Armee Infotech Ltd IPO
IT - Software
Price Band
₹350 – ₹375
Lot Size
40
Minimum Bid Quantity
40
Minimum Investment
₹15000
Issue Size
₹300Cr
Opens
2026-09-23
Closes
2026-09-25
Listing
30-09-2026
Subscription Status
Qualified Institutional Buyers
2.99 x
Non-Institutional Investor
2.09 x
Retail Individual Investor
2.42 x
Total
2.41 x
IPO Details
Issue Type
EQUITY
Face Value
₹10
Tick Size
1
ISIN
INE0TWE01016
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
ArMee Infotech is an IT infrastructure and IT managed services company that also operates in retail sales and renewable energy. Its IT infrastructure business provides hardware and software, including computers, servers, interactive panels and peripherals, along with installation, integration, maintenance and functional training services. The company undertakes projects such as setting up ICT labs and smart classes, installing digital infrastructure for public distribution systems, and supplying and installing IT hardware for government entities. In the retail segment, ArMee operates Experience Zones that sell IT products, consumer electronics, gaming products and merchandise. In renewable energy, the company undertakes engineering, procurement and construction (EPC) of solar power projects, develops solar power projects under power purchase agreements (PPAs), and works on Battery Energy Storage Systems (BESS). ArMee is headquartered in Ahmedabad, Gujarat, and serves government and public sector undertakings (PSUs), as well as private sector clients across various industries. Most of its revenue comes from government and PSU projects.
Pros
- • ArMee Infotech completed 116 projects for government and PSU clients in FY26, compared with 97 in FY25 and 62 in FY24. The company has also participated in the implementation of government schemes such as E-gram Vishwagram, Deen Dayal Upadhyaya Grameen Kaushalya Yojana, Gyankunj, and Samagra Shiksha Abhiyan.
- • The company has provided IT infrastructure and managed services across sectors including education, healthcare, public distribution, rural and urban development, and science and technology. It has also entered renewable energy through solar EPC, solar projects under PPAs and BESS projects, along with retail through Experience Zones.
- • As of June 30, 2026, the company had 99 ongoing projects across 10 states and New Delhi. Gujarat accounted for 74 projects, followed by Maharashtra with 11, while the remaining projects were spread across Bihar, Andhra Pradesh, Uttar Pradesh, Madhya Pradesh, Rajasthan, Telangana, Tamil Nadu, Uttarakhand, and New Delhi.
Cons
- • A significant portion of ArMee Infotech’s revenue is concentrated in Gujarat, Maharashtra, and Tamil Nadu. These three states contributed 86.48%, 73.75%, and 86.52% to revenue from operations in FY26, FY25, and FY24, respectively. Any natural calamity, economic slowdown, disruption, or change in government spending policies in these states could adversely affect the company’s project pipeline, operations, and finances.
- • ArMee Infotech depends heavily on government and PSU-related projects, with government/PSU clients and projects where the end users are government/PSU entities contributing Rs 1,170.96 crore (83.84%), Rs 1,194.03 crore (90.91%), and Rs 928.31 crore (90.96%) to revenue from operations in FY26, FY25, and FY24, respectively. Changes in government spending, tender requirements, qualification criteria, delays in project awards, or inability to qualify for and secure such projects could adversely affect the company’s business, financial condition, and results of operations.
- • A significant portion of ArMee Infotech’s projects are secured through competitive bidding, while its overall bid-win ratio declined from 30.91% in FY24 to 24.57% in FY25 and 19.48% in FY26. The bid-win ratio for IT Infrastructure and IT Managed Services, which accounted for 152 of the 154 bids participated in FY26, also declined from 30.91% in FY24 to 23.26% in FY25 and 19.08% in FY26. A sustained decline in its ability to qualify for and win new projects could hurt the company’s revenue, business operations, and financial condition.
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