About ArMee Infotech IPO
ArMee Infotech Limited, an Ahmedabad-based IT infrastructure solutions and managed services company, opens its IPO for public subscription from September 23, 2026, to September 25, 2026 at a price band of ₹350 to ₹375 per equity share of face value ₹10.
The IPO is a book-built issue of ₹300.00 crore, comprising entirely of a fresh issue of 80,00,000 equity shares. There is no offer for sale component, so the full amount accrues to the company and no existing shareholder is selling.
The company filed its draft papers on September 26, 2025, with SEBI.
Business Overview of ArMee Infotech
ArMee Infotech Limited was founded in 2003 and is headquartered in Ahmedabad, Gujarat. Part of the ArMee Group, it provides end-to-end technology solutions to government departments, public sector undertakings, corporates, the BFSI sector and education, and has diversified into retail and renewable energy.
Key Highlights of this IPO:
| Business Highlights | Key Details |
|---|---|
| Founded | 2003 |
| Headquarters | Ahmedabad, Gujarat |
| IT Infrastructure | IT hardware and software, with installation, integration, maintenance, and support. |
| IT Managed Services | Technical manpower, skill development and training, and annual maintenance. |
| Retail Sales | Experience Zones for IT products, consumer electronics, and gaming |
| Renewable Energy | Solar EPC and battery energy storage systems |
| Client Sectors | Government, PSUs, corporates, BFSI and education, including healthcare, public distribution and rural development |
| Ongoing Projects | 99 projects across 12 states as of June 30, 2026 |
| Gujarat Concentration | 74 of the 99 ongoing projects are in Gujarat |
| Revenue Concentration | Gujarat, Maharashtra and Tamil Nadu contributed 86.48% of FY2026 revenue from operations |
| New Areas Under Exploration | Payment devices, data migration, STEM and Atal Tinkering Labs, and battery storage |
| Bonus History | 2-for-1 in March 2016 and 9-for-1 in August 2025 |
ArMee Infotech: IPO Date, Price, and Other Details
Here are the details of the upcoming ArMee Infotech IPO:
| Particular | Detail |
|---|---|
| Issue Size | ₹300.00 crore (80,00,000 shares) |
| Offer Type | Book-built issue — fresh capital only |
| Fresh Issue | 80,00,000 shares (₹300.00 crore) |
| Offer for Sale | Nil |
| Face Value | ₹10 per equity share |
| Price Band | ₹350 to ₹375 per share |
| IPO Open Date | September 23, 2026 |
| IPO Close Date | September 25, 2026 |
| Basis of Allotment | September 28, 2026 |
| Credit to Demat Account | September 29, 2026 |
| Listing Date | September 30, 2026 |
| Lot Size | 40 shares |
| Book Running Lead Managers | Khandwala Securities Ltd.; Saffron Capital Advisors Pvt. Ltd. |
| Registrar | Cameo Corporate Services Ltd. |
| Listing Exchanges | BSE, NSE |
ArMee Infotech IPO Market Lot
The ArMee Infotech IPO minimum market lot is 40 shares with a ₹15,000 application amount.
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 40 | ₹15,000 |
| Retail (Max) | 13 | 520 | ₹1,95,000 |
| S-HNI (Min) | 14 | 560 | ₹2,10,000 |
Strengths and Risks of ArMee Infotech IPO
Every business has its strengths and risks, and ArMee Infotech is no different. Here is a brief business analysis (as per the RHP) below:
Strengths
- Long operating history: More than two decades in IT infrastructure and managed services since 2003.
- Government and PSU execution record: An established track record on government and public-sector projects.
- Revenue scale: Revenue from operations grew from ₹1,020.57 crore in FY2024 to ₹1,396.63 crore in FY2026.
- Strong return ratios: ROE of 28.52% and ROCE of 24.10%.
- Diversified service lines: IT infrastructure, managed services, retail Experience Zones, and renewable energy.
- 100% fresh issue: The entire ₹300.00 crore accrues to the company, with no promoter or investor exit.
- Experienced promoters: Two promoters associated since inception, with over two decades of experience.
Risks
- Profit has not recovered to FY2024 levels: FY2026 PAT of ₹45.47 crore remains below the ₹50.13 crore reported in FY2024, despite revenue growing 37% over the same period.
- Very thin margins: A PAT margin of 3.26% on revenue of ₹1,396.63 crore creates little space for cost or pricing pressure.
- Borrowings rose sharply: From ₹48.10 crore in FY2025 to ₹174.36 crore in FY2026, debt rose roughly 3.6 times in one year.
- Heavy geographic concentration: Gujarat, Maharashtra and Tamil Nadu contributed 86.48% of FY2026 revenue, and 74 of 99 ongoing projects are in Gujarat alone.
- Government counterparty dependence: A substantial share of projects is linked to government and PSU entities, where spending priorities and payment cycles are outside the company's control.
- Proceeds largely fund bank guarantees: The largest object is securing performance bank guarantees for larger contracts, rather than building capacity or capability.
- Diversification risk: Expansion into renewable energy and retail takes the company into businesses outside its core IT competence.
IPO Objectives – How Will ArMee Infotech Use IPO Funds?
ArMee Infotech proposes to utilise the net proceeds of the fresh issue towards:
| # | Issue Objects | Est. Amount (₹ crore) |
|---|---|---|
| 1 | Funds for securing performance bank guarantees for expansion of business, including procuring larger government and PSU contracts | 155.00 |
| 2 | Funding working capital requirements | 60.00 |
| 3 | General corporate purposes | Balance |
Promoter Shareholding of ArMee Infotech
The promoters of ArMee Infotech Limited are Ami Ridhish Patel, Kiritkumar Chimanbhai Patel and Ridhish Kiritbhai Patel.
| Category | Pre-IPO |
|---|---|
| Promoter and Promoter Group | 92.72% |
| Public | 7.28% |
| Total | 100% |
(Note: Because the issue is entirely a fresh issue, no promoter is selling shares; any reduction in their percentage arises from dilution alone.)
Financial Performance of ArMee Infotech (Restated Consolidated, ₹ in crores)
Here's the table outlining the financial performance of ArMee Infotech Limited from FY 2024 to FY 2026.
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Revenue from Operations | 1,396.63 | 1,313.31 | 1,020.57 |
| Total Income | 1,410.09 | 1,315.78 | 1,023.99 |
| Profit After Tax | 45.47 | 41.67 | 50.13 |
| Total Borrowing | 174.36 | 48.10 | 27.26 |
| Total Assets | 958.87 | 828.54 | 673.50 |
Key Performance Indicators of ArMee Infotech
Based on the financials available in the RHP, the following key performance metrics of ArMee Infotech IPO can be considered.
| KPI | As of FY 2026 |
|---|---|
| Return on Equity (ROE) | 28.52% |
| Return on Capital Employed (ROCE) | 24.10% |
| PAT Margin | 3.26% |
| Net Asset Value (NAV) | ₹40.11 |
Registrar of ArMee Infotech IPO
The Registrar of ArMee Infotech IPO is Cameo Corporate Services Ltd.
Allotment status: https://ipo.cameoindia.com/
Lead Managers of ArMee Infotech IPO
Khandwala Securities Ltd. and Saffron Capital Advisors Pvt. Ltd. are the book-running lead managers to the ArMee Infotech IPO.
