ArMee Infotech IPO
ArMee Infotech IPO is a mainboard IPO raising ₹300 Cr at ₹350 – ₹375 a share. It listed on 30 Sept 2026 at ₹375, 0.0% against its issue price of ₹375, and trades at ₹280 today (−25.4% since issue). It was subscribed 2.44× in total.
2.4 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
ArMee Infotech is an IT infrastructure and IT managed services company headquartered in Ahmedabad, Gujarat. It supplies, installs and maintains IT hardware and software (computers, servers, interactive panels, peripherals) and provides technical manpower and annual maintenance — primarily to Government departments, PSUs and their end-users across sectors like education, healthcare, public distribution, rural development and science & technology. It has also expanded into solar power EPC, solar power under PPAs with State Electricity Boards, Battery Energy Storage Systems (BESS), and operates two Acer-branded single-brand 'Experience Zones' for retail sale of IT and consumer electronics in Ahmedabad. (All figures converted from ₹ lakh at 1 crore = 100 lakh.)
How it earns
Earns primarily from project-based contracts (supply, installation, integration and maintenance of IT infrastructure billed on milestones), IT managed services billed under SLAs at pre-defined intervals, EPC consideration for solar power projects, long-term tariff-based electricity supply under PPAs, BESS energy supply contracts, and retail sales through Experience Zones.
Who buys
Government and PSU clients dominate: in FY26 they contributed ₹32,115.39 lakh (22.99% of revenue) directly, plus ₹84,980.80 lakh (60.85%) where the end-user was a Government/PSU — together 83.84% of revenue (FY25: 90.91%; FY24: 90.96%). Named engagements include Gujarat's E-gram Vishwagram project, the Central Government's Deen Dayal Upadhyaya Grameen Kaushalya Yojana, Gyankunj (Gujarat) and Samagra Shiksha Abhiyan. Solar PPAs are with State Electricity Boards; Experience Zones are operated under an Acer Re-Seller/Master Agreement. No single named customer is disclosed with a concentration number beyond the aggregate Government/PSU share.
Scale
HQ Ahmedabad; branch offices in Gurugram (Haryana) and Mumbai (Maharashtra); 263 permanent employees and 1,648 contractual employees (June 30, 2026); 99 Ongoing Projects plus 464 projects in warranty period (3–5 years); Order Book ₹2,66,344.35 lakh (~₹2,663.44 crore); 2 operational Experience Zones in Ahmedabad; Revenue from operations ₹1,39,662.61 lakh (FY26) = ~₹1,396.63 crore.
What it says sets it apart
- Demonstrated execution track record with Government/PSUs — completed 116 projects in FY26, 97 in FY25 and 62 in FY24, including large state-level schemes (e-gram Vishwagram, DDU-GKY, Gyankunj, Samagra Shiksha).
- Diversified revenue across IT Infrastructure, IT Managed Services, Renewable Energy EPC, PPA, BESS and Experience Zones, reducing dependence on any single line of business.
- Sector-agnostic delivery — IT projects span education, healthcare, public distribution system, rural & urban development, and science & technology.
- Order Book of ₹2,66,344.35 lakh (~₹2,663.44 crore) as of June 30, 2026, of which 51.71% is from Renewable Energy EPC, 22.35% from BESS and 14.33% from PPA, providing multi-year revenue visibility.
- Wholly-owned subsidiary ArMee Technology Services Private Limited plus four dedicated RE subsidiaries (ArMee BESS, ArMee MH, ArMee UP, ArMee MP Renewable Energy) to execute and isolate RE project risk.
Revenue mix
The prospectus gives overlapping breakdowns here, so the shares are not shown.
The numbers at a glance
The price they’re asking →Stated figures are as printed in the prospectus; margins, growth and the borrowing ratio are computed from its own summary table. A multiple is one lens, not a verdict.
How its cohort has done
101 mainboard issues listed in 2026 that we can price today. This is the group this issue belongs to.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
How the book finished
The category split is the number worth reading, not the total.
Demand is spread fairly evenly across investor categories.
What we hold for this issue
Stated up front on every issue, so a sparse page reads as a fact about the source rather than a broken one.
What could go wrong
All 14 risks & documents →From the register read out of the issuer’s own prospectus — each item is quoted verbatim with its page on the risks tab.
Led by Khandwala Securities Limited — median −55.3% across the 9 of its issues we can price. All lead managers →
What happens when
Next: the UPI mandate expires on 6 Nov 2026.
What to watch
- The register's top risk: Renewable energy pivot with promoter inexperience - 88% of order book (prospectus page 29).
- Its cohort's record: median +9.4% since issue price, 36.6% now below it — a base rate, not a forecast.
Each line restates a disclosure from the prospectus or the exchanges — nothing here is a recommendation to apply to this issue.
Track ARMEE INFOTECH LIMITED
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