Armee Infotech IPO
Armee Infotech IPO Details
-
Open Date
23 Sep 2026
-
Close Date
25 Sep 2026
- IPO Price Range
₹ 350 to ₹375
- IPO Size
₹ 300 Cr
Armee Infotech IPO Timeline
Last Updated: 20 September 2026 5:41 AM by 5paisa
ArMee Infotech Limited is an IT infrastructure and managed services company that has expanded into renewable energy and retail experience zones. Its IT infrastructure business covers the supply, installation and integration of hardware and software such as computers, servers, interactive panels and associated peripherals. Under IT managed services, the Company provides services including technical manpower, skill-development training and annual maintenance.
The Company has also diversified into renewable energy, where it undertakes engineering, procurement and construction services for solar projects, develops solar power projects under power purchase agreements and executes Battery Energy Storage System projects. Its retail business operates experience zones focused on IT, consumer electronics, gaming and related merchandise.
Government and public-sector customers form a significant part of ArMee Infotech's business, accounting for approximately 83.84% of revenue in FY26. As of June 30, 2026, the Company had 99 ongoing projects with an aggregate order book of ₹2,663.44 crore. Renewable energy projects represented 88.38% of this order book.
Established in: 2011; business roots trace back to a predecessor partnership established in 2003
Chairman & Managing Director: Ridhish Kiritbhai Patel
Peers:
| Metric | ArMee Infotech Limited | Dynacons Systems & Solutions Limited | Orient Technologies Limited | KPI Green Energy Limited | Oriana Power Limited |
|---|---|---|---|---|---|
| Face Value (₹) | 10 | 10 | 10 | 5 | 10 |
| EPS – Basic (₹) | 19.16 | 66.64 | 1.00 | 24.13 | 124.19 |
| EPS – Diluted (₹) | 19.16 | 66.64 | 1.00 | 24.04 | 124.13 |
| P/E (x) | 18.27–19.57* | 16.41 | 243.15 | 12.77 | 9.62 |
| RoNW (%) | 24.96 | 26.90 | 1.36 | 16.14 | 32.72 |
| NAV Per Share (₹) | 76.77 | 247.54 | 73.44 | 159.86 | 379.55 |
Armee Infotech Objectives
1. Securing Performance Bank Guarantees for expansion of business by procuring new Government/PSU projects – ₹155 crore
2. Funding the Company's working capital requirements – ₹60 crore
3. Prepayment or repayment of certain outstanding borrowings availed by the Company – ₹6.50 crore
4. General corporate purposes
ArMee Infotech IPO Size
| Types | Size |
|---|---|
| Total IPO Size | ₹300 Cr |
| Offer For Sale | NIL |
| Fresh Issue | ₹300 Cr |
ArMee Infotech IPO Lot Size
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 1 | 40 | 15,000 |
| Retail (Max) | 13 | 520 | 1,95,000 |
| S-HNI (Min) | 14 | 560 | 2,10,000 |
| S-HNI (Max) | 66 | 2,640 | 9,90,000 |
| B-HNI (Min) | 67 | 2,680 | 10,05,000 |
| Particulars (In ₹ Crores) | FY24 | FY25 | FY26 |
| Revenue | 1,020.57 | 1,313.31 | 1,396.63 |
| EBITDA | 71.58 | 58.64 | 75.64 |
| PAT | 50.13 | 41.67 | 45.47 |
| Particulars (In ₹ Crores) | FY24 | FY25 | FY26 |
| Total Assets | 673.50 | 828.54 | 958.87 |
| Share Capital | 95.18 | 136.67 | 182.18 |
| Total Liabilities | 27.26 | 48.10 | 174.36 |
Strengths
1. ArMee Infotech has an established track record of executing projects for Government departments and public-sector undertakings across multiple sectors.
2. The Company's service portfolio spans IT infrastructure, IT managed services, renewable energy solutions and retail experience zones, giving it exposure to multiple technology and infrastructure requirements.
3. Its order book stood at ₹2,663.44 crore as of June 30, 2026, providing visibility across ongoing projects. Renewable energy accounted for 88.38% of this order book.
4. The Company completed 116 projects for Government and PSU customers during FY26 and had 99 ongoing projects as of June 30, 2026.
Weaknesses
1. ArMee Infotech has significant customer concentration. Its top five customers accounted for 76.66% of revenue in FY26.
2. Government and PSU customers contributed approximately 83.84% of FY26 revenue, creating dependence on public-sector tenders, budgets and project awards.
3. Geographic concentration is also high, with more than 86% of FY26 revenue generated from projects executed in Gujarat, Maharashtra and Tamil Nadu.
4. Total borrowings rose considerably in FY26, while the Company has also experienced negative operating cash flow, including ₹17.98 crore of negative operating cash flow in FY25.
Opportunities
1. Continued digitisation by Government departments and public-sector entities can create demand for IT infrastructure, systems integration and managed services.
2. The Company's expansion into solar EPC, power purchase agreement projects and BESS provides exposure to India's growing renewable energy and energy-storage infrastructure requirements.
3. ArMee Infotech plans to expand its product and service portfolio and widen its geographical presence beyond its existing markets.
4. Performance Bank Guarantees funded through the IPO proceeds can provide additional capacity to bid for larger Government and PSU projects.
Threats
1. Most Government and PSU projects are secured through competitive bidding. ArMee Infotech's bid success rate declined from 30.91% in FY24 to 24.57% in FY25 and 19.48% in FY26.
2. The Company relies on technology partners for hardware and software products. Its top three technology partners accounted for 65.84% of purchases from technology partners in FY26.
3. Delays in receiving payments from customers or increases in project working-capital requirements can affect cash flows and the Company's ability to execute new projects.
4. Rapid technological change, execution delays in renewable energy projects and competition in both IT infrastructure and solar EPC may affect margins and project wins.
1. ArMee Infotech has built a sizeable operating base, with FY26 revenue from operations of ₹1,396.63 crore and an order book of ₹2,663.44 crore as of June 30, 2026.
2. Its business spans IT infrastructure, managed services and renewable energy, with the latter becoming increasingly significant within the Company's project pipeline.
3. The Company has experience executing Government and PSU projects, which contributed 83.84% of FY26 revenue.
4. The IPO is entirely a fresh issue, with proceeds proposed to strengthen the Company's ability to secure Performance Bank Guarantees, fund working capital and reduce a portion of outstanding debt.
ArMee Infotech operates at the intersection of two areas seeing significant infrastructure investment: digital technology and renewable energy. Its core IT infrastructure business supplies and integrates hardware and software for customers across Government, education, healthcare, public distribution, rural development and other sectors. IT infrastructure remained its largest operating segment in FY26, contributing approximately 86% of revenue.
At the same time, the composition of the Company's order book indicates a growing shift towards renewable energy. As of June 30, 2026, renewable energy projects represented 88.38% of its ₹2,663.44 crore order book. Its renewable portfolio covers solar EPC, projects developed under power purchase agreements and Battery Energy Storage Systems.
This diversification provides ArMee Infotech with access to additional infrastructure spending beyond its traditional IT operations. Its stated growth strategy includes broadening the product and services portfolio, expanding geographically and continuing to bid for Government and PSU contracts while increasing engagement with private-sector customers. Execution of the larger renewable-energy order book, working-capital availability and the ability to secure new tenders will remain important factors in translating the project pipeline into revenue.
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FAQs
ArMee Infotech IPO opens on September 23, 2026 and closes on September 25, 2026. The anchor investor bidding date is September 22, 2026.
The ArMee Infotech IPO has a total issue size of ₹300 crore. The issue consists entirely of a fresh issue of equity shares and does not include an Offer for Sale component.
The price band of the ArMee Infotech IPO is fixed at ₹350 to ₹375 per equity share. Each equity share has a face value of ₹10.
To apply for ArMee Infotech IPO, follow the steps given below:
1. Login to your 5paisa demat account and select the issue under the current IPO section.
2. Enter the number of lots and the price at which you wish to apply for the ArMee Infotech IPO.
3. Enter your UPI ID and submit your application. Your bid will then be placed with the exchange.
4. Approve the mandate received through your UPI application to block the required funds.
The minimum lot size for the ArMee Infotech IPO is 40 shares. At the upper end of the price band of ₹375 per share, the minimum retail investment is ₹15,000.
The basis of allotment for the ArMee Infotech IPO is expected to be finalised on September 28, 2026. Funds are expected to be unblocked and shares credited to successful applicants' demat accounts on September 29, 2026.
ArMee Infotech shares are tentatively scheduled to list on BSE and NSE on September 30, 2026.
Khandwala Securities Limited and Saffron Capital Advisors Private Limited are the book-running