Armour Security India IPO: GMP, Price, Analysis, And Details

Armour Security India IPO- Company Analysis

Armour Security India IPO under the SME IPO category is a bookbuild issue of Rs. 26.51 Cr by Armour Security India Limited and is specializes in offering a variety of security services, such as armed guarding, personnel services, and consulting, with a primary focus on residential and commercial security requirements across many industries.

In the Indian market, the company is renowned for its dependable service and all-inclusive security solutions. In order to manage the constantly shifting dynamics of the security sector, the organization has PAN India operations with branches in several states.

For industries like corporate, industrial, banking, healthcare, government, education, and universities, the organization provides both individual security guards and entire teams. The company employs trained, semi-skilled, and unskilled workers and provides integrated facilities management, housekeeping and labor services.

• Integrated Facility Management Services

• Private Security Services 

• Housekeeping Services

• Services for Event Management.

• Firefighting Services.

• Training in Security

• Services for Supervision

• Additional Manpower Services

 

Armour Security India IPO Details

The Armour Security India IPO date of opening is 14 Jan 2026, its initial public offering will end on 19 Jan, IPO allotment on Jan 20 and refund initiation on Jan 21, 2026.

The Rs. 26.51 crore new SME IPO comprises a wholly fresh issue of 0.47 crore shares.

The Armour Security India IPO listing date (expected) might be on Thursday, Jan 22, 2026, and listing at the NSE and SME. 

The Armour Security India IPO price band is Rs. 55 to Rs. 57.

IPO Timetable (Tentative)

Events	Date
IPO Opening Date	Jan 14, 2026
IPO Closing Date	Jan 19, 2026
IPO Allotment Date	Jan 20, 2026
Refund Initiation	Jan 21, 2026
IPO Listing Date	Jan 22, 2026

 

Click to open demat account and apply for the IPO.

 

Company Financials

(Amount in Cr)

Particulars	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	27.37	23.61	15.51
Total Income	36.56	33.10	28.97
PAT	3.97	2.62	2.26
EBITDA	4.97	3.67	3.12
Net Worth	18.43	14.46	3.49
Reserves & Surplus	6.21	2.24	3.48
Total Borrowing	4.69	1.80	0.85

 

Cash Flows

(Amount in lac)

Net Cash Flow	31 Mar 2025	31 Mar 2024	31 Mar 2023
Net Cash Flow Operating Activities	25.15	54.06	45.42
Net Cash Flow Investing Activities	(401.49)	(200.59)	(54.94)
Net Cash Flow Financing Activities	253.80	277.55	11.95

 

Revenue Bifurcation

(Rs. in Lac)

(Source: RHP)

The Objective of the Issue

The company desires to use the Net Proceeds from the Issue to fulfill its following goals:

• Funding of the working capital requirement. ~ Rs. 15.90 Cr.

• Funding Capital expenditure requirements for the purchase of machinery, equipment and vehicles. ~ Rs. 1.61 Cr.

• Pre-payment/re-payment of, in part or in full certain outstanding borrowings of the Company. ~ Rs. 2.40 Cr.

• General Corporate Purposes.
  
  

Listed Peers of Armour Security India Ltd.

Name of the Company	Face Value (₹)	EPS (₹)	P/E Ratio (x)
Kapston Services Limited	5	8.79	34.12

 

Valuation

KPI	Value
ROE	21.56%
ROCE	24.47%
Debt / Equity	0.25
RoNW	21.56%
PAT Margin	11.14%
EBITDA Margin	13.94%
Price to Book Value	3.78

 

Evaluation of P/E Ratio

Considering the period ended on FY 2025 with an EPS of Rs. 3.25 from the last year, the resulting P/E ratio is 17.53.

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IPO's Strengths

• Experience and expertise in a diverse range of services.

• Certifications and Compliance.

• Retention of customers.

• Integration of Technology.

IPO’s Weaknesses

• Extremely competitive and fragmented market.

• Reliance on Important Clients.

• Business interruptions and higher compliance expenses may result from regulatory compliance and litigation risk.

• The competitive risks are posed by both new entrants with greater pricing power and incumbent players.

 

Armour Security India IPO GMP (Grey Market Premium)

Armour Security India IPO GMP today is Rs. 1 as of 10 Jan 2026 while writing this information. With a price band set at Rs. 57. This suggests that the estimated listing price of the IPO could be around Rs. 58, indicating a gain/loss of 1.75%.

Armour Security India IPO Summary

IPO Opening & Closing Date	14 Jan, 2026 to 19 Jan, 2026
Face Value	Rs. 10 per Share
Issue Price	Rs. 55 to Rs. 57 per Share.
Lot Size	2000 Shares
Issue Size	46,50,000 Shares (Rs. 27 Cr)
Offer for Sale	-
Fresh Issue	46,50,000 Shares (Rs. 27 Cr)
Listing at	NSE, SME
Issue Type	Bookbuild issue IPO
Registrar	Skyline Financial Services Pvt. Ltd.

IPO Lot Details 

Retail investors can invest in a minimum of 2 Lots (4000 Shares) for Rs. 2,28,000, and in multiples thereof, while HNI investors can invest in a minimum of 3 Lots (6000 Shares) for Rs. 3,42,000.

Minimum Lot Investment (Retail)	2 Lots
Maximum Lot Investment (Retail)	2 Lots
HNI (Min)	3 Lots

 

Armour Security India IPO Allotment Status

To check the Armour Security India IPO Allotment Status, visit the official Registrar’s website or BSE website. Below are the website links for you.

Using BSE Website - ​BSE IPO allotment status

Promoters And Management of Armour Security India Ltd.

• Mr. Vinod Gupta 

• Mrs. Arnima Gupta.

Pre-Issue Promoter Shareholding	96.80%
Post-Issue Promoter Shareholding	-

 

IPO Lead Managers

• Sobhagya Capital Options Pvt. Ltd. 
  
  

Dividend Policy

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

 

Conclusion

A stable, cash-flow-focused security services company with fair values and sustainable financial growth is represented by the Armour Security India IPO. It is better suited for long-term, risk-conscious investors due to the low GMP, which signals minimal short-term listing benefits. Due to the SME IPO, investors should carefully weigh the increased volatility and liquidity restrictions before making an investment.

 

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 Click Here 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.