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ArMee Infotech IPO

Published: 17 September 2026 | 6.00 AM
Last Updated: 17 September 2026 | 11.30 AM

IPO Snapshot

Particulars Details
Chanakya View 🟡 Wait for Price Band
Overall Rating Provisional—3.5/5
GMP Today Updated Daily
Issue Size Rs. 300 Crore
Fresh Issue Rs. 300 Crore
Price Band To Be Announced
Lot Size To Be Announced
Minimum Retail Investment To Be Announced
IPO Opens 23 September 2026
IPO Closes 25 September 2026
Allotment 28 September 2026
Listing 30 September 2026
Exchange BSE and NSE
Lead Managers Khandwala Securities Ltd.; Saffron Capital Advisors Pvt. Ltd.
Registrar Cameo Corporate Services Ltd.

Investor Decision Box

Question Chanakya View
Suitable for Listing Gain? 🟡 Decide after price band and GMP
Suitable for Long-Term? 🟡 Selective
Risk Level Medium to High
Business Quality ⭐⭐⭐⭐☆
Financial Strength ⭐⭐⭐☆☆
Balance Sheet ⭐⭐☆☆☆

👉 | IPO GMP|IPO Reviews |IPO Subscription|IPO Allotment

Chanakya View

ArMee Infotech Limited is an established IT infrastructure solutions and managed-services company with more than two decades of operating history. Its experience in executing Government and PSU projects, diversified service capabilities and large technical workforce provide a credible business foundation. Expansion into renewable-energy EPC, power projects and battery-energy storage creates additional growth opportunities.

The company reported FY26 total income of Rs. 1,410.09 crore and profit after tax of Rs. 45.47 crore. Revenue increased 7% and profit rose 9% over FY25. However, PAT remains below the Rs. 50.13 crore reported in FY24, while the FY26 PAT margin was only 3.26%.

Borrowings increased sharply from Rs. 48.10 crore in FY25 to Rs. 174.36 crore in FY26. This rise requires careful monitoring, despite ROE of 28.52% and ROCE of 24.10%.

Because the price band, lot size and final valuation have not been announced, investors cannot yet make an investment decision. The recommendation should be reassessed after pricing, GMP and subscription data become available.

Chanakya Recommendation: 🟡 Wait for Price Band

About the Company

Founded in 2003 and headquartered in Ahmedabad, ArMee Infotech Limited provides end-to-end technology infrastructure and managed services. It serves Government bodies, public-sector undertakings, corporate customers, banking and financial-services institutions, insurance companies and educational organisations.

Its IT infrastructure division supplies hardware and software and handles installation, integration, maintenance and support. Managed services include technical manpower, skill development, training and annual maintenance contracts.

Its renewable-energy activities include solar engineering, procurement and construction projects, solar-power development under power-purchase agreements and Battery Energy Storage System projects.

As of June 30, 2026, ArMee Infotech had 99 ongoing projects: 65 in IT infrastructure, 21 in managed services, 10 in renewable-energy EPC, one solar PPA project and two BESS projects. Gujarat accounted for 74 projects, indicating geographic concentration.

The company employed 263 people, including 219 skilled and semi-skilled technical personnel, and engaged another 1,648 contractual workers.

Why This IPO Stands Out

✅ More than two decades of operating experience.

✅ Established credentials in Government and PSU projects.

✅ Diversified presence across IT services, retail and renewable energy.

✅ Strong FY26 ROE and ROCE indicators.

✅ Entire Rs. 300 crore IPO consists of fresh capital.

Key Risks

⚠ Borrowings increased substantially during FY26.

⚠ Profit margins remain thin despite substantial revenue.

⚠ Dependence on Government and PSU projects may create payment delays.

⚠ Heavy concentration of projects in Gujarat increases geographic risk.

⚠ Price band, lot size and valuation are still unavailable.

Financial Snapshot

ArMee Infotech’s total income increased from Rs. 1,023.99 crore in FY24 to Rs. 1,315.78 crore in FY25 and Rs. 1,410.09 crore in FY26. Profit performance fluctuated. PAT declined from Rs. 50.13 crore in FY24 to Rs. 41.67 crore in FY25 before recovering to Rs. 45.47 crore in FY26. EBITDA reached Rs. 75.64 crore in FY26.

ParticularsFY26FY25FY24
Total IncomeRs. 1,410.09 CrRs. 1,315.78 CrRs. 1,023.99 Cr
EBITDARs. 75.64 CrRs. 58.64 CrRs. 71.58 Cr
Profit After TaxRs. 45.47 CrRs. 41.67 CrRs. 50.13 Cr
Net WorthRs. 182.18 CrRs. 136.67 CrRs. 95.18 Cr
BorrowingsRs. 174.36 CrRs. 48.10 CrRs. 27.26 Cr

Objects of the Issue

ArMee Infotech plans to use Rs. 155 crore to expand its business by procuring new Government and PSU projects. Another Rs. 60 crore is earmarked for working-capital requirements, while Rs. 6.50 crore will be used to repay or prepay borrowings. The balance will fund general corporate purposes.

Key Performance Indicators

For FY26, ROE stood at 28.52%, ROCE at 24.10% and RoNW at 24.96%. These return ratios are healthy. Nevertheless, EBITDA margin was 5.42% and PAT margin was 3.26%, showing limited protection against cost escalation or execution delays. Debt-to-equity increased to 0.96 after the sharp rise in borrowings.

Valuation Status

The price band, number of shares offered, lot size, minimum retail investment and post-issue market capitalisation remain unannounced. Therefore, post-issue EPS, P/E and price-to-book valuation cannot yet be assessed.

Investors must wait for final pricing and the expanded equity base.

Promoters and Shareholding

The promoters are Ami Ridhish Patel, Kiritkumar Chimanbhai Patel and Ridhish Kiritbhai Patel. Before the issue, the promoter group holds 92.72%, while public shareholders hold 7.28%. Post-issue shareholding will become clear after pricing details are announced.

Final Assessment

ArMee Infotech offers scale, execution experience and exposure to technology infrastructure and renewable energy. Strong return ratios and the entirely fresh issue are positives.

However, rapidly rising debt, thin margins, project concentration and incomplete pricing information warrant caution. Investors should wait for the price band, GMP and subscription response before deciding whether to apply. The final recommendation may change materially once valuation becomes available.

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