Acme India Industries Ltd (SME)

The company does interior fit-outs for railway passenger coaches, from new coaches at railway factories to refurbishing older ones at workshops, along with coach toilets and FRP panels made at its Sonipat plant.

The governance record weighs most on our view, with tax disputes from the promoter's earlier proprietorship and close dealings with promoter-group firms. The business also offers little comfort. Most of its orders come from Railways tenders, where the lowest price wins and payments often run late, which is why we generally avoid such businesses. FY26 growth came mostly from supplies to unnamed customers while the core coach work shrank, and receivables have climbed to 349 days of revenue.

We would skip the issue for both the long term and listing gains.