Minimum Investment
About Company
Company Name: Armour Security India Limited
Industry / Sector: Security Services / Facility Management
Founded Year: 1999
Promoters: Vinod Gupta, Arnima Gupta
Armour Security India Limited, incorporated in August 1999, provides comprehensive private security solutions including armed guarding, manpower deployment, integrated facility management, housekeeping, event management, firefighting services, security training, supervision, and other manpower services (skilled, semi-skilled, unskilled). It serves sectors like corporate, industrial, banking, healthcare, government, education, and residential across PAN-India with branches in multiple states. As of Feb 2025, it had 37 permanent and 1,269 contractual employees.
IPO Basic Details
| Company Name | Armour Security India Limited |
| IPO Type | SME IPO |
| Price Band | ₹55 – ₹57 |
| Lot Size | 2000 |
| Total Issue Size | ₹27 Cr (46,50,000 shares approx) |
IPO Strengths & Risks
Strengths
- Diversified service portfolio
- Long experience since 1999
- Compliance with certifications & standards
- High customer retention
- Technology integration in operations
Risks
- Highly competitive and fragmented market
- Dependence on manpower-intensive model
- Labor law & compliance risks
- Low margins typical in security services
- Client concentration or contract renewal risks
IPO Important Dates
| IPO Open Date | 14 Jan 2026 |
| IPO Close Date | 19 Jan 2026 |
| Basis of Allotment | 20 Jan 2026 |
| Refund Initiation | 21 Jan 2026 |
| Demat Credit Date | 21 Jan 2026 |
| Listing Date | 22 Jan 2026 |
| Anchor Investor Date | - |
| UPI Mandate Deadline | 19 Jan 2026 |
IPO Objectives
- Capital expenditure for machinery and equipment – -
- Funding working capital requirements – ₹15.11 Cr
- Debt repayment – ₹3.00 Cr
- General corporate purposes – ₹3.60 Cr (approx remaining)
Investor Reservation
| QIB Quota | ≈10% (not fully subscribed) |
| Retail Quota | ≈35% (2.58x subscribed) |
| HNI Quota | ≈45% (NII 1.08x) |
| Employee Quota | - |
| Shareholder Quota | - |
| Anchor Investor Allocation | - |
Market Lot Details
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 lots | 4000 | ₹2,28,000 |
| Retail Maximum | 2 lots | 4000 | ₹2,28,000 |
| S-HNI Minimum | 3 lots | 6000 | ₹3,42,000 |
| S-HNI Maximum | - | - | - |
| B-HNI Minimum | 7 lots | 14000 | ₹7,98,000 |
Key Performance Indicators (KPI)
| ROE | ≈21–25% (FY25 approx) |
| ROCE | N/A |
| RoNW | High growth phase |
| PAT Margin | ≈10–11% (FY25) |
| EBITDA Margin | ≈13–14% |
| EPS | ≈₹8–10 (post-issue approx) |
| NAV per share | N/A |
| Debt to Equity | ≈0.25–0.3 (low) |
| P/E Ratio | ≈6–7x (at issue price) |
| Industry P/E | 15–25x (services sector) |
Company Financial Data
| Period | Assets | Total Income | PAT | EBITDA | Net Worth | Borrowings |
|---|---|---|---|---|---|---|
| 31 Mar 2023 | ₹15.51 Cr | ₹28.97 Cr | ₹2.26 Cr | ₹3.12 Cr | ₹3.49 Cr | ₹0.85 Cr |
| 31 Mar 2024 | ₹23.61 Cr | ₹33.10 Cr | ₹2.62 Cr | ₹3.67 Cr | ₹14.46 Cr | ₹1.80 Cr |
| 31 Mar 2025 | ₹27.37 Cr | ₹36.56 Cr | ₹3.97 Cr | ₹4.97 Cr | ₹18.43 Cr | ₹4.69 Cr |
| 30 Sep 2025 | ₹32.10 Cr | ₹19.69 Cr | ₹2.90 Cr | ₹4.30 Cr | ₹21.34 Cr | ₹6.01 Cr |
Grey Market Premium
| GMP Price | ₹0 – ₹4 (~0–7%) |
| Kostak Rate | N/A |
| Subject to Sauda | N/A |
| Last Updated | Jan 2026 |
| Estimated Listing Price | ₹55 – ₹61 (muted GMP) |
IPO Subscription Data
| Total Subscription | 1.82x (final on close) |
| QIB (Ex Anchor) | 1.00x |
| HNI Subscription | 1.08x |
| Retail Subscription | 2.58x |
| Anchor | - |
IPO Intermediaries
Registrar: Skyline Financial Services Private Limited
Registrar Website: https://www.skylinerta.com
IPO Lead Manager(s)
Company Information
Address: B-87, Second Floor, Defence Colony, New Delhi, Delhi 110024
Website: https://www.armoursecurities.com
Email: cs@armoursecurities.com
Phone: +91 98101 39833
IPO Documents
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