ArMee Infotech Limited IPO

ArMee Infotech Limited IPO closed on 25 Sept 2026. Allotment 28 Sept 2026, listing 30 Sept 2026. Price band ₹350–₹375, lot 40 shares, GMP +₹6 (1.6%). Track allotment on Allotly.

About ArMee Infotech Limited

ArMee Infotech is an IT infrastructure and IT managed services company that also operates in retail sales and renewable energy. Its IT infrastructure business provides hardware and software, including computers, servers, interactive panels and peripherals, along with installation, integration, maintenance and functional training services. The company undertakes projects such as setting up ICT labs and smart classes, installing digital infrastructure for public distribution systems, and supplying and installing IT hardware for government entities. In the retail segment, ArMee operates Experience Zones that sell IT products, consumer electronics, gaming products and merchandise. In renewable energy, the company undertakes engineering, procurement and construction (EPC) of solar power projects, develops solar power projects under power purchase agreements (PPAs), and works on Battery…

Strengths

• ArMee Infotech completed 116 projects for government and PSU clients in FY26, compared with 97 in FY25 and 62 in FY24. The company has also participated in the implementation of government schemes such as E-gram Vishwagram, Deen Dayal Upadhyaya Grameen Kaushalya Yojana, Gyankunj, and Samagra Shiksha Abhiyan.
• The company has provided IT infrastructure and managed services across sectors including education, healthcare, public distribution, rural and urban development, and science and technology. It has also entered renewable energy through solar EPC, solar projects under PPAs and BESS projects, along with retail through Experience Zones.
• As of June 30, 2026, the company had 99 ongoing projects across 10 states and New Delhi. Gujarat accounted for 74 projects, followed by Maharashtra with 11, while the remaining projects were spread across Bihar, Andhra Pradesh, Uttar Pradesh, Madhya Pradesh, Rajasthan, Telangana, Tamil Nadu, Uttarakhand, and New Delhi.
• The company has undertaken projects involving ICT labs, smart classes, digital infrastructure for the public distribution system, and supply or installation of IT hardware for government entities. Its projects cover both hardware and software installation, integration, maintenance, and functional training.
• The company has witnessed a consistent increase in its revenue from operations. Revenue from operations increased from Rs 1,020.57 crore in FY24 to Rs 1,313.31 crore in FY25 and Rs 1,396.63 crore in FY26.

Risks

• A significant portion of ArMee Infotech’s revenue is concentrated in Gujarat, Maharashtra, and Tamil Nadu. These three states contributed 86.48%, 73.75%, and 86.52% to revenue from operations in FY26, FY25, and FY24, respectively. Any natural calamity, economic slowdown, disruption, or change in government spending policies in these states could adversely affect the company’s project pipeline, operations, and finances.
• ArMee Infotech depends heavily on government and PSU-related projects, with government/PSU clients and projects where the end users are government/PSU entities contributing Rs 1,170.96 crore (83.84%), Rs 1,194.03 crore (90.91%), and Rs 928.31 crore (90.96%) to revenue from operations in FY26, FY25, and FY24, respectively. Changes in government spending, tender requirements, qualification criteria, delays in project awards, or inability to qualify for and secure such projects could adversely affect the company’s business, financial condition, and results of operations.
• A significant portion of ArMee Infotech’s projects are secured through competitive bidding, while its overall bid-win ratio declined from 30.91% in FY24 to 24.57% in FY25 and 19.48% in FY26. The bid-win ratio for IT Infrastructure and IT Managed Services, which accounted for 152 of the 154 bids participated in FY26, also declined from 30.91% in FY24 to 23.26% in FY25 and 19.08% in FY26. A sustained decline in its ability to qualify for and win new projects could hurt the company’s revenue, business operations, and financial condition.
• ArMee Infotech recorded negative cash flow from operating activities of Rs 17.98 crore in FY25, mainly due to an increase in inventories, trade receivables, and other current financial assets, along with provisions for contingencies and claims. The company also recorded negative cash flows from investing activities of Rs 101.66 crore in FY26, Rs 12.65 crore in FY25, and Rs 21.31 crore in FY24, primarily due to investments in project assets, bank deposits, capital advances, and other investments. Sustained positive operating cash flows are important for the company to be able to fund its normal operations and growth plans without having to borrow funds, which would result in interest and other costs that would weigh on the bottomline.
• ArMee Infotech derives a significant portion of its revenue from a limited number of clients, with its top five clients contributing Rs 1,070.62 crore (76.66%), Rs 972.39 crore (74.04%), and Rs 894.42 crore (87.63%) to revenue from operations in FY26, FY25, and FY24, respectively. Client 1 and Client 2 alone contributed Rs 414.83 crore (29.70%) and Rs 410.98 crore (29.43%) in FY26. Any loss, delay, cancellation, or early closure of projects from these clients could adversely affect the company’s business and financial condition.
• As of May 31, 2026, the company and its subsidiary had total borrowings of Rs 318.55 crore. Failure to service or repay these borrowings could adversely affect the company’s business, financial condition, and cash flows.

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