The ArMee Infotech IPO is a book-built issue worth ₹300.00 crore. The offering comprises a fresh issue of 80.00 lakh shares. There is no offer for sale component in the issue. The IPO is scheduled to open for subscription on September 23, 2026, and will remain open until September 25, 2026. The share allotment is expected to be finalised on September 28, 2026, while the company is likely to list its shares on both NSE and BSE on September 30, 2026.
The IPO has a price band of ₹350 to ₹375 per share, with a lot size of 40 shares. At the upper end of the price band, retail investors will need a minimum of ₹15,000 to apply for one lot. Khandwala Securities Ltd. is the book running lead manager for the issue, while Cameo Corporate Services Ltd. has been appointed as the registrar.
Investors can refer to the ArMee Infotech IPO Red Herring Prospectus (RHP) for detailed information about the company, the offer, financials, risks and use of proceeds.
Company Overview
ArMee Infotech Ltd. is an Ahmedabad-based company providing IT infrastructure and managed services to government, public sector undertakings (PSUs) and private sector clients. Its IT infrastructure services include supplying and installing computers, servers, interactive panels and related software and equipment. The company also provides system integration, maintenance and user training. Its managed services business covers technical manpower, skill development and annual maintenance services, supported through on-site and off-site teams.
The company has expanded into renewable energy, undertaking engineering, procurement and construction (EPC) projects for solar power plants, developing solar projects under power purchase agreements (PPAs), and providing battery energy storage system (BESS) solutions. As of June 30, 2026, it had 10 ongoing Renewable Energy EPC projects, one PPA project and two BESS projects.
ArMee Infotech also operates two Experience Zones in Ahmedabad for the retail sale of IT, consumer electronics, gaming and merchandise products. As of June 30, 2026, the company had 99 ongoing projects, including 65 IT infrastructure and 21 IT managed services projects. Over the last three financial years, it completed 267 IT infrastructure projects and eight IT managed services projects for Government/PSU clients.
IPO Details
| Particulars | Details |
|---|---|
| IPO Date | 23 to 25 Sep, 2026 |
| Allotment | Mon, Sep 28, 2026 |
| Listing Date | Wed, Sep 30, 2026 |
| Face Value | ₹10 per share |
| Price Band | ₹350 to ₹375 per share |
| Lot Size | 40 Shares |
| Issue Type | Bookbuilding IPO |
| Sale Type | Fresh capital only |
| Total Issue Size | 80,00,000 shares (agg. up to ₹300 Cr) |
| Fresh Issue | 80,00,000 shares (agg. up to ₹300 Cr) |
| Shareholding Pre-Issue | 2,37,31,386 shares |
| Shareholding Post-Issue | 3,17,31,386 shares |
| Listing Exchange | BSE, NSE |
(Compiled from RHP and market updates)
Industry Context
- India’s technology industry is expected to cross USD 315 billion in revenue in FY2026, supported by demand for artificial intelligence, digital transformation, engineering services, cloud adoption and expanding Global Capability Centres across industries.
- IT services remained the largest industry segment, contributing about 48% of FY2025 revenue. The segment includes application development, systems integration, consulting, infrastructure management and support services, with digital transformation continuing to drive demand.
- Engineering, Research and Development emerged as a key growth area, reaching USD 55.7 billion. Rising global investments in product engineering, embedded systems, IoT, automotive software, semiconductors and smart manufacturing are supporting segment expansion.
- India’s IT-BPM export revenue is estimated to increase from around USD 233 billion in FY2025 to USD 246 billion in FY2026, supported by outsourcing demand, skilled talent, cost competitiveness and digital services.
- The domestic technology market is benefiting from increased enterprise spending on software, artificial intelligence, cybersecurity and digital infrastructure. Growing data centre capacity, cloud adoption and digitalisation are further supporting technology industry growth.
Business Strengths
- ArMee Infotech has executed projects for Government departments and PSUs across multiple locations, completing 116 such projects in FY2026. Its project experience includes initiatives such as E-gram Vishwagram and Samagra Shiksha Abhiyan.
- The company’s revenue from operations increased from ₹1,02,057.47 lakh in FY2024 to ₹1,39,662.61 lakh in FY2026. During FY2026, it reported a profit after tax of ₹4,546.65 lakh.
- ArMee Infotech serves clients across education, healthcare, public distribution, rural and urban development, and science and technology. It has also expanded into renewable energy projects and Experience Zones, broadening its business exposure.
- The company is supported by promoters and senior management with experience across its business operations. Its promoters have been associated with the company for several years, supported by personnel with relevant domain expertise.
- ArMee Infotech is exploring opportunities in payment devices, data migration, STEM and Atal Tinkering Labs, Experience Zones and battery energy storage systems, alongside its existing IT infrastructure, managed services and renewable energy businesses.
Business Risks
- More than 86% of the company’s revenue in FY2026 came from projects executed in Gujarat, Maharashtra and Tamil Nadu, creating geographic concentration and exposing operations to economic and demographic conditions in these states.
- Government and PSU clients accounted for more than 83.84% of revenue in FY2026. Changes in tender requirements, delays, qualification criteria or inability to secure new government orders could affect business performance.
- The company depends on technology partners for hardware and software supplies, with 65.84% of purchases from its top three technology partners in FY2026. Supply delays, quality issues or defaults could affect project execution.
- A significant portion of projects is secured through competitive bidding, making financial performance dependent on winning new contracts. The company’s bid success rate declined from 30.91% in FY2024 to 19.48% in FY2026.
- Customer concentration remains a risk, with 76.66% of FY2026 revenue generated from the top five clients. Delays, cancellations, termination or loss of major projects or clients could affect revenue and financial performance.
Financial Performance
ArMee Infotech Ltd. – Financials (₹ in Lakh)
| Particulars | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 |
|---|---|---|---|
| Revenue from Operations | 1,39,662.61 | 1,31,331.37 | 1,02,057.47 |
| EBITDA | 7,563.77 | 5,864.26 | 7,157.58 |
| Profit / (Loss) After Tax (PAT) | 4,546.65 | 4,166.64 | 5,013.04 |
| PAT Margin (%) | 3.26% | 3.17% | 4.91% |
| Total Debt | 17,436.07 | 4,810.12 | 2,725.65 |
| Return on Capital Employed (%) | 24.10% | 32.43% | 57.55% |
| Return on Equity (%) | 28.52% | 35.94% | 70.67% |
(Source: RHP)
Key Ratios & Metrics
| KPI (Mar 31, 2026) | Value |
|---|---|
| Return on Equity (ROE) | 28.52% |
| Return on Capital Employed (ROCE) | 24.10% |
| Debt-to-Equity Ratio | 0.96 |
| Return on Net Worth (RoNW) | 24.96% |
| PAT Margin | 3.26% |
| EBITDA Margin | 5.42% |
| Net Asset Value (NAV per share) | ₹76.77 |
(Source: RHP)
Objects of the Issue
The Company plans to utilise the Net Proceeds from the Issue towards the following objects:
- ₹155 crore will be used to expand the business by helping the company procure new projects from Government and PSU clients.
- ₹60 crore is proposed to be allocated towards meeting the company’s working capital requirements.
- ₹6.50 crore will be used for the prepayment or repayment of certain outstanding borrowings of the company.
- The remaining proceeds will be utilised for general corporate purposes, subject to applicable regulations.
Conclusion
The ArMee Infotech IPO offers an opportunity to understand a company operating across IT infrastructure, managed services and renewable energy, with a significant presence in Government and PSU projects. Its growing revenue, diversified service portfolio and expansion into emerging areas such as BESS and data migration are notable aspects. At the same time, geographic concentration, dependence on Government orders, customer concentration and competitive bidding remain important considerations. Investors should review the company’s financial performance, business risks, IPO objectives and disclosures in the RHP carefully before making any investment decision.
Disclaimer: Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. This content is purely for informational purposes only and should not be considered as investment advice or a recommendation. Securities quoted are for illustration purposes only and not recommendatory. Investors are requested to do their own due diligence before investing.
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