ArMee Infotech IPO
ArMee Infotech IPO at a glance
ArMee Infotech IPO was a mainboard issue of ₹300 Cr at a price band of ₹350 – ₹375 per share, open from 23 Sep 2026 to 25 Sep 2026. It was subscribed 1.12 times overall (QIB 1.01x, NII 0.84x, retail 1.3x). The shares listed on BSE, NSE on 30 Sep 2026.
IPO Signal Analysis
📊 Based on Grey Market Premium (GMP) & Subscription Data — not financial advice
Not financial advice
Issue Details
Objects of the Issue
- 💰 Taking on new government/PSU projects — ₹155 Cr
- 💰 Working capital — ₹60 Cr
- 💰 Repayment of borrowings — ₹6.50 Cr
- 💰 General corporate purposes
About the Company
ArMee Infotech, based in Ahmedabad, supplies and manages IT infrastructure — hardware, software, installation, integration and maintenance — mainly for government, PSU, banking, education and corporate clients. It also provides technical manpower and annual maintenance services, runs retail 'Experience Zones' for IT and consumer electronics, and has started solar EPC and battery-storage projects. Most of its roughly 100 ongoing projects are in Gujarat and Maharashtra.
Strengths
- ✅ Long record of delivering government and PSU IT projects, especially in Gujarat
- ✅ Large scale for its segment — income of about ₹1,410 Cr in FY26
- ✅ Several business lines: infrastructure, managed services, retail and renewables
- ✅ Consistently profitable over the last three years
Risk Factors
- ⚠️ Very thin margins — PAT of about 3% of income
- ⚠️ Borrowings jumped to about ₹174 Cr in FY26 from ₹48 Cr
- ⚠️ Most of the IPO money (₹155 Cr) funds winning more government/PSU projects, which means tender and payment risk
- ⚠️ Heavily concentrated in Gujarat
- ⚠️ PAT in FY26 (₹45 Cr) was below FY24's ₹50 Cr despite higher income
Subscription Status
GMP Trend
Day-wise Subscription
| Day | QIB | NII | RII | Overall |
|---|---|---|---|---|
| Day 1 | — | — | — | 0.00x |
| Day 2 | — | — | — | 0.00x |
| Day 3 | — | — | — | 0.00x |
Share Reservation
Allocation as per SEBI regulations for Mainboard IPO
Anchor Investors
Promoter Holding
Founders & Leadership
IPO Timeline
Key Financials
Company Financials (Restated Consolidated)
| Period Ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Total Income | 1410.09 | 1315.78 | 1023.99 |
| Profit After Tax | 45.47 | 41.67 | 50.13 |
| Net Worth | 182.18 | 136.67 | 95.18 |
| Total Borrowing | 174.36 | 48.10 | 27.26 |
Amount in ₹ Crore
Key Performance Indicators (KPI)
| KPI | FY26 | FY25 |
|---|---|---|
| ROE (%) | 24.96 | 30.49 |
| Debt / Equity | 0.96 | 0.35 |
| Net Worth (Rs. Cr) | 182.18 | 136.67 |
| Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS | ₹14.33 | — |
| P/E (x) | 26.17x | — |
| ROE (%) | 24.96% | — |
| Promoter Holding | 92.72% | 69.35% |
| Market Cap | ₹1,190 Cr | |