Acme India Industries Limited IPO

01At a glance

Acme India Industries IPO date, price band and lot size

What the company does: designs, makes and fits the interiors of railway passenger coaches (seats, berths, panels, toilets, flooring), refurbishes old coaches, upgrades coach toilets and supplies components, working mainly on tenders from Indian Railways (RHP p.126).

Who pays it: Indian Railways was 46.77% of FY26 revenue, against 91.54% in FY25 and 88.00% in FY24 (RHP p.27). In FY26 two entities that the prospectus lists as controlled by key management personnel or their relatives, Vibhata Solutions LLP and Vibgyor Innovations Pvt Ltd., bought ₹6,727.94 lakh and ₹3,064.45 lakh, together 37.1% of revenue (our arithmetic, RHP p.252, RHP p.254, RHP p.59).

Why it is raising money: ₹4,100.00 lakh to repay borrowings and ₹3,800.00 lakh for working capital, plus ₹627.30 lakh of machinery (RHP p.91).

How fast it has grown: revenue from ₹21,343.46 lakh in FY24 to ₹26,370.77 lakh in FY26, about 11.2% a year, and profit after tax from ₹1,920.73 lakh to ₹2,435.77 lakh, about 12.6% a year (our arithmetic, RHP p.59).

The one thing to understand: the business is paid slowly. Trade receivables were ₹25,218.46 lakh at March 2026, close to a full year's revenue, and operating cash flow was negative in two of the three years (RHP p.58, RHP p.60). FY25 revenue included ₹10,399.96 lakh booked under a bill and hold arrangement (RHP p.242).

02The business, in plain words

What Acme India Industries does

Acme India Industries took over a sole proprietorship, Acme India, that its promoter Suraj Pandey had run since 2012; the company itself was incorporated on December 22, 2021 (RHP p.126). Its work comes from railway tenders on the Indian Railways e-procurement portal (RHP p.127). It has fitted out 1,610 new coaches in 28 turnkey projects since 2017, refurbished or upgraded 1,888 coaches since 2018 and upgraded 10,948 coach toilets (RHP p.126, RHP p.127).

Indian Railways (or a supply customer) → coach interiors, refurbishment, toilet upgrades and components → bought in from suppliers or made at a factory in Sonipat, Haryana, and fitted at railway workshops → paid per coach against inspected work.

It makes some items itself, such as fibre reinforced plastic panels and toilet modules, and supplies others bought from third parties, including vacuum circuit breakers (RHP p.127, RHP p.134). Under turnkey and refurbishment contracts a contractor typically receives about 70% of the per-coach payment on supply of material and 30% on execution (RHP p.31). The company gives a performance bank guarantee of around 5% to 10% of each work order, secured by fixed deposits (RHP p.93). It had 43 employees on its own payroll and 235 on an outsourced payroll at June 30, 2026 (RHP p.142).

Earnings equation: Profit ≈ coaches or units delivered × contract price per unit − bought-in materials and stock − installation, site and labour cost − interest on working capital. The prospectus gives no revenue per coach and no volume by year, only cumulative totals.

03Where the money comes from

Source: RHP p.134, RHP p.242.

Acme India Industries customers: how concentrated the revenue is

The mix moved sharply in FY26: turnkey furnishing fell from 51.59% of revenue to 8.29%, and supply rose from 15.42% to 53.23% (RHP p.134). The prospectus gives no top-customer table. It gives Indian Railways' share: 88.00% in FY24, 91.54% in FY25 and 46.77% in FY26 (RHP p.27). Related-party sales to Vibhata Solutions LLP (₹6,727.94 lakh) and Vibgyor Innovations Pvt Ltd. (₹3,064.45 lakh) were 25.5% and 11.6% of FY26 revenue (our arithmetic, RHP p.252, RHP p.254, RHP p.59). Revenue is concentrated: one government buyer and two related entities account for about 84% of FY26 revenue on these figures (our arithmetic, RHP p.27, RHP p.254).

Revenue is also concentrated in time: October to March was 91.13% of FY26 sales, 76.25% of FY25 and 81.98% of FY24 (RHP p.30).

04The growth record

Acme India Industries financials: revenue, profit and margins

Source: RHP p.106, RHP p.60.

Net worth was ₹3,562.80 lakh, ₹5,536.82 lakh and ₹10,354.71 lakh; return on net worth 53.91%, 29.72% and 23.52%; return on capital employed 30.08%, 24.03% and 23.20% (RHP p.106). Borrowings were ₹6,979.93 lakh, ₹8,116.87 lakh and ₹8,518.21 lakh at the three year ends (our arithmetic, RHP p.58), and debt to equity 1.96, 1.47 and 0.82 times (RHP p.257).

Our arithmetic: revenue grew about 11.2% a year from FY24 to FY26, EBITDA about 16.0% and profit about 12.6%; EBITDA margin rose 125 basis points and PAT margin 24 basis points (RHP p.106). FY25 revenue was 1.6% lower than FY24 (RHP p.271). Other income of ₹417.95 lakh was 12.6% of FY26 profit before tax of ₹3,322.05 lakh (our arithmetic, RHP p.59). Trade receivable days, on the standalone figures including unbilled revenue, were 263 in FY24, 294 in FY25 and 416 in FY26 (RHP p.93).

The FY25 and FY24 audited profits were restated: ₹1,579.75 lakh became ₹1,645.68 lakh and ₹1,888.22 lakh became ₹1,920.73 lakh, mainly through MSME interest, deferred tax and income tax adjustments (RHP p.211).

05What the growth is made of

Revenue rose from ₹21,343.46 lakh in FY24 to ₹26,370.77 lakh in FY26 (RHP p.59). The whole increase, and more, came from supply: supply revenue rose from ₹3,162.84 lakh to ₹14,006.81 lakh while turnkey furnishing fell from ₹12,329.82 lakh to ₹2,181.72 lakh (RHP p.134). In FY26 the related-party sales to Vibhata Solutions LLP and Vibgyor Innovations Pvt Ltd. came to ₹9,792.39 lakh, against ₹13.15 lakh of related-party sales to Vibgyor Innovations in FY25 (our arithmetic, RHP p.252, RHP p.254). The management discussion attributes the FY26 increase to supply, which it says rose 332.51% (RHP p.270).

The prospectus does not say which of the supply revenue went to which customer, and it does not give coaches, units or tonnes delivered in each year, so the increase cannot be split into volume and price. The order book at June 30, 2026 was ₹73,797.33 lakh, of which toilet upgradation was 46.92% and supply to private clients 31.04% (RHP p.128). The prospectus does not name the private clients.

06Earnings quality

Receivables are the item that needs explaining. At March 2026 they were ₹25,218.46 lakh against FY26 revenue of ₹26,370.77 lakh (RHP p.58, RHP p.59), and ₹7,938.97 lakh of them were due from one related party, Vibhata Solutions LLP (RHP p.254). The prospectus attributes the long collection cycle to sales skewed to the last quarter and to government payments released after inspection (RHP p.94).

The stock statements given to banks differed from the books: at March 31, 2025 the statement showed trade receivables of ₹8,484.21 lakh against ₹18,222.47 lakh in the books, a gap of ₹9,738.26 lakh the prospectus puts down to unbilled revenue (RHP p.208). Interest on statutory dues rose from ₹38.80 lakh in FY24 to ₹223.10 lakh in FY26 (RHP p.246).

07The balance sheet

At March 2026 borrowings were ₹8,518.21 lakh, of which ₹6,791.40 lakh secured and ₹1,726.81 lakh unsecured and repayable on demand (RHP p.256, RHP p.46, RHP p.44). Short-term borrowings included ₹903.67 lakh of loans from related parties (RHP p.230). Cash and bank balances were ₹3,579.22 lakh, but only ₹34.62 lakh was cash and bank balance; the rest was fixed deposits pledged as margin for loans, guarantees and letters of credit (RHP p.240, RHP p.241).

Trade payables were ₹16,276.83 lakh, including ₹5,191.42 lakh due to micro and small enterprises, on which ₹328.23 lakh of interest had accrued unpaid (RHP p.231, RHP p.232). Contingent liabilities were ₹9,463.66 lakh, of which ₹7,390.17 lakh bank guarantees and letters of credit (our arithmetic, RHP p.62); a risk factor gives ₹9,298.17 lakh for the same date (RHP p.35).

Our arithmetic: borrowings less the ₹4,100.00 lakh repayment object (RHP p.58, RHP p.91). Borrowings at June 30, 2026 were ₹7,332.84 lakh (RHP p.94). Net debt at March 2026, borrowings less all cash and bank balances, was ₹4,938.99 lakh, 1.2 times FY26 EBITDA (our arithmetic, RHP p.58, RHP p.106). The debt service coverage ratio was 0.89 times in FY26 against 1.93 in FY25 (RHP p.257).

08What the money is for

Acme India Industries IPO objects: what the money is for

Source: RHP p.91, RHP p.92.

The working capital estimate assumes receivable days falling to 200 and payable days to 105 in FY27, from 416 and 371 in FY26 (RHP p.93). The machinery, including 3D printers, a press brake, a laser cutter and a vacuum forming machine, is based on quotations; no orders have been placed (RHP p.98). General corporate purposes are capped at 15% of gross proceeds or ₹10 crore, whichever is lower (RHP p.91). Brickwork Ratings India Private Limited is the monitoring agency (RHP p.102).

Into the business 54,07,200 new shares; the amount is not stated because the price is blank (RHP p.55). To selling shareholders 8,01,600 shares from Suraj Pandey; the amount is not stated (RHP p.55, RHP p.56).

Before the prospectus, in December 2025, the company placed 10,80,000 shares at ₹190 each for ₹2,052 lakh, and the offer was reduced accordingly (RHP p.56).

09Who is selling

Acme India Industries IPO offer for sale: who is selling

Source: RHP p.56; the percentage is our arithmetic. The shares offered are 4.44% of the pre-offer capital (RHP p.79). The prospectus gives Suraj Pandey's weighted average cost of acquisition as ₹4.88 a share (RHP p.1).

10Promoters

The promoters are Suraj Pandey, the managing director, and Sadhvi Pandey, the whole-time director, who are husband and wife as the prospectus states (RHP p.176, RHP p.174). Suraj Pandey, 43, has about 24 years of work experience in turnkey furnishing and refurbishment of railway coaches, according to the prospectus (RHP p.164).

Both are directors of several group companies, including Acme India Equipment Manufactures Private Limited and Acme Mobility Solutions Private Limited, which transact with the company (RHP p.162, RHP p.251, RHP p.252). None of the directors has served on the board of a listed company (RHP p.47). The promoters have given personal guarantees for the bank facilities (RHP p.97). None of their shares is pledged (RHP p.85).

Promoter economics: Suraj Pandey's average cost is ₹4.88 a share and Sadhvi Pandey's ₹5.00 (RHP p.85). Their holdings came from subscription to the memorandum at ₹10 in December 2021, a loan conversion at ₹10 in December 2022 and a 1:1 bonus in September 2024 (RHP p.85). On September 19, 2026, five days before the prospectus, Suraj Pandey transferred 3,82,800 shares to Convivial Advisors LLP at ₹196 each (RHP p.85). The prospectus elsewhere states that no promoter bought or sold shares in the six months before filing (RHP p.86).

Remuneration: Suraj Pandey was paid ₹60.00 lakh in FY24, ₹195.00 lakh in FY25 and ₹240.00 lakh in FY26, and Sadhvi Pandey ₹12.00 lakh, ₹183.00 lakh and ₹240.00 lakh (RHP p.64, RHP p.65). Total director remuneration rose from ₹72.00 lakh in FY24 to ₹484.00 lakh in FY26 (RHP p.204). The company leases its registered office and corporate office floors from Suraj Pandey at ₹1,50,000 a month each (RHP p.143), and some company vehicles are registered in Suraj Pandey's name (RHP p.45).

11Who already owns it

Acme India Industries promoter holding before and after the IPO

Source: RHP p.84, RHP p.85. The promoters hold 88.19% before the offer and 64.46% after it, on 2,34,72,200 shares (RHP p.85, RHP p.56); a risk factor gives 66.10% after the offer (RHP p.49). The company has 35 shareholders (RHP p.88).

Entry prices: 1,20,000 shares at ₹90 in March 2024, 22,000 at ₹90 in April 2024, 1,87,000 at ₹165 in March 2025, 2,00,000 at ₹165 in June 2025 and 10,80,000 at ₹190 in December 2025 (RHP p.80). The December 2025 placement went to 14 subscribers led by Sanshi Fund-I with 5,25,600 shares (RHP p.82).

12What changed just before the IPO

• The company became a public company, with a fresh certificate dated July 29, 2024 (RHP p.2).
• A 1:1 bonus issue of 82,99,000 shares in September 2024 (RHP p.80).
• Private placements at ₹165 in March and June 2025 and at ₹190 in December 2025 (RHP p.80).
• The statutory auditor changed: S K Mishra & Gujarati resigned on March 5, 2024 and Khandelwal Jain & Co. was appointed on April 26, 2024 (RHP p.76).
• Promoter remuneration rose from ₹72.00 lakh in FY24 to ₹480.00 lakh in FY26 (our arithmetic, RHP p.64, RHP p.65).
• Carril Solutions Private Limited became a subsidiary in July 2023 and ceased to be one on November 11, 2024 (RHP p.67).
• Three subsidiaries were formed: two on March 14, 2024, in which Vinay Prakash Pandey holds the balance, and one on October 3, 2025, in which Vibgyor Innovations Private Limited holds 48.40% (RHP p.128, RHP p.157, RHP p.158, RHP p.159).
• Sales to Vibhata Solutions LLP began in FY26 at ₹6,727.94 lakh (RHP p.254).
• A new factory in Sonipat was leased from August 1, 2026 at ₹17,48,000 a month (RHP p.143).
• On review in FY24, personal assets of ₹1,824.72 lakh and liabilities of ₹3,543.61 lakh taken over with the proprietorship were transferred back to Suraj Pandey (RHP p.31, RHP p.32).
• Suraj Pandey transferred 3,82,800 shares at ₹196 on September 19, 2026 (RHP p.85).

13Capacity and expansion

Source: RHP p.139, certified by a chartered engineer. Installed capacity is stated on a 24-hour basis and output on a single shift (RHP p.139). The business chapter describes one factory of over 92,000 square feet in Sonipat (RHP p.127), while the management discussion describes two units of over 116,000 square feet (RHP p.267) and a risk factor mentions a recent relocation (RHP p.43). The ₹627.30 lakh of machinery is described as adding in-house capability and throughput; the prospectus does not state the capacity it adds in units (RHP p.98).

14Market size and industry structure

Acme India Industries industry: market size and growth

As claimed: an industry report by Dun & Bradstreet dated September 10, 2026, commissioned and paid for by the company (RHP p.49, RHP p.112), puts the addressable market at ₹3,908 crore a year for furnishing new coaches, ₹2,576 crore a year for refurbishment and ₹1,998 crore for the toilet upgradation programme under way (RHP p.117, RHP p.119). The chapter's first pages cover the world and Indian economies and size nothing in coach interiors (RHP p.112 to RHP p.114).

The part that is addressable: the same three work types for Indian Railways, which the company already serves across 16 railway zones (RHP p.126). The commissioned report multiplies coach counts by a cost per coach: about 8,684 new coaches a year at ₹45 lakh, and 8,588 coaches due for refurbishment a year at ₹30 lakh (RHP p.117); and 19,980 coaches at ₹10 lakh for toilets (RHP p.119). The 8,684 is higher than the 7,134 coaches it says were produced in 2024-25 (RHP p.115); it does not reconcile the two.

What the company is today: FY26 revenue of ₹26,370.77 lakh, or about ₹264 crore, of which ₹10,457.75 lakh came from the three coach work types (our arithmetic, RHP p.59, RHP p.134). Our arithmetic, against the commissioned report's figures: turnkey furnishing revenue of ₹2,181.72 lakh is about 0.56% of ₹3,908 crore, and refurbishment revenue of ₹2,477.17 lakh about 0.96% of ₹2,576 crore (RHP p.134, RHP p.117). Toilet revenue of ₹5,798.86 lakh equals 2.9% of the ₹1,998 crore programme, a total rather than a yearly figure (RHP p.134, RHP p.119). The largest FY26 line, supply of electrical and other items, 53.23% of revenue, sits outside the three sized markets (RHP p.134).

Size over time: the commissioned report gives no run of past market sizes. It gives the fleet instead: coach inventory grew at a CAGR of 7% from 2020-21 to 2024-25, to about 1,03,054 coaches, a trend it says is expected to continue (RHP p.115). Gross Budgetary Support for Railways rose from ₹1,122 billion in FY 2021 to ₹2,520 billion in FY 2025-26, lower than the year before (RHP p.120).

Segments: the commissioned report also sizes CCTV retrofits in coaches (VSS) at ₹6,183.24 crore, crew voice and video recorders in locomotives (CVVRS) at ₹1,289.66 crore, and the remaining toilet upgradation at ₹6,743.1 crore (RHP p.118, RHP p.119). The business chapter does not describe VSS or CVVRS as company work.

What drives demand: the commissioned report names an ageing fleet, with coaches lasting 25 to 30 years and refurbished every 10 to 12 years; programmes such as Mission Retrofitment; passenger expectations on comfort and hygiene; and new materials (RHP p.117). It cites plans for 17,000 non-AC coaches over five years and to upgrade 40,000 conventional coaches to Vande Bharat standards (RHP p.115).

Structure: the commissioned report says the segment is predominantly led by large, established companies (RHP p.124), with barriers in capital, technical expertise, approvals and certifications, and relationships with Indian Railways (RHP p.125). It names two other key players: Chennai Radha Engineering Works, which it says handles around two-thirds of ICF's coach production, and Hindustan Fibre Glass Works (RHP p.125). Work is won by competitive tender, usually on price once bidders pre-qualify (RHP p.28). Elsewhere the prospectus says the company faces organised and unorganised competitors without naming them (RHP p.45, RHP p.141).

Inputs and trade: the chapter does not discuss raw material prices, imports or exports for coach interiors.

Rules: the commissioned report says suppliers must meet Indian Railways' quality standards, including certifications such as IRIS, with standards set by the Research Design and Standards Organisation (RDSO) (RHP p.125). The company holds ISO 9001:2015 and ISO 15085 certificates (RHP p.127); the prospectus does not say it holds IRIS.

What the chapter says can go wrong: it lists few risks for the segment itself: the lower budgetary support for 2025-26 (RHP p.120) and limited skilled manpower at Indian Railways' own workshops (RHP p.119). The prospectus warns that D&B's assumptions may not be correct (RHP p.112), and says Indian Railways may reduce spending on coaches if government policy changes (RHP p.28).

15Competitive position

Acme India Industries competitors

The industry chapter names two key players in coach furnishing: Chennai Radha Engineering Works, which it says handles around two-thirds of the Integral Coach Factory's coach production, and Hindustan Fibre Glass Works, a supplier of composite components to the Indian Railways (RHP p.125). It gives no figures for either, so a comparison table cannot be built from the prospectus.

What it states about the company: the company holds ISO 9001:2015 and ISO 15085 certificates, is empanelled as a business associate of a Navratna public sector undertaking, and has tie-ups with suppliers in Russia, the USA, Belgium and South Korea, some of them exclusive (RHP p.127, RHP p.136, RHP p.137). Its logo and its tagline trademark applications are both at the "Objected" stage (RHP p.34, RHP p.35).

Ten suppliers provided 76.95% of FY26 purchases (RHP p.29).

16Peers the company named

Acme India Industries listed peers

Peers named in the offer document: none. The prospectus says no listed company in India is engaged in a business similar to the company's, so it gives no peer comparison (RHP p.105, RHP p.107).

17Valuation at the issue price

Acme India Industries IPO valuation and P/E

The prospectus leaves the price band, the offer price and the bid lot blank ([●]); the price band is to be advertised at least two working days before the issue opens (RHP p.72, RHP p.104). BSE's issue list could not be loaded when this study was written and no price is taken from any other source, so this section computes no market capitalisation, price to earnings, price to book or enterprise value. What can be stated without a price:

Source: RHP p.56, RHP p.55, RHP p.104, RHP p.105; the enlarged-count figure is our arithmetic on FY26 profit of ₹2,435.77 lakh (RHP p.59). On the actual share count, net asset value was ₹57.32 a share (RHP p.256), and March 2026 net worth spread over the enlarged share count, before any issue proceeds, is ₹44.11 a share (our arithmetic, RHP p.58, RHP p.56).

The weighted average EPS over three years is ₹12.30 and the weighted average return on net worth 30.65% (RHP p.104, RHP p.105). The weighted average cost of acquisition of primary issues in the last 18 months is ₹190 a share (RHP p.107), and the latest secondary transfer by the promoter was at ₹196 (RHP p.85). The prospectus names no listed peers (RHP p.105).

18Risks, in plain words

Acme India Industries IPO risks

Customers: Indian Railways and two related entities made up most of FY26 revenue → a change in railway orders or in the related entities' purchases moves the whole company → Indian Railways 46.77%, related parties 37.1% (RHP p.27; our arithmetic, RHP p.254).

Collections: the company is paid long after it books revenue → cash has to be borrowed meanwhile → receivables of ₹25,218.46 lakh at March 2026, ₹4,353.85 lakh over six months old (RHP p.58, RHP p.39).

Seasonality: sales bunch in the second half → half-year figures swing → 91.13% of FY26 sales in October to March (RHP p.30).

Suppliers: ten suppliers provided most purchases → a failure in supply delays coaches → 76.95% of FY26 purchases (RHP p.29).

Financial: debt is short term and much of it on demand → the objects use ₹4,100.00 lakh to repay it → unsecured loans recallable at any time were ₹1,726.81 lakh (RHP p.44, RHP p.91).

Compliance: the prospectus lists late GST, provident fund and ESIC payments and late Registrar of Companies filings → interest and penalties follow → interest on statutory dues of ₹223.10 lakh in FY26 (RHP p.40, RHP p.41, RHP p.32, RHP p.246).

Promoter tax: tax demands on the promoter's former proprietorship remain open → the company took over that business → 13 cases involving ₹1,825.89 lakh against the promoters and directors (RHP p.289).

Issue-specific: the general corporate purposes amount and the issue expenses are blank (RHP p.91, RHP p.99).

19Litigation and regulatory matters

Cases against Acme India Industries and its promoters

The two cheque cases are the criminal proceedings against the company; the company says the Schneider cheques were security and disputes the equipment's warranty performance (RHP p.277). There are no criminal proceedings against the promoters or directors (RHP p.284). The AY 2022-23 demand arises from the tax officer adding the ₹811.20 lakh of share capital issued to take over the proprietorship to income (RHP p.248).

The proprietorship also has show cause notices of ₹1,118.78 lakh and ₹8.63 lakh (RHP p.289). The company has itself filed writ petitions against Indian Railways over contract terminations and over warranty claims, in which it says one Vande Bharat rake set worth about ₹4.01 crore drew cumulative warranty bookings of about ₹68.13 crore (RHP p.281).

20Related-party transactions

Source: RHP p.251, RHP p.252, RHP p.254; the remuneration row is our arithmetic on the two promoters' figures (RHP p.64, RHP p.65). The prospectus classes Vibhata Solutions LLP, Vibgyor Innovations and Vibgyor Services as enterprises over which key management personnel and their relatives exercise significant control (RHP p.252, RHP p.254).

Vibgyor Innovations Private Limited holds 48.40% of the ACME and Vibgyor MLR JV subsidiary and 48.80% of the Acme And Vibgyor Rail Furnishing partnership (RHP p.159, RHP p.237). Vinay Prakash Pandey, a director of the three subsidiaries, holds 48.96% and 48.47% of two of them (RHP p.157, RHP p.158). The company says its related-party transactions were at arm's length (RHP p.47).

Appeared in the last two years: sales to Vibhata Solutions LLP and Vibgyor Innovations (FY26), the three subsidiaries (from March 2024 and October 2025), the office leases from Suraj Pandey (current lease from June 1, 2026) (RHP p.254, RHP p.128, RHP p.143). Disappeared: purchases from Vibgyor Services after FY25, and Carril Solutions as a subsidiary from November 2024 (RHP p.252, RHP p.67).

21What the offer document does not say

The price band, the bid lot, the general corporate purposes amount and the issue expenses are blank. The share of revenue from the largest, top five and top ten customers is not disclosed. What Vibhata Solutions LLP does, and what it bought, is not described in the pages read, and the private clients in the order book are not named. Coaches or units delivered each year, and revenue or margin per coach, are not disclosed. The prospectus does not explain why the promoter's September 2026 share transfer sits beside a statement that no promoter dealt in shares in the six months before filing.

22Five questions for management

1. Who are Vibhata Solutions LLP's owners and customers, what did it purchase for ₹6,727.94 lakh in FY26, and how much of the ₹7,938.97 lakh it owed at March 2026 has since been collected?
2. How much of the ₹10,399.96 lakh of FY25 bill and hold revenue had been delivered and paid for by March 2026?
3. What share of FY26 revenue came from the largest, top five and top ten customers?
4. How many coaches were furnished, refurbished and fitted with upgraded toilets in each of FY24, FY25 and FY26?
5. What collection record supports the FY27 assumption of 200 receivable days against 416 in FY26?

1Sources and cited facts

This study was read from 1 document the company filed. The 130 figures it cites are listed under the document each came from, with the page and the sentence as printed.