ARMEE INFOTECH LIMITED IPO
Offer terms, application timeline, financial context and company details in one place.
Issue at a glance
- Issue size
- ₹1.13 crore
- Face value
- ₹10
- Issue method
- Book Building
- Fresh issue
- ₹1.13 crore
- Symbol
- ARMEE
- ISIN
- INE0TWE01016
Subscription
1.38×overall subscribed
| Investor category | Applications | Shares bid | Subscribed |
|---|---|---|---|
| Qualified Institutional Buyers(QIBs) | — | 9,45,720 | 0.94× |
| Foreign Institutional Investors(FIIs) | — | 3,240 | — |
| Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ Insurance Companies) | — | 0 | — |
| Mutual funds | — | 0 | — |
| Others | — | 9,42,480 | — |
| Non Institutional Investors | — | 28,89,880 | 1.5× |
| Non Institutional Investors(Bid amount of more than Ten Lakh Rupees) | — | 13,26,240 | 1.03× |
| Corporates | — | 18,880 | — |
| Individuals(Other than RIIs) | — | 12,37,800 | — |
| Others | — | 69,560 | — |
| Non Institutional Investors(Bid amount of more than Two Lakh Rupees upto Ten Lakh Rupees) | — | 15,63,640 | 2.43× |
| Corporates | — | 16,680 | — |
| Individuals(Other than RIIs) | — | 14,68,120 | — |
| Others | — | 78,840 | — |
| Retail Individual Investors(RIIs) | — | 64,19,720 | 1.43× |
| Cut Off | — | 55,11,120 | — |
| Price bids | — | 9,08,600 | — |
| Total | — | 1.03 | 1.38× |
About the company
Founded in 2003 and headquartered in Ahmedabad, Gujarat, ArMee Infotech Limited (AIL) is an IT infrastructure solutions and managed services company. As part of the ArMee Group, the company provides end-to-end technology solutions across sectors including government, corporates, banking, financial services and insurance (BFSI), and education. The company has also diversified into retail sales and renewable energy, expanding its business beyond its core IT services. Services IT Infrastructure: Provides IT hardware and software, along with installation, integration, maintenance, and related support services. IT Managed Services: Offers technical manpower, skill development and training, and annual maintenance services. Retail Sales: Operates Experience Zones focused on IT products, consumer electronics, gaming, and related merchandise.
Financial snapshot
| Particulars | FY25 | FY26 |
|---|---|---|
| Revenue | ₹1,313.31 cr | ₹1,410.09 cr (7.37%) |
| PAT | ₹416.69 cr | ₹45.47 cr (-89.09%) |
| PAT Margin | 31.73 % | 3.22 % (-89.85%) |
| EBITDA | ₹586.43 cr | ₹75.64 cr (-87.10%) |
| EBITDA Margin | 44.65 % | 5.36 % (-88.00%) |
| ROE | 30.49 % | 24.96 % |
| ROCE | 32.43 % | 24.10 % |
| D/E | 0.35 | 0.96 |
What to consider
Business strengths
- Diversified Sector & Project ExpertiseThe Company serves Government/PSUs and private-sector clients across education, healthcare, public distribution, rural & urban development, science & technology and other sectors. It has also expanded into Renewable Energy EPC, PPA, BESS projects and Experience Zones.
- Experienced Management TeamPromoters Kiritkumar Chimanbhai Patel and Ami Ridhish Patel have been associated with the Company since inception with 20+ years of experience, while Ridhish Kiritbhai Patel has over a decade of experience with the Company.
- Strong Government & PSU Execution Track RecordThe Company has completed 116 projects in FY2026, 97 in FY2025 and 62 in FY2024 for Government and PSU clients, demonstrating its project execution capabilities.
Key risks
- Renewable Energy Procurement & Construction RiskIn-house procurement for renewable energy projects exposes the Company to supplier warranty defaults and unexpected expenses, as well as construction cost risks arising from project execution factors.
- Limited Experience in Renewable Energy BusinessRenewable Energy EPC and PPA are relatively new business areas for the Company. Its promoters and senior management have limited prior experience in solar EPC, solar PPAs and renewable energy project development, which involve regulatory, financial, technological and execution complexities.
- Performance Bank Guarantee (PBG) RiskThe Company is required to provide PBGs generally ranging from 3% to 10% of project value for Government/PSU projects. Inability to arrange or maintain required margins, or invocation of guarantees, may affect cash flows and the ability to bid for and secure new projects.
Peer comparison
| Company | P/E (x) | CMP (₹) | Face Value (₹) |
|---|---|---|---|
| ArMee Infotech Limited | 19.57 | 375 | 10 |
| Dynacons Systems & Solutions Limited | 16.41 | 1,093.70 | 10 |
| Orient Technologies Limited | 243.15 | 243.15 | 10 |
| KPI Green Energy Limited | 12.77 | 307.05 | 5 |
| Orissa Power Limited (SME Board) | 9.62 | 1,194.40 | 10 |