ArMee Infotech Limited is set to enter the Indian primary market with a ₹300 crore mainboard initial public offering. The Ahmedabad-based company provides IT infrastructure solutions, IT managed services and related technology products, while it has also expanded into renewable energy EPC and Battery Energy Storage System projects. The IPO will be entirely a fresh issue, meaning the full issue proceeds will go to the company rather than existing shareholders. The ArMee Infotech IPO will open for subscription on September 23, 2026 and close on September 25, 2026.
ArMee Infotech IPO Details
| Particulars | Details |
|---|---|
| IPO Type | Mainboard, Book Built |
| IPO Open Date | September 23, 2026 |
| IPO Close Date | September 25, 2026 |
| Price Band | ₹350–₹375 per share |
| Face Value | ₹10 per share |
| Total Issue Size | ₹300 crore |
| Fresh Issue | ₹300 crore |
| Offer for Sale | Nil |
| Lot Size | 40 shares |
| Minimum Investment | ₹15,000 |
| Listing | BSE & NSE |
| Anchor Investor Bidding | September 22, 2026 |
| Allotment | September 28, 2026 |
| Refund | September 29, 2026 |
| Demat Credit | September 29, 2026 |
| Expected Listing | September 30, 2026 |
| QIB | Not more than 25% |
| NII | Not less than 22.5% |
| Retail | Not less than 52.5% |
| Lead Managers | Khandwala Securities, Saffron Capital Advisors |
| Registrar | Cameo Corporate Services |
At the upper price band of ₹375, the minimum application of 40 shares requires ₹15,000. Retail investors can apply for up to ₹1.95 lakh under the current issue structure. The company is seeking a valuation of approximately ₹1,190 crore at the upper end of the price band.
About ArMee Infotech
ArMee Infotech was founded in 2003 and is headquartered in Ahmedabad, Gujarat. The company operates primarily as an IT infrastructure and managed services provider, offering hardware and software products along with installation, integration, maintenance and technical support services. Its product and service portfolio covers computers, servers, interactive panels, peripherals and other technology infrastructure.
The company also provides IT managed services that include technical manpower, skill-development training and annual maintenance services. Its customer base spans government and PSU organisations as well as clients across sectors such as corporate, banking, financial services, insurance and education. As the business has expanded, ArMee Infotech has added retail experience zones for IT products, consumer electronics, gaming products and related merchandise.
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ArMee Infotech has also diversified beyond its traditional IT business into renewable energy. Its renewable-energy operations include engineering, procurement and construction services for solar projects, development of solar projects under power purchase agreements and Battery Energy Storage System projects. In FY26, the IT infrastructure business accounted for nearly 86% of revenue, IT managed services contributed more than 5%, and renewable-energy EPC contributed nearly 9%.
Government and PSU Business
Government and PSU projects form a significant part of ArMee Infotech’s business. According to risk disclosures based on the company’s offer documents, more than 83.84% of revenue as of March 31, 2026 was connected to Government or PSU end users. This provides access to large infrastructure and technology projects but also means that changes in government spending, tendering processes, project awards or qualification requirements can affect the company’s performance.
The company largely wins projects through competitive bidding. Its reported bid success rate declined from 30.91% in FY24 to 24.57% in FY25 and 19.48% in FY26, making the ability to continuously secure new orders an important factor for future growth.
ArMee Infotech Financial Performance
ArMee Infotech has grown its revenue over the last three financial years, although the pace of growth moderated in FY26. Revenue from operations increased from approximately ₹1,020.57 crore in FY24 to ₹1,313.31 crore in FY25 and ₹1,396.63 crore in FY26. FY26 revenue therefore increased around 6.34% over FY25.
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Profitability has been more mixed. Profit after tax stood at ₹50.13 crore in FY24, declined to ₹41.67 crore in FY25 and recovered to ₹45.47 crore in FY26. EBITDA increased from ₹71.58 crore in FY24 to ₹75.64 crore in FY26, although the EBITDA margin remained below its FY24 level. The FY26 PAT margin was approximately 3.26%, while EBITDA margin was around 5.42%.
| Financial Year | Revenue from Operations | EBITDA | PAT |
|---|---|---|---|
| FY24 | ₹1,020.57 crore | ₹71.58 crore | ₹50.13 crore |
| FY25 | ₹1,313.31 crore | ₹58.64 crore | ₹41.67 crore |
| FY26 | ₹1,396.63 crore | ₹75.64 crore | ₹45.47 crore |
The company’s net worth increased to approximately ₹182.18 crore by March 31, 2026. Reported FY26 borrowings were approximately ₹174.36 crore in the restated financial data, while the company disclosed total outstanding borrowings of ₹318.54 crore as of June 2026 in connection with the IPO. Investors should therefore examine the latest balance-sheet position and the composition of borrowings in the final offer documents.
Use of IPO Proceeds
The ₹300 crore fresh issue is primarily intended to support business expansion and working capital. The company plans to use ₹155 crore of the net proceeds for securing performance bank guarantees required for expansion into new Government and PSU projects. Another ₹60 crore is earmarked for working capital requirements.
A further ₹6.5 crore is proposed to be used for repayment or prepayment of certain outstanding borrowings. The remaining amount will be used for general corporate purposes and issue-related expenses.
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The allocation toward performance bank guarantees is particularly relevant to ArMee Infotech’s business model because large Government and PSU contracts can require significant guarantees before project execution. The additional working capital is also intended to support the company’s ability to undertake larger projects.
ArMee Infotech IPO GMP
The grey market premium, or GMP, is an unofficial indicator and can change significantly before and during an IPO. Current tracking sources showed no meaningful GMP premium as of the latest available update, so investors should not treat GMP as a confirmed indicator of the eventual listing price.
The IPO valuation should instead be assessed using the ₹350–₹375 price band, earnings, balance sheet, business mix and comparable listed companies. At the upper price band, the company is seeking a valuation of approximately ₹1,190 crore.
Key Risks
One of the major risks for ArMee Infotech is its dependence on Government and PSU projects. A large proportion of revenue is connected to government-related customers, while many projects are awarded through competitive tenders. Failure to qualify for or win new projects could affect revenue growth and capacity utilisation.
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Geographic concentration is another factor to monitor. More than 86% of revenue as of March 31, 2026 was recognized from projects executed in Gujarat, Maharashtra and Tamil Nadu. Concentration in a limited number of states can expose the company to regional economic conditions and changes in government or institutional spending.
The company also depends on technology partners for hardware and software products. According to the disclosed risk factors, approximately 65.84% of purchases from technology partners came from its top three technology partners as of FY26. Delays, shortages, pricing changes or quality issues from these suppliers could affect project execution.
Working capital and cash flow also require attention. The company reported negative operating cash flow of approximately ₹17.98 crore in FY25, according to its disclosed financial information. Large project requirements, receivables and performance guarantees can place pressure on liquidity even when reported revenue and profits are growing.
The renewable-energy business introduces additional execution and supplier risks because the company is involved in solar EPC and related projects. The expansion into BESS and renewable energy also means the company is entering markets where capital requirements, technology changes and project execution can influence future returns.
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What Investors Should Watch
The key factors to monitor in the ArMee Infotech IPO include the company’s ability to convert its Government and PSU pipeline into new orders, the utilisation of performance bank guarantees, working-capital requirements, operating cash flow and the profitability of its IT infrastructure business.
Investors should also track whether the renewable-energy and BESS businesses become meaningful contributors over time or remain relatively small compared with the core IT infrastructure business. The company’s dependence on technology partners and its geographic concentration are additional factors that could influence future growth.
The IPO will open on September 23, 2026 and close on September 25, 2026. The basis of allotment is expected on September 28, refunds and demat credit are expected on September 29, and trading is expected to begin on September 30, subject to finalisation of the issue process.
Disclaimer: This article is for informational and educational purposes only and should not be considered investment advice. IPO investments involve market risks, including the possible loss of capital. Investors should read the official RHP and related documents carefully and evaluate the company’s financials, valuation, business risks and their own investment objectives before making any investment decision.
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