ArMee Infotech IPO

ListedMainboardInformation TechnologyNSE · BSE

Price band: ₹350 – ₹375
Issue size: ₹300 Cr
Lot size: 40 sh
Bidding: 23 – 25 Sep
Grey market: —

Market data to 30 Oct 2026. Company figures are as filed, sourced 15 Oct 2026. Every figure’s origin is listed under Sources.

The question this issue poses

In one sentence

ArMee Infotech resells and installs IT hardware for Indian government and PSU buyers; the record puts government and PSU customers at 83.84% of FY26 revenue and procurement from technology partners at 84.1% of FY26 total expenses. Revenue from operations was Rs 1,020.57 Cr in FY24, Rs 1,313.31 Cr in FY25 and Rs 1,396.63 Cr in FY26, while profit after tax over the same three years was Rs 50.13 Cr, Rs 41.67 Cr and Rs 45.47 Cr. The Rs 300 Cr issue was entirely fresh capital, with the offer-for-sale component recorded at nil, and was priced at Rs 350-375 with the book open from 23 to 25 September 2026. It listed on 30 September 2026 at Rs 375, level with the top of the band and recorded as a 0% listing gain, and last traded at Rs 271.85 on 23 October 2026, 27.51% below the issue price.

IPOVista score

How this issue scores, and why

Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.

53Mixed

IPOVista score

A trade-off in both directions

63% of the scoring model was backed by disclosed data for ArMee Infotech, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.

The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.

The company

What the business actually does

Founded 2003 · Ahmedabad, Gujarat, India · 263 employees

ArMee Infotech buys computers, servers, networking gear, interactive panels, PoS devices and storage hardware and software from technology partners, then sells and installs them for Indian government departments and PSUs, bundled with system integration, commissioning, maintenance and user training. Typical deployments are ICT labs and smart classrooms, digital infrastructure for public distribution systems, and hardware estates for healthcare, rural and urban development schemes. A smaller managed-services arm supplies technical manpower, skill-development training and annual maintenance contracts. From FY26 the company also builds solar EPC projects, owns solar plants selling power under long-term agreements, and installs battery energy storage systems. Work is won mainly through competitive tenders on GeM and similar platforms. It is based in Ahmedabad, and 83.84% of FY26 revenue came from government and PSU customers.

Revenue is project value, not licence or subscription income: ArMee bills for hardware it resells plus the labour to install and maintain it. At heart it is a thin-margin reseller — procurement from technology partners was 84.1% of total expenses in FY26, and EBITDA margin ran 7.0% in FY24, 4.5% in FY25 and 5.4% in FY26 on revenue from operations of ₹1,020.57 Cr, ₹1,313.31 Cr and ₹1,396.63 Cr. The structural constraint is tender dependence and the working capital projects tie up: the bid-win ratio fell from 30.91% in FY24 to 24.57% in FY25 and 19.48% in FY26, while total borrowings rose from ₹27.26 Cr to ₹174.36 Cr across the same three years.

The company on paper

Legal name: ArMee Infotech Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 8 Feb 2011trading as ArMee Infotech since 2003
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U72100GJ2011PLC063953
Sector: Information Technology · IT infrastructure supply and integration for government and PSU clients, with solar EPC and battery storage
Employees: 263
Registered office: Ahmedabad, Gujarat, India
Promoters: Ridhish Kiritbhai Patel, Kiritkumar Chimanbhai Patel, Ami Ridhish Patel
Promoter holding, pre-issue: 92.7%
Promoter holding, post-issue: 69.3%
Website: armeeinfotech.com

The numbers

Financial performance

Revenue has compounded at 17.0% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as published in the accounts this record was built from. Interim quarters are not annualised.

Revenue
Profit after tax

Margin trend

Profit and operating margin as a percentage of revenue

Net margin
EBITDA margin

Net worth and borrowings

At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.

Net worth
Total borrowings

The price

Valuation

What the issue asks for the business, set against what the business earns.

No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.

The terms

How the issue is structured

100% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.

Fresh issueNew shares — proceeds go to the company: ₹300 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹0
Total issue size: ₹300 Cr
Shares offered in the OFS: —
Pre-issue shares outstanding: —
Employee discount: —

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 23.4% of the company.

Promoters
Everyone else

Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.

Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.

Demand

What the market is bidding

Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.

Subscription by category

Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.

Hover or focus a category to see who bids in it.

Total subscription2.62×

A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.

Grey market premium

Unofficial over-the-counter sentiment

No grey-market quotes have been recorded for this issue.

Outcome

How it actually listed

Issue price: ₹375.00
Listed at: ₹375.00
Listing gain: unchanged 0.0%
Since listing: down 24.4%
Against the issue price: down 24.4%

Work it out

What this means for one application

Three calculations, each stating the assumption it rests on.

What one application costs

Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.

Lots

Shares applied for: 40
At cut-off price: ₹375.00
Amount blocked: ₹15,000

One lot is 40 shares at ₹15,000. Retail applications are capped at ₹2,00,000, which allows up to 13 lots here — apply for more and you are bidding as a non-institutional investor instead.

Odds of getting an allotment

When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.

~40%

chance of one lot, per application

Retail subscription: 2.47×
Applicants per share available: 2.5× the retail quota

This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.

What it actually did

This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.

₹375.00

listed at, 0.0% against the issue price

Issue price: ₹375.00
Premium said: —
If allotted 40 shares: ₹0

Listing-day figures are as reported by the exchanges.

Our read

The case for and against

Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.

What works

Revenue from operations rose in both years for which a prior year is on record: up 28.68% from Rs 1,020.57 Cr in FY24 to Rs 1,313.31 Cr in FY25, and a further 6.34% to Rs 1,396.63 Cr in FY26.
EBITDA was Rs 71.58 Cr in FY24, Rs 58.64 Cr in FY25 and Rs 75.64 Cr in FY26; the FY26 figure is 28.99% above FY25 and 5.67% above FY24. The record states EBITDA margin on revenue from operations of 7.0% in FY24, 4.5% in FY25 and 5.4% in FY26.
Net worth rose in each year on record, from Rs 95.18 Cr in FY24 to Rs 136.67 Cr in FY25 (up 43.59%) and Rs 182.18 Cr in FY26 (up 33.30%).
The full Rs 300 Cr raised was a fresh issue, with offer-for-sale recorded as Rs 0 Cr. Promoter holding is recorded at 92.72% before the issue and 69.35% after it.

What to weigh against it

Total borrowings rose in each year on record, from Rs 27.26 Cr in FY24 to Rs 48.10 Cr in FY25 (up 76.45%) and Rs 174.36 Cr in FY26 (up 262.49%). Measured against net worth, borrowings stood at 0.29 times in FY24 (Rs 27.26 Cr on Rs 95.18 Cr), 0.35 times in FY25 (Rs 48.10 Cr on Rs 136.67 Cr) and 0.96 times in FY26 (Rs 174.36 Cr on Rs 182.18 Cr).
Profit after tax of Rs 45.47 Cr in FY26 was 9.30% below the Rs 50.13 Cr of FY24, on revenue 36.85% higher (Rs 1,396.63 Cr against Rs 1,020.57 Cr). Net margin works out at 4.91% in FY24, 3.17% in FY25 and 3.26% in FY26.
The record states a bid-win ratio of 30.91% in FY24, 24.57% in FY25 and 19.48% in FY26 — lower in each year for which a prior year is present.
The shares last traded at Rs 271.85 on 23 October 2026 against an issue price of Rs 375, a fall of 27.51%, having listed at Rs 375 for a recorded listing gain of 0%.

Easy to miss in the prospectus

The record carries no valuation block, no anchor allocation, no peer set and no post-issue share count, so no earnings multiple or market capitalisation can be computed from it at either the Rs 375 issue price or the Rs 271.85 price of 23 October 2026.
The company describes itself as having added, from FY26, solar EPC projects, owned solar plants selling power under long-term agreements and battery energy storage installation, alongside the IT hardware business. The financial periods in the record are not broken out by segment, so none of the FY26 revenue of Rs 1,396.63 Cr is attributed to those activities within the record.
The subscription record holds a single day-3 entry, dated 25 September 2026: QIB 2.99 times, NII 2.09 times, retail 2.47 times and 2.62 times overall. No earlier bidding days, no employee category figure and no anchor book are recorded.

Straight from the filing

Read it yourself

The prospectus for this issue exists, but the only copy held here is a third party’s mirror of it. We link filings from the issuer, the exchanges or the regulator, never somebody else’s copy.

The paperwork

Who is running the issue

Lead managers: Khandwala Securities Limited, Saffron Capital Advisors Private Limited
RegistrarAllotment status is checked on the registrar's own site: Cameo Corporate Services Limited

How these figures were checked

Built from 12 independently published accounts of this issue, agreeing with each other. No copy of the filing itself is linked here, so nothing on this page has been reconciled against the primary document — treat every figure as reported rather than verified.

ArMee Infotech — company About page (segments, client sectors, 14 locations, subsidiary ArMee Technology Services Pvt Ltd) · read 15 Oct 2026

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: Mainboard
Opens: 23 Sep 2026
Closes: 25 Sep 2026
Allotment: 28 Sep 2026
Lists: 30 Sep 2026
Revenue (FY26): ₹1,397 Cr
Profit (FY26): ₹45.47 Cr

Timeline

Every step in this issue's calendar has passed.

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.