Armour Security India Limited IPO
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:
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:
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:
Registrar of Armour Security India Limited IPO:
Discussion on Armour Security India Limited IPO:
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