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Armour Security IPO
Price Band
₹55.0–57.0
Issue Size
₹26.51 Cr
Lot Size
2,000 shares
Min Investment
₹228,000
2 LOTS MIN
GMP
—
Issue Price
₹57.0
Armour Security IPO AI Summary
- Armour Security IPO is listed on NSE SME in the Diversified Commercial Services sector.
- Price band: ₹55.0–₹57.0 per share, lot size 2,000 shares (min. investment ₹228,000, 2 lots minimum).
- Subscription window: 14 Jan–19 Jan 2026, listing on 22 Jan 2026.
Armour Security India offers a diverse range of security and manpower services across India. With a strong operational foundation and a focus on customer satisfaction, the company aims to leverage the IPO proceeds for growth and expansion. Investors should consider their risk tolerance and investment strategy when evaluating this IPO.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Important Dates
Subscription Status
Subscription data unavailable
Armour Security IPO Grey Market Premium (GMP) Today
GMP not available yet
Grey Market Premium is updated daily. Check back closer to the listing date.
About the Company
Incorporated in August 1999, Armour Security India specializes in providing a range of security services including armed guarding, manpower services, and consultancy, primarily focused on commercial and residential security needs across various sectors. The company is known for its comprehensive security solutions and reputation for reliable service within the Indian market. The company has PAN India operations with branches in various states to navigate the ever-changing dynamics of the security market. The company offers its clientele a comprehensive private security solution, encompassing security planning and management services. The company offers individual security personnel and full teams tailored to sectors like corporate, industrial, banking, healthcare, government, education, and universities. The company offers integrated facility management, housekeeping, and manpower services, comprising skilled, semi-skilled, and unskilled personnel. The company's services include the following:- Private Security Services: Private security services provide trained security guards based on client requirements. Integrated Facility Management Services: Offerings include daily cleaning services, waste disposal, building systems maintenance and security. House Keeping Services: Offers office cleaning services, including dusting, surface cleaning, carpet cleaning, and bathroom maintenance. Event Management Services: Event Management for weddings, parties, conferences, and product launches. Firefighting Services: Firefighting services include training in drills, equipment use, and safety procedures. Security Training: Offers training for security officers on critical security issues and policies. Supervision Services: Supervision Services tailored to client needs and industry standards. Other Manpower Services: Offers skilled, semi-skilled, or unskilled blue-collar manpower for various tasks, including data entry operators, pantry staff, gardeners, drivers, cooks, attendants, plumbers, electricians, and clerks as clients need. As of February 28th, 2025, the company had 37 permanent employees and 1269 contractual employees. Competitive Strength: Diversified Services Portfolio Expertise and Experience. Compliance and Certifications. Customer Retention. Technology Integration
Company Financials (₹ Cr)
As of 2025-09-30
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 32.10 | 27.37 | 23.61 | 15.51 |
| Total Income | 19.69 | 36.56 | 33.10 | 28.97 |
| Profit After Tax | 2.90 | 3.97 | 2.62 | 2.26 |
| EBITDA | 4.30 | 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 | 1.80 | 0.85 |
Key Ratios
EPS
₹3.25
NAV
₹15.08
ROE
21.56%
ROCE
24.47%
RoNW
21.56%
P/B Value
3.78
P/E Ratio
17.53
Market Cap
₹96.16 Cr
PAT Margin
11.14%
Debt/Equity
0.25
Promoters
Vinod Gupta and Arnima Gupta
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Funding of Working Capital Requirement 15.11 2 Funding Capital expenditure requirements for purchasing of machinery, equipment and vehicles 1.61 3 Pre-payment/re-payment of, in part or full, certain outstanding borrowings of the Company 3.00 4 General Corporate Expenses 3.60 5 Issue Expenses 3.18 Total 26.51
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total income was ₹28.97 Cr in the year ending 31 Mar 2023, rising to ₹33.10 Cr by 31 Mar 2024. It further increased to ₹36.56 Cr in the year ending 31 Mar 2025, but then dropped to ₹19.69 Cr by 30 Sep 2025, though this is a 9-month figure, not a full year, so isn't directly comparable.
Profit Trend
Profit After Tax was ₹2.26 Cr in the year ending 31 Mar 2023, increasing to ₹2.62 Cr by 31 Mar 2024. It rose to ₹3.97 Cr in the year ending 31 Mar 2025, but then decreased to ₹2.90 Cr by 30 Sep 2025, though this is a 9-month figure, not a full year, so isn't directly comparable.
Grey Market Premium, Explained
The Grey Market Premium (GMP) refers to the unofficial trading of shares before they are listed on the stock exchange. It indicates the expected listing price of the IPO based on demand and supply in the grey market. A higher GMP suggests strong demand, while a lower or negative GMP indicates weaker demand for the shares.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their risk appetite and investment goals. It is important to consider the company's financial health, growth prospects, and market conditions before making an investment decision.
Who May Want to Wait
Investors who are risk-averse or those who prefer stable and established companies may want to avoid this IPO. Additionally, individuals looking for quick returns or those not willing to hold investments for the long term should consider their options carefully.
IPO Timeline, Explained
The IPO process includes several key dates: the issue opens on January 14, 2026, and closes on January 19, 2026. Allotment of shares will be on January 20, 2026, with the listing date set for January 22, 2026.
Listing Gains — The Risk
Listing gains refer to the potential profit an investor can make when shares are listed on the stock exchange and traded for the first time. However, these gains are not guaranteed and can be influenced by market conditions, investor sentiment, and the company's performance. Investors should be aware of the risks associated with relying on listing gains as a primary investment strategy.
This evaluation is generated from Armour Security's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is the price band of Armour Security IPO?
The price band of Armour Security IPO is ₹55.0–₹57.0 per share.
When does Armour Security IPO open and close?
Armour Security IPO opens on 14 January 2026 and closes on 19 January 2026.
When does Armour Security IPO list on the stock exchange?
Armour Security IPO listed on 22 January 2026 at ₹57.0.
What is the lot size for Armour Security IPO?
The lot size for Armour Security IPO is 2000 shares, requiring a minimum investment of ₹228,000 (2 lots).
What is the price band for the Armour Security IPO?
The price band for the Armour Security IPO is ₹55.0 to ₹57.0.
What is the minimum investment required for this IPO?
The minimum investment required is ₹2,28,000, which corresponds to a lot size of 2000 shares.
When does the Armour Security IPO open and close?
The IPO opens on January 14, 2026, and closes on January 19, 2026.
What does GMP mean?
GMP stands for Grey Market Premium, which indicates the expected listing price of the IPO based on demand and supply in the unofficial market.
When is the listing date for Armour Security?
The listing date for Armour Security is January 22, 2026.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
14 Jan 2026
Close
19 Jan 2026
Allotment
20 Jan 2026
Listing
22 Jan 2026
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