ArMee Infotech Limited

ArMee Infotech Limited is an established IT infrastructure and IT managed services provider headquartered in Ahmedabad, Gujarat, which has strategically expanded into retail experience zones and the renewable energy sector. Under its core IT infrastructure vertical, the company delivers end-to-end procurement, installation, integration, and lifecycle maintenance of hardware and software solutions—including servers, desktops, interactive panels, storage units, and networking equipment. Under the IT managed services category, ArMee offers technical staffing, annual maintenance contracts (AMCs), skill development, and on-site/off-site operational support delivered under structured service-level agreements.

The company's operations span multiple key business verticals:

IT Infrastructure: Executes turnkey projects such as setting up ICT labs, smart classrooms, e-Gram digital infrastructure, and public distribution system automation under various state and central government initiatives.

Renewable Energy: Provides turnkey engineering, procurement, and construction (EPC) services for solar power projects, develops solar projects under long-term power purchase agreements (PPAs), and implements Battery Energy Storage Systems (BESS).

Retail Experience Zones: Operates single-brand exclusive Experience Zones in Ahmedabad through an authorized reseller agreement with Acer, providing direct retail engagement for consumer electronics and gaming products.

ArMee Infotech serves both government/public sector undertakings (PSUs) and private sector clients. Government and PSU contracts (including projects where end-users are public entities) form the predominant share of its revenue, accounting for 83.84% of total revenue from operations in FY26. Geographically, the company’s business is heavily concentrated in western and southern India, with projects in Gujarat, Maharashtra, and Tamil Nadu generating over 86% of revenue in FY26. However, the company is actively expanding its geographic footprint across India, with ongoing projects in states like Bihar, Uttar Pradesh, Madhya Pradesh, Rajasthan, Delhi, Andhra Pradesh, and Telangana.

As a system integration, IT managed services, and EPC solutions provider rather than an original equipment manufacturer (OEM), ArMee Infotech does not own manufacturing facilities. Instead, the company relies on strong supply chain relationships with global Technology Partners (such as Acer) and specialized sub-contractors for site preparation, electrification, and equipment commissioning. Its operational backbone is supported by its registered corporate office in Ahmedabad and regional branch offices in Mumbai (Maharashtra) and Gurugram (Haryana) to manage client acquisition and project execution.

The business is manpower-intensive, employing 263 professionals as of June 30, 2026, of which 219 are skilled and semi-skilled technical personnel deployed directly across project implementation and maintenance. To ensure quality execution, ArMee holds key international certifications, including ISO/IEC 20000-1:2018 (IT Service Management), ISO 14001:2015 (Environmental Management System), ISO/IEC 27001:2022 (Information Security Management System), and CMMI-DEV V.2.0 Maturity Level 3. The company uses enterprise platforms like Tally Prime for financial supply chain management and automated human resource tools to coordinate operations across its active project order book.

Based on its historical financial data, ArMee Infotech Limited posted total income and net profits of ₹1,023.99 Cr / ₹50.13 Cr in FY24, ₹1,315.78 Cr / ₹41.67 Cr in FY25, and ₹1,410.09 Cr / ₹45.47 Cr in FY26. The company has shown steady top-line revenue growth alongside profitability compression, with total borrowings expanding from ₹27.26 Cr in FY24 to ₹174.36 Cr in FY26. It boasts an average EPS of ₹18.95 and an average RoNW of 31.42% for the last three fiscals. Based on the pre-issue book value, the issue is priced at a Pre-Issue P/BV of 4.88 against a NAV of ₹76.77 (as of March 31, 2026). Factoring in the fresh issue proceeds, the Post-Issue P/BV stands at 2.47. Attributing the latest earnings to the expanded post-issue equity base, the asking price translates to a Post-Issue P/E of approximately 23.74x (FY24), 28.56x (FY25), and 26.17x (FY26). According to the RHP, a comparison between listed peers is shown in above table.

On the Book Running Lead Manager (BRLM) front, the issue is managed by Khandwala Securities Limited and Saffron Capital Advisors Private Limited. Over the last three fiscal years, Saffron Capital Advisors has handled 1 mainboard public issue, while Khandwala Securities has managed 8 SME public issues. Cameo Corporate Services Limited is acting as the Registrar to the Issue.

• 1 Ridhish Kiritbhai Patel
• 2 Ami Ridhish Patel
• 3 Kiritkumar Chimanbhai Patel