ArMee Infotech IPO: Date, Price, GMP & Review | Finowings

ArMee Infotech IPO- Complete Overview

ArMee Infotech (NSE) IPO is a Mainboard IPO with an issue size of Rs. 300 Cr by ArMee Infotech Limited, which is a provider of managed services and IT infrastructure solutions. The business, which is a member of the ArMee Group, offers end-to-end technological solutions for a variety of industries, including corporate, government, banking, financial services and insurance (BFSI), and education. In order to grow its business, the corporation has also expanded into retail sales and renewable energy.

Services

• IT Infrastructure: Offers IT software and hardware, as well as installation, integration, upkeep, and associated support services.

• IT Managed Services: Provides technical staff, training and skill development, and yearly maintenance services.

• Retail Sales: Manages Experience Zones with a focus on consumer electronics, gaming, IT products, and associated goods.

• Renewable Energy: Develops solar power projects under Power Purchase Agreements (PPAs), conducts solar engineering, procurement, and construction (EPC) projects, and works on Battery Energy Storage System (BESS) projects.

This new IPO is to be launched on 23 Sep 2026, and its ‘initial public offering’ will end on 25 Sep 2026.

ArMee Infotech IPO Details

This Mainline IPO comprises a wholly a fresh issue of 0.80 crore shares. The ArMee Infotech IPO listing date (expected) might be Wednesday, Sep 30, 2026, and the listing on the BSE and NSE. 

The ArMee Infotech IPO price band is Rs. 350 to Rs. 375.

IPO Timetable (Tentative)

The ArMee Infotech IPO date is from 23 Sep to 25 Sep, with IPO allotment on Sep 28, refund initiation on Sep 29, and listing on Sep 30, 2026.

If you want to apply for the IPO, click to open a Demat Account.

Industry Overview & Outlook

According to NASSCOM, the Indian technology industry is expected to surpass the USD 315 billion revenue mark in FY2026, reflecting a year-on-year growth of approximately 6.1% over FY2025. 

ArMee Infotech Company Financial Performance

(Amount in Cr)

Cash Flows

The cash flows for various activities are shown below:

(Amount in Lac)

ArMee Infotech IPO- Business Model

ArMee Infotech functions as a system integrator. It sources hardware and software from Technology Partners (OEMs), installs and integrates them as per client requirements, provides maintenance and technical manpower, and increasingly executes large renewable energy projects. It has recently added a retail vertical through Experience Zones.

1. IT Infrastructure (Largest segment – ~85.81% of revenue in FY26)

Supplies IT hardware and software (computers, servers, interactive panels, printers, scanners, etc.).

Handles installation, integration, commissioning and maintenance of the infrastructure.

Typical projects: Setting up ICT labs, smart classrooms, digital infrastructure for Public Distribution System, supply & installation of hardware for government departments, schools, colleges, etc.

Revenue model: Wins projects mostly through competitive bidding (tenders). Revenue is recognised from supply + installation + maintenance, usually on a milestone basis. Some projects are executed under BOO (Build-Own-Operate) or BOOT (Build-Own-Operate-Transfer) models.

2. IT Managed Services (~5.26% of revenue in FY26)

Provides technical manpower, skill development training, annual maintenance contracts (AMC), and on-site and off-site operational support.

Examples: e-Gram Vishwagram project in Gujarat, automation of Fair Price Shops, training of teachers for smart classrooms, deployment of ICT instructors, etc.

Revenue model: Delivered under Service Level Agreements (SLAs) with payments at pre-defined intervals or as per contract terms. Under BOO/BOOT models, the company invests in the infrastructure upfront and earns revenue over the contract period.

3. Renewable Energy Space (~8.93% of revenue in FY26 – new and growing segment)

Renewable Energy EPC: End-to-end Engineering, Procurement & Construction of solar power projects (design, equipment supply, construction, commissioning).

Renewable Energy PPA: Develops, owns and operates solar plants and supplies electricity under long-term Power Purchase Agreements.

Renewable Energy BESS: Battery Energy Storage Systems.

Projects are executed either by the company or through its subsidiaries (ArMee MH Renewable Energy, ArMee UP Renewable Energy, ArMee BESS, etc.).

Revenue model: Milestone-based payments in EPC contracts; recurring revenue from electricity supply under PPAs and BESS contracts.

Revenue Bifurcation

(Source :RHP)

The Objective of the Issue

• Expansion of business by procuring new Government/PSU projects. ~ Rs. 155 Cr.

• Funding working capital requirements. ~ Rs. 60 Cr.

• Prepayment or repayment of certain outstanding borrowings availed by the Company. ~ Rs. 6.50 Cr.

• General Corporate Purposes.

Peers of ArMee Infotech

Evaluation of P/E Ratio

Considering the period ended on FY 2026 with an EPS of Rs. 19.16 from the last year, the resulting P/E ratio is 19.57x. 

ArMee Infotech IPO Valuation

IPO's Strengths 

• Proven track record in executing projects for Government / PSU clients

• Consistent track record of financial performance

• Ability to service clients and projects across diverse sectors

• Experienced Board of Directors and management with extensive domain knowledge.

IPO's Weaknesses

• In-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.

• Renewable 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.

• The 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.

ArMee Infotech IPO GMP Today

ArMee Infotech IPO GMP has not started yet as of September 18, 2026, when this information was written. 

IPO Other Details

IPO Grey Market Premium

The current IPO GMP is available at our live IPO GMP page, where you can get the GMP today for open Mainboard and SME IPOs.

ArMee Infotech IPO Lot Size

The IPO allows retail investors to invest in a minimum and maximum of 1 Lot (40 Shares) amounting to Rs. 15000 and 13 Lots (520 Shares) for Rs. 1,95,000, respectively, while for HNI investors, the minimum Lot is 14 (560 Shares) amounting to Rs. 2,10,000.

ArMee Infotech IPO Reservation

Promoters and Management of ArMee Infotech Ltd. 

• Ami Ridhish Patel

• Kiritkumar Chimanbhai Patel 

• Ridhish Kiritbhai Patel.

IPO Lead Managers

Khandwala Securities Ltd. 

Dividend Policy

The company has not paid a dividend during the last three FYs.

ArMee Infotech IPO Review: Subscribe or Avoid?

ArMee Infotech Limited is coming out with a ₹300 crore Mainboard IPO (entirely fresh issue) in the price band of ₹350–₹375, opening on 23 September and closing on 25 September 2026. The company primarily provides IT Infrastructure solutions and Managed Services, with the majority of revenue from Government/PSU projects, and has recently diversified into Renewable Energy (Solar EPC, PPA and BESS) and retail through Experience Zones. 

While the company has a proven track record in government IT projects and an experienced management, it faces risks related to high dependence on tenders, limited experience in the new renewable energy vertical, working-capital intensity and rising debt levels.

Before making any decision to subscribe or avoid, you should consult your SEBI-registered financial advisor. 

ArMee Infotech IPO News

 ArMee Infotech DRHP

ArMee Infotech RHP

ArMee Infotech IPO Allotment Status

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Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO.

You must consult your financial advisor before making any financial decisions.

To Apply for the IPO, Click Here.

To Read the Prospectus of the Company to Download the DRHP.

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DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.