ArMee Infotech IPO Review: Price Band, Dates, Lot Size, Financials and RisksArMee Infotech IPO Review: Price Band, Dates, Lot Size, Financials and Risks

The ArMee Infotech IPO opens on September 23 and closes on September 25, 2026. ArMee Infotech Limited is an Ahmedabad-based IT infrastructure solutions and managed services company providing end-to-end technology solutions across sectors including government, corporates, BFSI, and education. The company has also diversified into retail sales and renewable energy. The company is raising ₹300 crore through a fresh issue of 80 lakh shares.

IPO Snapshot

Event	Date
IPO Opens	September 23, 2026
IPO Closes	September 25, 2026
Allotment Date	September 28, 2026
Refund	September 29, 2026
Shares Credited to Demat	September 29, 2026
Listing Date (BSE, NSE)	September 30, 2026

Price Band and Lot Size

Detail	Value
Price Band	₹350 to ₹375 per share
Face Value	₹10 per share
Lot Size	40 shares
Minimum Investment	₹14,000 to ₹15,000
Retail Maximum	13 lots, or 520 shares (₹1,95,000)
Fresh Issue	₹300 crore (80,00,000 shares)
Offer for Sale	Nil
Total Issue Size	₹300 crore
Listing	BSE and NSE

Pre-issue shareholding stood at 2,37,31,386 shares, rising to 3,17,31,386 shares post-issue. The entire issue is fresh, so all proceeds will go to the company for the stated objects.

What Does ArMee Infotech Actually Do

ArMee Infotech Limited, founded in 2003 and headquartered in Ahmedabad, Gujarat, is an IT infrastructure solutions and managed services company. As part of the ArMee Group, the company provides end-to-end technology solutions across sectors including government, corporates, banking, financial services and insurance (BFSI), and education. The company has also diversified into retail sales and renewable energy, expanding its business beyond its core IT services.

The company’s services include IT Infrastructure (providing IT hardware and software, along with installation, integration, maintenance, and related support services), IT Managed Services (offering technical manpower, skill development and training, and annual maintenance services), Retail Sales (operating Experience Zones focused on IT products, consumer electronics, gaming, and related merchandise), and Renewable Energy (undertaking solar engineering, procurement and construction (EPC) projects and developing solar power projects under Power Purchase Agreements (PPAs), along with Battery Energy Storage System (BESS) projects).

As of June 30, 2026, the company had 99 ongoing projects, out of which 65 are under the IT Infrastructure category, 21 are under the IT managed services category, 10 are under the Renewable Energy EPC category, 1 is for Renewable Energy PPA, and 2 are for Renewable Energy BESS.

As of June 30, 2026, out of their 99 ongoing projects, 74 projects are based in the state of Gujarat, 11 in Maharashtra, 2 each in Bihar, Andhra Pradesh, Uttar Pradesh, Madhya Pradesh and Rajasthan, and 1 each is based in Telangana, Tamil Nadu, Uttarakhand, and New Delhi.

As of June 30, 2026, the company had 263 employees, out of which 219 are skilled and semi-skilled technical manpower engaged in the implementation and management of the various projects. In addition, as of June 30, 2026, they have engaged 1,648 employees on a contractual basis.

The Money Numbers

Metric	FY24	FY25	FY26
Total Income (₹ Crore)	1,023.99	1,315.78	1,410.09
Profit After Tax (₹ Crore)	50.13	41.67	45.47
Total Assets (₹ Crore)	673.50	828.54	958.87
Net Worth (₹ Crore)	95.18	136.67	182.18

All numbers are taken from the company’s official IPO document (RHP) and cross-checked with trusted sources.

Total income grew from ₹1,023.99 crore in FY24 to ₹1,410.09 crore in FY26, up 37.7% over two years. Profit after tax declined from ₹50.13 crore in FY24 to ₹41.67 crore in FY25 before recovering to ₹45.47 crore in FY26. Total assets increased from ₹673.50 crore to ₹958.87 crore, while net worth nearly doubled from ₹95.18 crore to ₹182.18 crore over the same period.

EBITDA stood at ₹75.64 crore in FY26, with EBITDA margin at 5.42%. Total borrowings stood at ₹174.36 crore in FY26, with debt-to-equity at 0.96 times.

Return ratios were strong: ROE stood at 28.52% and ROCE at 24.10% in FY26, with RoNW at 24.96% and NAV of ₹76.77 per share. Basic EPS for FY26 was ₹19.21 pre-issue and ₹14.31 post-issue. At the upper price band of ₹375, this implies a pre-issue P/E of 19.52 times and a post-issue P/E of 26.20 times. Price-to-book value at the offer price works out to 4.88 times.

Objects of the Issue

Purpose	Amount (₹ Crore)
Expansion of business by procuring new Government/PSU projects	155.00
Funding working capital requirements	60.00
Prepayment or repayment of certain outstanding borrowings availed by the Company	6.50
General Corporate Purposes	Balance amount
Total identified objects	221.50

Strengths

• Revenue growth, with total income increasing 37.7% from FY24 to FY26.
• Strong profitability recovery in FY26 after a dip in FY25.
• Diversified business model across IT infrastructure, managed services, retail, and renewable energy.
• Strong presence in government and PSU projects.
• Experienced management team with extensive domain knowledge.
• Strong return ratios: ROE of 28.52%, ROCE of 24.10%, and RoNW of 24.96% in FY26.
• Healthy net worth growth from ₹95.18 crore to ₹182.18 crore between FY24 and FY26.
• Low debt-to-equity ratio of 0.96 times, indicating conservative leverage.
• Geographic diversification across 11 Indian states.
• Large order book of ₹2,663 crore as of June 30, 2026.

Risks

• PAT margin remains moderate at 3.26% in FY26.
• EBITDA margin declined from 7.01% in FY24 to 5.42% in FY26.
• Profit after tax declined from ₹50.13 crore in FY24 to ₹45.47 crore in FY26, down 9.3%.
• The company operates in the highly competitive IT infrastructure and services sector with exposure to technology changes, client concentration, and competition from both organized and unorganized players.
• Geographic concentration in Gujarat (74 out of 99 ongoing projects).
• The company’s expansion depends on securing new Government/PSU projects.
• The business is working capital intensive, with significant receivables from government clients.
• Renewable energy EPC and PPA projects carry execution and payment risks.
• High reliance on contractual manpower (1,648 contractual vs 263 permanent employees).

How to Apply

You can apply through Alice Blue by selecting your investor category, choosing the number of lots, and submitting your bid between September 23 and September 25.

If you do not want to track subscription numbers throughout the bidding window, Alice Blue’s IPO feature can apply on your behalf. Choose your category and lot size, confirm your UPI ID, and set a subscription trigger, such as below 1x, between 1x and 5x, or above 5x. The system tracks ArMee Infotech’s live subscription numbers and submits the application once the selected condition is met. You then receive a UPI payment request to approve. Funds are not deducted until shares are allotted.

Frequently Asked Questions