Acme Universal Safezone 9 Limited

Acme Universal Safezone 9 Limited (originally established as a partnership firm in 1994 in the name of M/s Acme Fabrik Plast Co and subsequently converted into a public limited company) is a leading Indian personal protective equipment (PPE) manufacturing enterprise specializing in industrial and occupational safety footwear. Operating under the flagship brand name ‘ACME’, the company provides high-performance protective footwear designed to safeguard workers across hazardous industrial environments. Its underlying business model centers on the in-house conceptualization, design, automated manufacturing, testing, and multi-channel distribution of safety shoes compliant with rigorous domestic and international quality standards, including Bureau of Indian Standards (BIS IS 15298 Part 2), European Standards (CE / EN ISO 20345), and American Standards (ASTM F2413).

The company caters to two principal customer segments: direct institutional buyers (including major industrial conglomerates, construction and infrastructure developers, oil & gas corporations, logistics operators, and public sector undertakings) and a wide network of regional distributors. Geographically, Acme Universal Safezone 9 Limited maintains an extensive domestic presence across India, supported by more than 40 channel-partner warehouse locations and a dedicated sales force of over 50 professionals serving 7,000+ corporate clients. Internationally, the company exports certified safety footwear to institutional clients and overseas distributors across Europe, the Middle East, Africa, and Asia.

The company operates an integrated manufacturing infrastructure across four key production facilities located in the states of Madhya Pradesh and Uttar Pradesh:

Girwai Plant (Gwalior, MP): Registered office and primary factory facility spanning 1,35,000 sq. ft., supplemented by an extended factory layout of 38,250 sq. ft.

Banmore Plant (Morena, MP): Factory facility spanning 8,132 sq. meters situated in the Banmore Industrial Area.

Kanpur Jajmau Plant (Kanpur Nagar, UP): Specialized footwear upper manufacturing facility spanning 3,000 sq. yards.

Kanpur Banthar Plant (Unnao, UP): Consolidated modern manufacturing plant located at the Leather Technology Park, Banthar, spanning 14,351.95 sq. meters (operations from the earlier Dada Nagar units were fully consolidated into Banthar).

As certified by P.L. Engineering Services, Chartered Engineer (certificate dated September 17, 2026), the company’s aggregate annual soling installed capacity and actual capacity utilization figures across all manufacturing facilities are as follows:

FY24: Installed Capacity of 33,15,000 units | Actual Production of 25,76,048 units (77.71% capacity utilization).

FY25: Installed Capacity of 41,15,000 units | Actual Production of 25,98,560 units (63.15% capacity utilization).

FY26: Installed Capacity of 43,15,000 units | Actual Production of 27,71,851 units (64.23% capacity utilization).

Operational highlights and R&D capabilities center on advanced technology adoption and automated manufacturing processes. The company utilizes German-engineered DESMA polyurethane (PU) direct injection molding machines integrated with robotic arms for uniform sole bonding, alongside computer-controlled Orisol automated stitching units. Digital process monitoring and enterprise resource planning are driven by SAP S/4 HANA, CRM, and HRMS platforms. For product innovation and rapid sampling, a dedicated division employs iCad3D software for digital prototyping and custom sample development, backed by in-house testing laboratories for mechanical, thermal, and chemical evaluation. The product portfolio comprises 15 distinct product lines covering hazardous work environments, including fire-retardant, electrical shock-resistant, chemical-resistant, heat-resistant, anti-static, and slip-resistant safety footwear.

Based on its historical financial data, Acme Universal Safezone 9 Limited posted total income and net profits of ₹181.67 Cr / ₹7.56 Cr in FY24, ₹191.31 Cr / ₹0.80 Cr in FY25, and ₹211.16 Cr / ₹5.86 Cr in FY26. The company has demonstrated steady top-line expansion, with Total Income growing at a 2-year CAGR of 7.81%. Net profits experienced a sharp dip in FY25 due to higher depreciation charges following the capitalization of new Kanpur plant assets before rebounding in FY26. Total debt expanded from ₹44.51 Cr in FY24 to ₹49.65 Cr in FY25 and ₹58.05 Cr in FY26 to support manufacturing capital expenditure. It boasts an average EPS of ₹3.22 and an average RoNW of 9.78% for the last three fiscals. Based on the pre-issue book value, the issue is priced at a Pre-Issue P/BV of 1.89 against a NAV of ₹37.60 (as of March 31, 2026). Factoring in the fresh issue proceeds, the Post-Issue P/BV stands at 1.53. Attributing the latest earnings to the expanded post-issue equity base, the asking price translates to a Post-Issue P/E of approximately 17.93x (FY24), 169.05x (FY25), and 23.13x (FY26). According to the RHP, a comparison between listed peers is shown in above table.

On the Book Running Lead Manager (BRLM) front, the issue is managed by Expert Global Consultants Private Limited, which has handled 21 public issues to date. Out of its last 10 managed IPOs, two listed below the issue price, while the remaining eight listed at or above it. As of September 23, 2026, seven of these recent issues are currently trading below their issue price, while the remaining three are trading at or above it.

• 1 Nitin Tiwari
• 2 Ruchi Tiwari