Armour Security (India) IPO
Armour Security (India) Ltd. · Security and Facility Management Services
- Issue price
- ₹57per share
- Issue size
- ₹26.51 Cr46,50,000 shares
- Face value
- ₹10per equity share
- Lot size
- 2,000 sharesMin. ₹1.14 L at the upper price
- OpensWed, 2026
- ClosesMon, 2026
- AllotmentTue, 2026
- ListingThu, 2026
Dates marked in the offer document as tentative. Times in IST.
Information only, not investment advice. This page provides information compiled from official offer documents for information purposes only. It is not investment advice or a recommendation to apply for, buy or sell any security. We are not a SEBI-registered investment adviser or research analyst. Investments in IPOs are subject to market risks; read the offer document carefully before investing.
Issue details
- Issue type
- Book built, fresh issue
- Fresh issue
- 46,50,000 shares (₹26.51 Cr)
- Offer for sale
- None
- Total issue
- 46,50,000 shares (₹26.51 Cr)
- Market maker portion
- 2,34,000 shares
- Face value
- ₹10
- Listing at
- NSE Emerge
- Promoter holding
- 96.80% → 70.12%
Source: ProspectusUpdated
Reservation
Share of the total issue- Retail46.9%
- Big NII31.4%
- Small NII15.7%
- QIB ex-anchor1.0%
- Market maker5.0%
| Category | Shares | Of net offer | Stated in RHP |
|---|---|---|---|
| Retail individual investors | 21,80,000 | 49.37% | 35% |
| Non-institutional investors (NII) | 21,90,000 | 49.59% | 15% |
| Small NII (₹2–10 lakh) | 7,30,000 | 16.53% | — |
| Big NII (above ₹10 lakh) | 14,60,000 | 33.06% | — |
| Qualified institutional buyers (QIB) | 46,000 | 1.04% | 50% |
| QIB, excluding anchor | 46,000 | 1.04% | — |
| Market maker | 2,34,000 | — | — |
Source: ProspectusUpdated
Lot size
Amounts at ₹57 per share| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail individual investors | 1 | 2,000 | ₹1.14 L |
Source: ProspectusUpdated
Subscription
Category-wise subscription is published by the exchanges while the issue is open. It appears here once the figures are added.
Valuation
FY 2024-25- EPS (basic)
- ₹3.25
- EPS (basic) (Weighted average 3 FY)
- ₹3.54
- P/E (FY 2024-25 at lower band)
- 16.92×
- P/E (FY 2024-25 at upper band)
- 17.54×
- RoNW
- 21.56%
- NAV per share
- ₹15.08
- Debt to equity
- 0.25
Source: ProspectusUpdated
Financials
Standalone, restated · ₹ crore| Period ended | 30 Sep 20256 months | 31 Mar 2025FY 2024-25 | 31 Mar 2024FY 2023-24 | 31 Mar 2023FY 2022-23 |
|---|---|---|---|---|
| Revenue from operations | 19.68 | 35.66 | 32.93 | 28.85 |
| Total income | 19.69 | 36.56 | 33.10 | 28.97 |
| EBITDA | 4.30 | 4.97 | 3.67 | 3.12 |
| Profit after tax | 2.90 | 3.97 | 2.62 | 2.26 |
| Net worth | 21.34 | 18.43 | 14.46 | 3.49 |
| Reserves and surplus | 9.12 | 6.21 | 2.24 | 3.48 |
| Total assets | 32.10 | 27.37 | 23.61 | 15.51 |
| Total borrowing | 6.01 | 4.69 | 1.80 | 0.85 |
FY 2024-25 vs FY 2023-24: revenue +8.3%, profit after tax +51.8%. Periods shorter than 12 months are shown as reported and are not annualised.
Source: ProspectusUpdated
About the company
The company provides private security manpower, electronic security, facility management and staffing services mainly to government departments, PSUs and private enterprises across India. It was founded in 1999 and converted into a public limited company in 2024.
- Incorporated
- 1999
- Industry
- Security and Facility Management Services
- CIN
- U74920DL1999PLC101313
- Website
- armoursecurities.com
Source: ProspectusUpdated
Promoters and shareholders
| Name | Before issue | After issue |
|---|---|---|
| Mr. Vinod Gupta | 48.40% | 35.06% |
| Mrs. Arnima Gupta | 48.40% | 35.06% |
Source: ProspectusUpdated
Objects of the issue
₹ crore| Purpose | Amount |
|---|---|
| Funding of working capital requirements | 15.11 |
| Capital expenditure for machinery, equipment and vehicles | 1.61 |
| Pre-payment or repayment of certain borrowings | 3.00 |
| General corporate purposes | 3.60 |
Source: ProspectusUpdated
Peer comparison
As listed in the offer document| Company | EPS | P/E | RoNW | NAV per share |
|---|---|---|---|---|
| Armour Security (India) LimitedIssuer | ₹3.25 | 17.54× | 21.56% | ₹15.08 |
| Kapston Services Limited | ₹8.79 | 34.12× | 20.07% | ₹43.81 |
Source: ProspectusUpdated
Strengths and risks
Our summary of what the offer document statesStrengths
- Serves a broad mix of clients including government bodies, PSUs and private firms.
- Offers a range of security, facility management and staffing services under one platform.
- Has over two decades of operating experience and presence in more than 12 states.
- Reports a high share of repeat clients across recent years.
Risks
- Top 10 customers contribute over 70% of revenues.
- Past non-compliances under the Companies Act and a promoter and an independent director with past association with struck-off companies.
- Contingent liabilities are about 48.95% of net worth.
- Dependence on tender-based government procurement and political or administrative decisions.
- Working capital intensive business with rising government receivables.
Source: ProspectusUpdated
Documents
Contacts
Source: ProspectusUpdated
Allotment status
Check whether shares were allotted on the official pages below, using your PAN, application number or DP/client ID. Results appear once the basis of allotment is finalised.
- Allotment
- Refunds
- Demat credit
- Listing
Source: ProspectusUpdated
After listing
Listing price, day-one high and low, and the change from the issue price (₹57) appear here after the shares list on NSE Emerge.
Work out the gain or loss on allotted shares after charges and tax →
Frequently asked questions
When does the Armour Security (India) IPO open and close?
According to the Prospectus, the issue opens on Wednesday, 14 January 2026 and closes on Monday, 19 January 2026.
What is the Armour Security (India) IPO price band?
The final issue price is ₹57 per share.
What is the lot size of the Armour Security (India) IPO?
One lot is 2,000 shares, which is ₹1.14 L at ₹57 per share.
Where will Armour Security (India) shares list?
On NSE Emerge. The tentative listing date is Thursday, 22 January 2026.
Who is the registrar of the issue?
Skyline Financial Services Private Limited (SEBI registration INR000003241). Allotment status is checked on the registrar's website.
How do I check the Armour Security (India) IPO allotment status?
The basis of allotment is expected to be finalised on Tuesday, 20 January 2026. After that, search by PAN, application number or DP/client ID on the registrar's website (Skyline Financial Services Private Limited). Shares that are allotted are credited to your demat account; for an application that is not allotted, the blocked amount is released.
How will the money raised be used?
₹15.11 Cr for funding of working capital requirements, ₹1.61 Cr for capital expenditure for machinery, equipment and vehicles, ₹3 Cr for pre-payment or repayment of certain borrowings, ₹3.6 Cr for general corporate purposes.
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Spotted something wrong?
Our data comes from official offer documents, but mistakes can slip through. Report an error and tell us which figure looks wrong and where you saw the correct one (the offer-document page number helps). For anything else, see Contact.