ArMee Infotech IPO

Mainboard • Equity • Fresh capital only

LISTEDMAINBOARDEquity

ArMee Infotech

Price band

₹350 – ₹375

Lot size

40 shares

Min investment

₹15,000

Issue size

₹300 Cr

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.

ArMee Infotech Limited is an Ahmedabad-based IT infrastructure and managed services company serving government, corporate, BFSI and education customers, and has diversified into retail Experience Zones and renewable energy. As on 30 June 2026 it had 99 ongoing projects across IT, solar EPC, PPA and battery storage work.

IPO details

Issue price: ₹375
Price band: ₹350 – ₹375
Face value: ₹10
Lot size: 40
Min investment: ₹15,000
Issue size: ₹300 Cr
Sale type: Fresh capital only
Listing on: BSE, NSE
BSE scrip code: 7992
NSE symbol: ARMEE.NS

Lot size & investment by category

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
B-HNI (Min)	67	2,680	₹10,05,000

Investor reservation

CATEGORY	RESERVED
QIB	Not more than 25% of the Net Issue
Retail	Not less than 52.50% of the Net Issu
NII	Not less than 22.50% of the Net Issue

Objects of the issue

1Expansion of business by procuring new Government/PSU projects.155.00

2Funding working capital requirements60.00

3Prepayment or repayment of certain outstanding borrowings availed by the Company.6.50

4General Corporate Purposes

Financials

Rs. Crore • restated

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

Key performance indicators

P/E Ratio

26.17

EPS (₹)

14.33

RoE

28.52%

RoCE

24.10%

RoNW

24.96%

PAT Margin

3.26%

EBITDA Margin

5.42%

Debt / Equity

0.96

NAV (₹)

76.77

✓ 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.

Promoters & holding

Ami Ridhish Patel, Kiritkumar Chimanbhai Patel and Ridhish Kiritbhai Patel

Pre-issue promoter holding

92.72%

Post-issue promoter holding

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Data refreshed 07 Nov 2026, 04:52 pm IST. GMP is unofficial market sentiment, not investment advice.