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ArMee Infotech IPO
2.92xsubscribed

ArMee Infotech IPO

IT - Hardware
listed
₹14,000Min. investment

ArMee Infotech Limited IPO Details

SectorIT - Hardware
Price range₹350 – ₹375
IPO type
Regular
Lot size40 shares
Issue size₹300Cr
Red Herring Prospectus
Read
Market cap
₹1,189CrLower than sector avg
RevenueApr 2025 - Mar 2026
₹1,396.6CrHigher than sector avg
Growth rate3Y CAGR
16.98%Higher than sector avg

ArMee Infotech IPO Subscription Status

Date
QIB
NII
Retail
Total
23-Sep-26
0.93 times (X)
0.95 times (X)
0.3 times (X)
0.47 times (X)
24-Sep-26
0.94X
1.94X
0.81X
0.95X
25-Sep-26
0.97X
6.19X
2.43X
2.92X

As on 23-Sep-26, 5:30 PM

ArMee Infotech IPO Timeline

  1. Pre-apply
    22 Sep 2026
  2. Bid start
    23 Sep 2026
  3. Bid end
    25 Sep 2026
  4. Allotment
    28 Sep 2026
  5. Release of funds
    29 Sep 2026
  6. Demat transfer
    29 Sep 2026
  7. Listing
    30 Sep 2026

About ArMee Infotech Limited

ArMee Infotech is an Ahmedabad-headquartered IT infrastructure and managed-services company that has diversified into retail experience zones and renewable energy. Its renewable portfolio spans engineering, procurement and construction (EPC), solar projects operated under power purchase agreements (PPAs), and battery energy storage systems (BESS). The company serves Government/PSU and private-sector clients, including private clients whose end users are government entities.
The IT infrastructure business supplies hardware and software such as computers, servers, interactive panels and peripherals, along with installation, systems integration, maintenance and functional training. Projects include ICT laboratories, smart classrooms and digital infrastructure for public-distribution systems. This segment generated ₹1,198.49 crore, or 85.8% of FY26 consolidated revenue from operations. IT managed services, covering technical manpower, training, operational support and annual maintenance, contributed ₹73.44 crore, or 5.2%.
Renewable Energy EPC provides end-to-end project assessment, design, procurement, construction, commissioning and handover of solar plants. The segment generated ₹124.70 crore, or 8.9% of FY26 revenue, with no corresponding revenue in FY24 or FY25. Under PPA and BESS projects, the company develops, operates and maintains assets while supplying power or stored energy at predetermined contractual rates. It also operates two Acer-exclusive experience zones in Ahmedabad.
Government/PSU clients and private clients with Government/PSU end users accounted for ₹1,170.96 crore, or 83.84% of FY26 revenue. As of June 30, 2026, ArMee had 99 ongoing execution projects: 65 in IT infrastructure, 21 in managed services, 10 in renewable EPC, one PPA and two BESS projects. A further 464 projects remained within their warranty periods, generally lasting three to five years.
The company has ₹2,663.44 crore order book as of June 30, 2026, led by renewable EPC at ₹1,377.26 crore, BESS at ₹595.18 crore and PPA at ₹381.60 crore. IT infrastructure and managed services contributed ₹166.26 crore and ₹143.14 crore, respectively. Of the 99 ongoing projects, 74 were in Gujarat and 11 in Maharashtra, with the balance spread across eight other states or territories.
The company completed 116 Government/PSU projects in FY26, compared with 97 in FY25 and 62 in FY24. The company has participated in several Government-led programmes, including the E-gram Vishwagram project of the Government of Gujarat, Deen Dayal Upadhyaya Grameen Kaushalya Yojana of the Central Government, the Gyankunj digitisation programme of the Government of Gujarat and the Samagra Shiksha Abhiyan of the Central Government.
Revenue remains spread across a few key states. In FY26, Maharashtra contributed 33.6% of revenue, followed by Tamil Nadu at 29.5% and Gujarat at 23.2%. Uttar Pradesh contributed 1.7% or ₹2,504.63 lakhs in FY26, compared with 23.33% in FY25.
India’s technology industry is expected to exceed $315 billion of revenue in FY26, representing approximately 6.1% year-on-year growth. Overall Indian IT spending is projected at $176,365 million in 2026, up 10.6%, while IT-services spending is forecast to grow 11.1% to $35,383 million, supported by cloud migration, AI infrastructure, cybersecurity and application modernisation. India’s installed solar capacity increased from 35.6 GW in FY20 to 150.3 GW in FY26, a 27.1% CAGR, and reached 164.59 GW in July 2026.
ArMee Infotech plans to expand its product and service offerings beyond its existing IT infrastructure and managed services businesses. Key areas include Experience Zones, payment devices, data migration, STEM labs and Atal Tinkering Labs (ATLs). The company expects Experience Zones to benefit from increasing urbanization and rising living standards, which can drive demand for more engaging retail experiences. Digital transactions in India reached 28,174 crore in FY26, as per RBI data. The company also plans to expand its geographical presence while retaining its core focus on Gujarat and Maharashtra. It regularly participates in project tenders across multiple states and intends to build a pan-India presence.
Now, ArMee Infotech is launching its initial public offering (IPO), which is acomplete fresh issue of ₹300 crore. Its shares will be listed on the NSE and BSE.

How to apply for ArMee Infotech IPO?

If you are interested in this investment opportunity but unsure how to apply for an ArMee Infotech IPO, follow these steps.
When the public issue opens for subscription, one can follow this step-by-step guide on how to apply for the ArMee Infotech IPO on Upstox:
  • Log in to your Upstox account, using your six-digit PIN
  • After logging in, click on ‘Discover’
  • On the ‘Discover’ tab, you will find the ‘Invest in IPO’ section
  • Under the Invest in IPO section, look for the ‘ArMee Infotech IPO’ tab and click on it
  • Now fill in all the required information, like ‘bid price’ and ‘lot size’
  • Confirm and click on ‘Apply’
  • Accept the mandate on your UPI app

Armee Infotech Limited IPO Analysis

IPO REVIEW

ArMee Infotech IPO | Analysis Video

Should you apply?

Watch our analysts break down the Armee Infotech Limited IPO — business model, financials, valuation and key risks — to help you decide whether to apply. The video covers the IPO price band, important dates, and what the subscription numbers mean for retail investors.

Checklist

Quality analysis
Revenue growth
Company valuation
Earnings expansion
Risk analysis
Debt to Equity ratio
Promoter holdings
Shares pledged
The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily

Strength and Weakness

Government-project execution record

The company accomplished 116 government and public sector projects in FY26 compared to 97 government & PSU projects in FY25 and 62 ones in FY24. This includes projects such as e-governance, school digitisation, rural development, and public distribution.

Large and diversified order book

The order book reached ₹2,663.4 crore on June 30, 2026, via 99 ongoing projects covering IT infrastructure, managed services, renewable EPC, PPA, and BESS.

Participation in high-growth solar capacity

Indian solar capacity recorded a 27.1% CAGR between FY20 and FY26. ArMee’s renewable EPC, PPA and BESS order book positions it to participate in planned capacity expansion.

Broad service capabilities

The company combines IT hardware and software supply, integration, maintenance, manpower, training, solar EPC, energy-development projects and retail Experience Zones. Its IT clients span education, healthcare, public distribution, rural and urban development, and science and technology.

Execution workforce and management experience

The promoters have more than a decade to over two decades of industry experience. At June 30, 2026, the company had 263 employees, including 219 skilled and semi-skilled technical personnel, plus 1,648 contract workers.

Objectives of Armee Infotech Limited IPO

Performance bank guarantee
51.60%
₹155 crore will fund PBGs to support business expansion.
General corporate purposes
26.10%
Part of the IPO proceeds will be used for general corporate purposes and issue expenses.
Working capital requirement
20.00%
The company will use ₹60 crore for working capital needs of the business.
Repayment of borrowings
2.10%
The company will utilise ₹6.50 crore for repayment of borrowings.

Compare

CompanyRevenue*3Y growthPATMarket capP/E ratioD/E ratio
This IPO₹1,396.6Cr16.98%₹45.4Cr₹1,189Cr19.570.96
This sector (avg.)₹436.63Cr0.01%₹23.04Cr₹1,724.44Cr45.120.35
₹1,149.02Cr---₹114.48Cr₹17,815.94Cr100.140.02
₹8,923.21Cr---₹446.53Cr₹6,040.56Cr---0.89
₹304.87Cr---₹9.53Cr₹1,493.81Cr---0.41

*Revenue for financial year 2025-26. Lower P/E and D/E ratios are generally preferred.

ArMee Infotech IPO Contact Details

Company NameArMee Infotech Limited

How to apply for ArMee Infotech IPO?

  1. Step 1

    Log in to your Upstox account to access IPO investments. Next, select the current IPO section.

  2. Step 2

    Specify IPO details. Enter the number of lots and the price you wish to apply for.

  3. Step 3

    Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.

  4. Step 4

    Mandate Notification. Your UPI app will receive a mandate notification to block funds.

  5. Step 5

    Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.

Armee Infotech Limited IPO FAQs