original Demand Order dated February 04, 2025, for a final tax and penalty amount of ₹6,81,10,144.. The search results contain no information regarding a Rectification Order dated February 04, 2025, or any specific tax and penalty amount of ₹6,81,10,144. While there are references to litigation cases involving Acme India Industries Limited, none of the provided documents mention the specific date, order type, or monetary value claimed in the offer document.
- **LOW** (SubsidiaryPerformance): Acme India Industries Limited was originally incorporated as a Private Limited Company on December 22, 2021.. The search results do not contain information regarding the incorporation date of Acme India Industries Limited. While the documents mention the company's current share price, stock analysis, and business focus, none of the provided web links or snippets confirm the specific date of its original incorporation as December 22, 2021.
- **LOW** (LitigationStatus): The Department of Trade & Taxes issued a Show Cause Notice under Section 74 of the CGST/DGST Act dated March 18, 2021, proposing a demand of ₹60.88 lakhs for a mismatch between GSTR-2A and GSTR-3B for FY 2019-20.. The search results do not contain any information regarding a Show Cause Notice issued by the Department of Trade & Taxes under Section 74 of the CGST/DGST Act in March 2021, nor do they mention a specific demand of ₹60.88 lakhs for a GSTR-2A vs GSTR-3B mismatch for FY 2019-20. While the company is listed in the results, the provided snippets discuss unrelated legal cases, corporate announcements, and rating reports without addressing the specific tax claim mentioned in the offer document.
- **NONE** (SubsidiaryPerformance): The company awarded the first 'repair of wagons' orders worth ₹2,757.67 lakhs during FY 2025-26.. The provided search results do not contain any information regarding specific order awards, contract values, or financial performance for FY 2025-26. The available data only lists the company's current share price, market cap, and general business focus in the railway rolling stock sector, with no mention of the specific 'repair of wagons' orders worth ₹2,757.67 lakhs.
- **NONE** (LitigationStatus): The Draft Red Herring Prospectus was not filed with SEBI, nor SEBI issued any observation on the Offer Document in terms of Regulation 246(2) of SEBI (ICDR) Regulations, 2018.. The search results do not contain any information regarding the filing status of the Draft Red Herring Prospectus for Acme India Industries Limited or any observations issued by SEBI under Regulation 246(2). While the results mention the company's business activities and recent announcements, they do not address the regulatory filing status of the specific document mentioned in the claim.
- **NONE** (LitigationStatus): The Company has not been referred to the National Company Law Tribunal (NCLT) under the Insolvency and Bankruptcy Code, 2016.. The search results do not contain any information regarding the National Company Law Tribunal (NCLT) or Insolvency and Bankruptcy Code proceedings for Acme India Industries Limited. While search results mention other companies with similar names (NutriKosh, Man Industries) and unrelated entities (ACME Solar Holdings), none of the provided links or text references the specific legal status of Acme India Industries Limited concerning NCLT.
- **NONE** (SubsidiaryPerformance): The company entered into exclusive tie-ups for Vande Bharat Trains and metro projects during FY 2024-25.. The search results do not contain any information regarding exclusive tie-ups for Vande Bharat Trains or metro projects during FY 2024-25. The available data only provides share price metrics, stock analysis, and general business description without mentioning any specific project partnerships or contracts for that fiscal year.
- **NONE** (SubsidiaryPerformance): The company has three subsidiaries: ACVI Joint Venture Private Limited, ACME & Vibgyor JV Private Limited, and ACME And Vibgyor MLR JV Private Limited.. The search results do not contain any information regarding Acme India Industries Limited or its subsidiaries. The provided documents are unrelated to the Indian company, instead focusing on AVI-OIL India, Indian Oil Corporation, and IAI. Consequently, the claim cannot be verified based on the available data.

## Common questions

### How big is the Acme India Industries Limited IPO?

Acme India Industries Limited's IPO comprises a fresh issue of 54,07,200 shares and an offer for sale of 8.02 lakh shares, according to its Red Herring Prospectus. The price band is ₹186.00 to ₹196.00 per share.

### What are Acme India Industries Limited's revenue and profit?

Acme India Industries Limited reported revenue from operations of ₹264 Cr in FY26, +25.6% versus FY25. Net profit was ₹24 Cr (FY25: ₹16 Cr). Revenue grew at a compound rate of 11.2% a year from FY24 to FY26. Figures are read from the RHP, as printed there.

### How much do promoters own in Acme India Industries Limited?

Promoters hold 88.2% of Acme India Industries Limited before the IPO.

### How will Acme India Industries Limited use the IPO money?

The fresh-issue proceeds are earmarked for: 1 Funding to meet working capital requirements; (₹38 Cr); 2 Repayment and/or pre-payment, in full or part, of borrowing availed by our Company (₹41 Cr); Funding Capital Expenditure towards purchase of additional plant & machinery (₹6.3 Cr); General Corporate Purpose (amount not fixed yet). The offer-for-sale portion goes to the selling shareholders, not the company.

### What are the red flags in Acme India Industries Limited's RHP?

Earlier, we looked up 16 claims from the filing on the open web (we no longer do this, since SEBI reviews the filing): 5 raised a high concern, 0 medium and 2 low. The most notable: The search results do not contain any information regarding the company's order book, financial performance, or specific revenue figures for FY 2025-26. The… The provided search results do not contain any information regarding specific order awards or production volumes for FY 2024-25. The available data includes… The provided search results do not contain any information regarding the company's turnover for FY 2024-25. While the stock screener displays a market… This is an automated screen, not a verdict; each finding links to its sources.

### What does Acme India Industries Limited do?

Here’s what almost nobody noticed: despite the hype around the ACME India Industries IPO, the official documentation we found doesn't even explicitly list the core regulatory laws they claim to be following.

### Who manages the Acme India Industries Limited IPO?

Book running lead managers: HEM SECURITIES LIMITED. Registrar to the offer: BIGSHARE SERVICES PRIVATE LIMITED. Shares are proposed to list on BSE.

### Where can I read the original Acme India Industries Limited IPO documents?

All 1 filing for Acme India Industries Limited (RHP) are listed on this page with links to the original PDFs on SEBI's website. Every page reference cites the exact page of the source document.

## Source documents

- [Acme India Industries Limited](https://www.bseindia.com/downloads/ipo/AcmeIndiaIndustriesLimited_RHP&GID_290920262143.zip) (Red Herring Prospectus, filed 5 Oct 2026)

---
Source: InnerKore IPO (https://ipo.innerkore.com/). Read from public SEBI filings by automated extraction; check the linked documents. Not investment advice.