Armour Security India
January 14, 2026 – January 19, 2026
| Price | ₹55 - ₹57 |
| GMP Rumors * | ₹0 |
|---|---|
| Lot size | 2000 |
| Issue size | ₹26.51 cr |
| Allotment | Jan 20, 2026 |
| Listing | Jan 22, 2026 |
Armour Security India Subscription
Last updated on 19-Jan-2026 16:57:02
| Category | Offered | Applied | Times |
|---|---|---|---|
| QIB | 46000 | 46000 | 1 |
| HNIs | 2190000 | 2370000 | 1.08 |
| bHNI | 1460000 | 1696000 | 1.16 |
| sHNI | 730000 | 674000 | 0.92 |
| Individual | 2180000 | 5624000 | 2.58 |
| Total | 4416000 | 8040000 | 1.82 |
Application-Wise Breakup  | |||
|---|---|---|---|
| Category | Reserved | Applied | Times |
| HNIs (10L+) | 243 | 15 | 0.06 |
| HNIs (3-10L) | 122 | 90 | 0.74 |
| Individual | 545 | 1406 | 2.58 |
| Subscription Demand (in ₹ crore) | |||
|---|---|---|---|
| Category | Offered | Demand | Times |
| QIB | 0.26 | 0.26 | 1 |
| FII | - | 0.26 | - |
| FI | - | 0 | - |
| IC | - | 0 | - |
| MF | - | 0 | - |
| OTH | - | 0 | - |
| HNIs | 12.48 | 12.18 | 0.98 |
| bHNI | 8.32 | 9.67 | 1.16 |
| sHNI | 4.16 | 3.84 | 0.92 |
| Individual | 12.43 | 32.06 | 2.58 |
| Total | 25.17 | 44.49 | 1.77 |
| QIB Interest Cost Per Share (7 Days) | |||||
|---|---|---|---|---|---|
| @7% ₹0.1 | @8% ₹0.1 | @9% ₹0.1 | @10% ₹0.1 | @11% ₹0.1 | @12% ₹0.1 |
Armour Security India Lot(s) Distribution
| Category | Lot(s) | Qty | Amount | Reserved |
|---|---|---|---|---|
| bHNI | 9 | 18000 | 1026000 | 243 |
Armour Security India Reservation
| Category | Shares Offered | % |
|---|---|---|
| QIB | 46000 | 0.99% |
| HNI | 2190000 | 47.1% |
| INDIVIDUAL | 2180000 | 46.88% |
| Market Maker | 234000 | 5.03% |
| Total | 4650000 | 100% |
Armour Security India About
IPO Details
| Total Issue Size | 46,50,000 shares (aggregating up to ₹26.51 Cr) |
| Fresh Issue | 46,50,000 shares (aggregating up to ₹26.51 Cr) |
| Face Value | ₹10/- Per Share |
| Issue Type | Bookbuilding IPO |
| Listing At | NSE SME |
| Share Holding Pre Issue | 1,22,20,000 shares |
| Share Holding Post Issue | 1,68,70,000 shares |
| Reserved for Market Maker | 2,34,000 shares (aggregating up to ₹1.33 Cr) |
Key Performance Indicators (KPI)
| KPI | Sep-25 | Mar-25 | Mar-24 |
|---|---|---|---|
| ROE | 13.61% | 21.56% | 18.10% |
| ROCE | 15.45% | 24.47% | 22.26% |
| EPS (BASIC) | 2.38 | 3.25 | 3.67 |
| P/E Pre IPO | 17.53 | ||
| P/E Post IPO | 16.55 |
Company Financial (In ₹Crore)
| Period Ended | Sep-25 | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|---|
| Assets | 32.1 | 27.37 | 23.61 | 15.51 |
| Total Income | 19.69 | 36.56 | 33.1 | 28.97 |
| Profit After Tax | 2.9 | 3.97 | 2.62 | 2.26 |
| EBITDA | 4.3 | 4.97 | 3.67 | 3.12 |
| NET Worth | 21.34 | 18.43 | 14.46 | 3.49 |
| Reserves and Surplus | 9.12 | 6.21 | 2.24 | 3.48 |
| Total Borrowing | 6.01 | 4.69 | 1.8 | 0.85 |
Peer Comparision (Valuation)
| Company | P/E (x) | CMP*(₹) | Face value (₹) |
|---|---|---|---|
| Armour Security India Limited | 17.53 | - | 10.00 |
| Kapston Services Limited | 34.12 | 300.10 | 5.00 |
Source:RHP,we have shown the P/E ratio of the IPO issuer company based on the pre-IPO valuation.closing price of peer as on December 31, 2025.
Peer Comparision (Financial Performance)
| Company | NAV/Share (₹) | RoNW (%) | EPS (Basic) (₹) |
|---|---|---|---|
| Armour Security India Limited | 15.08 | 21.56 | 3.25 |
| Kapston Services Limited | 43.81 | 20.07 | 8.79 |
About Company
Incorporated in August 1999, Armour Security India provides private security and manpower services, catering to commercial, residential, and institutional clients across India.
Offers PAN-India operations with branches across multiple states, enabling nationwide service delivery.
Provides end-to-end security solutions, including armed guarding, security planning, supervision, and consultancy services.
Serves diverse sectors such as corporate, industrial, banking, healthcare, government, education, and universities.
Expanded offerings include integrated facility management, housekeeping, event security, firefighting services, security training, and skilled/semi-skilled/unskilled manpower supply.
Workforce includes 37 permanent employees and 1,269 contractual employees as of February 28, 2025, highlighting a labour-intensive operating model.
IPO proceeds will be used for working capital (₹15.90 cr), capex for machinery/equipment/vehicles (₹1.61 cr), debt repayment (₹2.40 cr), and general corporate expenses.
Offers PAN-India operations with branches across multiple states, enabling nationwide service delivery.
Provides end-to-end security solutions, including armed guarding, security planning, supervision, and consultancy services.
Serves diverse sectors such as corporate, industrial, banking, healthcare, government, education, and universities.
Expanded offerings include integrated facility management, housekeeping, event security, firefighting services, security training, and skilled/semi-skilled/unskilled manpower supply.
Workforce includes 37 permanent employees and 1,269 contractual employees as of February 28, 2025, highlighting a labour-intensive operating model.
IPO proceeds will be used for working capital (₹15.90 cr), capex for machinery/equipment/vehicles (₹1.61 cr), debt repayment (₹2.40 cr), and general corporate expenses.
Strength
Diversified service portfolio – Security, facility management, housekeeping, and manpower services reduce reliance on a single offering.
Strong industry experience – Long operating history builds credibility and client trust.
Compliance-driven operations – Certifications and regulatory adherence support large institutional and government contracts.
Weakness
Service concentration risk – Majority revenue comes from security manpower and facility management; demand shifts can impact performance.
Customer concentration & government dependence – Significant reliance on a few clients and government contracts increases revenue volatility.
Labour-intensive business risks – Dependence on contractual workforce exposes the company to wage inflation, attrition, and compliance challenges.
Armour Security India Lead Manager(s)
Armour Security India Address
Armour Security India Ltd.
B-87,
Second Floor Defence Colony
New Delhi, New Delhi, 110024
+91 9810139833
E-mail: cs@armoursecurities.com
Website: https://www.armoursecurities.com/
B-87,
Second Floor Defence Colony
New Delhi, New Delhi, 110024
+91 9810139833
E-mail: cs@armoursecurities.com
Website: https://www.armoursecurities.com/
Armour Security India Registrar
Skyline Financial Services Private Ltd
Phone:
+912228511022
Email:
info@skylinerta.com
Website: https://www.skylinerta.com/ipo.php
Address: Skyline Financial Services Private Ltd D-153A, 1st Floor, Okhla Industrial Area, Phase-I, New Delhi -110020