ArMee Infotech Limited is filing a ₹300 crore IPO on September 23, 2026. Its order book, inflated by newly won renewable energy contracts, stood at ₹3,287 crore as of June 26, more than double its FY26 revenue.
IPO Summary
| ArMee Infotech IPO Details | |
|---|---|
| IPO Date | 23rd Sep to 25th Sep, 2026 |
| Sale Type | Fresh Issue |
| Tentative Listing Date | 30th Sep, 2026 |
| Price Band | ₹350 to ₹375 |
| Post Issue M. Cap at ₹375 | ₹1,190 Cr |
| Total Issue Size | ₹300 Cr |
Industry Overview
ArMee Infotech sits across two industries: IT infrastructure and managed services, and, more recently, renewable energy EPC.
The IT industry contributed 7% to India’s GDP in FY2026.
The renewable energy side of the business sits inside a much faster-growing market. India’s utility-scale solar capacity reached 110 GW as of March 2026 which is expected to double in the coming years!
Business Model Explained
The business runs across three lines:
- IT Infrastructure Solutions covers the procurement, installation, integration and maintenance of IT hardware and software, including computers, servers and interactive panels, for projects such as smart classrooms, ICT labs and digitisation of government offices.
- IT Managed Services layers technical staffing, annual maintenance contracts and on-site support on top of infrastructure already installed.
- Renewable Energy covers solar
EPC (Engineering, Procurement, and Construction)
PPAs (Power Purchase Agreements).
BESS (Battery Energy Storage System).As of June 30, 2026, ArMee had secured ten Renewable Energy EPC contracts totalling 2,074 MW and three solar PPAs totalling 79 MW.
Operating Metrics
- Order Book by segment (June 30, 2026): Renewable Energy (EPC + PPA + BESS) makes up close to 90% of the consolidated order book by value.
- Revenue mix by segment (%): IT Infrastructure still dominates revenue but its share slipped from 93% to 86% as Renewable Energy revenue arrived for the first time.
Source: RHP - Revenue from Government-linked clients %: While the share is decreasing, the government sector has contributed the majority of revenue.
The Financial Stuff: From Revenue to PAT
- FY26 PAT recovered to ₹45 crore, helped by the contribution from Renewable Energy EPC.
- Even so, the FY26 PAT margin of 3% remains below the 5% PAT margin posted in FY24, so profitability has not caught up with the growth in revenue.
ArMee’s Peers
- ArMee’s FY2026 revenue base sits close to Dynacons Systems & Solutions and well ahead of Orient Technologies, but behind the two renewable-energy peers, KPI Green Energy and Oriana Power.
- ArMee trails the group with a 3% PAT margin which is the lowest of the five.
Key Risks
- Dependence on Government/PSU clients: ~84% of FY26 revenue came from Government or PSU clients. Most such business is won through competitive bidding, and the company’s bid success rate has fallen every year disclosed, from 31% in FY24 to 19% in FY26.
- Geographic concentration: Gujarat, Maharashtra and Tamil Nadu together accounted for 86.48% of FY26 revenue from operations.
- Client concentration: The top five clients accounted for 77% of revenue from operations in FY26.
IPO FAQs
Q: What is ArMee Infotech’s price band?
A: ArMee Infotech’s has a price band of ₹350 to ₹375
Q: What is ArMee Infotech’s closing date?
A: ArMee Infotech’sIPO closes on 25th Sep, 2026
Q: What is ArMee Infotech’s listing date?
A: ArMee Infotech’s lists on 30th Sep, 2026, on the NSE and the BSE.
Summary
ArMee Infotech is an Ahmedabad-based IT infrastructure and IT managed services company that added a Renewable Energy EPC, PPA and BESS vertical in FY26.
Most of the revenue comes from a small set of clients and from Government/PSU-linked business.
