ArMee Infotech IPO
ArMee Infotech IPO — dates, price band, GMP & allotment.
Timetable
Issue Summary
| Price Band | ₹350-375 |
| Face Value | ₹10 |
| Lot Size | 40 Shares |
| Issue Size | ₹300 Cr |
| Sale Type | Fresh capital only |
| Listing On | BSE, NSE |
| BSE Scrip Code | 7992 |
| Min Investment | ₹15,000 |
Reservation
What Will It Cost Me?
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 40 | ₹15,000 |
| Retail (Max) | 13 | 520 | ₹195,000 |
| S-HNI (Min) | 14 | 560 | ₹210,000 |
| B-HNI (Min) | 67 | 2,680 | ₹1,005,000 |
Strengths & Risks
Strengths
- Sales have grown well, from Rs 1,023.99 crore in FY2024 to Rs 1,315.78 crore in FY2025 and Rs 1,410.09 crore in FY2026.
- EBITDA improved from Rs 58.64 crore in FY2025 to Rs 75.64 crore in FY2026.
- Return ratios are healthy, with RoNW of 24.96% and RoCE of 24.10%.
- Net worth has nearly doubled in two years, from Rs 95.18 crore in FY2024 to Rs 182.18 crore in FY2026.
- The order pipeline is substantial at 99 ongoing projects as on 30 June 2026.
- It has moved beyond core IT into renewable energy, covering solar EPC, power purchase agreements and battery storage, which are growing areas.
- Long standing work with government and PSU customers is hard for a newcomer to displace, since these buyers favour vendors with a track record.
- It has a record of more than 20 years, having been founded in 2003.
Risks
- The price band, issue size and lot size have not been announced yet, so the valuation cannot be judged at this stage and no P/E is available.
- Profit has not really grown. It was Rs 50.13 crore in FY2024, fell to Rs 41.67 crore in FY2025 and recovered only to Rs 45.47 crore in FY2026, still below where it was two years ago.
- Borrowing has exploded, from Rs 27.26 crore in FY2024 to Rs 48.10 crore in FY2025 and Rs 174.36 crore in FY2026, which is more than six times in two years.
- The profit margin is thin at 3.26%. On income of Rs 1,410.09 crore the company kept Rs 45.47 crore.
- The business is heavily concentrated in one state. Of its 99 ongoing projects, 74 are in Gujarat.
- Rs 155 crore of the issue money is earmarked for winning new government and PSU projects. Such work is tender driven, priced competitively and paid slowly.
- Renewable energy EPC and battery storage are new lines for an IT company, and they need different skills and carry different execution risk.
- The post issue promoter holding is not stated in the data available to us, so the extent of dilution is not clear.
Valuation & Key Ratios
Financials (Rs. Crore)
| Metric | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 958.87 | 828.54 | 673.50 |
| Total Income | 1,410.09 | 1,315.78 | 1,023.99 |
| Profit After Tax | 45.47 | 41.67 | 50.13 |
| EBITDA | 75.64 | 58.64 | 71.58 |
| NET Worth | 182.18 | 136.67 | 95.18 |
| Total Borrowing | 174.36 | 48.10 | 27.26 |
About The Company
ArMee Infotech Limited was founded in 2003 and is based in Ahmedabad, Gujarat. It is an IT infrastructure and managed services company and part of the ArMee Group. Its customers are in government, corporates, banking, financial services and insurance, and education.
Its work covers four areas. IT infrastructure means supplying IT hardware and software along with installation, integration, maintenance and support. IT managed services covers providing technical manpower, skill development and training, and annual maintenance contracts. Retail sales is a newer line, where it runs Experience Zones selling IT products, consumer electronics and gaming merchandise. Renewable energy is the other new line, covering solar engineering, procurement and construction work, developing solar projects under power purchase agreements, and battery energy storage system projects.
As on 30 June 2026 it had 99 ongoing projects. Of these, 65 were IT infrastructure, 21 were IT managed services, 10 were renewable energy EPC, 1 was a renewable energy power purchase agreement and 2 were battery storage projects. Of the 99 projects, 74 were in Gujarat and 11 in Maharashtra.
Company & Registrar
Subscription By Category
| Category | Subscribed | Shares Offered | Shares Bid For |
|---|---|---|---|
| Qualified Institutional Buyers (QIB) | 2.99× | 1,001,784 | — |
| Non-Institutional Investors (NII) | 2.09× | 1,928,572 | — |
| Retail Individual Investors (RII) | 2.47× | 4,500,000 | — |
| Employee | 0× | — | — |
| Shareholder | 0× | — | — |
| Total | 2.44× | 7,430,356 | — |
GMP History
| Date | GMP | % Over Issue Price |
|---|
Anchor Investors
| Investor | Category | Shares Allotted | Value |
|---|
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