ArMee Infotech Limited is an Ahmedabad-based IT infrastructure and managed services company that has expanded into renewable energy and retail sales. The ArMee Infotech IPO is scheduled to open from 23 September to 25 September 2026, with a price band of ₹350 to ₹375 per share. The company plans to raise approximately ₹300 crore through a fresh issue of equity shares, with no offer-for-sale component.
ArMee Infotech primarily serves government departments, public-sector undertakings (PSUs), corporates, BFSI institutions and educational organisations. Its business includes IT infrastructure solutions, managed services, solar EPC, solar power projects under PPAs and Battery Energy Storage System (BESS) projects. For FY2026, the company reported revenue of ₹1,396.63 crore and PAT of ₹45.47 crore.
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Table of Contents
- ArMee Infotech IPO Details
- What Does ArMee Infotech Do?
- ArMee Infotech Business Segments
- Government and PSU Exposure
- Order Book and Project Portfolio
- ArMee Infotech Financial Performance
- Profitability and Key Ratios
- How Will ArMee Infotech Use IPO Proceeds?
- ArMee Infotech IPO Valuation
- Strengths of ArMee Infotech
- ArMee Infotech IPO Risks
- What Should Investors Assess Before Applying?
- ArMee Infotech IPO: Key Takeaways
- FAQs
The ArMee Infotech IPO is a mainboard, book-built issue comprising only a fresh issue. The company intends to raise approximately ₹300 crore, meaning the issue proceeds are intended to go to the company after applicable issue-related expenses and adjustments.
| Particulars |
Details |
| Company |
ArMee Infotech Limited |
| IPO type |
Mainboard, Book Built |
| IPO dates |
23 September to 25 September 2026 |
| Anchor investor bidding |
22 September 2026 |
| Price band |
₹350 to ₹375 per share |
| Face value |
₹10 per share |
| Issue size |
Approximately ₹300 crore |
| Fresh issue |
Approximately ₹300 crore |
| Offer for Sale |
Nil |
| Minimum lot size |
40 shares |
| Minimum investment |
₹14,000 at lower band / ₹15,000 at upper band |
| Proposed listing |
BSE and NSE |
| Expected listing date |
30 September 2026 |
The retail allocation is up to 52.5%, while NII investors are allocated 22.5% and QIB investors 25%.
Khandwala Securities Limited and Saffron Capital Advisors Private Limited are the lead managers, while Cameo Corporate Services Limited is the registrar.
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Get all the latest updates on the ArMee Infotech IPO, including issue details, price band, lot size, subscription dates, and listing information.
ArMee Infotech is an IT infrastructure solutions and managed services company headquartered in Ahmedabad, Gujarat. The company traces its business history to 2003 and was incorporated in its present corporate structure in 2011 before becoming a public limited company in 2024.
Its core operations involve supplying, installing and integrating IT hardware and software, along with maintenance and technical support services. Its customer base includes government departments, PSUs, corporates, BFSI institutions and educational organisations.
Over time, the company has expanded beyond IT infrastructure into managed services, renewable energy and retail sales.
ArMee Infotech operates across four broad business areas. However, IT infrastructure remains the dominant contributor to revenue.
IT Infrastructure
IT infrastructure is ArMee Infotech's largest business segment, accounting for approximately 86% of FY2026 revenue.
The company supplies computers, servers, interactive panels, IT hardware, peripherals and related products. Its activities also include installation, integration, maintenance and technical support.
The high contribution from this segment means the company's overall financial performance remains closely linked to demand for IT infrastructure projects.
IT Managed Services
The IT managed services business includes technical manpower deployment, skill-development training, annual maintenance contracts and related support services.
These services are generally delivered through service-level agreements and can provide contract-based or recurring revenue.
IT managed services contributed more than 5% of FY2026 revenue.
Renewable Energy
ArMee Infotech has expanded into renewable energy through:
As of 30 June 2026, the company had 10 renewable-energy EPC projects, one PPA project and two BESS projects among its ongoing projects.
Renewable-energy EPC contributed approximately 9% of FY2026 revenue.
This is a newer business area for ArMee Infotech compared with its established IT infrastructure operations. Consequently, the segment introduces an additional business avenue while also bringing project execution, procurement and regulatory considerations.
Retail Sales
ArMee Infotech has also entered retail through its Experience Zones. These outlets sell IT products, consumer electronics, gaming products and merchandise.
Retail remains smaller than the company's IT infrastructure operations and currently does not represent the core of its business.
Government and PSU projects are a significant part of ArMee Infotech's business model.
According to the company's DRHP disclosures, more than 83.84% of revenue as of 31 March 2026 was recognised from Government/PSU clients and projects where the end users were Government/PSU clients.
This customer concentration gives the company access to government-linked technology infrastructure projects. At the same time, it exposes the business to government procurement cycles, tender outcomes, project execution schedules and payment cycles.
ArMee Infotech has completed projects across areas including education, healthcare, rural and urban development and other government-linked applications.
Therefore, Government and PSU exposure is an important factor to consider when assessing both the company's existing project portfolio and its future growth plans.
As of 30 June 2026, ArMee Infotech had 99 ongoing projects across its business segments. The portfolio covered IT infrastructure, managed services and renewable energy activities.
| Business area |
Ongoing projects |
| IT Infrastructure |
65 |
| IT Managed Services |
21 |
| Renewable Energy EPC |
10 |
| Renewable Energy PPA |
1 |
| Renewable Energy BESS |
2 |
| Total |
99 |
The geographical distribution of these projects is concentrated in Gujarat. Of the 99 ongoing projects, 74 were located in Gujarat, while 11 were in Maharashtra.
The remaining projects were spread across Bihar, Andhra Pradesh, Uttar Pradesh, Madhya Pradesh, Rajasthan, Telangana, Tamil Nadu, Uttarakhand and New Delhi.
This geographical distribution provides an important context for the ArMee Infotech IPO analysis because a substantial portion of project execution remains concentrated in one state.
ArMee Infotech's financial performance shows revenue growth over the three-year period, while profitability has fluctuated.
The company's restated financial information reported the following figures:
FY2024 Financial Performance
| Particulars |
FY2024 |
| Revenue from operations |
₹1,023.99 crore |
| EBITDA |
₹71.58 crore |
| EBITDA margin |
7.01% |
| PAT |
₹50.13 crore |
| PAT margin |
4.91% |
| Net worth |
₹95.18 crore |
| Total borrowings |
₹27.26 crore |
FY2025 Financial Performance
| Particulars |
FY2025 |
| Revenue from operations |
₹1,313.31 crore |
| EBITDA |
₹58.64 crore |
| EBITDA margin |
4.47% |
| PAT |
₹41.67 crore |
| PAT margin |
3.17% |
| Net worth |
₹136.67 crore |
| Total borrowings |
₹48.10 crore |
FY2026 Financial Performance
| Particulars |
FY2026 |
| Revenue from operations |
₹1,396.63 crore |
| EBITDA |
₹75.64 crore |
| EBITDA margin |
5.42% |
| PAT |
₹45.47 crore |
| PAT margin |
3.26% |
| Net worth |
₹182.18 crore |
| Total borrowings |
₹174.36 crore |
Overall, revenue increased consistently across FY2024 to FY2026, while EBITDA and PAT declined in FY2025 before recovering in FY2026.
Revenue Growth
Revenue from operations increased from ₹1,023.99 crore in FY2024 to ₹1,313.31 crore in FY2025, before reaching ₹1,396.63 crore in FY2026.
The FY2026 revenue growth was approximately 6.3% year-on-year.
This shows that revenue continued to expand, although the growth rate moderated from the previous year.
Profit Growth
PAT declined from ₹50.13 crore in FY2024 to ₹41.67 crore in FY2025. It subsequently recovered to ₹45.47 crore in FY2026.
On a year-on-year basis, FY2026 PAT increased by approximately 9.1%.
The movement in PAT is relevant because the company's revenue growth has not translated into consistently higher profitability across the three-year period.
The profitability profile of ArMee Infotech should be considered alongside its revenue concentration, working-capital requirements and borrowing levels.
EBITDA Margin
ArMee Infotech's EBITDA margin was 7.01% in FY2024, declined to 4.47% in FY2025 and recovered to 5.42% in FY2026.
The FY2026 improvement indicates a recovery in operating profitability compared with FY2025. However, the margin remained below the FY2024 level.
PAT Margin
The company reported a 3.26% PAT margin in FY2026.
In simple terms, the company retained approximately ₹3.26 as profit after tax for every ₹100 of revenue generated during FY2026.
Return on Equity
ArMee Infotech's FY2026 RoE was approximately 28.52%.
This ratio should be assessed together with the company's changing capital structure and borrowing levels rather than considered in isolation.
Debt-to-Equity
The company's debt-to-equity ratio increased to approximately 0.96x in FY2026, compared with 0.35x in FY2025 and 0.29x in FY2024.
The rise reflects the increase in borrowings during the period and is an important consideration alongside the company's fresh IPO fundraising.
The ArMee Infotech IPO proceeds are primarily intended for business expansion, working capital, repayment of certain borrowings and general corporate purposes.
| Use of funds |
Amount |
| Expansion through new Government/PSU projects |
₹155 crore |
| Working capital requirements |
₹60 crore |
| Prepayment/repayment of certain borrowings |
₹6.5 crore |
| General corporate purposes |
Balance amount |
The largest allocation is towards expansion through new Government/PSU projects.
A significant part of this allocation is intended to support performance bank guarantees (PBGs) associated with new business opportunities.
Why Are Performance Bank Guarantees Important?
Government and PSU contracts can require bidders or contractors to provide performance-related guarantees.
For ArMee Infotech, the proposed use of IPO proceeds for such guarantees is linked to its strategy of bidding for and executing additional Government/PSU projects.
As a result, the IPO is not primarily a conventional manufacturing capacity-expansion issue. A substantial portion of the capital is intended to strengthen the company's ability to participate in larger government and PSU projects.
The company also proposes to allocate ₹60 crore towards working capital and ₹6.5 crore towards repayment or prepayment of certain borrowings.
The ArMee Infotech IPO price has been fixed in the range of ₹350 to ₹375 per share.
Based on FY2026 basic EPS of approximately ₹19.16, the indicative P/E multiple at the two ends of the price band can be calculated as follows:
| IPO price |
FY2026 EPS |
Indicative P/E |
| ₹350 |
₹19.16 |
~18.3x |
| ₹375 |
₹19.16 |
~19.6x |
At the upper price band of ₹375, the indicative FY2026 P/E is approximately 19.6x.
These are indicative calculations based on FY2026 EPS. The final valuation should also be assessed using the post-issue share count, dilution, comparable listed companies and the final issue structure.
The company has disclosed listed peers including Dynacons Systems & Solutions and Orient Technologies, among others, for comparison of relevant financial and operating parameters.
ArMee Infotech IPO GMP
No ArMee Infotech IPO GMP figure is provided in the data used for this analysis. Therefore, no GMP estimate or unofficial premium is stated here.
Investors assessing the ArMee Infotech IPO valuation can instead focus on the disclosed price band, FY2026 EPS, indicative P/E, financial performance, leverage, business mix and risks.
ArMee Infotech has several business characteristics that are relevant when assessing its IPO.
1. Established Government and PSU Project Track Record
The company has experience executing IT infrastructure and technology projects for government and PSU customers.
Its existing customer base and project execution history provide an operating platform for bidding for additional projects.
2. Large Existing Project Portfolio
ArMee Infotech had 99 ongoing projects as of 30 June 2026 across IT infrastructure, managed services and renewable energy.
This includes 65 IT infrastructure projects, 21 managed services projects and 13 renewable-energy projects across EPC, PPA and BESS activities.
3. Multiple Business Segments
IT infrastructure remains the company's largest business, but ArMee Infotech has expanded into managed services, renewable energy and retail.
This provides the company with business activities beyond its traditional IT infrastructure operations, although IT infrastructure continues to account for the majority of revenue.
4. IPO Proceeds Linked to Business Expansion
A major portion of the proposed IPO proceeds is intended to support new Government/PSU projects through performance bank guarantees.
This directly links a substantial part of the fresh capital to the company's stated project-expansion strategy.
5. Improvement in FY2026 Profitability
After PAT declined in FY2025, profit increased from ₹41.67 crore in FY2025 to ₹45.47 crore in FY2026.
EBITDA also increased from ₹58.64 crore to ₹75.64 crore over the same period.
The ArMee Infotech IPO also carries several business and financial considerations that investors should assess.
1. High Dependence on Government and PSU Projects
More than 83.84% of revenue was recognised from Government/PSU clients and projects where the end users were Government/PSU clients as of 31 March 2026.
This makes the company exposed to government procurement cycles, tender outcomes, qualification requirements, project execution timelines and payment cycles.
A slowdown in procurement or delays in project execution can affect revenue and cash flows.
2. Geographic Concentration
The ongoing project portfolio is concentrated in Gujarat.
Of the 99 ongoing projects as of 30 June 2026, 74 were located in Gujarat, while another 11 were in Maharashtra.
This concentration means a substantial part of project execution remains linked to these geographic markets.
3. Low Profit Margins
The company reported an EBITDA margin of 5.42% and a PAT margin of 3.26% in FY2026.
Relatively thin margins can leave limited room for increases in procurement costs, employee expenses, project execution costs or financing costs before profitability is affected.
4. Increase in Borrowings
Total borrowings increased from ₹27.26 crore in FY2024 to ₹48.10 crore in FY2025 and ₹174.36 crore in FY2026.
This increase in leverage is an important factor to assess alongside the company's working-capital requirements and project-based business model.
5. Dependence on Technology Partners
ArMee Infotech relies on third-party technology manufacturers and suppliers for several hardware and software products.
Changes in supplier relationships, pricing or product availability could affect project execution and margins.
6. Newer Renewable Energy Business
Renewable energy is a relatively newer business area for ArMee Infotech compared with its established IT infrastructure operations.
Its solar EPC, PPA and BESS activities bring exposure to project execution, procurement, supplier, regulatory and financing considerations.
7. Competition in Government Procurement
Government and PSU projects are generally awarded through tendering and competitive procurement processes.
Therefore, an existing project portfolio does not automatically guarantee future order wins. The company's ability to qualify for tenders, submit competitive bids and execute projects within contractual requirements remains relevant to future growth.
The ArMee Infotech IPO analysis involves more than looking at the IPO price or potential listing performance. Investors can assess the company's business model, financial trends, capital structure and use of proceeds together.
Revenue Concentration
Government and PSU-linked projects account for a substantial share of revenue. The sustainability and composition of the project pipeline therefore remain important considerations.
Margin Trend
The EBITDA margin improved to 5.42% in FY2026, but remained below the 7.01% recorded in FY2024.
The margin trend can provide context on how effectively revenue growth is translating into operating profitability.
Borrowing Levels
Borrowings increased materially in FY2026. Investors should assess this alongside the company's working-capital requirements and its plans to expand its project base.
Utilisation of IPO Proceeds
Approximately ₹155 crore is earmarked for expansion through new Government/PSU projects, primarily supporting performance bank guarantees.
The intended use of these funds is therefore closely linked to the company's ability to pursue additional projects.
Business Diversification
ArMee Infotech has expanded into managed services, renewable energy and retail, but IT infrastructure still contributes approximately 86% of FY2026 revenue.
Investors should distinguish between diversification of business activities and diversification of actual revenue and profitability.
Valuation
At ₹350 to ₹375 per share, the indicative FY2026 P/E based on EPS of ₹19.16 is approximately 18.3x to 19.6x.
The valuation can be assessed against relevant listed peers while considering differences in business mix, growth, margins, leverage and return ratios.
ArMee Infotech is primarily an IT infrastructure and managed services company with significant exposure to Government and PSU customers. It has also expanded into renewable energy and retail.
For FY2026, the company reported ₹1,396.63 crore in revenue, ₹75.64 crore in EBITDA and ₹45.47 crore in PAT. Revenue increased by approximately 6.3% and PAT increased by approximately 9.1% compared with FY2025.
The ArMee Infotech IPO 2026 is an approximately ₹300 crore fresh issue with no offer-for-sale component. A major portion of the proceeds is intended to support performance bank guarantees for new Government/PSU projects, while ₹60 crore is earmarked for working capital and ₹6.5 crore for repayment or prepayment of certain borrowings.
At the upper price band of ₹375, the indicative FY2026 P/E based on reported EPS of ₹19.16 is approximately 19.6x.
At the same time, the company has a high dependence on Government and PSU-linked projects, concentration of ongoing projects in Gujarat, relatively low profit margins, increased borrowings and exposure to execution risks in its newer renewable-energy operations.
The proposed listing date is 30 September 2026, subject to the IPO process and applicable approvals.
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1. What is the ArMee Infotech IPO?
The ArMee Infotech IPO is a mainboard book-built public issue of approximately ₹300 crore, consisting entirely of a fresh issue of equity shares. There is no offer-for-sale component.
2. When will the ArMee Infotech IPO open?
The IPO is scheduled to open for subscription on 23 September 2026 and close on 25 September 2026. Anchor investor bidding is scheduled for 22 September 2026.
3. What is the ArMee Infotech IPO price?
The ArMee Infotech IPO price band is ₹350 to ₹375 per equity share. The minimum bid is 40 shares, requiring an investment of ₹14,000 at the lower band or ₹15,000 at the upper band.
4. What does ArMee Infotech do?
ArMee Infotech provides IT infrastructure solutions and managed services to government departments, PSUs, corporates, BFSI institutions and educational organisations. Its operations also include solar EPC, solar PPAs, BESS projects and retail sales through Experience Zones.
5. What are the major risks of the ArMee Infotech IPO?
The major risks include high dependence on Government and PSU projects, geographic concentration, relatively low profit margins, increased borrowings, dependence on technology suppliers, competition in government tenders and execution risks associated with the newer renewable-energy business.