AS
Armour Security (India)
Book Building issueSMENSE₹26.51 Cr issue
-20.00%
Listing gain over issue price
Issue size
₹26.51 Cr
1 lot at cut-off
₹1,14,000
Lot size
2,000shares
Open
14 Jan 2026
Close
19 Jan 2026
Allotment
20 Jan 2026
Listing
22 Jan 2026
Listing performance
Issue price
₹57
Listed at
₹45.60
Listing-day close
₹43.35
Latest price
₹19.50
Listing gain
-20.00%
Return since listing
-65.79%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
₹0
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 22 Jan 2026 | ₹0 | 0.00% | ₹0 | ₹57 | ₹0 |
| 21 Jan 2026 | ₹0 | 0.00% | ₹0 | ₹57 | ₹0 |
| 20 Jan 2026 | ₹0 | 0.00% | ₹0 | ₹57 | ₹0 |
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.
Issue details
- IPO date
- 14 Jan 2026 – 19 Jan 2026
- Listing date
- 22 Jan 2026
- Face value
- ₹10 per share
- Issue price
- ₹57 per share
- Lot size
- 2,000 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹26.51 Cr
- Market cap at offer price
- ₹96.16 Cr
- Promoter holding
- 96.80% → 70.12% pre-issue → post-issue
- ISIN
- INE0TZX01019
- Registrar
- Skyline Financial Services Pvt.Ltd.
- Lead managers
- Sobhagya Capital Options Pvt.Ltd.
- Registered office
- B-87, Second Floor Defence Colony, New Delhi
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 0 | — | — |
| Market maker | 2,34,000 | — | — |
Application size
Minimum 2,000 shares per lot, in multiples, at ₹57
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 2,000 | ₹1,14,000 |
| S-HNI (min) | 2 | 4,000 | ₹2,28,000 |
| S-HNI (max) | 8 | 16,000 | ₹9,12,000 |
| B-HNI (min) | 9 | 18,000 | ₹10,26,000 |
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.
Shares allocated
0
Anchor portion
₹0 Cr
at ₹57 per share
Valuation and performance
Valuation at offer price
₹57 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 3.25 | 3.44 |
| P/E (×) | 17.54 | 16.57 |
| Price to book (×) | 3.78 | — |
| Market cap | — | ₹96.16 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 21.56%
- ROCE
- 24.47%
- Debt / equity
- 0.25
- PAT margin
- 11.14%
- EBITDA margin
- 13.94%
- NAV per share
- ₹15.08
- Price to book
- 3.78
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Armour Security (India)
Armour Security (India) Ltd. was incorporated on August 27, 1999, as a private company and converted to a public limited company on May 3, 2024. The company specializes in providing a range of security and facility management services including security planning and management, integrated facility management, housekeeping services, and skilled, semi-skilled, and unskilled manpower supply. With over two decades of experience, the company has established its presence across multiple states in India, having grown from a single office in Defense Colony, Delhi, to operations serving diverse client needs in the security and facility management sector.
Company Analysis
from RHPArmour Security (India) Ltd. provides comprehensive private security solutions and integrated facility management services, including manned guarding, manpower supply, housekeeping, and facility management across India.
Armour Security (India) Ltd. was incorporated on August 27, 1999, as a private company and converted to a public limited company on May 3, 2024. The company specializes in providing a range of security and facility management services including security planning and management, integrated facility management, housekeeping services, and skilled, semi-skilled, and unskilled manpower supply. With over two decades of experience, the company has established its presence across multiple states in India, having grown from a single office in Defense Colony, Delhi, to operations serving diverse client needs in the security and facility management sector.
security and facility managementmanned guarding servicesintegrated facility managementhousekeeping servicesmanpower supply
Objects of the Issue
- Funding of Working Capital requirements ₹1,510.79 lakhs p.34
- Funding Capital expenditure requirements for purchasing of machinery equipment and vehicles ₹161.27 lakhs p.34
- Pre-payment/re-payment of, in part or full, certain outstanding borrowings of our Company ₹300.00 lakhs p.34
- General Corporate Purposes p.34
- Funding of Working Capital requirements ₹1,510.79 lakhs p.108
- Funding Capital expenditure requirements for purchasing of machinery, equipment and vehicles ₹161.27 lakhs p.115
- Pre-payment/re-payment of, in part or full, certain outstanding borrowings ₹300.00 lakhs p.105
- General Corporate Expenses p.105
- Funding Capital expenditure requirements for purchasing of machinery, equipment and vehicles ₹161.27 lakhs p.119
- Pre-payment/re-payment of, in part or full, certain outstanding borrowings of our Company ₹300 lakhs p.119
- Working Capital Requirements ₹1,510.79 lakhs total (₹710.79 lakhs FY 2026 and ₹800 lakhs FY 2027) p.125
- General Corporate Purposes p.124
- —
Issue Structure
- Total Issue
- Up to 46,50,000 Equity Shares of face value of ₹10.00 each aggregating to ₹[●] Lakhs
- Fresh Issue
- Up to 46,50,000 Equity Shares of ₹10.00 each for cash at a price of ₹[●] per Equity Share (including premium of ₹[●] per Equity Share)
- Offer for Sale
- NA
- Price Band
- Floor Price ₹55 and Cap Price ₹57
- Lot Size
- [●] Equity Shares and in multiples of [●] equity shares thereafter
- Face Value
- ₹10.00
Business Model
The company generates revenue primarily through manned guarding services, integrated facility management, and manpower supply contracts with corporate, institutional, and government clients. Revenue is earned through service contracts that may be fixed-term or recurring, with pricing based on manpower deployment, equipment provision, and service complexity. The company operates on a contract-based model where it sources, trains, and deploys personnel to client sites while maintaining quality standards and regulatory compliance.
Business Segments
Provision of trained and licensed security personnel for on-site protection of property and persons
Combined security approach incorporating both manned guarding and electronic systems for comprehensive protection, including housekeeping and facility services
Provision of skilled, semi-skilled and unskilled personnel to clients for various roles and requirements
Provision of security and facility management services to government entities
Provision of security and facility management services to private organizations and institutions
Specialized security services for events including access control, monitoring, crowd control and emergency response using specialized equipment like CCTV cameras, metal detectors, and baggage inspection systems
Deploying trained security personnel for round-the-clock protection, including corporate security guards, industrial security officers, specialized security services for hospitals, government bodies, and institutions
Supervision services ensuring consistency and professionalism of deployed personnel; provision of semi-skilled and unskilled blue-collar manpower including data entry operators, pantry boys, gardeners, drivers, cooks, plumbers, electricians; recruitment services connecting job seekers with prospective employers
Daily cleaning services, waste disposal, pest control, grounds and greenery upkeep, office cleaning, carpet cleaning, mechanical cleaning services using advanced equipment for large areas and industrial facilities
Single-source provision of comprehensive facility management including internal and external cleaning, pest control, waste disposal, building systems maintenance and security, mechanical/electrical/plumbing (MEP) system maintenance, planned preventive maintenance, fit-out management, energy management
Provision of security personnel, supervisors, and manpower deployment for government and private sector clients
Housekeeping, cleaning, facility management, building management, and related services
Provision of trained security personnel, including guards, to ensure safety and security across various sectors
Supply of skilled, semi-skilled, or unskilled blue-collar manpower; recruitment services offering staffing solutions; supervision services managing daily operations and ensuring compliance
Professional cleaning and maintenance for client facilities; event management services; fire-fighting and security training programs
SWOT Analysis
Strengths
- • Established presence with over two decades of operational experience in security and facility management sector(p.29)
- • Diversified service portfolio including security planning, management, integrated facility management, housekeeping, and manpower provision(p.29)
- • Geographic expansion across multiple states in India from initial Delhi base(p.29)
- • Established presence in manpower services and integrated facility management(p.77)
- • Long operational history since 1999(p.77)
- • Strong promoter commitment with significant shareholding(p.64)
- • Revenue growth trajectory with improving margins(p.75)
- • Shift toward higher-margin government contracts(p.111)
- • Over two decades of operational experience in security and facility management(p.166)
- • Diversified service portfolio addressing multiple client segments(p.166)
- • Strong client retention with 72% of clients repeated in H1 FY26(p.167)
- • Robust technological infrastructure supporting operations(p.128)
- • ISO certification and PSARA compliance enhancing credibility(p.166)
- • Geographic expansion across 12+ states enabling wider market reach(p.166)
- • Strong financial performance with 51.8% PAT growth in FY25(p.131)
- • Improving profitability with PAT margin at 14.76% in H1 FY26(p.174)
- • Diversified service portfolio covering security, housekeeping, facility management, and manpower solutions(p.177)
- • Promoter expertise with over two decades of combined experience in manpower and security industry(p.177)
- • Robust technological infrastructure with ERP system, email communication, and smartphone-based coordination(p.177)
- • ISO certifications and PSARA licensing ensuring regulatory compliance and credibility(p.177)
- • Strong customer retention with 72.29% of clients being repeat customers as of Sept 2025(p.178)
Weaknesses
- • Extreme customer concentration with top 10 customers representing 75.44% of revenues as of September 30, 2025(p.43)
- • High contingent liabilities representing 43.32% of net worth as of September 30, 2025(p.46)
- • Past non-compliance with Companies Act including failure to maintain minimum Board composition and non-filing of statutory forms(p.54)
- • Promoter disqualification history and association with struck-off companies may adversely affect investor perception(p.37)
- • High employee expense ratio at 71.95% of revenues in stub period, indicating labor cost dependency(p.49)
- • History of delays in statutory compliance including GST, TDS, Provident Fund and ESIC payments(p.53)
- • Heavy reliance on demand-callable borrowings that can be recalled without notice(p.55)
- • Geographic revenue concentration with Delhi contributing 39.71% and UP 23.91% of revenues(p.47)
- • Significant related-party advances representing nearly half of net worth(p.58)
- • Rising provision for bad debts and aged receivables(p.62)
- • Increasing short-term debt burden(p.74)
- • Directors lack prior experience on publicly listed companies(p.65)
- • Limited insurance coverage with significant uninsured assets(p.59)
- • Heavy dependence on a few major clients in government and healthcare sectors(p.172)
- • Elevated debt-to-equity ratio at 0.28, indicating leverage concerns(p.174)
- • Significant outstanding borrowings of ₹598.06 lakh as of September 30, 2025(p.119)
- • High trade receivables days at 159 days in H1 FY26 indicating cash flow stress(p.174)
- • Limited presence in IT/Technology sector with only 0.02% revenue contribution(p.172)
- • Decline in customer base from 96 to 83 customers between FY24 and H1 FY26(p.175)
- • High dependency on top 10 clients representing 75.44% of revenue as of Sept 2025(p.180)
- • Significant doubtful trade receivables of Rs. 249.26 lakhs as of Sept 2025, indicating collection challenges(p.235)
- • Disqualification history of promoter Mr. Vinod Gupta under Companies Act Section 164(2)(a)(p.213)
- • Limited physical infrastructure with only one registered office and six branch offices across India(p.190)
Opportunities
- • Growing Indian security and facility management industry driven by urbanization and corporate activity(p.29)
- • Increased outsourcing trends and emphasis on quality creating expansion opportunities for organized players(p.29)
- • Growing adoption of technology and compliance with regulatory norms shaping favorable market conditions(p.29)
- • Strategy to increase presence with government enterprises leveraging government outsourcing initiatives(p.47)
- • Market spans diverse segments including industries, government, and residential creating multiple revenue channels(p.29)
- • Expansion into event-based security services(p.115)
- • Growth in working capital to secure larger government contracts(p.108)
- • Investment in employee training and service quality enhancement(p.108)
- • Leverage public listing for enhanced market credibility and brand value(p.105)
- • Expansion into emerging security and facility management markets in tier-2 and tier-3 cities(p.164)
- • Adoption of emerging technologies including drone-based security operations(p.119)
- • Growing demand for integrated facility management with IoT and AI technologies(p.161)
- • Expanding healthcare sector presenting fastest growth opportunity at 7.69% CAGR(p.163)
- • India's private security market expanding at 9.93% annual growth rate(p.150)
- • India facility management market projected to reach USD 227.75 billion by 2030 at 7.37% CAGR(p.160)
- • Increasing outsourcing trend with integrated FM contracts at 10-15% cost savings(p.163)
- • Government focus on infrastructure and smart cities creating large contract opportunities(p.150)
- • Expansion into drone-based surveillance services as technology-enabled complementary offering(p.178)
- • Proposed training services for manpower agencies to create new service vertical(p.178)
- • Cross-marketing strategy to maximize client value through one-stop solution approach(p.178)
- • Technology-driven operational strategy leveraging ERP, smartphones, and real-time coordination tools(p.178)
- • Government sector growth with recent contracts from Ministry of Labour and national education boards(p.191)
Threats
- • Highly competitive market with intense competition from domestic companies and unorganized sector(p.50)
- • Customer concentration creates vulnerability to contract termination without cause and tender failures(p.32)
- • Reliance on tender-based procurement process creates financial performance volatility(p.46)
- • Public sector contract dependence creates exposure to political and administrative decisions affecting payment and renewal(p.47)
- • Technological advancement in AI and autonomous systems could reduce demand for manual security services(p.47)
- • Regulatory and compliance burden including need to maintain PSARA licenses and multiple statutory approvals(p.47)
- • Labor cost pressures from increased wage demands and minimum wage legislation could reduce margins(p.49)
- • Working capital constraints and customer payment delays strain liquidity(p.32)
- • Tax litigation and demands represent significant contingent liability exposure(p.37)
- • Extensive government regulation and compliance complexity(p.61)
- • Dependence on customer payment cycles with collection delays(p.62)
- • Macroeconomic volatility affecting business operations(p.67)
- • Industry malpractices undermining emerging companies(p.67)
- • Rising operational costs due to regulatory and compliance requirements(p.61)
- • Risks associated with armed security personnel and firearm handling(p.60)
- • Intense competition from organized and unorganized players in private security sector(p.165)
- • Labour shortage and skill gaps, particularly in tier-2 and tier-3 cities(p.162)
- • Rising operational costs compressing margins from 6-8% average EBIT levels(p.162)
- • Consolidation trend with larger international players acquiring regional specialists(p.165)
- • Regulatory complexity and potential delays in government sector contract payments(p.162)
- • Client price sensitivity particularly in cost-conscious sectors limiting margins(p.162)
- • Exposure to government contracts with inherent payment and policy risks(p.173)
- • Highly fragmented and competitive market with organized and unorganized players(p.179)
- • Regulatory compliance and litigation risks that can cause business disruptions and increase costs(p.179)
- • Competition from established players and new entrants with better pricing power(p.179)
- • Quality manpower shortage risks affecting service delivery(p.179)
- • Director disqualification status of Krishna Kumar Singh creating governance vulnerability(p.197)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Vinod Gupta | Promoter | 48.40% | — |
| Mrs. Arnima Gupta | Promoter | 48.40% | — |
| Vinod Gupta | Promoter | 48.40% | 35.06% |
| Arnima Gupta | Promoter | 48.40% | 35.06% |
| Vinod Gupta | Promoter | — | — |
| Arnima Gupta | Promoter/Managing Director | — | — |
| Mr. Vinod Gupta | Promoter | 48.40% | — |
| Mrs. Arnima Gupta | Promoter | 48.40% | — |
| Vinod Gupta | Promoter | — | — |
| Arnima Gupta | Promoter | — | — |
Leadership
Mrs. Arnima Gupta · Managing Director
Mr. Subodh Jindal · CFO
Ms. Shakshi Mishra · Company Secretary and Compliance Officer
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.