| Annual Financials | Mar 2024 | Mar 2025 | Mar 2026 |
| Revenue | 1020.57 | 1313.31 | 1396.63 |
| Expenses | 960.21 | 1262.59 | 1349.10 |
| Other Income | 3.42 | 2.47 | 13.47 |
| Total Revenue | 1023.99 | 1315.78 | 1410.09 |
| Profit Before Tax | 63.78 | 53.20 | 60.99 |
| Net Profit | 50.13 | 41.67 | 45.47 |
ArMee Infotech
ArMee Infotech IPO
₹14,000
0.96 xOver-subscribedBidding Dates 23 Sept, 26 -25 Sept, 26
Min Investment ₹14,000
Lot Size40
Price Range ₹350 – ₹375
Issue Size ₹300.00 Cr.
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IPO Subscription Details
Retail Subscription Details
1.09 x
Non-Institutional Buyers (sHNI)
0.86 x
Non-Institutional Buyers (bHNI)
0.56 x
Qualified Institutional Buyers (QIB)
0.94 x
Total0.96 x
0.96 x IPO Timeline
IPO Offer Start
23 Sept,26
IPO Offer Ends
25 Sept,26
Allotment Finalisation
28 Sept,26
Refund Initiation
29 Sept,26
Listing of Shares
30 Sept,26
IPO Analysis
Strengths
The company has completed 116, 97, and 62 projects for Government/PSU clients in Fiscal 2026, 2025, and 2024 respectively, with revenue from Government/PSU clients at ₹32,115.39 lakhs (22.99%) in Fiscal 2026, demonstrating strong execution capability in large-scale, multi-year government contracts.
The company has demonstrated sustained revenue growth from ₹1,02,057.47 lakhs (Fiscal 2024) to ₹1,39,662.61 lakhs (Fiscal 2026), with EBITDA improving to ₹7,563.77 lakhs and PAT of ₹4,546.65 lakhs in Fiscal 2026, reflecting a strong and improving balance sheet.
The company is sector-agnostic, having served clients in education, healthcare, public distribution, rural development, and science & technology, while also expanding into Renewable Energy EPC/PPA/BESS and Experience Zones, enabling risk mitigation across economic cycles.
Risks
The company derived 83.84% of its revenue from Government/PSU clients in Fiscal 2026, making it highly vulnerable to policy changes, tender delays, debarment, and shifts in government spending priorities. Any default in contractual obligations could result in blacklisting, forfeiture of bank guarantees, and material adverse effects on business operations and financial condition.
Over 86% of the company's revenue in Fiscal 2026 was generated from projects in Gujarat, Maharashtra, and Tamil Nadu, exposing it to regional economic slowdowns, natural calamities, or adverse state government policy changes. This geographic concentration limits diversification and could materially restrict growth and financial performance.
The company's top five clients contributed 76.66% of revenue from operations in Fiscal 2026, creating significant dependency on a limited client base. Loss of any major client, project cancellation, or payment delays could materially and adversely affect the company's business, financial condition, and results of operations.
Objectives
The company proposes to utilize a portion of the Net Proceeds towards creating Fixed Deposits as collateral to fund Performance Bank Guarantee (PBG) requirements, enabling the company to bid for larger or increased number of projects, particularly in Government/PSU and Renewable Energy sectors.
The company intends to utilize a portion of the Net Proceeds to fund incremental working capital requirements to support its growing business operations across IT Infrastructure, IT Managed Services, Renewable Energy, and Experience Zones segments.
The company proposes to utilize a portion of the Net Proceeds towards pre-payment or repayment of certain outstanding unsecured loans and facilities, specifically targeting higher-interest borrowings to reduce financial costs and improve the debt-to-equity ratio.
The remaining Net Proceeds (not exceeding a specified percentage of Gross Proceeds as per SEBI ICDR Regulations) will be utilized for general corporate purposes including meeting ongoing expenses, funding growth opportunities, marketing, strategic initiatives, and business development activities.
Yearly Financial Results
Balance Sheet
| Balance Sheet | Mar 2024 | Mar 2025 | Mar 2026 |
| Total Assets | 673.50 | 828.54 | 958.87 |
| Current Assets | 637.95 | 757.07 | 792.83 |
| Fixed Assets | 35.55 | 71.47 | 166.03 |
| Total Equity & Liabilities | 673.50 | 828.54 | 958.87 |
| Total Liabilities | 578.32 | 691.88 | 776.69 |
| Current Liabilities | 558.29 | 664.47 | 654.25 |
| Non Current Liabilities | 20.04 | 27.41 | 122.43 |
| Total Equity | 95.18 | 136.67 | 182.18 |
Cash Flow
| Cash Flow | Mar 2024 | Mar 2025 | Mar 2026 |
| Net Cash Flow | 20.82 | -14.70 | 14.69 |
| Investing Activities | -21.32 | -12.65 | -101.66 |
| Operating Activities | 55.19 | -17.98 | 12.48 |
| Financing Activities | -13.05 | 15.94 | 103.88 |
About ArMee Infotech
ArMee Infotech Limited is an Ahmedabad-headquartered IT infrastructure and IT managed services company that has diversified into Renewable Energy (EPC, PPA, and BESS) and retail Experience Zones for IT and consumer electronics. The company primarily serves Government/PSU clients, contributing ~83.84% of revenue from operations in Fiscal 2026 (₹1,39,662.61 lakhs), across...more
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Managing DirectorRidhish Kiritbhai Patel
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