ArMee Infotech IPO 2026: Price Band, Dates, Lot Size & Key Details
· 8 min read · Written by the BuyUnlistedShares desk. Information only, not investment advice.
ArMee Infotech Limited's IPO opens for subscription on September 23, 2026, and closes on September 25, 2026, with a disclosed price band of ₹350–₹375 per share—relevant for readers seeking factual, disclosure-based information on this IT infrastructure and renewable energy company's mainboard listing, its lot size of 40 shares, and minimum application amount of ₹15,000.
Reviewed by the BuyUnlistedShares desk
ArMee Infotech Limited, an Ahmedabad-based IT infrastructure and managed services company that has also diversified into renewable energy, is conducting a ₹300 crore initial public offering that opens on September 23, 2026. The mainboard issue is entirely a fresh issue of 80,00,000 equity shares, with no offer-for-sale component, and closes on September 25, 2026. This article compiles publicly disclosed information about the offer structure, financials, business model, and disclosed strengths and risks, for informational and educational purposes only. It does not evaluate whether the offer is favourable and does not suggest any course of action.
ArMee Infotech IPO: Offer Details
Issue Size | ₹300 crore (80,00,000 shares) |
Fresh Issue | 80,00,000 shares — ₹300 crore (100% of the issue) |
Price Band | ₹350 – ₹375 per equity share |
Face Value | ₹10 per equity share |
Lot Size | 40 equity shares |
Minimum Retail Application Amount | ₹15,000 (1 lot, at the upper price band) |
Maximum Retail Application Amount | ₹1,95,000 (13 lots / 520 shares) |
sNII Minimum Application | 14 lots / 560 shares — ₹2,10,000 |
bNII Minimum Application | 67 lots / 2,680 shares — ₹10,05,000 |
Open Date | September 23, 2026 |
Close Date | September 25, 2026 |
Allotment Date | September 28, 2026 |
Listing Date | September 30, 2026 (BSE, NSE) |
Cameo Corporate Services Limited is the registrar for the IPO. Khandwala Securities Limited and Saffron Capital Advisors Private Limited are the lead managers coordinating the issue.
About ArMee Infotech
ArMee Infotech Limited traces its business operations to 2003 and is headquartered in Ahmedabad, Gujarat. Its corporate entity was originally incorporated as 'Blossom Infraspace Private Limited' on February 8, 2011, renamed 'ArMee Infotech Private Limited' in April 2017, and converted into a public limited company under its current name in April 2024. The company provides IT infrastructure solutions and IT-managed services — covering hardware, software, networking, and electrification — along with turnkey execution of technology and solar power projects, primarily for government bodies, public sector undertakings (PSUs), and institutional and private-sector customers.
The company has completed 116 projects for government and PSU clients in FY26, compared with 97 in FY25 and 62 in FY24, and has participated in government schemes including E-gram Vishwagram, Deen Dayal Upadhyaya Grameen Kaushalya Yojana, Gyankunj, and Samagra Shiksha Abhiyan. Its IT infrastructure and managed services span sectors such as education, healthcare, public distribution, rural and urban development, and science and technology.
Financial Information: 3-Year Summary
Metric | FY24 | FY25 | FY26 |
Total Income (₹ Cr) | 1,023.99 | 1,315.78 | 1,410.09 |
PAT (₹ Cr) | 50.13 | 41.67 | 45.47 |
EBITDA (₹ Cr) | 71.58 | — | 75.64 |
EBITDA Margin | 7.01% | 4.47% | 5.42% |
PAT Margin | 4.91% | 3.17% | 3.26% |
Net Worth (₹ Cr) | 95.18 | — | 182.18 |
Total Borrowings (₹ Cr) | 27.26 | 48.10 | 174.36 |
Note: FY25 EBITDA and net worth figures were not consistently disclosed across the sources reviewed and have been left blank rather than estimated.
Observations From the Reported Figures
- Revenue trend: Total income is reported to have grown from ₹1,023.99 Cr in FY24 to ₹1,410.09 Cr in FY26, an increase of approximately 38% over two years, with FY26 growth over FY25 at around 7%.
- Profit trend: PAT declined from ₹50.13 Cr in FY24 to ₹41.67 Cr in FY25, before rising to ₹45.47 Cr in FY26 — a non-linear pattern, with FY26 PAT remaining below the FY24 level despite higher revenue.
- Margin trend: EBITDA margin moved from 7.01% (FY24) to 4.47% (FY25) to 5.42% (FY26), and PAT margin moved from 4.91% to 3.17% to 3.26% over the same period — margins in FY26 remain below FY24 levels even as revenue scaled up.
- Borrowings trend: Total borrowings rose sharply from ₹27.26 Cr in FY24 to ₹48.10 Cr in FY25 and further to ₹174.36 Cr in FY26 — an increase management has attributed, per reported commentary, to expansion-related spending.
- Cash flow: The company reported negative operating cash flow of approximately ₹17.98 Cr in FY25.
- Other disclosed items: Contingent liabilities stood at ₹129.23 Cr as of March 31, 2026.
Valuation-Related Ratios
Metric | FY26 Value |
ROE | 28.52% |
ROCE | 24.10% |
RoNW | 24.96% |
EBITDA Margin | 5.42% |
PAT Margin | 3.26% |
Net Worth (₹ Cr) | 182.18 |
Total Borrowings (₹ Cr) | 174.36 |
EPS and P/E figures for this issue were reported inconsistently across the third-party sources reviewed for this article, with different figures appearing in different places without a clear, verifiable basis; these figures have therefore been omitted here rather than presented with uncertain accuracy. The ratios shown above (ROE, ROCE, RoNW, and margins) are presented as reference data points for readers to consider alongside the financial trends discussed in the previous section.
Comparison With Listed Companies
According to the offer documents, ArMee Infotech has listed Dynacons Systems and Solutions, Orient Technologies, KPI Green Energy, and Oriana Power as comparable listed companies. These businesses span IT infrastructure/systems integration and renewable energy (solar EPC/independent power), reflecting ArMee Infotech's combined business mix. Verified, consistently reported financial data for each of these companies was not independently compiled for this article; readers seeking a detailed peer comparison, including financial ratios for each listed company, can refer to the peer comparison section of the RHP.
Disclosed and Observed Risk Factors
- Government and PSU dependence: A significant portion of revenue is derived from government and PSU clients, creating dependence on government spending, project awards, and tender qualification processes.
- Geographic concentration: Gujarat, Maharashtra, and Tamil Nadu together contributed 86.48% of FY26 revenue, 73.75% of FY25 revenue, and 86.52% of FY24 revenue from operations.
- Sharp rise in borrowings: Total borrowings increased from ₹27.26 Cr (FY24) to ₹174.36 Cr (FY26), a substantial rise in debt levels over the reported period.
- Margin and profit inconsistency: PAT declined from ₹50.13 Cr (FY24) to ₹41.67 Cr (FY25) before partially recovering to ₹45.47 Cr (FY26); EBITDA and PAT margins in FY26 remain below FY24 levels.
- Operating cash flow: The company reported negative operating cash flow of approximately ₹17.98 Cr in FY25.
- Technology partner dependence: The business relies on a limited set of technology partners for elements of its IT infrastructure and managed services offering, as disclosed in the offer documents.
- Contingent liabilities: Contingent liabilities stood at ₹129.23 Cr as of March 31, 2026.
Disclosed Business Attributes
- Established government/PSU track record: A stated history of executing projects for government and PSU clients, with project volumes rising from 62 (FY24) to 116 (FY26).
- Revenue growth: Total income grew from ₹1,023.99 Cr (FY24) to ₹1,410.09 Cr (FY26).
- Diversification into renewable energy: Expansion into solar EPC, PPA-based solar projects, and battery energy storage systems, alongside the core IT infrastructure business.
- Broad sectoral reach: Involvement across education, healthcare, public distribution, rural and urban development, and science and technology sectors.
- Active project pipeline: 99 ongoing projects across 10 states and New Delhi as of June 30, 2026.
- Reported return ratios: ROE of 28.52% and ROCE of 24.10% for FY26, as disclosed in third-party analysis of the offer.
Key Factors to Evaluate
Reported Positive Factors
- Established track record executing government and PSU projects, with project volumes more than doubling from FY24 to FY26.
- Total income growth of approximately 38% between FY24 and FY26.
- Diversification into renewable energy segments (solar EPC, PPA-based projects, BESS) alongside the core IT infrastructure business.
- Reported ROE of 28.52% and ROCE of 24.10% for FY26.
- An active pipeline of 99 ongoing projects across 10 states and New Delhi, as of June 30, 2026.
Reported Risk-Related Factors
- High geographic concentration, with Gujarat, Maharashtra, and Tamil Nadu contributing 86.48% of FY26 revenue.
- PAT below FY24 levels despite revenue growth, with FY26 PAT of ₹45.47 Cr compared with ₹50.13 Cr in FY24.
- A sharp increase in total borrowings, from ₹27.26 Cr (FY24) to ₹174.36 Cr (FY26).
- Negative operating cash flow of approximately ₹17.98 Cr reported in FY25.
- Dependence on government/PSU clients and a limited set of technology partners, as disclosed in the offer documents.
The information above reflects publicly disclosed and reported data as of the date of this article. Readers are encouraged to review the complete Red Herring Prospectus (RHP), including all risk factor disclosures, and to evaluate this information independently or with the assistance of a qualified financial advisor, in line with their own individual circumstances.
Frequently Asked Questions
Ques 1: What is ArMee Infotech IPO?
ArMee Infotech IPO is a book-built mainboard issue of ₹300 crore, with a price band of ₹350–₹375 per share. It opens on September 23, 2026 and closes on September 25, 2026, and is proposed to list on BSE and NSE. Cameo Corporate Services Limited is the registrar.
Ques 2: What is the ArMee Infotech IPO price band?
The disclosed price band is ₹350 to ₹375 per equity share, with a face value of ₹10 per share.
Ques 3: What is the lot size for ArMee Infotech IPO?
The disclosed lot size is 40 equity shares, corresponding to a minimum retail application amount of ₹15,000 at the upper price band.
Ques 4: What are the reported financial ratios for ArMee Infotech IPO?
Third-party analysis of the offer reports FY26 figures of ROE at 28.52%, ROCE at 24.10%, RoNW at 24.96%, EBITDA margin at 5.42%, and PAT margin at 3.26%. EPS and P/E figures were reported inconsistently across sources and have not been included.
Ques 5: Are there listed companies comparable to ArMee Infotech?
According to the offer documents, the company has listed Dynacons Systems and Solutions, Orient Technologies, KPI Green Energy, and Oriana Power as comparable listed companies. Detailed peer financials can be found in the RHP.
Ques 6 :What risk factors have been reported for ArMee Infotech IPO?
Disclosed and observed factors include high geographic concentration (86.48% of FY26 revenue from three states), a sharp rise in borrowings (₹27.26 Cr to ₹174.36 Cr between FY24 and FY26), PAT below FY24 levels despite revenue growth, negative FY25 operating cash flow, and dependence on government/PSU clients and select technology partners.
Ques 7: When is the ArMee Infotech IPO allotment and listing date?
The allotment is scheduled to be finalised on September 28, 2026, and the shares are scheduled to list on BSE and NSE on September 30, 2026.
Ques 8: Is ArMee Infotech IPO a fresh issue or an offer for sale?
The issue is entirely a fresh issue of 80,00,000 equity shares aggregating up to ₹300 crore, with no offer-for-sale component.
Ques 9: What does ArMee Infotech do?
According to the offer documents, ArMee Infotech provides IT infrastructure solutions and IT-managed services to government, PSU, and private-sector customers, and has diversified into renewable energy through solar EPC, PPA-based solar projects, and battery energy storage systems.
Ques 10: What is the disclosed use of the ArMee Infotech IPO proceeds?
According to reported disclosures, ₹155 crore is designated for business expansion related to securing performance bank guarantees (PBGs) for new government/PSU projects, ₹60 crore for working capital requirements, and ₹6.50 crore for repayment or prepayment of borrowings, with the remainder allocated for general corporate purposes.
Disclaimer:
This is written for educational and informational purposes only. Nothing here constitutes investment advice or a recommendation to buy or sell securities. All data is sourced from publicly available information. Investments in securities markets are subject to market risks — please read all offer documents carefully before investing.
