Acme India Industries IPO – Quick DRHP View
Acme India Industries IPO – Quick DRHP View I went through the RHP. Here’s my simple take: Business: Railway coach interiors, refurbishment & toilet upgradation – a niche railway opportunity. Growth: FY26 revenue ₹264 Cr and PAT ₹24.4 Cr, with a ₹738 Cr order book . Promoters: High promoter holding and industry experience; post-IPO holding remains substantial. IPO funds: Mainly for working capital, debt repayment and capex — rather than just a vague expansion story. Valuation: At ₹196, roughly 14x FY26 EPS ; looks reasonable, but not extremely cheap. Future: Railway modernisation and refurbishment offer growth opportunities. Key risks: High dependence on Indian Railways, tender-based business and working-capital requirements and supplier concentration. Bottom line: A niche railway business with strong order visibility and decent financials, but cash flow and railway dependence are the k...