Armour Security India Limited
Bookbuilding IPO · NSE
- Price band
- ₹55 - ₹57
- Lot size
- 2,000 shares
- Issue amount
- ₹26.51 cr
- Total subscription
- 1.87×
- Opens
- 14 Jan 2026
- Closes
- 19 Jan 2026
- Allotment
- 20 Jan 2026
- Listing
- 22 Jan 2026
Offer at a glance
Issue overview
- Issue size
- 46,50,000 shares
- Face value
- ₹10 per share
- Minimum investment
- ₹1,10,000
- Fresh issue
- ₹26.51 cr
- Offer for sale
- ₹0 cr
- Registrar
- Skyline Financial Services Private Limited
- Listing exchange
- NSE
- Maximum investment
- ₹1,14,000
- Issue type
- Bookbuilding IPO
- Shares before issue
- 1,22,20,000
- Shares after issue
- 1,68,70,000
Lot sizes
| Category | Lots | Shares | Amount |
|---|---|---|---|
| RETAIL | 2 | 4,000 | ₹2,28,000 |
| sHNI | 3 | 6,000 | ₹3,42,000 |
| bHNI | 9 | 18,000 | ₹10,26,000 |
Share reservation
Subscription & GMP
Subscription by category
Reported 19 Jan 2026
GMP history
Day-wise demand
Application-wise demand
| Category | Reserved applications | Applied applications |
|---|---|---|
| QIB | 0 | 1 |
| NIB | 0 | 105 |
| RETAIL | 545 | 1,406 |
| HNIs(10L +) | 243 | 15 |
| HNIs (2-10L) | 122 | 90 |
Subscription demand
Amounts in ₹ crore. HNI subcategories are included in the NII total.
| Category | Offered | Demand |
|---|---|---|
| QIBs | 0.26 | 0.26 |
| FIIs | 0 | 0.26 |
| RETAIL | 12.43 | 32.06 |
| NIB | 12.48 | 14.84 |
| HNIs 2+ | 4.16 | 3.84 |
| HNIs 10+ | 8.32 | 11 |
Financial performance
Company financials
In Crores · Reported periods may include interim results.
Key performance indicators
| Metric | Sep-25 | Mar-25 | Mar-24 |
|---|---|---|---|
| EPS | 2.38 | 3.25 | 3.67 |
| ROE | 13.61 | 21.56 | 18.1 |
| ROCE | 15.45 | 24.47 | 22.26 |
| RONW | 0 | 0 | 0 |
| PRE IPO(PE) | 0 | 17.53 | 0 |
| POST IPO(PE) | 16.55 | 0 | 0 |
Values and labels as reported in the issue data.
Peer comparison
| Company | P/E(X) | CMP* (₹) | Face value (₹) | NAV/Share (₹) | RONW(%) | EPS (Basic) (₹) |
|---|---|---|---|---|---|---|
| Armour Security India Limited | 17.53 | 0 | 10.00 | 15.08 | 21.56 | 3.25 |
| Rithwik Facility Management Services Ltd | 34.12 | 300.10 | 5.00 | 43.81 | 20.07 | 8.79 |
Company information
Company profile
Armour Security India was incorporated in August 1999 and provides a wide range of security and manpower-related services across India. The company mainly focuses on commercial and residential security and is known for offering dependable and end-to-end security solutions. With branches across multiple states, it operates on a pan-India level to meet the changing needs of the security industry. Its services include private security guards, complete security planning and management, integrated facility management, housekeeping, and manpower supply. The company caters to sectors such as corporate offices, industries, banks, healthcare institutions, government bodies, educational institutions, and universities by providing individual security personnel or full teams as required. In addition, it offers event security, firefighting services with training and drills, security training programs, supervision services, and skilled, semi-skilled, and unskilled manpower for roles like data entry operators, drivers, electricians, plumbers, gardeners, and support staff. As of 28 February 2025, the company employed 37 permanent staff members and 1,269 contractual employees.
Strengths
- Multiple service offerings – Providing security, facility management, housekeeping, and manpower services helps spread risk and avoid reliance on one service.
- Experienced in the field – Many years of industry experience help build trust and strong relationships with clients.
- Compliance-oriented approach – Following required rules and certifications makes it easier to work with large institutions and government bodies.
Risk factors
- High dependence on core services – Most revenue comes from security manpower and facility management, so changes in demand can affect overall performance.
- Client and government reliance – Heavy dependence on a limited number of clients and government contracts may lead to fluctuations in income.
- Labour-intensive operations – Reliance on contractual workers increases exposure to rising wages, employee turnover, and regulatory compliance issues.
Promoters
Mr. Vinod Gupta
Mrs. Arnima Gupta
Registrar & documents
Lead manager
Corpwis Advisors Private Limited
Registrar & contacts
Skyline Financial Services Private Limited
[email protected]Official registrar portal ↗IPO allotment status guide →Registered office
B-87, Second Floor Defence Colony New Delhi, New Delhi, 110024
+91 9810139833
[email protected]Company website ↗Understanding ARMOUR IPO data
Compare the price band and required investment with the company profile, financial results and offer documents. Subscription figures show reported demand by category; they do not establish the value of the business. GMP is an unofficial indication and can change before listing.