ArMee Infotech
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 2.99×
- Big non-institutionalbNII · above ₹10 lakh
- 1.39×
- Small non-institutionalsNII · ₹2–10 lakh
- 3.47×
- Retail individualRII · up to ₹2 lakh
- 2.41×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 12 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 30 Sep 2026 | ₹6 | — | ₹200 | ₹381 | ₹240 |
| 29 Sep 2026 | ₹6 | — | ₹200 | ₹381 | ₹240 |
| 28 Sep 2026 | ₹6 | — | ₹200 | ₹381 | ₹240 |
| 27 Sep 2026 | ₹8 | — | ₹200 | ₹383 | ₹320 |
| 26 Sep 2026 | ₹8 | — | ₹200 | ₹383 | ₹320 |
| 25 Sep 2026 | ₹8 | — | ₹200 | ₹383 | ₹320 |
| 24 Sep 2026 | ₹20 | — | ₹600 | ₹395 | ₹800 |
| 23 Sep 2026 | ₹51 | — | ₹1,600 | ₹426 | ₹2,040 |
| 22 Sep 2026 | ₹46 | — | ₹1,400 | ₹421 | ₹1,840 |
| 21 Sep 2026 | ₹12 | — | ₹400 | ₹387 | ₹480 |
| 20 Sep 2026 | ₹1 | — | ₹0 | ₹376 | ₹40 |
| 19 Sep 2026 | ₹1 | — | ₹0 | ₹376 | ₹40 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Bids received
The demand behind each multiple — what was offered, what was bid for, and what those bids are worth
| Category | Shares offered | Shares bid for | Bids (₹ Cr) | Times |
|---|---|---|---|---|
| Qualified institutional | 9,35,000 | 29,96,200 | ₹112 Cr | 3.20× |
| Non-institutional | 18,00,000 | 40,34,520 | ₹151 Cr | 2.24× |
| Big non-institutionalwithin NII | 12,00,000 | 17,90,800 | ₹67.16 Cr | 1.49× |
| Small non-institutionalwithin NII | 6,00,000 | 22,43,720 | ₹84.14 Cr | 3.74× |
| Retail individual | 42,00,000 | 1,11,23,400 | ₹417 Cr | 2.65× |
| Total | 69,35,000 | 1,81,54,120 | ₹681 Cr | 2.62× |
Times subscribed is the figure published for each category, not shares bid for divided by shares offered — a category's multiple is struck against its own allottable base, which is not always the offered count shown beside it. Observed 25 Sept, 05:21 pm IST; the registrar publishes the final basis of allotment.
Issue details
- IPO date
- 23 Sep 2026 – 25 Sep 2026
- Listing date
- 30 Sep 2026
- Face value
- ₹10 per share
- Price band
- ₹350 – ₹375
- Lot size
- 40 shares
- Sale type
- Fresh capital
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹300 Cr
- Fresh issue
- ₹300 Cr 80,00,000 shares
- Offer for sale
- ₹0 Cr 0 shares
- Market cap at offer price
- ₹1,190 Cr
- Promoter holding
- 92.72% → 69.35% pre-issue → post-issue
- ISIN
- INE0TWE01016
- CIN
- U72100GJ2011PLC063953
- Registrar
- Cameo Corporate Services Ltd.
- Lead managers
- Khandwala Securities Ltd.
- Registered office
- ArMee House, 17, Goyal Intercity, Row House Thaltej, Thaltej Road, Ahmedabad, Gujarat - 380054, India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 10,01,784 | 13.48% | 13.48% |
| Anchor investor · within QIB | 10,65,000 | — | 14.33% |
| NII (HNI) | 19,28,572 | 25.96% | 25.96% |
| bNII > ₹10L · within NII | 12,85,715 | — | 17.30% |
| sNII < ₹10L · within NII | 6,42,857 | — | 8.65% |
| Retail (RII) | 45,00,000 | 60.56% | 60.56% |
| Employee | 0 | — | 0.00% |
| Market maker | 0 | — | 0.00% |
| Total issue | 74,30,356 | — | 100.00% |
Net offer to the public of 74,30,356 shares, out of a total issue of 74,30,356. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 40 shares per lot, in multiples, at ₹375
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 40 | ₹15,000 |
| Retail (max) | 13 | 520 | ₹1,95,000 |
| S-HNI (min) | 14 | 560 | ₹2,10,000 |
| S-HNI (max) | 66 | 2,640 | ₹9,90,000 |
| B-HNI (min) | 67 | 2,680 | ₹10,05,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹375 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 19.16 | 14.33 |
| P/E (×) | 19.57 | 26.17 |
| Price to book (×) | 4.88 | — |
| Market cap | — | ₹1,190 Cr |
Key performance indicators
Latest reported period, consolidated
- Return on net worth
- 24.96%
- ROCE
- 31.00%
- Debt / equity
- 0.96
- PAT margin
- 3.26%
- EBITDA margin
- 5.42%
- NAV per share
- ₹76.77
- Price to book
- 4.88
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Consolidated ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 1,410.09 | 1,315.78 | 1,023.99 |
| Revenue from operations | 1,396.63 | 1,313.31 | 1,020.57 |
| Other income | 13.47 | 2.47 | 3.42 |
| Total expenses | 1,349.1 | 1,262.59 | 960.21 |
| Operating profit | 60.99 | 53.19 | 63.78 |
| Operating margin | 4.33% | 4.04% | 6.23% |
| Profit before tax | 60.99 | 53.2 | 63.78 |
| Profit after tax | 45.47 | 41.67 | 50.13 |
| PAT margin | 3.22% | 3.17% | 4.90% |
| Balance sheet | |||
| Total assets | 958.87 | 828.54 | 673.5 |
| Current assets | 792.83 | 757.07 | 637.95 |
| Current liabilities | 654.25 | 664.47 | 558.29 |
| Total liabilities | 776.69 | 691.88 | 578.32 |
| Net worth | 182.18 | 136.67 | 95.18 |
| Current ratio | 1.21× | 1.14× | 1.14× |
| Return on equity | 24.96% | 30.49% | 52.67% |
| Cash flow | |||
| Operating cash flow | 12.48 | -17.98 | 55.19 |
| Investing cash flow | -101.66 | -12.65 | -21.32 |
| Financing cash flow | 103.88 | 15.94 | -13.05 |
| Net cash flow | 14.69 | -14.7 | 20.82 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Funds for the purpose of securing PBGs for expansion of business ₹155 Cr
The company proposes to utilize a portion of the Net Proceeds towards creating Fixed Deposits as collateral to fund Performance Bank Guarantee (PBG) requirements, enabling the company to bid for larger or increased number of projects, particularly in Government/PSU and Renewable Energy sectors.
2 Funding Working Capital Requirements ₹60 Cr
The company intends to utilize a portion of the Net Proceeds to fund incremental working capital requirements to support its growing business operations across IT Infrastructure, IT Managed Services, Renewable Energy, and Experience Zones segments.
3 Prepayment or Repayment of Certain Outstanding Borrowings ₹6.50 Cr
The company proposes to utilize a portion of the Net Proceeds towards pre-payment or repayment of certain outstanding unsecured loans and facilities, specifically targeting higher-interest borrowings to reduce financial costs and improve the debt-to-equity ratio.
4 General Corporate Purposes —
The remaining Net Proceeds (not exceeding a specified percentage of Gross Proceeds as per SEBI ICDR Regulations) will be utilized for general corporate purposes including meeting ongoing expenses, funding growth opportunities, marketing, strategic initiatives, and business development activities.
1 of 4 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About ArMee Infotech
ArMee Infotech Limited (formerly Blossom Infraspace Private Limited, incorporated February 8, 2011) is an Indian IT services and renewable energy company based in Ahmedabad, Gujarat. Originally incorporated as a private limited company, it was admitted into M/s Armee Infotech partnership on March 1, 2017, with the business transferred upon dissolution of the partnership on April 1, 2017. The company was renamed to ArMee Infotech Private Limited on April 21, 2017, and converted to a public limited company on April 24, 2024. The company operates three main business segments: IT Infrastructure (85.81% of Fiscal 2026 revenue), IT Managed Services (5.26%), and Renewable Energy Solar EPC (8.93%). It derives 83.84% of its Fiscal 2026 revenue from Government/PSU clients. The company generates revenue through project-based contracts for supply, installation, and maintenance of IT infrastructure, provision of managed IT services, and execution of renewable energy projects.
Management
Ridhish Kiritbhai Patel
MD
Ami Ridhish Patel
COO
Strengths
As stated in the offer document
Proven Track Record in Executing Projects for Government/PSU Clients
The company has completed 116, 97, and 62 projects for Government/PSU clients in Fiscal 2026, 2025, and 2024 respectively, with revenue from Government/PSU clients at ₹32,115.39 lakhs (22.99%) in Fiscal 2026, demonstrating strong execution capability in large-scale, multi-year government contracts.
Consistent Track Record of Financial Performance
The company has demonstrated sustained revenue growth from ₹1,02,057.47 lakhs (Fiscal 2024) to ₹1,39,662.61 lakhs (Fiscal 2026), with EBITDA improving to ₹7,563.77 lakhs and PAT of ₹4,546.65 lakhs in Fiscal 2026, reflecting a strong and improving balance sheet.
Ability to Service Clients and Projects Across Diverse Sectors
The company is sector-agnostic, having served clients in education, healthcare, public distribution, rural development, and science & technology, while also expanding into Renewable Energy EPC/PPA/BESS and Experience Zones, enabling risk mitigation across economic cycles.
Experienced Board of Directors and Management with Extensive Domain Knowledge
The company's promoters, Kiritkumar Chimanbhai Patel and Ami Ridhish Patel, bring over two decades of industry experience since inception, supported by senior management with expertise in IT and renewable energy sectors, providing a significant competitive advantage.
Risk factors
As stated in the offer document
High Concentration of Revenue from Government/PSU Clients
The company derived 83.84% of its revenue from Government/PSU clients in Fiscal 2026, making it highly vulnerable to policy changes, tender delays, debarment, and shifts in government spending priorities. Any default in contractual obligations could result in blacklisting, forfeiture of bank guarantees, and material adverse effects on business operations and financial condition.
Geographic Revenue Concentration in Three States
Over 86% of the company's revenue in Fiscal 2026 was generated from projects in Gujarat, Maharashtra, and Tamil Nadu, exposing it to regional economic slowdowns, natural calamities, or adverse state government policy changes. This geographic concentration limits diversification and could materially restrict growth and financial performance.
High Client Concentration — Top 5 Clients Represent 76.66% of Revenue
The company's top five clients contributed 76.66% of revenue from operations in Fiscal 2026, creating significant dependency on a limited client base. Loss of any major client, project cancellation, or payment delays could materially and adversely affect the company's business, financial condition, and results of operations.
Entry into Renewable Energy — Limited Promoter and Management Experience
As of June 30, 2026, renewable energy projects constituted 88.38% of the company's total order book of ₹2,66,344.35 lakhs, yet the Promoters and senior management have minimal experience in Renewable Energy EPC and PPA execution. This significant strategic shift into a capital-intensive, heavily regulated, and technically complex sector exposes the company to execution, regulatory, and financial risks that may not be adequately managed.
Declining Bid Success Rate and Competitive Bidding Dependency
The company's bid success rate declined from 30.91% in Fiscal 2024 to 19.48% in Fiscal 2026, with the majority of projects awarded through competitive bidding on government e-marketplace platforms. Failure to win sufficient bids could result in revenue shortfalls, idle capacity, and an adverse impact on financial performance and growth plans.
Negative Operating Cash Flows and Working Capital Intensity
The company experienced negative cash flow from operating activities of ₹(1,798.14) lakhs in Fiscal 2025, and working capital requirements surged to ₹15,711.93 lakhs (10.79% of revenue) in Fiscal 2026, driven by the capital-intensive renewable energy business. Inability to secure adequate working capital financing could adversely affect operations, debt repayment, and implementation of growth plans.
Company Analysis
from RHPArMee Infotech provides IT infrastructure solutions, IT managed services, and renewable energy EPC and PPA projects across India, serving government, PSU, and private clients.
ArMee Infotech Limited (formerly Blossom Infraspace Private Limited, incorporated February 8, 2011) is an Indian IT services and renewable energy company based in Ahmedabad, Gujarat. Originally incorporated as a private limited company, it was admitted into M/s Armee Infotech partnership on March 1, 2017, with the business transferred upon dissolution of the partnership on April 1, 2017. The company was renamed to ArMee Infotech Private Limited on April 21, 2017, and converted to a public limited company on April 24, 2024. The company operates three main business segments: IT Infrastructure (85.81% of Fiscal 2026 revenue), IT Managed Services (5.26%), and Renewable Energy Solar EPC (8.93%). It derives 83.84% of its Fiscal 2026 revenue from Government/PSU clients. The company generates revenue through project-based contracts for supply, installation, and maintenance of IT infrastructure, provision of managed IT services, and execution of renewable energy projects.
Objects of the Issue
- Funds for the purpose of securing Performance Bank Guarantees (PBGs) for expansion of business p.31
- Funds for the purpose of securing PBGs for expansion of business ₹15,500 lakhs p.44
- Funding our working capital requirements ₹6,000 lakhs p.44
- Prepayment or repayment of certain outstanding borrowings availed by our Company ₹650 lakhs p.44
- General corporate purposes p.44
- Funds for the purpose of securing PBGs (Performance Bank Guarantees) for expansion of business ₹15,500 lakhs p.100
- Funding working capital requirements ₹6,000 lakhs p.100
- Prepayment or repayment of certain outstanding borrowings availed by the Company ₹650 lakhs p.100
- General corporate purposes [●] p.100
- Not specified in this document section
Issue Structure
- Total Issue
- Up to ₹30,000 lakhs
- Fresh Issue
- Up to ₹30,000 lakhs
- Offer for Sale
- Not Applicable
- Face Value
- ₹10 per Equity Share
Business Model
Project-based revenue model: The company bids competitively for projects from Government/PSU clients and private entities, securing contracts through tender processes. Revenue is recognized upon delivery and installation of IT products and services, or upon milestone completion in project-based engagements. For renewable energy, the company undertakes EPC (Engineering, Procurement, Construction) contracts and develops PPA (Power Purchase Agreement) projects. The company sources hardware and software from technology partners (OEMs and distributors) and integrates them for clients. Working capital is required for inventory, employee expenses, and project execution costs. The company is also establishing Experience Zones for retail sales of IT and consumer electronics products.
Business Segments
SWOT Analysis
- • Established track record in IT Infrastructure with significant government/PSU client base(p.29)
- • Growing Order Book demonstrates market confidence and revenue visibility(p.30)
- • Diversified revenue base across multiple states and geographies(p.22)
- • Successfully executing large-scale turnkey solutions and project delivery(p.32)
- • Large order book providing revenue visibility(p.43)
- • Established market presence with diverse service portfolio(p.47)
- • Registered intellectual property and brand protection(p.43)
- • Growing renewable energy sector exposure(p.45)
- • Established IT-BPM industry with 25+ years of outsourcing experience and strong ecosystem(p.145)
- • Cost competitiveness: labour cost efficiency 30-40% more than developed markets(p.144)
- • Large skilled workforce: nearly 6 million professionals with 2+ million upskilled in AI(p.144)
- • Ranked #1 global outsourcing destination with 60% share in global outsourcing market(p.145)
- • Strong GCC ecosystem: 1,700+ GCCs employing 1.9 million people across key verticals(p.153)
- • Rapid digital infrastructure expansion: 97 crore internet connections (2024) vs 25.15 crore (2014)(p.157)
- • Proven track record executing Government/PSU projects(p.218)
- • Consistent financial performance with sustained revenue and profitability growth(p.219)
- • Sector-agnostic service delivery across diverse industries(p.219)
- • Experienced management with over two decades in IT and emerging sectors(p.219)
- • Large order book with ₹2,66,344 crore in ongoing projects(p.230)
- • Comprehensive regulatory framework supporting renewable energy sector growth(p.247)
- • Government incentives and subsidies for solar manufacturing and deployment(p.253)
- • Strong policy push toward renewable energy penetration with mandatory procurement obligations(p.248)
- • Established grid connectivity framework and transmission infrastructure development(p.248)
- • Favorable local content requirements supporting domestic manufacturing(p.249)
- • Established track record in IT infrastructure and renewable energy sectors(p.358)
- • Strong government and PSU client base providing revenue stability(p.358)
- • Experienced management team with over two decades of industry experience(p.361)
- • Significant order book across multiple segments(p.363)
- • Renewable energy sector growth capitalisation(p.359)
- • Heavy dependence on limited number of clients—top five clients account for 76.66% of revenue(p.29)
- • Geographic concentration risk with 86% of revenue from three states (Gujarat, Maharashtra, Tamil Nadu)(p.21)
- • Limited expertise in renewable energy despite significant business shift—promoters have minimal prior experience(p.30)
- • Heavy reliance on top three technology partners for 65.84% of purchases(p.24)
- • Negative operating cash flow in Fiscal 2025 of ₹(1,798.14) lakhs(p.26)
- • Promoters provided personal guarantees on 100% of secured borrowings (₹15,344.61 lakhs)(p.41)
- • PAT declined despite revenue growth due to shift toward lower-margin traded goods business(p.40)
- • History of delays in statutory dues payments (provident fund, ESIC, income tax)(p.38)
- • High attrition rate in Fiscal 2026 of 612.60% due to e-Gram project discontinuation(p.41)
- • Heavy dependence on government and PSU customers for revenues(p.43)
- • High contingent liabilities from bank guarantees(p.53)
- • Significant borrowings with interest rate exposure(p.54)
- • Dependence on key promoters and KMPs(p.54)
- • Experience Zones highly dependent on single brand(p.46)
- • Related-party leases for key office premises(p.53)
- • Heavy dependence on few export markets concentrates revenue risk(p.170)
- • Visa uncertainties and higher immigration costs increase cross-border delivery complexity(p.170)
- • Skill gaps in emerging technologies like cybersecurity, cloud architecture, AI(p.170)
- • Decoupling of revenue from headcount growth pressures margins(p.170)
- • High revenue concentration from top 5 clients (76.66% of revenue)(p.230)
- • Geographic concentration with 86% of FY2026 revenue from Gujarat, Maharashtra, and Tamil Nadu(p.221)
- • Limited expertise in new Renewable Energy business segment(p.216)
- • Heavy reliance on contractual workers (1,648 on contract basis vs 263 on payroll)(p.241)
- • Significant attrition rates (612.60% in FY2026 due to e-Gram project discontinuation)(p.241)
- • Dependence on government tenders and procurement in government business segment(p.262)
- • Concentration of registered office on leased premises with related-party landlords(p.290)
- • High promoter shareholding concentration creating governance and exit risks(p.288)
- • Requirement for compulsory quality registrations and compliance with evolving standards(p.250)
- • High dependence on few large customers(p.383)
- • Significant financial indebtedness(p.381)
- • High reliance on top three technology partners for supplies(p.364)
- • Operational challenges with contractual workforce(p.361)
- • Material litigation and labour disputes affecting operations(p.388)
- • Significant expansion into renewable energy sector with 88.38% of order book from renewable projects(p.30)
- • Growth potential through pan-India geographic expansion beyond current concentration in three states(p.32)
- • Experience Zones retail format for IT, consumer electronics and merchandise sales(p.33)
- • Government digitalization initiatives create demand for IT infrastructure and digital skill development(p.35)
- • Expansion into niche IT and renewable energy services(p.45)
- • Rapidly expanding BESS deployment pipeline(p.46)
- • Geographical expansion of Experience Zones(p.46)
- • India's strong GDP growth and economic fundamentals(p.48)
- • Multi-brand Experience Zones opportunity(p.46)
- • Domestic IT spending growing faster than exports with 10.6% CAGR projected to reach USD 176,365 million by 2026(p.145)
- • ER&D segment fastest-growing at ~30% with high outsourcing demand from automotive, aerospace, healthcare(p.143)
- • Government digital initiatives (Digital India, UPI, DIKSHA) create surge in infrastructure demand(p.141)
- • Data center capacity expansion: 1,280 MW current with USD 70B invested and USD 90B in announced projects(p.141)
- • Global technology spending projected to reach USD 6.37 trillion in 2026, 14.2% increase over 2025(p.144)
- • Solar capacity to reach 292.6 GW by FY2030, creating infrastructure and EPC service opportunities(p.186)
- • Government tax holiday until 2047 for eligible foreign cloud service providers using India data centers(p.141)
- • Expansion into high-growth Renewable Energy sector with government support(p.193)
- • Battery Energy Storage Systems emerging as critical infrastructure(p.195)
- • Expansion into Experience Zones with up to 60 planned locations(p.229)
- • Government focus on rural IT infrastructure development(p.221)
- • Growth in data migration services driven by cloud adoption(p.211)
- • EPC sector diversification into water, urban infrastructure, and emerging sectors(p.192)
- • Massive government capacity addition targets for solar energy infrastructure(p.251)
- • Expansion of distributed renewable energy and agricultural solar schemes(p.252)
- • Growth in rooftop solar installations through residential subsidy schemes(p.253)
- • Favorable tax and export incentive schemes for renewable energy manufacturers(p.249)
- • Strategic development of solar parks with integrated infrastructure support(p.249)
- • Expansion into renewable energy sector with multiple new subsidiary companies(p.359)
- • Government digitalisation and IT infrastructure initiatives(p.358)
- • Growing solar power market in India(p.359)
- • Broadening client base beyond top customers(p.361)
- • Diversification into renewable energy PPA and BESS segments(p.359)
- • Intense competition from established renewable energy players with more experience(p.30)
- • Regulatory and policy changes in renewable energy sector including tariff regulations and subsidy reductions(p.30)
- • Commodity price volatility and supply chain disruptions in renewable energy equipment (polysilicon/modules)(p.30)
- • Project delays and cancellations due to regulatory approvals, land acquisition and grid connectivity issues(p.41)
- • Dependence on government/PSU clients with ability to unilaterally change terms and terminate contracts(p.35)
- • Cyclicality and policy-dependent nature of government IT infrastructure spending(p.22)
- • Credit rating downgrades would increase borrowing costs and limit financing access(p.38)
- • IREDA loan conversion right could significantly dilute promoter shareholding upon event of default(p.38)
- • Transportation and supply chain disruptions could delay project execution(p.37)
- • Competition from online retailers with pricing advantage(p.46)
- • Long development timelines and delays in renewable energy projects(p.48)
- • Payment delays and insolvency risk from DISCOM off-takers(p.58)
- • Regulatory changes affecting renewable energy project economics(p.59)
- • Global economic instability and commodity price volatility(p.59)
- • Rising inflation impacting margins(p.61)
- • Labor unrest and unionization risk(p.50)
- • Rising cybersecurity threats including ransomware, data breaches, and supply chain attacks(p.169)
- • Rapid technological disruptions from AI, automation, edge computing require continuous modernization(p.169)
- • Economic slowdown could reduce technology spending and postpone infrastructure upgrades(p.170)
- • Geopolitical risks and supply chain disruptions affect availability and cost of critical components(p.170)
- • Rising infrastructure and software costs squeeze IT budgets and erode modernization benefits(p.170)
- • AI and automation threaten traditional headcount-led revenue growth model(p.170)
- • Trade and tariff uncertainty create risk delays in client decisions(p.171)
- • Heavy solar cell import dependence: China 61% of imports, India exports minimal volumes(p.183)
- • Regulatory complexity and delays in approvals for projects(p.194)
- • Discom financial weakness and payment delays from offtakers(p.201)
- • Transmission infrastructure lag leading to curtailment and stranded assets(p.201)
- • PPA renegotiation and repudiation risks(p.201)
- • Battery degradation and lifecycle performance risks in BESS(p.200)
- • Raw material price volatility and supply chain concentration(p.201)
- • Intense competition and price undercutting in EPC sector(p.194)
- • High upfront capital costs for BESS projects with financing constraints(p.201)
- • Imposition of Basic Customs Duty on imported solar equipment increasing input costs(p.249)
- • Regulatory changes and timing delays in critical policy implementations(p.245)
- • Potential competitive pressure from tariff amendments and open access regulations(p.247)
- • Tariff volatility and deviation settlement penalties affecting project economics(p.248)
- • Stringent environmental and pollution control compliance requirements(p.257)
- • Dependence on government policy and budgetary allocation(p.364)
- • Uncertainty in project tendering and delays(p.364)
- • Requirement to maintain performance bank guarantees limiting liquidity(p.361)
- • Supply chain dependencies on technology partners(p.364)
- • Competitive pressures in IT services and renewable energy sectors(p.386)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Ami Ridhish Patel | Promoter | — | — |
| Kiritkumar Chimanbhai Patel | Promoter | — | — |
| Ridhish Kiritbhai Patel | Promoter | — | — |
| Ami Ridhish Patel | Promoter and Director | 76.19% | — |
| Kiritkumar Chimanbhai Patel | Promoter | — | — |
| Ridhish Kiritbhai Patel | Promoter and Chairman and Managing Director | — | — |
| Ami Ridhish Patel | Promoter | 76.19% | — |
| Kiritkumar Chimanbhai Patel | Promoter | 10.62% | — |
| Ridhish Kiritbhai Patel | Promoter | 5.91% | — |
| Kiritkumar Chimanbhai Patel | Promoter | — | — |
| Ami Ridhish Patel | Promoter | — | — |
| Ridhish Kiritbhai Patel | Promoter and Executive Director | — | — |
| Ami Ridhish Patel | Promoter | 76.19% | — |
| Kiritkumar Chimanbhai Patel | Promoter | 10.62% | — |
| Ridhish Kiritbhai Patel | Promoter | 5.91% | — |
| Ami Ridhish Patel | Promoter | 76.19% | — |
| Kiritkumar Chimanbhai Patel | Promoter | 10.65% | — |
| Ridhish Kiritbhai Patel | Promoter | 5.91% | — |
| Kiritkumar Chimanbhai Patel | Promoter | — | — |
| Ami Ridhish Patel | Promoter | — | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Peer comparison
The comparable listed companies named in the offer document, as on 31 Mar 2026
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| ArMee Infotech Ltd. THIS ISSUE | 19.16 | 76.77 | 26.17, computed at the offer price | 4.88, computed at the offer price | 24.96% |
| 66.64 | 247.54 | 16.41 | 4.43 | 26.90% | |
| 1.00 | 73.44 | 243.15 | 3.33 | 1.36% | |
| 24.13 | 159.86 | 12.77 | 1.93 | 16.14% | |
| 124.19 | 379.55 | 9.62 | 3.15 | 32.72% |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/E and P/BV here are computed at the offer price, on the post-issue share count, and are comparable to a listed peer's.