31 Mar 2023
Assets15.51
Total Income28.97
EBITDA3.12
Profit After Tax2.26
NET Worth3.49
Reserves and Surplus3.48
Total Borrowing0.85
At a glance
Updated 2026-09-09Armour Security is a SME IPO with an issue size of ₹26.51 crore, proposed for listing on NSE SME. The offer opens on 14th Jan 2026 and closes on 19th Jan 2026. The issue structure includes a fresh issue of ₹25.17 crore.
Issue details
Listing atNSE SME
Issue typeBook Build Issue
Issue size₹26.51 Cr
Fresh issue₹25.17 Cr
Face value₹10
Price band₹55.00–₹57.00
Allotment20th Jan 2026
Listing22nd Jan 2026
Grey market
GMP page ↗Latest GMP₹0.00
GMP / upper price0.00%
Est. listing₹57.00
GMP is unofficial sentiment data, not an exchange price.
Timeline
Opens14th Jan 2026
Closes19th Jan 2026
Allotment20th Jan 2026
Refund21st Jan 2026
Demat21st Jan 2026
Listing22nd Jan 2026
Subscription demand
Full bidding ↗QIB1.00×
sHNI0.92×
bHNI1.14×
NII / HNI1.14×
Retail2.58×
Total1.82×
Lot size
| Investor | Lots | Shares | Amount |
|---|---|---|---|
| Minimum Bid | 1 | 4000 | ₹228,000 |
Company
Use of proceeds
| Object | Amount |
|---|---|
| Funding of Working Capital Requirement | ₹15.11 Cr |
| Funding Capital expenditure requirements for purchasing of machinery, equipment and vehicles | ₹1.61 Cr |
| Pre-payment/re-payment of, in part or full, certain outstanding borrowings of the Company | ₹3.00 Cr |
| General Corporate Expenses | ₹3.60 Cr |
| Issue Expenses | ₹3.18 Cr |
| Total | ₹26.51 Cr |
Financial performance
Year-wise operating scale, profitability and balance-sheet context.Revenue19.69₹ Cr · -46.1% vs prior year
EBITDA4.30₹ Cr · -13.5% vs prior year
PAT2.90₹ Cr · -27.0% vs prior year
Assets32.10₹ Cr · +17.3% vs prior year
Net Worth21.34₹ Cr · +15.8% vs prior year
Borrowing6.01₹ Cr · +28.1% vs prior year
3-year financial trendRevenue / EBITDA / PAT
₹ crore31 Mar 2024
Assets23.61
Total Income33.10
EBITDA3.67
Profit After Tax2.62
NET Worth14.46
Reserves and Surplus2.24
Total Borrowing1.80
31 Mar 2025
Assets27.37
Total Income36.56
EBITDA4.97
Profit After Tax3.97
NET Worth18.43
Reserves and Surplus6.21
Total Borrowing4.69
30 Sep 2025
Assets32.10
Total Income19.69
EBITDA4.30
Profit After Tax2.90
NET Worth21.34
Reserves and Surplus9.12
Total Borrowing6.01
KPIs
| KPI | Mar 31, 2025 | Sep 30, 2025 |
|---|---|---|
| ROE | 21.56% | 13.61% |
| ROCE | 24.47% | 15.45% |
| Debt / Equity | 0.25% | 0.28% |
| RoNW | 21.56% | 13.61% |
| PAT Margin | 11.14% | 14.76% |
| EBITDA Margin | 13.94% | 21.84% |
| Price to Book Value | 3.78 |
Valuation & shareholding
Pre-IPO EPS3.25
Post-IPO EPS3.44
Pre-IPO P/E17.53
Post-IPO P/E16.55
Promoter holding pre96.8%
Promoter holding post70.12%
Market cap₹96.16 Cr.
Peer comparison
| Company | EPS | P/E | RoNW | NAV |
|---|---|---|---|---|
| Armour Security (India) IPO | — | 19.33 x | — | — |
| Safecure Services IPO | — | 16.82 x | — | — |
| NIS Management IPO | — | 11.94 x | — | — |
| Ema Partners IPO | — | 21.98 x | — | — |
Issue expenses
| Expense | Amount |
|---|---|
| Funding of Working Capital Requirement | ₹15.11 Cr |
| Funding Capital expenditure requirements for purchasing of machinery, equipment and vehicles | ₹1.61 Cr |
| Pre-payment/re-payment of, in part or full, certain outstanding borrowings of the Company | ₹3.00 Cr |
| General Corporate Expenses | ₹3.60 Cr |
| Issue Expenses | ₹3.18 Cr |
| Total | ₹26.51 Cr |
Registrar & lead managers
Registrar
Skyline Financial Services Pvt.Ltd.Lead managers
- Sobhagya Capital Options Pvt.Ltd.
Offer documents
Data is reconciled from multiple public IPO sources. Official exchange filings and offer documents remain the source of truth. Last verified 2026-09-09.
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