Armee Infotech Ltd

ArMee Infotech IPO: Check IPO price band, issue size, GMP, IPO dates, lot size, financials, business model, promoters and key IPO details.

ArMee Infotech IPO: Price, GMP, Date, Details & Analysis

The company is pivoting to renewable energy, which makes up 88.4% of the INR 2,663 cr order book at June 2026, though the RHP itself says promoter and senior management expertise here is minimal, and the segment had 4 employees in FY26. The IT infrastructure book, behind INR 1,198 cr of FY26 revenue, stood at just INR 166 cr, with INR 157 cr of that in two orders where work has not started. Arrow Powertech, a promoter group company where the CMD is a director with over 20% profit share, sold INR 20.5 cr to ArMee and bought INR 17.9 cr from it in FY25, yet the RHP states the promoters have no overlapping business interests. The auditor's CARO report flags INR 3.69 cr of FY26 advance tax unpaid for over six months, and bank stock statements that differed from the books by up to INR 48.6 cr. At INR 375, the company is valued at INR 1,190 cr, or 26.2x FY26 post-issue earnings, 17.7x EBITDA and 0.85x sales. Dynacons Systems, the RHP peer closest in size, earned a 10.3% EBITDA margin against ArMee's 5.4% and traded at 16.4x earnings on the RHP's 20 August prices.

Purchases of hardware and equipment from technology partners were 84.1% of FY26 expenses, while staff cost was just 3.7% of revenue, so the business rests on reselling other companies' products into government tenders. Gross margin on the RHP's own basis was 9.5%, 6.8% and 9.0% over FY24 to FY26, and the IT bid win rate fell from 30.9% to 19.1%. Over the same period the company reported INR 206 cr of EBITDA and INR 137 cr of profit but generated only INR 49.7 cr of operating cash flow, 24% of EBITDA, and INR 13.0 cr of free cash flow after capex.