Armour Security India Limited IPO

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Armour Security (India) Limited is a New Delhi–based integrated services company engaged in providing security services, facility management, and recruitment & staffing solutions across India. Incorporated in 1999, the Company has over two decades of experience in delivering private security, housekeeping, fire-fighting, security training, and allied manpower services to a wide range of clients.

Service Portfolio

The Company offers a comprehensive and diversified range of services, including manpower security, integrated facility management, housekeeping, electronic security solutions (such as CCTV and access control systems), event security, and risk management services. This integrated service model enables Armour Security to act as a one-stop solution provider, efficiently addressing varied operational, safety, and regulatory requirements of clients.

Client Base and Industry Coverage

Armour Security primarily serves government departments, public sector undertakings (PSUs), development agencies, and private enterprises. Its services cater to multiple sectors, including commercial, industrial, residential, healthcare, education, and government establishments. The Company’s ability to deliver customized solutions has supported strong client retention and repeat business.

Geographic Presence

As of the date of the Red Herring Prospectus, the Company operates across more than 12 states, including Delhi, Haryana, Uttar Pradesh, Maharashtra, Gujarat, and Rajasthan, supported by branch offices and local operational units to ensure efficient service delivery.

Quality Assurance and Client Engagement

The Company follows a client-centric approach, supported by dedicated client relationship managers, structured grievance redressal mechanisms, periodic service reviews, and continuous on-the-job training. Its focus on quality assurance, cost-effective service delivery, and long-term partnerships has enabled Armour Security to build a sustainable and diversified customer base.

Objects of the Armour Security India Limited IPO:

The proceeds from the issue are to be utilized toward the following objects: 1. Working capital requirements (₹15.11 cr) 2. Capital expenditure for purchasing of machinery, equipments and vehicles (₹1.61 cr) 3. Pre-payment/re-payment of, in part or full, certain outstanding borrowings (₹3 cr) 4. General Corporate Purpos

Armour Security India Limited IPO Details:

Open Date: Jan 14 2026
Close Date: Jan 19 2026
Total Shares: 46,50,000
Face Value: ₹ 10 Per Equity Share
Issue Type: Book Building
Issue Size: 27 Cr.
Lot Size: 2000 Shares
Issue Price: ₹ 55-57 Per Equity Share
Listing At: NSE Emerge
Listing Date: Jan 22 2026

Promoters And Management:

1. Mrs. Arnima Gupta (Age: 42) is a Promoter of the Company and has been on the Board since July 1, 2008. She was appointed as Managing Director with effect from February 18, 2025. She holds a Bachelor of Arts degree (2004) from Chaudhary Charan Singh University, Meerut, and has over 15 years of experience in the manpower industry. She oversees the overall management of the Company, including strategy formulation, business development, financial decision-making, and risk management. 2. Mr. Brij Bhushan Gupta (Age: 62) was appointed as Whole-Time Director on February 18, 2025. He holds an MBA (2011) from Madurai Kamaraj University, Madurai. He joined the Company as Public Relations Officer in February 2024 and was later elevated to Whole-Time Director. Previously, he served as Operations Manager at the Delhi Building and Other Construction Workers Welfare Board for over seven years. He is responsible for legal and regulatory compliance of the Company. 3. Mr. Krishna Kumar Singh (Age: 53) has been a Non-Executive Independent Director since January 12, 2024. He holds a Bachelor’s degree in Law from the University of Delhi and has over 20 years of experience in legal practice, representing clients before courts, tribunals, and arbitrators, with expertise in environmental, consumer protection, and civil laws.

Financials of Armour Security India Limited IPO:

Particulars 6M FY2025-26 FY 2024-25 FY 2023-2024 FY 2022-2023
Revenue from Operations (Cr) 20 36 33 29
EBITDA (Cr) 4 5 4 3
EBITDA Margins 22% 14% 11% 11%
PAT (Cr) 3 4 3 2.0
PAT Margins 15% 11% 8% 8%
ROCE 15% 24% 22% 70%
D/E Ratio 0.28 0.25 0.12 0.24
OPerating Cash Flow 1 0.3 0.5 0.45

Comparison With Peers:

Companies Revenue (in cr) EBITDA Margins PAT Margins ROCE D/E Ratio MCap (in cr) P/E
Armour Security India Limited 36 14% 11% 24% 0.24 96.2 24
Kapston Services Limited 689 5% 3% 13% 1.72 638 26.9
Note : Forward P/E is 16.02 According to FY26 PAT

Lead Manager of Armour Security India Limited IPO:

  1. Sobhagya Capital Options Pvt. Ltd.

Registrar of Armour Security India Limited IPO:

  1. Skyline Financial Services Private Ltd

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