Armour Security India Ltd. IPO
Armour Security IPO is a book building SME issue of Rs. 26.51 crore, comprising an entirely fresh issue of 46.50 lakh equity shares. The IPO opens for subscription on Wednesday, January 14, 2026 and closes on Monday, January 19, 2026. The allotment is expected to be finalised on January 20, 2026, and the shares are proposed to be listed on the NSE SME platform with a tentative listing date of Thursday, January 22, 2026.
The IPO is offered in a price band of Rs. 55 to Rs. 57 per share with a lot size of 2,000 shares. At the upper price band, the minimum investment for retail investors works out to Rs. 2,28,000 for 2 lots (4,000 shares), while HNI investors are required to apply for a minimum of 3 lots (6,000 shares), amounting to Rs. 3,42,000. Sobhagya Capital Options Pvt. Ltd. is the Book Running Lead Manager to the issue, Skyline Financial Services Pvt. Ltd. is the Registrar, and NNM Securities Pvt. Ltd. is the Market Maker for the IPO.
🕗 Last Update: 9 January 2026, 6.00 AM
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IPO Snapshot
| Particulars | Details |
|---|---|
| IPO Type | Book Building SME IPO |
| Issue Size | Rs. 26.51 Cr |
| Fresh Issue | 46,50,000 shares |
| Face Value | Rs. 10 per share |
| Price Band | Rs. 55 to Rs. 57 |
| Listing Platform | NSE SME |
| Market Cap (Post-IPO) | Rs. 96.16 Cr |
IPO Timetable (Tentative)
| Event | Date |
|---|---|
| IPO Opens | Wed, Jan 14, 2026 |
| IPO Closes | Mon, Jan 19, 2026 |
| Allotment | Tue, Jan 20, 2026 |
| Refunds | Wed, Jan 21, 2026 |
| Credit of Shares | Wed, Jan 21, 2026 |
| Listing | Thu, Jan 22, 2026 |
IPO Reservation Structure
| Investor Category | Shares Offered | % of Issue |
|---|---|---|
| Market Maker | 2,34,000 | 5.03% |
| QIB | 46,000 | 0.99% |
| NII (HNI) | 21,90,000 | 47.10% |
| – bNII (> Rs. 10 Lakh) | 14,60,000 | 31.40% |
| – sNII (< Rs. 10 Lakh) | 7,30,000 | 15.70% |
| Retail (RII) | 21,80,000 | 46.88% |
| Total | 46,50,000 | 100.00% |
IPO Lot Size & Investment Amount
| Category | Lots | Shares | Amount (Rs.) |
|---|---|---|---|
| Retail (Min & Max) | 2 | 4,000 | 2,28,000 |
| S-HNI (Min) | 3 | 6,000 | 3,42,000 |
| S-HNI (Max) | 8 | 16,000 | 9,12,000 |
| B-HNI (Min) | 9 | 18,000 | 10,26,000 |
Issue Management
| Role | Name |
|---|---|
| Lead Manager | Sobhagya Capital Options Pvt. Ltd. |
| Registrar | Skyline Financial Services Pvt. Ltd. |
| Market Maker | NNM Securities Pvt. Ltd. |
About the business
Armour Security India Ltd. was incorporated in August 1999 and is engaged in providing comprehensive private security and manpower solutions across India. The company caters to a diversified clientele spanning corporate offices, industrial units, banks, healthcare institutions, government bodies, educational institutions, and residential complexes.
The company operates on a PAN-India basis with branches across multiple states, enabling it to manage region-specific compliance and operational dynamics. Armour Security offers end-to-end security planning, deployment, supervision, and integrated facility management services.
As on February 28, 2025, the company had 37 permanent employees and 1,269 contractual personnel, reflecting a scalable manpower-driven business model.
Services Offered
| Service Category | Description |
|---|---|
| Private Security Services | Deployment of trained security guards as per client requirements |
| Integrated Facility Management | Housekeeping, waste management, maintenance & security |
| Housekeeping Services | Office cleaning, surface & carpet cleaning, washroom maintenance |
| Event Management Services | Security & manpower for events, conferences, weddings |
| Firefighting Services | Fire safety training, drills, equipment handling |
| Security Training | Training programs for security officers |
| Supervision Services | On-ground supervision as per client & industry norms |
| Other Manpower Services | Skilled, semi-skilled & unskilled manpower (drivers, electricians, clerks, etc.) |
Competitive Strengths
| Key Strength | Commentary |
|---|---|
| Diversified Services Portfolio | Multiple revenue streams beyond guarding services |
| Experience & Track Record | Over two decades of operational presence |
| Compliance & Certifications | Ability to operate across states with regulatory compliance |
| Customer Retention | Repeat clients due to service reliability |
| Technology Integration | Use of systems for monitoring and workforce management |
Company Financials (Restated – Rs. Cr.)
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Total Assets | 32.10 | 27.37 | 23.61 | 15.51 |
| Total Income | 19.69 | 36.56 | 33.10 | 28.97 |
| EBITDA | 4.30 | 4.97 | 3.67 | 3.12 |
| PAT | 2.90 | 3.97 | 2.62 | 2.26 |
| Net Worth | 21.34 | 18.43 | 14.46 | 3.49 |
| Total Borrowings | 6.01 | 4.69 | 1.80 | 0.85 |
Key Performance Indicators (KPI)
| KPI | Sep 30, 2025 | Mar 31, 2025 |
|---|---|---|
| ROE | 13.61% | 21.56% |
| ROCE | 15.45% | 24.47% |
| RoNW | 13.61% | 21.56% |
| PAT Margin | 14.76% | 11.14% |
| EBITDA Margin | 21.84% | 13.94% |
| Debt / Equity | 0.28 | 0.25 |
| Price to Book Value | — | 3.78 |
Valuation Snapshot
| Particulars | Pre-IPO | Post-IPO |
|---|---|---|
| EPS (Rs.) | 3.25 | 3.44 |
| P/E (x) | 17.53 | 16.55 |
| Market Cap | — | Rs. 96.16 Cr |
| Promoter Holding | 96.80% | — |
Objects of the Issue
| No. | Object | Amount (Rs. Cr.) |
|---|---|---|
| 1 | Working capital requirements | 15.90 |
| 2 | Capital expenditure (machinery, equipment & vehicles) | 1.61 |
| 3 | Repayment / pre-payment of borrowings | 2.40 |
| 4 | General corporate purposes | Balance |
Promoters
The promoters of the company are Mr. Vinod Gupta and Mrs. Arnima Gupta, who collectively hold 96.80% of the pre-issue equity, indicating strong promoter commitment.
Chanakya View (Investment Perspective)
Armour Security India operates in a stable, cash-generating and recurring-revenue business, supported by long-term client relationships and diversified service offerings. The company has demonstrated consistent revenue growth, improving margins, and healthy return ratios, while leverage remains under control.
While the security services sector is manpower-intensive and competitive, Armour Security’s experience, PAN-India presence, service diversification and improving financial metrics provide comfort at the offered valuation. Trade receivables as on March 31, 2025 stand at approximately 2.73 months of average billing. While marginally on the higher side, this is acceptable given the nature of the security and manpower services business, where billing cycles and client payment terms (especially with corporates and institutions) tend to be longer.
Overall View:
Suitable for moderate-risk investors looking at reasonable valuation, steady earnings visibility and SME-segment opportunities, with expectations of measured listing performance and medium-term growth.
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Disclaimer
This coverage is for informational and educational purposes. Chanakya Ni Pothi does not deal in Grey Market Premiums or recommend investments based on GMP data. Please consult your SEBI-registered investment advisor.
