Acme India Industries
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 92.76×
- Big non-institutionalbNII · above ₹10 lakh
- 208.54×
- Small non-institutionalsNII · ₹2–10 lakh
- 87.99×
- Retail individualRII · up to ₹2 lakh
- 65.04×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 13 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 09 Oct 2026 | ₹43 | — | ₹19,600 | ₹239 | ₹25,800 |
| 08 Oct 2026 | ₹43 | — | ₹19,600 | ₹239 | ₹25,800 |
| 07 Oct 2026 | ₹59 | — | ₹26,900 | ₹255 | ₹35,400 |
| 06 Oct 2026 | ₹65 | — | ₹29,600 | ₹261 | ₹39,000 |
| 05 Oct 2026 | ₹40 | — | ₹18,200 | ₹236 | ₹24,000 |
| 04 Oct 2026 | ₹30 | — | ₹13,700 | ₹226 | ₹18,000 |
| 03 Oct 2026 | ₹30 | — | ₹13,700 | ₹226 | ₹18,000 |
| 02 Oct 2026 | ₹25 | — | ₹11,400 | ₹221 | ₹15,000 |
| 01 Oct 2026 | ₹25 | — | ₹11,400 | ₹221 | ₹15,000 |
| 30 Sep 2026 | ₹30 | — | ₹13,700 | ₹226 | ₹18,000 |
| 29 Sep 2026 | ₹30 | — | ₹13,700 | ₹226 | ₹18,000 |
| 28 Sep 2026 | ₹30 | — | ₹13,700 | ₹226 | ₹18,000 |
| 27 Sep 2026 | ₹30 | — | ₹13,700 | ₹226 | ₹18,000 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Bids received
The demand behind each multiple — what was offered, what was bid for, and what those bids are worth
| Category | Shares offered | Shares bid for | Bids (₹ Cr) | Times |
|---|---|---|---|---|
| Qualified institutional | 11,79,000 | 16,26,23,400 | ₹3,187 Cr | 137.93× |
| Non-institutional | 8,85,600 | 17,38,16,400 | ₹3,407 Cr | 196.27× |
| Big non-institutionalwithin NII | 5,88,600 | 14,22,46,800 | ₹2,788 Cr | 241.67× |
| Small non-institutionalwithin NII | 2,97,000 | 3,15,69,600 | ₹619 Cr | 106.29× |
| Retail individual | 20,64,000 | 17,64,72,000 | ₹3,459 Cr | 85.50× |
| Total | 41,28,600 | 51,29,11,800 | ₹10,053 Cr | 124.23× |
Times subscribed is the figure published for each category, not shares bid for divided by shares offered — a category's multiple is struck against its own allottable base, which is not always the offered count shown beside it. Observed 06 Oct, 05:56 pm IST; the registrar publishes the final basis of allotment.
Issue details
- IPO date
- 30 Sep 2026 – 06 Oct 2026
- Listing date
- 09 Oct 2026
- Face value
- ₹10 per share
- Price band
- ₹186 – ₹196
- Lot size
- 600 shares
- Sale type
- Fresh capital cum OFS
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹122 Cr
- Fresh issue
- ₹99.82 Cr 50,92,800 shares
- Offer for sale
- ₹15.71 Cr 8,01,600 shares
- Market cap at offer price
- ₹460 Cr
- Promoter holding
- 88.19% → 64.46% pre-issue → post-issue
- ISIN
- INE162701010
- CIN
- U93090DL2021PLC391603
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Hem Securities Ltd.
- Registered office
- Plot No-34, Second Floor Dwarka Sector-3, New Delhi, Delhi, Delhi, India, 110078
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 11,79,000 | 28.56% | 26.54% |
| Anchor investor · within QIB | 17,65,800 | — | 39.74% |
| NII (HNI) | 8,85,600 | 21.45% | 19.93% |
| bNII > ₹10L · within NII | 5,88,600 | — | 13.25% |
| sNII < ₹10L · within NII | 2,97,000 | — | 6.68% |
| Retail (RII) | 20,64,000 | 49.99% | 46.46% |
| Employee | 0 | — | 0.00% |
| Market maker | 3,14,400 | — | 7.08% |
| Total issue | 44,43,000 | — | 100.00% |
Net offer to the public of 41,28,600 shares, out of a total issue of 44,43,000. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 600 shares per lot, in multiples, at ₹196
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 600 | ₹1,17,600 |
| S-HNI (min) | 2 | 1,200 | ₹2,35,200 |
| S-HNI (max) | 8 | 4,800 | ₹9,40,800 |
| B-HNI (min) | 9 | 5,400 | ₹10,58,400 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹196 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 13.48 | 10.38 |
| P/E (×) | 14.54 | 18.88 |
| Price to book (×) | 3.27 | — |
| Market cap | — | ₹460 Cr |
Key performance indicators
Latest reported period, consolidated
- Return on net worth
- 23.52%
- ROCE
- 27.00%
- Debt / equity
- 0.82
- PAT margin
- 9.24%
- EBITDA margin
- 15.10%
- NAV per share
- ₹59.94
- Price to book
- 3.27
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Consolidated ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 267.89 | 213.45 | 215.02 |
| Revenue from operations | 263.71 | 210 | 213.43 |
| Other income | 4.18 | 3.46 | 1.59 |
| Total expenses | 234.67 | 189.32 | 189.08 |
| Operating profit | 33.22 | 24.13 | 25.94 |
| Operating margin | 12.40% | 11.30% | 12.06% |
| Profit before tax | 33.22 | 24.14 | 25.94 |
| Profit after tax | 24.36 | 16.46 | 19.21 |
| PAT margin | 9.09% | 7.71% | 8.93% |
| Balance sheet | |||
| Total assets | 382.79 | 272.45 | 217.6 |
| Current assets | 351.44 | 234.53 | 182.98 |
| Current liabilities | 278.55 | 215.61 | 179.53 |
| Total liabilities | 279.24 | 217.09 | 181.79 |
| Net worth | 103.56 | 55.41 | 35.81 |
| Current ratio | 1.26× | 1.09× | 1.02× |
| Return on equity | 23.52% | 29.71% | 53.64% |
| Cash flow | |||
| Operating cash flow | -11.5 | 23.97 | -6.09 |
| Investing cash flow | -3.97 | -28.52 | -17.11 |
| Financing cash flow | 15.44 | 4.72 | 23.05 |
| Net cash flow | -0.03 | 0.17 | -0.15 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Funding to Meet Working Capital Requirements ₹38 Cr
The company proposes to utilize a portion of the Fresh Issue proceeds towards funding its long-term working capital requirements, including executing increased order volumes, high inventory levels, high debtors, advance payments to suppliers, and security deposits.
2 Repayment and/or Pre-payment of Borrowings ₹41 Cr
The company intends to utilize a portion of the Net Proceeds to repay in part or full certain borrowings availed from lenders, which is expected to reduce outstanding indebtedness, debt servicing costs, and improve the company's leverage capacity for future growth.
3 Funding Capital Expenditure towards Purchase of Additional Plant & Machinery ₹6.27 Cr
The company proposes to utilize a portion of the Net Proceeds for purchasing machinery and equipment including 3D Printers, Press Brake, Optical Emission Spectrometer, Welding Machines, and Vacuum Forming Machines to enhance in-house manufacturing capabilities and production efficiency.
4 General Corporate Purpose —
The company intends to deploy the balance Fresh Issue proceeds towards general corporate purposes including meeting operating expenses, initial development costs, strengthening business development and marketing capabilities, and meeting unforeseen exigencies, subject to a cap of 15% of Gross Proceeds or Rs. 10 crores, whichever is lower.
1 of 4 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About Acme India Industries
Acme India Industries Limited, incorporated on December 22, 2021 and converted to a Limited Company on July 29, 2024, operates in the Indian railway rolling stock sector. The Company provides turnkey furnishing solutions for interiors of new railway coaches, refurbishment and up-gradation of existing coaches, conversion of old coaches, modernization of toilet facilities within railway coaches, and manufacturing and supply of components to railways. For the fiscal years ended March 31, 2026, 2025, and 2024, the Company derived total revenues from Indian Railways of ₹12,306.45 Lakhs (46.77%), ₹19,222.62 Lakhs (91.54%), and ₹18,542.42 Lakhs (88.00%), respectively, representing a significant portion of total revenue. The Company has three subsidiary companies engaged in similar line of business: ACVI Joint Venture Private Limited (51.04% equity), ACME & Vibgyor JV Private Limited (51.53% equity), and ACME and Vibgyor MLR JV Private Limited (51.60% equity).
Management
Suraj Pandey
MD
Sadhvi Pandey
Director
Dilip Kumar Agarwal
Director
Ashwini Kumar Pandey
Director
Lakshmi Raman
Director
Devdutt Gajanan Salpekar
Director
Radhey Shyam Vishwakarma
CFO
Bhawna
Director of HR
Sivesh Mishra
COO
Strengths
As stated in the offer document
Established Market Presence with Diversified Range of Products and Services
The company has established a strong presence in the Indian railway sector, having completed turnkey furnishing of 1,610 coaches, refurbished 1,888 coaches, and upgraded 10,948 toilet units since 2017, spanning 28 coach variants across 3 production units, 2 mid-life rehabilitation units, and 16 zonal railways.
Healthy Portfolio of Order Book
The company holds an order book of ₹73,797.33 lakhs as of June 30, 2026, diversified across turnkey furnishing (8.51%), refurbishment/upgradation (9.13%), toilet upgradation (46.92%), supply to private clients (31.04%), and supply to Indian Railways (4.40%).
Experienced Promoters with Strong Management Team
The company is led by promoters with over 28 years of combined industry experience, supported by board members bringing 42, 42, and 38 years of expertise from Indian Railways and NTPC respectively, enabling strong strategic decision-making and market execution.
Multiple Global Tie-ups and Representations
The company has established exclusive tie-ups with global entities from Russia, USA, Belgium, and South Korea for specialized products including doors, photosensitized aluminium foils, fire-retardant coatings, and PAPIS systems for Vande Bharat and Metro projects.
Fully Integrated Manufacturing Plant with Quality Certifications
The company operates an in-house manufacturing facility of over 92,000 sq. ft. in Sonipat, Haryana, and holds ISO 9001:2015 certification from TUV Nord Group (Germany) and ISO 15085 certification from UK Certification & Inspection, ensuring compliance with railway-grade quality standards.
Risk factors
As stated in the offer document
Entire Business Dependency on Indian Railways
The company's business operations and revenues are entirely dependent on Indian Railways, which contributed ₹12,306.45 Lakhs (46.77%), ₹19,222.62 Lakhs (91.54%), and ₹18,542.42 Lakhs (88.00%) of total revenue for FY2026, FY2025, and FY2024 respectively. Any adverse change in Ministry of Railways policy, reduction in coach spending, or withdrawal of private sector programs could materially impact financial condition and results of operations.
High Working Capital Requirements and Negative Cash Flows
The company is exposed to significant working capital risks, with a working capital gap growing from ₹8,257.64 Lakhs (FY2024) to ₹15,481.72 Lakhs (FY2026), driven by high trade receivables, inventories, and bank guarantee requirements. Net cash flow from operating activities was negative at ₹(1,150.16) Lakhs in FY2026 and ₹(609.37) Lakhs in FY2024, posing liquidity and financial stability risks.
Significant Contingent Liabilities
The company faces total contingent liabilities of ₹9,463.66 Lakhs as of March 31, 2026, including bank guarantees of ₹4,402.56 Lakhs, LC issued by banks of ₹2,987.61 Lakhs, and income tax/TDS demands of ₹1,469.15 Lakhs. If these contingent liabilities materialize, they could significantly impair the company's financial position and cash flows.
Dependence on Limited Number of Suppliers for Raw Materials
The company's top 10 suppliers accounted for 76.95%, 66.88%, and 58.15% of total purchases in FY2026, FY2025, and FY2024 respectively, indicating high supplier concentration risk. The absence of long-term supply contracts exposes the company to supply disruptions, price volatility, and quality inconsistencies that could adversely affect manufacturing schedules and financial performance.
Outstanding Legal Proceedings Against the Company, Directors, and Promoters
The company faces multiple outstanding legal proceedings including criminal cases (2 cases, ₹183.58 Lakhs), direct tax disputes (6 cases, ₹1,469.14 Lakhs), and other material litigations totaling significant amounts. Adverse outcomes could impact cash flows, divert management attention, and materially affect the company's financial condition and reputation.
Significant Indebtedness and Restrictive Loan Covenants
The company carries total outstanding indebtedness of ₹8,518.21 Lakhs as of March 31, 2026, including secured loans of ₹6,791.40 Lakhs, with unsecured loans of ₹1,726.81 Lakhs (20.27% of total debt) that may be recalled at any time. Restrictive covenants in loan agreements limit operational flexibility, and any default could trigger immediate repayment obligations, adversely affecting business continuity.
Transfer of Personal Assets and Unidentified Liabilities from Proprietorship Acquisition
During the acquisition of M/s Acme India, personal assets worth ₹1,824.72 Lakhs and unrelated liabilities of ₹3,543.61 Lakhs were initially transferred to the company and subsequently reversed, raising concerns about financial statement accuracy and consistency. Potential regulatory scrutiny, audit qualifications, or creditor disputes arising from these reversals could expose the company to financial and reputational risks.
Concentration Risk from Tender-Based Order Book
The company's order book of ₹73,797.33 Lakhs (as of June 30, 2026) is predominantly dependent on competitive tender awards from Indian Railways, with no assurance of continued contract wins. Project cancellations, scope changes, execution delays, or client payment defaults could materially reduce revenue realization and harm cash flow positions.
Severe Seasonal Revenue Concentration
The company experiences extreme revenue seasonality, with 91.13% of FY2026 revenues (₹23,979.92 Lakhs) concentrated in the October–March period versus only 8.87% (₹2,334.89 Lakhs) in April–September. This cyclicality, driven by government tender timing and budget allocations, creates significant quarterly cash flow volatility and operational planning challenges.
Regulatory Non-Compliance and Corporate Governance Deficiencies
The company has a history of delayed and erroneous ROC filings (33 instances identified), delayed GST payments (up to 119 days), delayed EPF contributions (up to 294 days), and non-compliance with Section 77 of the Companies Act, 2013 regarding charge creation. These recurring compliance failures expose the company to regulatory penalties, reputational damage, and potential adverse actions by statutory authorities.
Company Analysis
from RHPAcme India Industries Limited designs, manufactures, and supplies interior furnishing solutions and components for Indian railway coaches, spanning railway coach furnishing, refurbishment, and modernization services.
Acme India Industries Limited, incorporated on December 22, 2021 and converted to a Limited Company on July 29, 2024, operates in the Indian railway rolling stock sector. The Company provides turnkey furnishing solutions for interiors of new railway coaches, refurbishment and up-gradation of existing coaches, conversion of old coaches, modernization of toilet facilities within railway coaches, and manufacturing and supply of components to railways. For the fiscal years ended March 31, 2026, 2025, and 2024, the Company derived total revenues from Indian Railways of ₹12,306.45 Lakhs (46.77%), ₹19,222.62 Lakhs (91.54%), and ₹18,542.42 Lakhs (88.00%), respectively, representing a significant portion of total revenue. The Company has three subsidiary companies engaged in similar line of business: ACVI Joint Venture Private Limited (51.04% equity), ACME & Vibgyor JV Private Limited (51.53% equity), and ACME and Vibgyor MLR JV Private Limited (51.60% equity).
Objects of the Issue
- Funding working capital requirements of our Company p.30
- Capital expenditure towards purchase of additional plant and machinery for usage in the manufacturing unit p.39
- Funding to meet working capital requirements ₹3,800.00 lakhs p.91
- Repayment and/or pre-payment, in full or part, of borrowing availed by our Company ₹4,100.00 lakhs p.91
- Funding Capital Expenditure towards purchase of additional plant & machinery ₹627.30 lakhs p.91
- General Corporate Purpose p.91
- Capital Expenditure for Manufacturing Equipment ₹627.30 lakhs (inclusive of GST) / ₹558.82 lakhs (exclusive of GST) p.98
- General Corporate Purpose p.99
- Objects of the Offer as stated in the document relating to funding capex, working capital, and other corporate purposes
Issue Structure
- Total Issue
- Up to 62,08,800 Equity Shares aggregating up to ₹[●] Lakhs
- Fresh Issue
- Up to 54,07,200 Equity Shares aggregating to ₹[●] Lakhs
- Offer for Sale
- 8,01,600 Equity shares aggregating to ₹[●] lakhs by Suraj Pandey
- Price Band
- ₹[●] (Floor Price) to ₹[●] (Cap Price)
- Lot Size
- [●]
- Face Value
- ₹10 per Equity Share
Business Model
The Company earns revenue through providing turnkey furnishing solutions for railway coach interiors, refurbishment and upgradation of existing coaches, toilet facility modernization, and manufacturing and supply of components to Indian Railways. These contracts are primarily awarded through competitive bidding processes by the Indian Railways and public sector undertakings.
Business Segments
SWOT Analysis
- • Large contract base with Indian Railways providing stable revenue stream(p.46)
- • Established market presence with no listed direct competitors(p.45)
- • Growing order book and revenue trajectory(p.59)
- • Consistent profitability with positive net margins(p.59)
- • Established relationships with government customers(p.90)
- • Strong track record of securing significant railway coach orders(p.156)
- • Rapid business expansion with substantial order book growth(p.156)
- • Diversified revenue streams across railway refurbishment segments(p.193)
- • Experienced promoter leadership in railway coach refurbishment(p.178)
- • Recent significant contract wins in specialized segments(p.156)
- • Strong financial growth trajectory(p.156)
- • Strategic international partnerships(p.156)
- • Established market presence across 16 railway zones with 3 production units(p.266)
- • Successful track record of 28 turnkey furnishing projects delivering 1,610 coaches(p.266)
- • Significant refurbishment execution capacity with 1,888 coaches refurbished till August 2025(p.266)
- • Extensive toilet upgradation track record of 10,948 units completed(p.266)
- • ISO 9001:2015 certification and ISO 15085 certification for welding standards(p.267)
- • Experienced promoter leadership with 15+ and 10+ years of railway industry experience(p.267)
- • Empanelled as Business Associate with Navratna PSU of Government of India(p.267)
- • ISO certification for quality management systems in manufacturing(p.295)
- • Imiporter-Exporter Code registration enabling international trade(p.293)
- • Registration as Medium enterprise under MSME framework(p.293)
- • Entire business dependent on Indian Railways with significant revenue concentration(p.27)
- • High dependence on limited number of suppliers for raw materials(p.29)
- • Transferred personal assets and unidentified liabilities without clear ownership(p.31)
- • Negative cash flows from operating and investing activities in past(p.32)
- • Multiple delays and errors in statutory filings with ROC(p.32)
- • Does not own key operating premises; dependent on leases and sub-licenses(p.33)
- • Order book may not be representative of future results(p.34)
- • Trademarks not registered; applications objected(p.36)
- • High debt burden with ₹8,518.21 lakhs total outstanding indebtedness(p.48)
- • Dependence on third-party transportation services with no long-term agreements(p.45)
- • Significant working capital gaps requiring substantial financing(p.93)
- • Some company assets registered in promoter name creating ownership disputes risk(p.45)
- • Inexperienced board lacking listed company governance experience(p.47)
- • No independent verification of industry data and market assumptions(p.49)
- • Significant dependence on a few major customers (Indian Railways)(p.193)
- • Substantial outstanding income tax disputes(p.201)
- • Recurring delays in statutory dues payments(p.200)
- • Unpaid advance tax liabilities(p.200)
- • Consolidated subsidiaries operating at a loss(p.159)
- • Audit trail control deficiencies in accounting software(p.183)
- • Heavy dependence on single customer (Indian Railways)(p.273)
- • Significant debt burden with debt-to-equity ratio of 0.82 and total debt of ₹8,518.21 lakhs(p.255)
- • High finance costs of ₹1,271.23 lakhs in FY 2026 indicating reliance on expensive borrowings(p.268)
- • Litigation involving company directors including criminal proceedings for dishonoured cheques(p.277)
- • Material outstanding litigations including ₹1.50 crore copyright infringement claim(p.278)
- • Working capital constraints with high inventory and receivables requiring significant funding(p.268)
- • Concentrated production facilities in single state (Haryana) creating operational risk(p.267)
- • Promoter litigation involving substantial tax demands pending resolution(p.286)
- • Multiple GST disputes involving significant amounts owed by promoter entity(p.287)
- • Promoter involvement in arbitration dispute with Indian Railways regarding contract forfeiture(p.284)
- • Trademark applications facing objections and pending hearings(p.296)
- • Copyright infringement case filed against promoters by Siemens involving ₹1.5 crore(p.285)
- • Employee wage dispute involving group company subsidiary(p.290)
- • Expansion into railway coach refurbishment and upgradation services(p.90)
- • Leverage IPO proceeds for working capital expansion and capacity building(p.92)
- • Strategic debt reduction to improve financial ratios and borrowing capacity(p.94)
- • Growing Indian railway modernization and safety upgradation initiatives(p.90)
- • Expansion into new railway segments including Metro and Monorail projects(p.155)
- • Entry into defense and hygiene product segments(p.155)
- • Automotive segment expansion opportunity(p.155)
- • Health, safety and environmental products market entry(p.155)
- • Exclusive arrangements for PAPIS (premium coach components) for Vande Bharat and Metro(p.156)
- • Expansion of railway coach modernization through turnkey furnishing services across all coach factories(p.266)
- • Large-scale refurbishment cycle of existing railway coaches with typical 10-12 year replacement cycle(p.266)
- • Government initiative for railway infrastructure modernization and sanitation improvement(p.266)
- • Diversification into allied infrastructure segments beyond railways(p.268)
- • Supply and component manufacturing for new railway technologies like Vande Bharat coaches(p.266)
- • Geographic expansion potential across underserved railway zones and new project locations(p.266)
- • Business opportunity in supply of exterior and interior coach components for Indian Railways(p.295)
- • Expansion into railway safety equipment through group company manufacturing automated wayside detection systems(p.297)
- • Strategic diversification through group companies in digital marketing and software development for railways(p.298)
- • Factory operations and manufacturing capacity in Haryana with valid environmental and fire safety certifications(p.294)
- • Risk of adverse changes in Ministry of Railways policy affecting contracts(p.27)
- • Competitive bidding risk; no assurance of future contract awards(p.28)
- • Outstanding legal proceedings involving Company, Directors and Promoters(p.28)
- • Strict quality requirements and risk of rework/replacement orders(p.29)
- • Supply chain risks from supplier failures or material interruptions(p.29)
- • Working capital risks and delays/defaults in customer payments(p.30)
- • Contingent liabilities of ₹9,463.66 lakhs could materialize(p.35)
- • Risk of approval/license non-renewal or delay(p.34)
- • Delays in statutory filings with EPFO, ESIC, GST authorities(p.40)
- • Risk of delays in order implementation and execution(p.41)
- • Intense competition from organized and unorganized players affecting pricing power(p.45)
- • Dependence on government customer order flows and payment cycles(p.94)
- • Technology obsolescence risk requiring substantial capital investment(p.45)
- • Exposure to regulatory changes in labor laws and compliance requirements(p.51)
- • Limited liquidity on SME Platform affecting share price and investor exit(p.46)
- • Exposure to economic cycles, interest rate changes, and global financial instability(p.52)
- • Natural calamities and infrastructure disruptions impacting operations(p.52)
- • Significant dependent on single customer (Indian Railways) and orders from specific projects(p.193)
- • Regulatory compliance and taxation uncertainties(p.201)
- • Quarterly working capital statement discrepancies with lenders(p.200)
- • High leverage with substantial short-term borrowings(p.187)
- • Dependence on bank working capital facilities for operations(p.200)
- • Policy changes and regulatory amendments affecting warranty guidelines and recovery mechanisms(p.281)
- • Government spending and budgetary constraints affecting railway infrastructure investment(p.268)
- • Material supply chain disruptions and inflation affecting material costs(p.268)
- • Industry cyclicality and seasonal variations in railway project execution(p.273)
- • Macroeconomic pressures including interest rate fluctuations and inflation(p.268)
- • Regulatory changes in requirements and specifications by Indian Railways(p.268)
- • Regulatory taxation scrutiny affecting promoter and entity compliance with multiple tax proceedings pending(p.286)
- • GST regulatory action and demand orders involving overlapping assessments and extended limitation periods(p.288)
- • Arbitration and contract disputes with major government entity impacting business relationships(p.284)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Suraj Pandey | Promoter | — | — |
| Sadhvi Pandey | Promoter | — | — |
| Suraj Pandey | Promoter | 87.29% | 63.77% |
| Sadhvi Pandey | Promoter | 0.90% | 0.69% |
| Suraj Pandey | Promoter | — | — |
| Sadhvi Pandey | Promoter | — | — |
| Suraj Pandey | Promoter | 87.29% | — |
| Sadhvi Pandey | Promoter | 0.90% | — |
| Suraj Pandey | Promoter/Managing Director | — | — |
| Sadhvi Pandey | Promoter/Whole-Time Director | — | — |
| Suraj Pandey | Promoter | 44.46% | — |
| Suraj Pandey | Promoter Selling Shareholder | — | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.