{"id":15007,"date":"2026-09-21T10:49:36","date_gmt":"2026-09-21T10:49:36","guid":{"rendered":"https:\/\/www.incredmoney.com\/blog\/?p=15007"},"modified":"2026-09-25T11:08:42","modified_gmt":"2026-09-25T11:08:42","slug":"armee-infotech-ipo","status":"publish","type":"post","link":"https:\/\/www.incredmoney.com\/blog\/armee-infotech-ipo\/","title":{"rendered":"ArMee Infotech IPO: A New Solar Bet"},"content":{"rendered":"<p><em>ArMee Infotech Limited is filing a \u20b9300 crore IPO on September 23, 2026. Its order book, inflated by newly won renewable energy contracts, stood at \u20b93,287 crore as of June 26, more than double its FY26 revenue.<\/em><\/p>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"ipo-summary\">IPO Summary<\/h2>\n<div class=\"captioned-image-container\">\n<table>\n<thead>\n<tr>\n<th colspan=\"2\">ArMee Infotech IPO Details<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>IPO Date<\/td>\n<td>23rd Sep to 25th Sep, 2026<\/td>\n<\/tr>\n<tr>\n<td>Sale Type<\/td>\n<td>Fresh Issue<\/td>\n<\/tr>\n<tr>\n<td>Tentative Listing Date<\/td>\n<td>30th Sep, 2026<\/td>\n<\/tr>\n<tr>\n<td>Price Band<\/td>\n<td>\u20b9350 to \u20b9375<\/td>\n<\/tr>\n<tr>\n<td>Post Issue M. Cap at \u20b9375<\/td>\n<td>\u20b91,190 Cr<\/td>\n<\/tr>\n<tr>\n<td>Total Issue Size<\/td>\n<td>\u20b9300 Cr<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"industry-overview\">Industry Overview<\/h2>\n<p>ArMee Infotech sits across two industries: IT infrastructure and managed services, and, more recently, renewable energy EPC.<\/p>\n<p><mark data-color=\"#ffe599\">The IT industry contributed 7% to India\u2019s GDP in FY2026<\/mark>.<\/p>\n<p>The renewable energy side of the business sits inside a much faster-growing market. India\u2019s utility-scale solar capacity reached 110 GW as of March 2026 which is expected to double in the coming years!<\/p>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"business-model-explained\">Business Model Explained<\/h2>\n<p><strong>The business runs across three lines:<\/strong><\/p>\n<ol>\n<li><strong><mark data-color=\"#ffe599\">IT Infrastructure Solutions<\/mark><\/strong> 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.<\/li>\n<li><strong><mark data-color=\"#ffe599\">IT Managed Services<\/mark><\/strong> layers technical staffing, annual maintenance contracts and on-site support on top of infrastructure already installed.<\/li>\n<li><strong><mark data-color=\"#ffe599\">Renewable Energy<\/mark><\/strong> covers solar<br \/>\nEPC (Engineering, Procurement, and Construction)<br \/>\nPPAs (Power Purchase Agreements).<br \/>\nBESS (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.<\/li>\n<\/ol>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"operating-metrics\">Operating Metrics<\/h2>\n<ul>\n<li><strong><mark data-color=\"#ffe599\">Order Book by segment (June 30, 2026):<\/mark> <\/strong>Renewable Energy (EPC + PPA + BESS) makes up close to 90% of the consolidated order book by value.<\/li>\n<\/ul>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\"><picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!UACN!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2a4da4aa-db01-4a4e-8a6d-3e4c0ae56c52_2048x1247.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!UACN!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2a4da4aa-db01-4a4e-8a6d-3e4c0ae56c52_2048x1247.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!UACN!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2a4da4aa-db01-4a4e-8a6d-3e4c0ae56c52_2048x1247.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!UACN!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2a4da4aa-db01-4a4e-8a6d-3e4c0ae56c52_2048x1247.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!UACN!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2a4da4aa-db01-4a4e-8a6d-3e4c0ae56c52_2048x1247.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!UACN!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2a4da4aa-db01-4a4e-8a6d-3e4c0ae56c52_2048x1247.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!UACN!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2a4da4aa-db01-4a4e-8a6d-3e4c0ae56c52_2048x1247.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!UACN!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2a4da4aa-db01-4a4e-8a6d-3e4c0ae56c52_2048x1247.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!UACN!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F2a4da4aa-db01-4a4e-8a6d-3e4c0ae56c52_2048x1247.png 1456w\" alt=\"\" width=\"597\" height=\"363.69436813186815\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/2a4da4aa-db01-4a4e-8a6d-3e4c0ae56c52_2048x1247.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:887,&quot;width&quot;:1456,&quot;resizeWidth&quot;:597,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture><\/div><figcaption class=\"image-caption\">Source: RHP<\/figcaption><\/figure>\n<\/div>\n<ul>\n<li><strong><mark data-color=\"#ffe599\">Revenue mix by segment (%):<\/mark> <\/strong>IT Infrastructure still dominates revenue but its share slipped from 93% to 86% as Renewable Energy revenue arrived for the first time.\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\"><picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!-Wqv!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F88189d83-ec74-4846-9998-89810a2ac10e_782x456.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!-Wqv!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F88189d83-ec74-4846-9998-89810a2ac10e_782x456.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!-Wqv!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F88189d83-ec74-4846-9998-89810a2ac10e_782x456.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!-Wqv!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F88189d83-ec74-4846-9998-89810a2ac10e_782x456.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img fetchpriority=\"high\" decoding=\"async\" class=\"sizing-normal\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!-Wqv!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F88189d83-ec74-4846-9998-89810a2ac10e_782x456.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!-Wqv!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F88189d83-ec74-4846-9998-89810a2ac10e_782x456.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!-Wqv!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F88189d83-ec74-4846-9998-89810a2ac10e_782x456.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!-Wqv!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F88189d83-ec74-4846-9998-89810a2ac10e_782x456.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!-Wqv!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F88189d83-ec74-4846-9998-89810a2ac10e_782x456.png 1456w\" alt=\"\" width=\"782\" height=\"456\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/88189d83-ec74-4846-9998-89810a2ac10e_782x456.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:456,&quot;width&quot;:782,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:22614,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:&quot;image\/png&quot;,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:&quot;https:\/\/ipoanalysis.substack.com\/i\/216722425?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F88189d83-ec74-4846-9998-89810a2ac10e_782x456.png&quot;,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture><\/div><figcaption class=\"image-caption\">Source: RHP<\/figcaption><\/figure>\n<\/div>\n<\/li>\n<li><strong><mark data-color=\"#ffe599\">Revenue from Government-linked clients %:<\/mark> <\/strong>While the share is decreasing, the government sector has contributed the majority of revenue.<\/li>\n<\/ul>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\"><picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!YJRR!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F313956d6-737e-4656-a385-c87edc6902de_690x426.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!YJRR!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F313956d6-737e-4656-a385-c87edc6902de_690x426.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!YJRR!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F313956d6-737e-4656-a385-c87edc6902de_690x426.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!YJRR!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F313956d6-737e-4656-a385-c87edc6902de_690x426.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!YJRR!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F313956d6-737e-4656-a385-c87edc6902de_690x426.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!YJRR!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F313956d6-737e-4656-a385-c87edc6902de_690x426.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!YJRR!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F313956d6-737e-4656-a385-c87edc6902de_690x426.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!YJRR!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F313956d6-737e-4656-a385-c87edc6902de_690x426.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!YJRR!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F313956d6-737e-4656-a385-c87edc6902de_690x426.png 1456w\" alt=\"\" width=\"618\" height=\"381.54782608695655\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/313956d6-737e-4656-a385-c87edc6902de_690x426.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:426,&quot;width&quot;:690,&quot;resizeWidth&quot;:618,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture><\/div><figcaption class=\"image-caption\">Source: RHP<\/figcaption><\/figure>\n<\/div>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"the-financial-stuff-from-revenue-to-pat\">The Financial Stuff: From Revenue to PAT<\/h2>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\"><picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!oYER!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff613a042-cf2d-49f2-93e3-a295280ec7e2_1680x1348.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!oYER!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff613a042-cf2d-49f2-93e3-a295280ec7e2_1680x1348.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!oYER!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff613a042-cf2d-49f2-93e3-a295280ec7e2_1680x1348.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!oYER!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff613a042-cf2d-49f2-93e3-a295280ec7e2_1680x1348.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!oYER!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff613a042-cf2d-49f2-93e3-a295280ec7e2_1680x1348.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!oYER!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff613a042-cf2d-49f2-93e3-a295280ec7e2_1680x1348.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!oYER!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff613a042-cf2d-49f2-93e3-a295280ec7e2_1680x1348.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!oYER!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff613a042-cf2d-49f2-93e3-a295280ec7e2_1680x1348.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!oYER!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ff613a042-cf2d-49f2-93e3-a295280ec7e2_1680x1348.png 1456w\" alt=\"\" width=\"567\" height=\"454.84615384615387\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/f613a042-cf2d-49f2-93e3-a295280ec7e2_1680x1348.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1168,&quot;width&quot;:1456,&quot;resizeWidth&quot;:567,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture><\/div>\n<\/figure>\n<\/div>\n<ul>\n<li>FY26 PAT recovered to \u20b945 crore, helped by the contribution from Renewable Energy EPC.<\/li>\n<li>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.<\/li>\n<\/ul>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"armees-peers\">ArMee\u2019s Peers<\/h2>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\"><picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!nUvu!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcb7b3153-ea2f-470a-bce9-823764677a3f_2048x846.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!nUvu!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcb7b3153-ea2f-470a-bce9-823764677a3f_2048x846.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!nUvu!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcb7b3153-ea2f-470a-bce9-823764677a3f_2048x846.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!nUvu!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcb7b3153-ea2f-470a-bce9-823764677a3f_2048x846.png 1456w\" type=\"image\/webp\" sizes=\"100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!nUvu!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcb7b3153-ea2f-470a-bce9-823764677a3f_2048x846.png\" sizes=\"100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!nUvu!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcb7b3153-ea2f-470a-bce9-823764677a3f_2048x846.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!nUvu!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcb7b3153-ea2f-470a-bce9-823764677a3f_2048x846.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!nUvu!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcb7b3153-ea2f-470a-bce9-823764677a3f_2048x846.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!nUvu!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fcb7b3153-ea2f-470a-bce9-823764677a3f_2048x846.png 1456w\" alt=\"\" width=\"1456\" height=\"601\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/cb7b3153-ea2f-470a-bce9-823764677a3f_2048x846.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:601,&quot;width&quot;:1456,&quot;resizeWidth&quot;:null,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture><\/div>\n<\/figure>\n<\/div>\n<ul>\n<li>ArMee\u2019s FY2026 revenue base sits close to Dynacons Systems &amp; Solutions and well ahead of Orient Technologies, but behind the two renewable-energy peers, KPI Green Energy and Oriana Power.<\/li>\n<li>ArMee trails the group with a 3% PAT margin which is the lowest of the five.<\/li>\n<\/ul>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"key-risks\">Key Risks<\/h2>\n<ul>\n<li><strong><mark data-color=\"#ffe599\">Dependence on Government\/PSU clients:<\/mark><\/strong> ~84% of FY26 revenue came from Government or PSU clients. Most such business is won through competitive bidding, and the company\u2019s bid success rate has fallen every year disclosed, from 31% in FY24 to 19% in FY26.<\/li>\n<li><strong><mark data-color=\"#ffe599\">Geographic concentration:<\/mark><\/strong> Gujarat, Maharashtra and Tamil Nadu together accounted for 86.48% of FY26 revenue from operations.<\/li>\n<li><strong><mark data-color=\"#ffe599\">Client concentration:<\/mark><\/strong> The top five clients accounted for 77% of revenue from operations in FY26.<\/li>\n<\/ul>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"ipo-faqs\">IPO FAQs<\/h2>\n<blockquote><p>Q: <strong>What is ArMee Infotech\u2019s price band?<\/strong><\/p>\n<p>A: ArMee Infotech\u2019s has a price band of \u20b9350 to \u20b9375<\/p>\n<p>Q: <strong>What is ArMee Infotech\u2019s<\/strong> <strong>closing date?<\/strong><\/p>\n<p>A: ArMee Infotech\u2019sIPO closes on 25th Sep, 2026<\/p>\n<p>Q: <strong>What is ArMee Infotech\u2019s<\/strong> <strong>listing date?<\/strong><\/p>\n<p>A: ArMee Infotech\u2019s lists on 30th Sep, 2026, on the NSE and the BSE.<\/p><\/blockquote>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"summary\">Summary<\/h2>\n<p>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.<\/p>\n<p>Most of the revenue comes from a small set of clients and from Government\/PSU-linked business.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>ArMee Infotech Limited is filing a \u20b9300 crore IPO on September 23, 2026. Its order book, inflated by newly won renewable energy contracts, stood at \u20b93,287 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 [&hellip;]<\/p>\n","protected":false},"author":9,"featured_media":15008,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[59],"tags":[2],"class_list":["post-15007","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo","tag-blog"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>ArMee Infotech IPO: Review, Financials, Business &amp; Risks | InCred Money<\/title>\n<meta name=\"description\" content=\"Explore the ArMee Infotech IPO, including its business model, financial performance, unit economics, operating metrics, peers and key investment risks at InCred Money\" \/>\n<meta name=\"robots\" content=\"index, follow, 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