Armour Security IPO

Armour Security (India) supplies security guards, supervisors, housekeepers and other contract staff to institutional clients across India, and handles housekeeping and facility upkeep at client premises. It was incorporated in New Delhi in 1999 and still operates from the Defence Colony address that serves as its registered office. The work splits into two lines: security manpower, meaning guards, supervisors and security officers deployed at client sites, and integrated facility management, which in practice is largely housekeeping, alongside other manpower and supervision contracts covering data entry operators and multi-tasking staff. Customers are largely institutional and government bodies won through competitive tenders. As on 9 December 2025 the company had 37 permanent employees and 1,609 contractual workers, among them 592 security personnel and 729 housekeepers.

Revenue is billed per deployed head on service contracts. FY25 revenue from operations was Rs 35.66 crore: 47% security manpower, 32% other manpower and supervision, 21% housekeeping. Wages are the business — employee related expenses were Rs 27.66 crore in FY25, or 77.57% of revenue from operations, down from 84.54% in FY23 — leaving FY25 EBITDA of Rs 4.97 crore and PAT of Rs 3.97 crore. The two structural constraints are customer concentration, with the top 10 customers at 76.48% of FY25 revenue and renewals decided by competitive bidding, and working capital, since staff are paid before institutional clients settle. That is why Rs 15.11 crore of the Rs 26.51 crore raise was earmarked for working capital.