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
Read from the 464-page prospectus. Indian prospectuses list hundreds of risk factors, most of them generic boilerplate. These are the 14 specific to this company; 359 generic ones were skipped. Every one is quoted verbatim with its page, so you can check it against the document.
Our Promoters... have limited prior experience in the execution of renewable energy vide solar EPC contracts and solar PPAs... an aggregate of ₹2,35,404.38 lakhs (constituting 88.38% on a standalone basis) is attributable to renewable energy projects
more than 83.84% of the revenue was recognized from Government/PSU clients... Further, any default in the agreement with the Government or public sector clients could lead to a potential debarring and/or blacklisting
IREDA may convert outstanding Secured Obligations (in whole or in part) into Equity Shares upon occurrence of a payment-related Event of Default
Out of the total secured borrowings amounting to ₹ 15,344.61 lakhs, constituting 100% of the total secured borrowings of the Company, has been secured by the personal guarantee and personal property of the Promoters
Total Borrowings ... 2,725.65 ... 4,810.12 ... 17,436.07 ... Debt-Equity Ratio 0.29 0.35 0.96
PAT decreased to ₹4,166.64 lakhs in Fiscal 2025 from ₹5,013.04 lakhs in Fiscal 2024 ... gross margin declined from 9.45% in Fiscal 2024 to 6.77% in Fiscal 2025
We derive the entirety of our revenues from our Experience Zones from the sale of products of a single brand (Acer), which amounted to ₹ 322.01 lakhs since inception of our operations till March 31, 2026
Some of our off-takers, particularly state-owned DISCOMs, have a history of financial difficulties, which could impact their ability to meet their payment obligations.
Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances): 12,615.46 ... Total 12,922.53
Changes in renewable energy regulations, such as time-of-day tariffs, scheduling penalties, or open access norms, may adversely impact project economics and revenue predictability.
Renewable Energy projects may face delays due to land acquisition challenges, local opposition, or environmental clearance requirements. These factors could increase costs and affect project timelines.
more than 86% of the revenue was recognized from projects executed in the states of Gujarat, Maharashtra and Tamil Nadu... any change in the policy by the state Government of Gujarat or the state Government of Maharashtra which curtails the government spend in the state may impact our project pipelines
65.84% of our purchase from Technology Partners are from top three Technology Partners... We do not enter into any long-term contracts with our Technology Partners for supply of these products
a collective grievance bearing registration number MOLBR/E/2026/0032040 had been filed against the Company before the Labour Commissioner, Labour and Employment Department, Government of Gujarat
Extracted from the issuer’s own prospectus and ranked by how specific and material each risk is to this company. Severity is our assessment of the disclosure, not a prediction — and nothing here is a recommendation to apply to this issue.
The issuer’s own summary of outstanding legal proceedings — SEBI requires this table in every prospectus. Counts and amounts are as disclosed; the disclosed aggregate at stake is ₹2.7 Cr.
| Against | Criminal | Tax | Other material | Amount at stake |
|---|---|---|---|---|
| The company | 1 | 7 | 3 | ₹6.7 Cr |
| Promoters | 0 | 3 | 0 | — |
| Directors | 0 | 2 | 1 | ₹0.0 Cr |
| Subsidiaries | 0 | 0 | 0 | — |
| Group companies | 0 | 0 | 0 | — |
M/s Select Technologies Pvt. Ltd. vs Company & CMD Ridhish Kiritbhai Patel — Section 138 NI Act criminal complaint over dishonoured post-dated cheque of ₹278.06 lakhs; Company's Section 482 CrPC quash petition pending in Telangana HC with interim stay since July 2023
M/s Select Technologies Pvt. Ltd. vs Company & CMD — civil suit for recovery of ₹87.96 lakhs plus 24% p.a. interest on principal of ₹40 lakhs before City Civil Court, Hyderabad (part-payment of ₹238.06 lakhs already made against ₹278.06 lakhs invoice)
Heirs of late Amitkumar Shanubhai Vasava vs Company, CMD Ridhish Patel & Promoter Kiritkumar Chimanbhai Patel — civil suit for ₹36.06 lakhs compensation before Principal Senior Civil Judge, Narmada (Rajpipla), alleging denial of insurance/mediclaim benefits after worker's accidental death
Lendingkart Finance Ltd. vs Directors Ridhish Kiritbhai Patel & Ami Ridhish Patel — civil suit dated December 30, 2019 before Principal Senior Civil Judge, Ahmedabad (Rural) for recovery of ₹2.86 lakhs balance security deposit plus 18% p.a. interest on lease
Hundreds of contractual employees (Taluka/MIS/District Level Executives & PMU staff deployed under Gujarat ePanchayat/eGram/Digital Gujarat) vs Company — collective grievance before Labour Commissioner, Gandhinagar alleging unpaid wages, withheld 5% increment arrears, denied statutory bonus/PF/ESIC/gratuity, and arbitrary mass termination letters in January 2026
Tax grand total explicitly stated at ₹267.12 lakhs = ₹2.6712 crore (Total A+B: 7 direct tax + 3 indirect tax proceedings). No aggregate grand total stated across criminal/regulatory/civil categories. Amounts converted from lakhs to crore (1 crore = 100 lakhs = 10 million). Company amount_cr = ₹278.06L (NI Act cheque) + ₹265.32L (company tax: ₹29.93L direct + ₹235.39L indirect) + ₹87.96L + ₹36.06L = ₹667.40L ≈ ₹6.674 crore. Directors amount_cr = ₹1.80L (tax) + ₹2.86L (civil) = ₹4.66L ≈ ₹0.0466 crore. Promoters tax proceedings (3) carry Nil stated amount. The criminal 'case filed by Company' is the same underlying Select Technologies NI Act matter (Company's quash petition), counted as 1 criminal proceeding.. Outstanding means unresolved — a listed case is an exposure, not a verdict.
What the issuer and the exchanges published. Everything else on this tab is read out of these.
The full prospectus — business, financials, risk factors and litigation.
Which institutions were allotted shares before bidding opened, and how many.
Where physical applications could be submitted.
The issuer's own "basis of issue price": the earnings multiples it is asking for, and the peer companies it chose to compare itself against.
The full prospectus — business, financials, risk factors and litigation.
