This company listed within the last twelve months, so its prospectus is still the primary source. The figures below were extracted from the DRHP and RHP before listing and scored then, and they are shown here as they stand in the IPO record rather than restated.
Each flag is a fact read in the filing, shown with the context that makes it meaningful.
Stated objects, as worded in the offer document. Deployment against them is tracked separately.
Claims made in the offer document, to be read against what the company has reported since.
ArMee Infotech Limited is an IT infrastructure and managed services company providing end-to-end technology solutions, including system integration, IT hardware supply, network setup, technical staffing, and operation and maintenance services. The company has expanded into retail Experience Zones for IT and consumer electronics products, as well as the Renewable Energy sector covering solar power EPC contracts, long-term solar Power Purchase Agreements, and Battery Energy Storage Systems. Its primary customers are Government entities and Public Sector Undertakings along with private sector clients, with government and end-user PSU projects contributing 83.84% of Fiscal 2026 revenue from operations. Geographically, operations are concentrated in Western and Southern India, with Gujarat, Maharashtra, and Tamil Nadu accounting for 86.48% of Fiscal 2026 revenue from operations. The company operates through a project-based supply chain model, procuring electronic hardware, solar equipment, and IT components from third-party Technology Partners (with the top three partners contributing 65.84% of total purchases in Fiscal 2026) without long-term contracts. In terms of scale, ArMee Infotech achieved consolidated revenue from operations of ₹ 1,396.63 crore in Fiscal 2026 and maintained an order book of ₹ 2,663.44 crore as of June 30, 2026.
Proven track record in executing large-scale public sector IT infrastructure projects, pre-qualification credentials for government e-marketplaces, long-standing relationships with major Technology Partners, and strategic diversification into Renewable Energy EPC and interactive retail Experience Zones.
ArMee Infotech Limited is an Indian IT infrastructure and IT managed services provider that has expanded into retail Experience Zones and Renewable Energy EPC, PPAs, and Battery Energy Storage Systems. Headquartered in Ahmedabad, Gujarat, the company primarily serves government entities, public sector undertakings, and private sector clients across India.
Source: p.113, p.209, p.213
Where the revenue came from, as the document splits it.
| Name | Pct | Source |
|---|---|---|
| IT Infrastructure | 85.81 | p.31, p.353 |
| Renewable Energy Solar EPC | 8.93 | p.31, p.353 |
| IT Managed Services | 5.26 | p.31, p.353 |
According to the D&B Report, the Indian IT-BPM industry is projected to reach USD 315 billion in FY2026, driven by IT services, cloud migration, AI adoption, and expanding Global Capability Centres. Domestically, overall IT spending in India is forecast to reach USD 176.37 billion in 2026, expanding at 10.6% year-on-year, propelled by digital transformation across public sector infrastructure, smart city projects, and enterprise IT modernization. Concurrently, India's infrastructure and renewable energy sectors are experiencing accelerated investment, supported by government capital outlays and national solar energy targets. As an established IT infrastructure solutions and managed services provider expanding into Renewable Energy EPC, ArMee Infotech Limited is positioned to leverage rising public and private digital and green energy infrastructure outlays.
Sector slug: it-infrastructure-and-renewable-energy
Source: p.125, p.137, p.140
The comparable set the company chose, which is itself a disclosure.
| Name | Margin | Pb | Pe | Roe | Source |
|---|---|---|---|---|---|
| Dynacons Systems & Solutions Limited | 5.95 | 16.41 | 26.9 | p.115 | |
| Orient Technologies Limited | 0.53 | 243.15 | 1.36 | p.115 | |
| KPI Green Energy Limited | 18.89 | 12.77 | 16.14 | p.115 | |
| Oriana Power Limited | 13.91 | 9.62 | 32.72 | p.115 |
As presented in the offer document. Post-listing figures are in the statements above.
| Basis | Period | Related party revenue cr | Pat cr | Pat margin | Revenue cr | Pat margin derived | Cff cr |
|---|---|---|---|---|---|---|---|
| consolidated | FY26 | 0.01 | 45.47 | 3.26% | 1396.63 | yes | 103.88 |
| consolidated | FY25 | 17.92 | 41.67 | 3.17% | 1313.31 | yes | 15.94 |
| consolidated | FY24 | 16.45 | 50.13 | 4.91% | 1020.57 | yes | -13.05 |
The measures this sector is actually judged on, as disclosed in the document. No feed supplies these.
Written before listing, answered from the document itself.
Why is over 51% of fresh issue proceeds being allocated to fixed deposit margins for Bank Guarantees rather than asset creation?
Public sector IT and solar EPC contracts require 3%–10% PBG submissions at project inception. Because existing bank guarantee limits of ₹ 125.40 crore are 99.18% utilized, placing ₹ 155.00 crore as FD collateral provides the essential non-fund banking headroom required to bid for and execute larger tenders in the ₹ 2,663.44 crore order book pipeline.
p.27, p.95, p.96
How does management address customer concentration where top 3 clients represent over 67% of revenue?
While top 3 end-user clients contributed 67.54% of FY26 revenue, operations are spread across 99 ongoing projects in 14 states, and diversification into commercial Renewable Energy EPC and retail Experience Zones is actively reducing reliance on individual IT accounts.
p.17, p.216, p.336
What drove the recovery in PAT margins in FY26 after the margin compression in FY25?
PAT margin improved in FY26 due to the higher-margin Renewable Energy EPC vertical (contributing ₹ 124.70 crore) and a favorable shift in IT project execution mix away from low-margin traded hardware sales.
p.31, p.62, p.351
What was the nature of the FY24 third-party PBG arrangement involving Acer's bankers?
In FY24, principal hardware vendor Acer facilitated ₹ 41.36 crore of PBG limits for ArMee through its own bankers against a ₹ 701.03 crore order without commercial fees, relieving ArMee's banking limit constraints during that fiscal year.
p.26, p.97
What the issue priced at, on the figures in the document.
Pe basis: Based on Fiscal 2026 basic EPS of ₹ 19.16 and diluted EPS of ₹ 19.16. Price Band is [●] to [●].
Peer group comprises listed companies in IT infrastructure/managed services (Dynacons, Orient Technologies) and renewable energy EPC (KPI Green Energy, Oriana Power).
Source: p.113, p.114, p.115
How the book filled. A category that bid far above the rest is a different signal from a uniformly covered issue.
| Date | Name | Shares | Price per share | Category | Source |
|---|---|---|---|---|---|
| 2011-02-01 | Ami Ridhish Patel and Kiritkumar Chimanbhai Patel | 10000 | 10 | Initial Subscription | p.81, p.84 |
| 2013-01-01 | Ami Ridhish Patel, Ridhish Kiritbhai Patel and others | 990000 | 10 | Preferential Allotment | p.81, p.84 |
| 2013-02-27 | Ami Ridhish Patel and Ridhish Kiritbhai Patel | 1500000 | 10 | Preferential Allotment | p.81, p.84 |
| 2018-03-30 | Ami Ridhish Patel, Kiritkumar Chimanbhai Patel and others | 1455231 | 85 | Rights Issue | p.81, p.84 |
| 2024-02-12 | Promoters and Promoter Group Allottees | 19776155 | 0 | Bonus Issue | p.81, p.82 |
Ceo: Ridhish Kiritbhai Patel
1 criminal complaint against Company under Section 138 NI Act (₹ 2.78 crore cheque dishonour, stay granted by Telangana High Court); 2 civil recovery suits against Company (₹ 0.88 crore Select Technologies suit and ₹ 0.36 crore Vasava insurance suit); 4 direct tax proceedings against Company (₹ 0.30 crore); 3 indirect tax proceedings against Company (₹ 2.35 crore GST demand); 1 civil suit against Directors (₹ 0.03 crore Lendingkart deposit suit).
Auditor name: M/s Kantilal Patel & Co., Chartered Accountants
Skin in game: Promoters hold 92.72% (2,20,04,214 Equity Shares) of pre-issue paid-up equity share capital.
None; unmodified examination report on Restated Consolidated Financial Information, though CARO Annexure noted quarterly bank return differences against books of account.
Auditor changed last 3y: No; M/s Kantilal Patel & Co. has served as statutory auditor throughout the three-year reporting period.
Source: p.2, p.47, p.74, p.383
Transactions with promoters, directors and their entities, as disclosed.
| Counterparty | Amount cr | Nature | Relationship | Core function | Source |
|---|---|---|---|---|---|
| Arrow Powertech Private Limited | 10.12 | Purchase of IT infrastructure & services, rent, and trade payables | Enterprise significantly influenced by KMP (Ridhish Kiritbhai Patel) | Third-party hardware procurement and software solutions | p.68, p.70 |
| ArMee Technology Services Private Limited | 3.37 | Sub-contracting IT services and site maintenance | Wholly-owned Subsidiary (acquired Oct 10, 2023) | Technical support, site preparation, and IT maintenance | p.170, p.294 |
| Ridhish Kiritbhai Patel | 3 | Managerial remuneration, lease rent, and unsecured loans | Chairman and Managing Director / Promoter | Executive management, promoter loan funding, and lease provider for registered office | p.69, p.75 |
CARO reports disclose past short delays in depositing undisputed statutory dues including Provident Fund (₹ 0.01 crore) and ESIC (₹ 0.001 crore in FY25), and a collective representation was filed on CPGRAMS in February 2026 regarding contractual employee PF/ESIC compliance.
Defaults disclosed: Yes
Source: p.34, p.284
A change between the two filings is a disclosure in itself.
How to read this: Price shows the closing price with its 50-day (amber) and 200-day (grey) averages; bars at the bottom are daily volume, green on up days and red on down days; dashed lines mark the 52-week high and low. vs Nifty 50 starts both at 100 so you can see which did better over the period. P/E shows what the market paid for each rupee of profit, inside the band it usually trades in. Drawdown shows how far below its best price the share has been. Hover anywhere for the numbers on that day.
Models that need these lines are withheld rather than estimated: two comparable financial years. Nothing on this page is back-solved from a figure the company did not publish.
Set your own assumptions and watch the numbers move. A scenario calculator — the outputs are the arithmetic of your inputs.
What this sector is read on: Constant-currency growth QoQ, Constant-currency growth YoY, EBIT margin, Deal TCV, Net headcount adds, LTM attrition, Utilisation, Top-5 client share. These come from the filings, not the market feed, and appear here once a quarter is read.
Read using the IT services framework (from the listed sector). Primary valuation lens: P/E on constant-currency growth.
Read more closely in this sector: Large deal ramp-downs or client losses named · Pass-through revenue · Onsite and offshore mix shift · Deal TCV against revenue growth.