Armour Security (India) Ltd IPO
Miscellaneous
Price Band
₹55 – ₹57
Lot Size
2000
Minimum Bid Quantity
4000
Minimum Investment
₹228000
Issue Size
₹26.51Cr
Opens
2026-01-14
Closes
2026-01-19
Listing
22-01-2026
Subscription Status
Qualified Institutional Buyers
1 x
Non-Institutional Investor
1.07 x
Retail Individual Investor
2.56 x
Total
1.77 x
IPO Details
Issue Type
EQUITY
Face Value
₹10
Tick Size
1
ISIN
INE0TZX01019
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Armour Security (India) Ltd. provides private security and security planning and management services for corporate and government organisations. The company supplies individual security personnel and full security teams for sectors including corporate, industrial, banking, healthcare, government institutions, educational establishments, and universities. It also offers integrated facility management, housekeeping, and manpower services, including skilled, semi-skilled, and unskilled personnel, and states that it uses modern equipment and a trained workforce to meet client requirements. Armour Security’s registered office is in New Delhi, with branch offices in Haryana, Himachal Pradesh, Uttar Pradesh, Punjab, and Maharashtra, and operations stated to be across India.
Pros
- • Armour Security (India) claims to offer a range of services covering private security, housekeeping, integrated facility management, and manpower solutions. This service mix allows the company to cater to different operational requirements across security and facility-related functions.
- • The company claims to use a technological infrastructure that includes an enterprise resource planning (ERP) system to integrate core business functions. It also claims to use email systems and smartphones to enable real-time communication, location sharing, and coordination among its workforce.
- • Armour Security (India) is ISO certified. The company also claims to hold licenses under the Private Security Agencies Regulation Act (PSARA), indicating compliance with regulatory requirements applicable to private security agencies.
Cons
- • Integrated facility management accounted for Rs 9.28 crore (53.88 percent) of the company’s revenue for the period ended September 30, 2024; Rs 17.23 crore (52.33 percent) in FY24; Rs 16.06 crore (55.68 percent) in FY23 and Rs 13.09 crore (48.84 percent) in FY22. If the company is unable to anticipate and adapt to changes in client preferences and demand for facility management services or maintain service quality, it may face reduced demand and pricing pressure. Any decrease in demand for integrated facility management services can adversely impact the company’s business, results of operations, financial condition, and cash flows.
- • The top five customers accounted for Rs 11.39 crore (66.10 percent) of the company’s revenue for the period ended September 30, 2024; Rs 19.52 crore (59.28 percent) in FY24; Rs 18.48 crore (64.06 percent) in FY23 and Rs 17.03 crore (63.52 percent) in FY22. Any failure to retain these key customers, expand the customer base, or a loss of business from these clients can adversely affect the company’s business and financial standing.
- • Government contracts accounted for 41 percent, 44 percent, 42 percent and 46 percent of the company’s revenue for the period ended September 30, 2024; FY24; FY23 and FY22. Non-renewal of existing government contracts, inability to win new government contracts, or loss of business from one or more government clients can reduce revenues and impact operating performance. Any adverse changes in government spending, tendering policies, or procurement timelines can be detrimental to the company’s business, results of operations, and financial condition.
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