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Armee Infotech Ltd
IT - SoftwareIPO
₹350 - 375
Founded in 2003, Armee Infotech Ltd installs IT infrastructure, provides managed support services, and develops solar power systems across India. The company secures large public sector tenders by partnering with major hardware equipment vendors, delivering turnkey technology setups and multi-year maintenance for government departments.
Lot40Min Invest₹15,000Face Value₹10Issue Size₹300 CrFresh Issue₹300 Cr
Timeline
23 Sept
Bidding opens
25 Sept
Bidding closes
28 Sept
Allotment
29 Sept
Refund & demat credit
30 Sept
Listing
Subscription
Subscription opens 23 Sept
Reports
Offer Details
Terms
Issue Size₹300 Cr
Fresh Issue₹300 Cr
Face Value₹10
Lot Size40 shares
ReservationQIB 25% · NII 22.5% · RETAIL 52.5%
Application Sizes
Retail₹15,0001-13 lots
sNII₹2,10,000from 14 lots
bNII₹10,05,000from 67 lots
Managers & Registrar
Lead ManagerKhandwala Securities Ltd
Co-ManagerSaffron Capital Advisors Pvt Ltd
RegistrarCameo Corporate Services Ltd
Ownership & Proceeds
Shareholding
CategoryPre IPOPost IPOPromoter Group92.72%69.35%Public7.28%30.65%
Objects of the Issue
- Funds for the purpose of securing PBGs for expansion of business
- Funding the comapny working capital requirements
- Prepayment or repayment of certain outstanding borrowings availed by the Company
- General Corporate Purpose
Anchor Book
Bid Date22-Sep-202630-day lock-in27-Oct-202690-day lock-in26-Dec-2026
Financials
Profit & Loss
| Financial Year | FY24 | FY25 | FY26 |
|---|---|---|---|
| RevenueCr | 1,021 | 1,313 | 1,397 |
| Operating ProfitCr | 72 | 59 | 76 |
| OPM% | 7.0 | 4.5 | 5.4 |
| PBTCr | 64 | 53 | 61 |
| PATCr | 50 | 42 | 45 |
| EPS | 21 | 18 | - |
Balance Sheet
| Financial Year | FY24 | FY25 | FY26 |
|---|---|---|---|
| Equity CapitalCr | 24 | 24 | - |
| ReservesCr | 71 | 113 | - |
| BorrowingsCr | 27 | 49 | - |
| Total AssetsCr | 674 | 829 | - |
Cash Flow
| Financial Year | FY24 | FY25 | FY26 |
|---|---|---|---|
| Operating Cash FlowCr | 55 | -18 | 12 |
| Investing Cash FlowCr | -21 | -13 | -102 |
| Financing Cash FlowCr | -13 | 16 | 104 |
| Net Cash FlowCr | 21 | -15 | 15 |
Strengths & Risks
Strengths · as stated in the DRHP
- Proven track record in executing projects for Government and PSU clients.
- Consistent track record of financial performance.
- Ability to service IT Infrastructure and IT managed services to clients engaged in diverse sectors.
- Experienced Board of Directors and management with extensive domain knowledge.
Strategies · as stated in the DRHP
- Expanding and augmenting our products and services portfolio.
- Continue to expand our geographical footprints.
- Continue to bid for Government/PSUs projects while also engaging with private clients.
Risks · as stated in the DRHP
- Most of our business operations are concentrated in the states of Gujarat, Maharashtra and Tamil Nadu. As of March 31, 2026 more than 86% of the revenue was recognized from projects executed in the states of Gujarat, Maharashtra and Tamil Nadu. Due to this geographic concentration of our business operations, our results of operations and growth might be restricted to the economic and demographic conditions of these three states.
- We depend on orders from the Government/PSU clients. As of March 31, 2026, more than 83.84% of the revenue was recognized from Government/PSU clients and wherein end users are Government / PSU clients. Additionally, the loss of or inability to qualify for such orders may adversely affect our business, financial condition, results of operations, and prospects.
- Our in-house procurement operations for renewable energy space projects expose us to certain risks. We may incur unexpected expenses if the suppliers of components in our power projects default on their warranty obligations.
- We are dependent on our Technology Partners for various hardware and software products which we provide to our clients. As of March 31, 2026, 65.84% of our purchase from Technology Partners are from top three Technology Partners. The failure of our Technology Partners to deliver these products in the necessary quantities, on time or to meet specified quality standards or technical specifications, could adversely affect our business and our ability to deliver orders on time.
- Most projects we operate have been awarded primarily through a competitive bidding process and our financial performance is largely dependent on our successful bidding for new projects. We may not always be able to qualify for, compete and win projects. If we are not able to successfully bid for new projects, it may adversely affect our business operations and financial conditions. The success rate of the bids made by us in Fiscals 2026, 2025, and 2024, were 19.48%, 24.57%, and 30.91%.
- We have experienced negative cash flow from operating activities of Rs.(1,798.14) lakhs in Fiscal 2025 and any negative cash flows in the future would adversely affect our cash flow requirements, which may adversely affect our ability to operate our business and implement our growth plans, thereby affecting our financial condition.