ArMee Infotech Limited

This section provides an overview of the industry context, primarily referencing data from an industry report prepared by Dun & Bradstreet. It discusses the global macroeconomic scenario, including projections for world growth, inflation, and the impact of geopolitical conflicts like the US-Israel-Iran tensions on supply chains. The text further details the outlook for various global regions, including advanced economies, emerging markets, and the impact of trade disruptions. It concludes with an analysis of the Indian macroeconomic landscape, highlighting its faster growth trajectory compared to other major economies and its resilience amid global slowdowns.

The provided text details various economic indicators and trends in India, including investment activity, inflation, and consumption patterns. It shows fluctuations in investment ratios and growth in fixed capital formation (GFCF), suggesting a robust investment landscape. Furthermore, the text discusses inflation drivers, the impact of monetary policy changes by the RBI, and the expected growth in the economy driven by infrastructure development and the expanding middle class. It also highlights trends in urbanization and the need for infrastructure to support future growth.

The text discusses the broad economic growth in India driven by demographic changes and policy, noting the expansion of employment opportunities across various sectors. It details trends in Foreign Direct Investment (FDI) inflows, the implementation of various government digitization initiatives, and the subsequent scaling up of digital infrastructure. Furthermore, the text provides an overview of the Indian IT-BPM industry, highlighting its market size, segmentation into IT services, ER&D, and BPM, and the factors driving its export revenue, such as the availability of a large talent pool and global technology spending trends.

The Indian IT industry has a strong ecosystem, having accumulated over 25 years of outsourcing experience, and is positioned as a leading sourcing destination for the global outsourcing market with nearly 60% share, which is expected to grow significantly. Growth in the domestic IT-BPM sector is largely fueled by government initiatives and technology adoption programs for various services like M-wallets, digital marketing, and automotive projects. The overall Indian IT spending is projected to see continued growth, driven by investments in cloud technologies, AI infrastructure, and digital transformation initiatives across enterprises.

The text discusses the impact of India's emergence as a Global Capability Centre (GCC) hub on the IT infrastructure spending landscape. It details how the establishment of GCCs by multinational companies is driving increased investment in various IT infrastructure components, including data centers, networking, cloud services, and cybersecurity. Furthermore, it highlights a trend towards adopting emerging technologies like AI, ML, IoT, and blockchain, which necessitates investment in high-performance computing and specialized hardware. The growth of the GCC ecosystem is linked to factors such as skilled talent, cost-competitive operations, and a vibrant startup environment, leading to a demand for infrastructure that supports innovation and global operations.

The text discusses the economic impact of India's emergence as a Global Capability Center (GCC) hub, highlighting opportunities for various IT infrastructure providers. It details the evolving data security and cybersecurity landscape in India, noting increased cyber threats and the need for robust responses from various stakeholders. Furthermore, the text covers the response to cyberattacks, including government collaborations and legislative actions like the Digital Personal Data Protection Act, 2023. It also details the impact on the IT sector, showing increased spending on IT infrastructure, demand for cybersecurity solutions, and the rise in cybersecurity jobs. Finally, the text outlines government spending on IT, the development of digital infrastructure initiatives like Digital India, and various schemes promoting ICT infrastructure in the education sector.

The section discusses the push to enhance equitable access to scientific and academic literature across various disciplines, aiming to strengthen India's research and innovation ecosystem in line with national objectives. It details the integration of STEM labs into the Indian education system, noting advancements in K-12 and higher education, and the role of industry collaborations. Furthermore, the text covers the infrastructure components of STEM labs, including physical space, equipment, digital integration, and the drivers behind their growth, such as government initiatives and Corporate Social Responsibility (CSR). It also touches upon the development of Atal Tinkering Labs (ATLs) for innovation and the modernization of IT infrastructure for educational platforms like DIKSHA, alongside the digitalization of the BFSI sector.

The text discusses the importance of IT infrastructure modernization across various sectors, emphasizing the need to adapt to technological trends and enhance operational efficiency. Key modernization drivers include the adoption of cloud computing for scalability, the implementation of advanced cybersecurity measures, and the leveraging of emerging technologies like AI, ML, and RPA for efficiency gains. Furthermore, digital transformation initiatives involve developing mobile banking applications, utilizing advanced analytics and AI for customer insights, and exploring blockchain for secure transactions. The text also covers digital transformation in the BFSI sector, including the use of open banking APIs, and the impact of new regulations like the Digital Personal Data Protection Act on data handling.

The provided text discusses various challenges and factors impacting the IT managed services industry, including emerging technology uncertainties, economic slowdowns, geopolitical risks, and regulatory changes. It highlights talent shortages in specialized IT fields and the need for continuous employee upskilling. Furthermore, the text details sustainability challenges related to environmental impact and the need for sustainable infrastructure. The competitive landscape is dynamic, featuring established global players alongside innovative mid-tier and niche specialists. The Indian IT infrastructure industry is fueled by the Digital India initiative, driving demand for IT solutions, especially in cloud migration and cybersecurity. Key players like TCS, Wipro, and HCL Technologies dominate, while mid-sized firms offer cost-effective solutions, and niche players focus on emerging technologies.

The provided text details various IT service companies, including Hitachi Systems Micro Clinic and Dynacons Systems & Solutions Ltd., which offer IT solutions like infrastructure, cloud, and networking services. Value Point Systems Private Limited provides end-to-end IT infrastructure solutions, covering network, data center, cloud, and cybersecurity. Aabasoft Technologies India Private Limited is described as a global IT and ITeS solutions provider. The text also extensively covers the renewable energy landscape in India, highlighting its global leadership in solar power capacity and various technological advancements, including the deployment of different solar technologies and future projections for the sector.

The section details various aspects of the solar energy sector, including specific floating solar projects, hybrid solar system integration, agrivoltaics, and the solar power value chain. It highlights the development of floating solar projects across different states and the growing interest in hybrid systems that combine solar with other renewable sources. Furthermore, the text discusses agrivoltaics as a technology that co-locates solar panels with agriculture to maximize land use. The solar cell and module trade scenario shows significant import dependency on solar cells from various international markets, despite domestic manufacturing expansion.

The section details the import and export patterns for photovoltaic (PV) modules, noting that China is the largest source of imports, with Vietnam being the second largest. India's exports are heavily concentrated towards the United States, which suggests a dependency on the U.S. market. The text also discusses the expanding solar energy sector in India, driven by rising energy demand and government initiatives. It covers various aspects of solar technology, including the deployment of solar power in various applications (residential, commercial, industrial) and different project sizes (small, medium, large). Furthermore, it outlines the Engineering, Procurement, and Construction (EPC) business model for solar projects, which involves comprehensive management from design to commissioning.

The text details various aspects of the Engineering, Procurement, and Construction (EPC) sector in India, covering revenue streams, growth drivers, and challenges faced by these firms. Revenue is generated through procurement margins for materials, revenue from construction contracts, operation and maintenance (O&M) contracts, performance guarantees, and consulting services. Key growth drivers include significant government investment in infrastructure development, the impact of government policies like Make in India, and the rise of public-private partnerships (PPP). The sector is also facing challenges such as regulatory hurdles, funding constraints, skilled labor shortages, supply chain disruptions, and the need for technological adaptation.

The text discusses the critical role of Battery Energy Storage Systems (BESS) in India's clean energy transition, driven by the integration of renewable energy sources. Key drivers for BESS adoption include government targets for non-fossil fuel capacity, financial support through Viability Gap Funding (VGF), declining battery costs, and supportive policy changes. BESS is essential for ensuring grid stability, managing renewable intermittency, and providing backup power for critical infrastructure. The market is experiencing rapid expansion, with significant pipeline capacity expected to meet future requirements.

The issuer, Armee Infotech, was founded in 2003 and operates in the IT infrastructure and IT managed services sectors, having recently expanded into the renewable energy sector, including the engineering, procurement, and construction (EPC) of solar power plants and the development of Battery Energy Storage Systems (BESS). The company offers comprehensive services across these renewable energy areas, including providing end-to-end EPC services, developing and operating solar power assets under Power Purchase Agreements (PPAs), and entering into long-term contracts for the supply of energy from battery storage systems. The company serves both Government/public sector undertakings (PSUs) and private sector clients, with the bulk of its revenue currently derived from services provided to Government/PSU projects.

The company has secured projects in the solar EPC domain and for developing solar parks through Power Purchase Agreement (PPA) mode in the renewable energy sector. Notable clients in the Renewable Energy EPC space include NACOF OORJA Private Limited, PratapTechnocrats Private Limited, and Bondada Engineering Limited, while notable PPA projects involve the Maharashtra State Electricity Distribution Company Limited (MSEDCL) and Uttar Pradesh Power Corporation Limited (UPPCLP). The company has received recognition, including being awarded as the Most Innovative & Successful IT Infrastructure Company in Gujarat in the Blindwink India Business Award 2025. Furthermore, the company reported significant financial performance, with total income of ₹1,410.1 Cr and a Profit After Tax (PAT) of ₹45.5 Cr in FY2026, showing remarkable revenue expansion and profit growth over several fiscal years.

The company operates in several sectors, including IT infrastructure, IT managed services, retail sales through Experience Zones, and the Renewable Energy space. The company engages in the engineering, procurement, and construction (EPC) of solar power projects and the development of solar power projects under power purchase agreements (PPAs) and Battery Energy Storage System (BESS). The company serves both Government/Public Sector Undertaking (PSU) and private sector clients. A majority of the company's revenue currently comes from servicing Government/PSU projects.

The company generates revenue from operations in the IT managed services segment, which is a portion of its total revenue. The company undertakes Engineering, Procurement, and Construction (EPC) and Power Purchase Agreement (PPA) projects in the Renewable Energy space, including Battery Energy Storage Systems (BESS). The company has secured projects from both private clients and Government/PSUs, and its revenue from Government/PSU clients constitutes a significant part of its operations. The company operates through various subsidiaries for executing and managing projects in the renewable energy sector, and it possesses a broad ability to service clients across diverse sectors.

The company's senior management team includes personnel with prior experience in business development and working with industry bodies, and they oversee the implementation of renewable energy projects through the company and its subsidiaries. The management team's experience and industry knowledge provide a competitive advantage, supported by qualified personnel with relevant domain expertise. The company offers a diversified portfolio of products and services, including IT Infrastructure and IT managed services, alongside engagement in the Renewable Energy Space. Key offerings include Experience Zones, payment devices, data migration services, STEM/ATLs, and Battery Energy Storage Systems (BESS). The company has a significant operational presence in Gujarat and Maharashtra, and a substantial portion of its revenue is derived from projects in these states.

The company has provided various services, including manpower supply, ICT lab setup, and hardware/software supply and maintenance for government schools across different states. The company is also involved in the renewable energy sector, offering services such as EPC projects and PPAs, and has undertaken work in the Battery Energy Storage System (BESS) segment. Furthermore, the company intends to diversify into directly selling IT hardware and consumer goods through 'Experience Zones' in collaboration with Acer.

The company provides comprehensive IT Infrastructure and IT managed services primarily to the private sector, with end-users including Government/PSUs. The company also engages in the Renewable Energy Space for projects for both government/PSUs and private sector clients, and its Experience Zones cater to retail and private sector clients. The company undertakes projects through a competitive bidding process for IT Infrastructure and IT managed services, involving detailed pre-bidding stages such as reviewing tenders and conducting pre-bid meetings, followed by a post-bidding process that includes bid evaluation, contract award, and project execution.

The company operates in the Renewable Energy sector, offering services such as EPC, PPAs, and Battery Energy Storage Systems (BESS), serving both government/PSU and private clients. The process for renewable energy projects involves several stages, starting from detailed project reports and tender publishing to bid evaluation, contract awarding, and final handover. For Experience Zones, the company manages inventory, inspection of goods, sales to retail customers, and cash/bank transactions. Furthermore, for IT Infrastructure and IT Managed Services, the company handles the procurement of various hardware and software products from OEMs/Technology Partners. The company employs a project implementation team, supported by various internal departments, to manage project execution and ensure timely material delivery.

The company's business relies heavily on relationships with Technology Partners, with purchase volumes showing a consistent percentage of purchases from these partners over the last three fiscal years. The company utilizes various software for financial management and human resource tasks. Sales and marketing efforts are driven by a specialized sales network designed to engage different sectors like Government/PSUs and the private sector. The company engages in marketing activities for its Experience Zones for retail and corporate clients. The company has registered eight trademarks in India and maintains compliance with various international standards for information security, IT services, and environmental management. The company also has significant concerns regarding insurance coverage adequacy and the reliance on third-party service providers for warehousing and certain services.

This section primarily outlines various Indian laws and regulations applicable to the company's business and operations, covering areas such as Information Technology, Data Protection, Financial Rules, Legal Metrology, and Electricity. It details various regulatory frameworks concerning data processing, procurement, and the power sector. Furthermore, it discusses policies related to digital communications, renewable energy, and the framework for solar power projects. The text also mentions schemes for duty remission on exports and regulations concerning the manufacture and quality of solar photovoltaic modules.

This section details various regulatory frameworks and schemes related to solar power and renewable energy in India. It covers guidelines for procuring power from grid-connected solar PV projects, standards for solar PV modules and inverters, and various government initiatives aimed at increasing solar capacity and promoting renewable energy adoption. Furthermore, it discusses the role of various bodies in standardizing goods, the requirements for local content in renewable energy procurements, and the development of policies concerning electricity supply and tariffs.

This section details various government initiatives and regulations related to renewable energy, foreign investment, and manufacturing incentives in India. It covers programs like the Grid Connected Solar Rooftop Programme, the Decentralized Renewable Energy Livelihood Applications (DRE Policy), and the Renewable Energy Research and Technology Development Programme (RE-RTD). Furthermore, it outlines regulations concerning foreign investment, the Production Linked Incentive (PLI) Scheme, and various schemes for manufacturing electronics and semiconductors. The text also mentions public procurement preferences for locally manufactured components in solar projects and the role of Central Public Sector Undertakings (CPSUs) in solar project funding.

This section primarily details the various Indian laws applicable to the company's operations, covering labour, taxation, foreign trade, environmental protection, and securities regulations. It outlines numerous acts and rules that govern employment conditions, the handling of goods and services, and compliance with various statutory requirements. Furthermore, it specifies the regulatory framework for dealing with imports and exports, as well as the provisions related to environmental standards and consumer protection. Finally, it lists several SEBI regulations that the company is required to comply with concerning securities markets.

The company's history began with its incorporation as Blossom Infraspace Private Limited on February 8, 2011. A significant corporate transition occurred on March 1, 2017, when the company was admitted into a partnership, M/s Armee Infotech, which was subsequently dissolved on April 1, 2017, with its business transferred to the company. The company changed its name to ArMee Infotech Private Limited and obtained a new certificate on April 21, 2017. Further changes included a conversion to a public limited company on February 20, 2024, leading to a name change to ArMee Infotech Limited and a new certificate on April 24, 2024. The company has undergone several changes to its registered office address between 2012 and 2026. The Memorandum of Association (MoA) has also seen several amendments concerning the scope of business and authorized share capital over time.

The company currently has five wholly owned subsidiaries as of the date of this Red Herring Prospectus. The subsidiaries include ArMee Technology Services Private Limited, which has undergone several name changes since its incorporation, and four other subsidiaries involved in renewable energy sectors. The company confirms that it does not have any joint ventures or associate companies, and that there are no accumulated profits or losses of the subsidiaries not accounted for by the company. Furthermore, the company states that there are no other material agreements or covenants that need to be disclosed.

This section provides definitions for various terms used in the Draft Red Herring Prospectus. It defines the company, its related terms, various committees, key personnel, and the process for the issue. It also details terms related to the bidding process, including different types of bidders, the price band, and the various components of the issue.

The definitions section outlines various terms related to the issuance process and regulatory framework. It specifies key dates such as the Opening Date and Pricing Date, and defines the Prospectus as the document filed with the Registrar of Companies (RoC). It details various accounts, including Public Issue Accounts, and identifies the bank clearing member for such accounts. Furthermore, it defines different types of bidders, including Qualified Institutional Buyers (QIBs) and Retail Individual Bidders (RIBs), along with the structure of the issue into a QIB portion and a Retail portion.

This section primarily defines various financial and legal terms used within the Draft Red Herring Prospectus. It covers definitions for terms like Total Borrowings, Total Debt, various legal acts, and financial concepts. It also specifies conventions regarding the jurisdiction (India and the USA), time references, and the fiscal year for financial data. Furthermore, it details how financial information is prepared and the differences between Indian Accounting Standards (Ind AS) and Indian GAAP. The text also discusses the sourcing of industry and market data, including the use of a Dun & Bradstreet report, and includes a section on forward-looking statements, cautioning investors about the inherent risks and uncertainties.

The introduction section details the structure for the issuance of equity shares, outlining various portions such as QIB, Anchor Investor, and Non-Institutional categories. It specifies allocation rules for these categories, including provisions for allocation to Mutual Funds and other bidders, subject to certain subscription levels and bid prices. The section also provides information on the pre-issue and post-issue equity shares outstanding, and notes regarding the authorization of the issue and the handling of under-subscription.

This section presents a summary of the restated statement of cash flows for the years ended March 31, 2026, 2025, and 2024. The cash flow statement details operating, investing, and financing activities, showing various cash movements such as profit before tax, adjustments for non-cash items, and net cash generated from these activities. The data includes figures for cash generated from operations, investments in assets, and cash flows related to borrowings and payments.

The company's share capital details show an authorized share capital of 4,00,0 equity shares with a face value of ₹10 each. The section details various allotments and transfers of equity shares over time, including initial subscriptions, preferential allotments, rights issues, and bonus issues. Promoters collectively hold 2,20,4,214 equity shares, which represents 92.72% of the issued, subscribed, and paid-up share capital as of the prospectus date. The history also covers various transactions involving different parties and types of consideration for the equity shares.

The section details various transactions involving equity shares, including allotments, transfers, and bonus issues. It outlines specific events such as cash preferential allotments and transfers of equity shares between promoters. Furthermore, it specifies requirements for the Minimum Promoters’ Contribution, which is defined as at least 20% of the fully diluted post-Issue Equity Share capital and must be locked in for eighteen months. It also details various lock-in periods for different categories of equity shares and clarifies conditions regarding the acquisition of shares for the Minimum Promoters’ Contribution.

The section details the shareholding structure of the company as of the date of the Red Herring Prospectus, showing that none of the Promoters or members of the Promoter Group held equity shares. It lists the pre-issue and post-issue shareholding details for various shareholders, including Promoters and Top 10 Public Shareholders. Furthermore, it provides information regarding the average cost of acquisition for the Promoters' equity shares and details concerning the Employee Stock Option Plan 2024.

The issue comprises up to a certain amount of Equity Shares, with the net proceeds from the issue proposed for various purposes. These proposed uses include securing Performance Bank Guarantees (PBGs) for business expansion, funding working capital needs, and repaying outstanding borrowings. Additionally, the company expects the listing of Equity Shares to enhance visibility and create a public market for its shares. The deployment of net proceeds is scheduled across fiscal years, with provisions for utilizing surplus funds in subsequent fiscal years if the estimated utilization is not fully met.

The section details the calculation and analysis of the company's working capital requirements across various fiscal years, including existing requirements and projections for future years. It presents a breakdown of current assets, current liabilities, and net working capital, along with the funding patterns used to determine these requirements. Furthermore, it discusses the growth in working capital needs driven by increased revenue from operations and the nature of the business, particularly concerning project execution cycles and inventory management. The text also outlines future working capital estimates for Fiscal 2027, based on management's assumptions for future performance.

This section details various financial particulars, including different fiscal years, and assumptions for working capital projections. It outlines inventory levels, trade receivables, trade payables, other financial assets, and non-current assets, along with the holding periods for these items. The text also discusses the nature of revenues derived from projects, the distinction between billed and unbilled receivables, and the planned reduction in trade payable days for the fiscal year 2027. Furthermore, it covers provisions, liabilities, and the proposed utilization of net proceeds for various corporate purposes.

This section details various aspects related to the issue, including estimated expenses, commissions, and processing fees associated with different bidder categories. It outlines specific charges for Retail Individual Bidders (RIBs) and Non-Institutional Bidders (NIBs), including different fee structures based on the mechanism used. Furthermore, it specifies rules regarding the blocking and uploading of funds, the handling of net proceeds, and monitoring procedures for the utilization of the issue proceeds.

This section primarily compares the company's financial performance indicators (KPIs) against those of listed industry peers. It details various financial metrics such as revenue, profit margins, EBITDA, PAT, and return on equity, providing historical performance data for the company and its competitors. The text also outlines the methodology for calculating these KPIs and notes on the comparison of financial information, including the impact of acquisitions and the nature of share issuances.

The provided text primarily discusses the lack of certain transactions involving the Promoters or Promoter Group within specified timeframes, and details regarding the floor and cap prices for equity shares. It also includes a statement regarding special tax benefits available to the company under the Income Tax Act, 2025, such as the option to pay a lower corporate tax rate. The document clarifies that the statement is for general investor information and not a substitute for professional tax advice.

This section details the process and scope of examining the Restated Financial Information provided by the Company for inclusion in the Draft Red Herring Prospectus (DRHP). The examination was conducted based on engagement terms and ethical requirements, and the financial statements were compiled from audited consolidated Ind AS financial statements. The report clarifies the responsibility of the Company's Board of Directors and Management in preparing the information, and outlines the reliance placed on other auditors' reports for certain subsidiaries.

This section presents the financial performance of the company across several periods, detailing key metrics from the Profit & Loss statement, Balance Sheet, and Cash Flow statements. The data includes figures for revenue, EBITDA, net worth, borrowings, and cash flows, which are crucial for assessing the company's operational efficiency and financial structure.

This section presents key financial figures for the company across different periods, including Profit & Loss, Balance Sheet, and Cash Flow statements. The data includes various metrics such as revenue, EBITDA, margins, returns on equity, and debt levels. The figures are presented across several distinct periods, allowing for an analysis of the company's performance and financial structure.

This section presents key financial performance metrics for the company across various periods, including Profit & Loss, Balance Sheet, and Cash Flow statements. The data covers several fiscal years, detailing revenue, profit margins, return metrics, and leverage positions. Specific line items such as revenue growth, EBITDA margins, Return on Equity (ROE), Return on Capital Employed (ROCE), net working capital days, total borrowings, and net debt are provided for analysis.

This section presents financial data for a specific period, detailing various components of the Profit and Loss statement, Balance Sheet, and Cash Flow. The data includes figures for revenue, EBITDA, net worth, borrowings, and working capital metrics. Several derived financial ratios are also provided, including growth rates, margins, and profitability measures.

This section presents key financial performance metrics for the company across various periods, including Profit & Loss, Balance Sheet, and Cash Flow statements. The data includes figures for revenue, EBITDA, margins, profitability ratios like ROE and ROCE, liquidity measures such as net working capital days, and leverage indicators like total borrowings and net debt.

This section presents financial data for the company across various periods, including Profit & Loss, Balance Sheet, and Cash Flow statements. The data includes figures for revenue, EBITDA, net worth, borrowings, and working capital components. Several derived financial ratios are also provided, such as growth rates, margins, and return metrics, which are computed based on the underlying line items.

This section presents key financial performance metrics for the company across various periods, including Profit & Loss, Balance Sheet, and Cash Flow statements. The data includes figures for revenue, EBITDA, margins, profitability ratios like ROE and ROCE, liquidity measures such as net working capital days, and leverage indicators like total borrowings and net debt.

This section details various financial disclosures, including project details, contingent liabilities, and related party transactions for ArMee Infotech Limited. It presents figures for different years, covering aspects like expenses, bank guarantees, and transactions with related parties. The data is structured across different categories, such as various expenses, contingent liabilities, and transactions with different entities, with figures provided for different fiscal years.

This section details various financial ratios and financial instrument data for ArMee Infotech Limited, including current, debt, and return metrics. Key findings include changes in debt-to-equity ratios, debt service coverage, return on equity, and turnover ratios. The data also covers the fair value and carrying value of financial instruments across different reporting periods, along with discussions on capital risk management and interest rate risk exposure.

This section details various aspects of the financial statements, including credit risk movement, liquidity risk management, segment information, and post-retirement benefit plans. The data shows changes in various financial liabilities and assets over three fiscal years, along with segment revenue breakdowns. Furthermore, it provides extensive disclosure regarding the actuarial assumptions, risks associated with defined benefit plans, and sensitivity analysis related to various key assumptions.

This section details various statutory dues, adjustments to audited financial statements, and information regarding working capital limits and related party transactions for ArMee Infotech Limited. It outlines the status of undisputed dues across different statutory bodies and provides details on the reporting discrepancies found in the books of account compared to the returns filed with banks. Furthermore, it includes information on the conversion of the company from a private to a public limited company and compliance with certain provisions of the Companies Act and other relevant laws.

This section details the capitalization structure as of March 31, 2026, showing total borrowings, total equity, and derived ratios. It also summarizes the aggregate borrowings as of June 30, 2026, categorized into Fund Based and Non-Fund Based components. The text further outlines various terms related to the facilities sanctioned, including tenor, interest rates, security, pre-payment, penalties, and events of default. Finally, it discusses the company's business overview, noting its operations in IT infrastructure, IT managed services, and renewable energy sectors, with a majority of revenues coming from Government/PSU projects.

This section details the company's revenue streams from various segments, including IT managed services and Renewable Energy projects. Revenue from IT managed services showed a decline from FY2025 to FY2024, while revenue from operations in the IT infrastructure segment showed growth. The company is involved in the Renewable Energy sector through EPC and PPA projects, and has secured various contracts with government/PSU clients. The company maintains a significant order book across different service categories, with a substantial portion of the projects located in various Indian states.

This section details various aspects of the company's operations, including dependency on technology partners, reliance on government/PSU clients, and the framework for presenting financial information. It outlines the reliance on technology partners for products and the potential risks associated with government project timelines. Furthermore, it describes the standards used for restating consolidated financial information according to Indian Accounting Standards (Ind AS) and the basis for consolidation of the group's financial statements.

This section details various accounting treatments and judgments related to financial instruments, leases, employee benefits, provisions, and contract balances. It outlines the subsequent measurement and de-recognition criteria for financial assets and liabilities, the recognition and measurement of Right-of-Use assets and lease liabilities, and the accounting for different types of employee benefits. Furthermore, the text covers considerations for impairment, the treatment of various contract balances, income taxes, and the key accounting estimates and judgments management makes regarding future expectations.

This section details the classification of liabilities under various Indian Accounting Standards amendments and outlines the principal components of income and expenditure. It provides a comparative analysis of financial results across fiscal years, highlighting changes in revenue streams, expenses, and profitability. Key observations include the impact of new renewable energy projects on revenue, changes in IT services revenue due to project discontinuation, and significant increases in certain expense and tax components.

The financial performance showed a decrease in profit before tax from Fiscal 2024 to Fiscal 2025, driven by changes in various expenses. Other expenses decreased, but this was offset by increases in legal and professional expenses and director sitting fees. Tax expenses also saw a decrease, with current tax decreasing due to profit changes and deferred tax credits increasing. Cash flow analysis reveals fluctuations in operating, investing, and financing activities over the periods presented. The company maintains liquidity through cash flows, equity infusions, and borrowings, and various risks such as market, interest rate, and credit risks are disclosed.

This section details the accounting treatment for revenue recognition related to service contracts, specifically concerning the sale of products bundled with maintenance services. It outlines the allocation of transaction prices across distinct performance obligations and the timing for revenue recognition, which varies depending on whether the entire project value is invoiced at once or split across different delivery and service periods. The text also discusses contract liabilities, contractual assets, and various disclosures regarding business risks and dependencies.

Investors should be aware that the company faces several risks that could negatively impact its business, including geographic concentration and dependency on certain clients. A significant portion of revenue comes from projects in Gujarat, Maharashtra, and Tamil Nadu, making the business vulnerable to local economic or natural disruptions. Furthermore, the company relies heavily on orders from Government/PSU clients, and the tender processes for such projects are uncertain. Risks also exist in procurement, such as dependency on third-party technology partners for hardware and software, and exposure to supply chain disruptions. Finally, the company's ability to secure projects through competitive bidding processes is crucial to its financial performance.

The company faces several risks related to project bidding and execution, including the inability to guarantee that bids will be accepted, potential loss of opportunities due to partnership requirements, and the dependency on securing new projects for growth. There is also a risk that delays or cancellations of awarded projects could lead to idle or excess capacity. Furthermore, the company is new to the Renewable Energy sector, which introduces significant regulatory, financial, technological, and execution complexities. The company is also exposed to litigation from unsuccessful bidders and potential issues with securing necessary consents from key clients for the prospectus. Finally, the company's revenue is heavily dependent on a limited number of clients, and the nature of the business exposes it to various external factors and potential contractual issues.

The company faces risks related to fluctuating requirements from Government/PSU entities, as future tender requirements are unpredictable. There is a risk that unforeseen circumstances could lead to defaults on contracts, potentially impacting the business and financial condition. Multi-locational projects introduce execution risks, such as client cancellations or delays, and procedural issues that may cause delays in contractual obligations. Furthermore, the company's reliance on third-party brands for IT infrastructure segments exposes it to risks regarding brand maintenance and quality assurance. Diversification into new business lines like Renewable Energy EPC and retail sales involves risks related to consumer trend judgment, quality control, and potential margin compression. Finally, the company is exposed to risks from contractual terms imposed by clients, including liability for defects, delays, and termination rights, which can negatively affect profitability.

This section details various risks across the company's operations, including dependencies on third-party providers, potential litigation from contractual employees, and supply chain vulnerabilities. Risks include the inability to guarantee timely service delivery, exposure to various operational disruptions, and risks related to the availability and quality of materials from suppliers. Furthermore, there are concerns about the consistency of the revenue mix, which has negatively impacted gross margins, and potential adverse impacts from changes in government laws or supplier constraints. Finally, the company faces risks related to the timely payment of statutory dues and potential regulatory actions.

The company faces several risks related to its human resources, including the difficulty in attracting and retaining skilled IT professionals, which could lead to revenue loss and an inability to expand projects. There are also significant risks associated with its renewable energy project construction activities, such as cost overruns, delays, and issues with third-party suppliers. Furthermore, the company is exposed to various regulatory and operational risks concerning permits, licenses, and the potential for changes in the legal framework regarding contract labor. Finally, the proposed use of issue proceeds for Performance Bank Guarantees (PBGs) is subject to estimation risks, and there are concerns about potential adverse effects from related party transactions.

The company faces several risks related to its expansion, including potential liabilities and market acceptance challenges in new geographies. Revenues are currently heavily dependent on a single brand, posing a risk if that brand relationship is disrupted. Competition from online retailers is noted as a threat to sales, and the company cannot guarantee its ability to offset these competitive pressures. Furthermore, there are risks associated with securing real estate and facing regulatory changes in new markets. Inventory management, supply chain disruptions, and potential product shrinkage are also highlighted as concerns. Finally, there are risks related to the timing of revenue recognition for renewable energy projects and potential liabilities from third-party claims.

The company faces several risks related to labor relations, including potential unrest from employees or third-party suppliers, which could cause operational disruptions and cost increases. There is also a risk associated with the difficulty of securing new projects, especially in IT Infrastructure, as the sales and marketing efforts required may not guarantee new engagements. Operations in the Renewable Energy sector involve significant expenditure and uncertainty regarding the successful execution and securing of projects and Power Purchase Agreements (PPAs). Furthermore, the company is exposed to various legal and regulatory proceedings, and non-compliance with safety, health, and labour laws could lead to penalties. Risks also exist concerning the tenure of lease agreements and the potential for disputes with related parties regarding property leases.

This section outlines various risks faced by the company across several domains. Risks include potential issues with insurance coverage, such as claims not being fully honored or the inability to renew policies. There are also concerns regarding the relationship between promoters and the company, including potential conflicts of interest. The company's reliance on third-party industry reports for market data is noted. Furthermore, the business faces significant exposure to environmental laws like E-Waste rules, consumer protection laws, and risks associated with the timely payment from counterparties for renewable energy projects. Financial viability is also threatened by interest rate fluctuations, regulatory changes, and broader economic volatility, alongside risks from natural disasters and terrorist attacks.

The company faces various risks related to changes in laws and regulations, which could necessitate additional compliance costs and impact business viability. There are concerns about financial instability in other countries causing volatility in Indian financial markets, and the potential for rising inflation to erode profit margins by increasing operational costs. Furthermore, the company is exposed to risks from competition laws, including potential penalties for anti-competitive agreements. Risks also exist concerning the volatility of the equity share market, fluctuations in exchange rates, and potential tax liabilities for investors. Finally, the transition to a listed entity introduces new compliance burdens, and there are concerns about the ability of third parties to acquire control of the company.

The section outlines various disclosures regarding outstanding litigation and material developments across different parties. It specifies criteria for what constitutes 'material' litigation, including monetary thresholds relative to company turnover and the need for adverse effects on the company's financial position. Several specific legal matters are detailed, including criminal proceedings, actions by regulatory authorities, and civil suits involving the company, its directors, and promoters. Furthermore, it details outstanding tax proceedings involving the company, its promoters, and directors.

The section details the materiality policy concerning creditors, stating that dues exceeding 5% of total trade payables are considered material creditors for disclosure purposes. It provides a breakdown of outstanding dues to MSME creditors, material creditors, and other creditors, totaling ₹ 222.469665 lakhs as of March 31, 2026. The text also covers various aspects related to government and regulatory approvals, including details on the company's incorporation, tax and labour related approvals obtained, and a list of various business-related registrations. Furthermore, it outlines the company's eligibility for an issue under SEBI ICDR Regulations and confirms compliance with certain regulations regarding the issue process and the status of promoters and directors concerning capital market access and fraudulent activities.

The section primarily addresses various compliance and procedural aspects related to the issuance of the securities, including confirmations regarding the status of promoters and directors, the process for dematerialization of equity shares, and financial structuring for the issue. It also includes extensive disclaimers from SEBI and the Book Running Lead Managers (BRLMs) regarding the accuracy of the prospectus content and the limitations of their responsibility. Furthermore, the text details the required consents from various parties and provides information on past commission and brokerage paid for equity share issues.

The provided section primarily details historical price information for past public issues handled by Saffron Capital Advisors Private Limited, including specific data points for a listed issue, and summarizes the volume of IPOs trading at various discounts or premiums over different timeframes. It also outlines the mechanism for investor grievance redressal, including retention of records and procedures for ASBA bidders, and clarifies the legal framework governing the issue, such as compliance with various SEBI circulars and regulations.

This section primarily details various procedural aspects related to the issuance and allotment of equity shares, including nomination requirements, the timing for bid submission and closing, and the consequences for delays or non-compliance. It outlines specific timelines for various bidders (such as Anchor Investors, QIBs, and Retail Individual Bidders) and the rules governing the allocation of shares across different categories. Furthermore, it specifies conditions for the refund of subscription money and the company's obligations regarding the number of prospective allottees.

This section details the various procedures and rules governing the public issue, including different categories of bidders (QIBs, Anchor Investors, Mutual Funds, Retail Individual Bidders), the allocation structure, and the payment mechanisms. It outlines rules regarding the allocation of shares, the reservation of portions for different investor types, and the mandatory use of the Application Supported by Blocked Amount (ASBA) process or the Unified Payments Interface (UPI) mechanism for certain bidders. Furthermore, it discusses the timelines for processing applications and the implications of under-subscription across various investor categories.

The section details various procedural aspects related to the transition to the UPI payment mechanism for public issues, including different phases and timelines set by SEBI circulars. It outlines requirements for investor grievances, the process for submitting bid forms (ASBA), and the specific rules governing participation by different investor categories such as Retail Individual Bidders (RIBs), Qualified Institutional Buyers (QIBs), Non-Institutional Bidders (NIBs), and Foreign Portfolio Investors (FPIs). It also specifies rules regarding the holding limits for various investor types and the documentation required for their participation.

This section details various rules and requirements concerning the bidding process for the Issue, including conditions for different types of investors and instruments. It outlines rules for offshore derivative instruments, the treatment of various bids (such as Multiple Investment Manager structure bids), investment limits for different investor categories like SEBI registered AIFs, and specific requirements for bids from LLPs, banking companies, SCSBs, Systemically Important NBFCs, insurance companies, and provident/pension funds. It also specifies rules for bids made under power of attorney and details regarding the treatment of Anchor Investors.

This section primarily outlines various compliance and procedural requirements for bids and applications in the Issue process, covering aspects such as document submission, use of various payment mechanisms like UPI, handling of different investor categories (like QIBs and Retail Bidders), and rules regarding bid amounts and forms. It details specific prohibitions against certain bidding practices, such as using incorrect details, submitting bids in prohibited formats, or using certain payment methods. Furthermore, it specifies procedures for handling issues related to share certificates, demat credit, and fund blocking, and outlines the process for publishing pre-issue and allotment advertisements.

The section outlines various undertakings by the Company regarding the issuance process, including the collection of bid forms, timely handling of complaints, and procedures for listing the equity shares. It also details conditions for refunds to unsuccessful bidders and restrictions on further equity share issuance until the shares are listed or the bid monies are unblocked. Furthermore, the text discusses foreign investment regulations, noting that while the Industrial Policy permits investment, FEMA regulates the manner of investment, and certain investments may require prior government approval. It also specifies conditions for share transfers between Indian residents and non-residents and restrictions on participation by certain entities in the issue.

This section details related party transactions between the company and related parties over the preceding three fiscal years, as required by Ind AS 24 and SEBI ICDR Regulations. Transactions are categorized into purchases, revenue, managerial remuneration, salary, rent paid, director sitting fees, commission, other expenses, interest on loans, loans taken, and loan repayments. Significant transactions involve various HUF enterprises and private limited companies. The data covers transactions from the year ending March 31, 2024, to March 31, 2026.

This section details various related party transactions, including salaries payable, advances from customers, and trade receivables, which were significantly influenced by Key Managerial Personnel. It also mentions the formation of a Wholly Owned Subsidiary and subsequent changes in directorship status. Furthermore, the section notes personal guarantees provided by Key Managerial Personnel and their relatives in connection with borrowings from banks and other financial institutions.

This section primarily details the corporate history and the structure of the Board of Directors for the company. It outlines the company's incorporation, name changes, and subsequent conversion to a public limited company. Furthermore, it provides comprehensive information regarding the various parties involved in the issuance process, including the Board members, Company Secretary, Statutory Auditors, various Book Running Lead Managers (BRLMs), Designated Intermediaries, and the process for investor grievances.

This section primarily discusses regulatory aspects related to the issuance process, including the appointment of monitoring agencies, the lack of appraisal by any entity, and the process for book building. It details various rules concerning bidder participation, such as the use of the ASBA process, withdrawal rights for different bidder categories, and the conditions under which underwriting agreements will be executed.

The Board of Directors comprises six members, including a Chairman and Managing Director, a Whole Time Director, and four Independent Directors. The key personnel detailed include Ridhish Kiritbhai Patel as the Chairman and Managing Director, Ami Ridhish Patel as the Whole Time Director, and Preet Prakashbhai Shah and Sujit Gulati as Independent Directors. The document outlines various aspects of the Board's composition, including their terms, other directorships, and remuneration structures.

The management section details various aspects related to director interests, such as sitting fees, remuneration, and equity holdings, which can deem directors as interested parties. Specifically, the Chairman and Managing Director and a Whole Time Director have interests related to leased properties for the company's office space. Furthermore, the section addresses the lack of overlapping business interests among the Directors and clarifies that only the Promoters have an interest in the company's formation. The text also outlines various committees, including the Audit Committee and the Nomination and Remuneration Committee, and details their respective scopes and terms of reference.

The provided text details various functions and terms of reference for different committees within the company, including the Stakeholders’ Relationship Committee, the Corporate Social Responsibility Committee, and the IPO Committee. It outlines specific responsibilities related to shareholder grievances, CSR policy formulation and monitoring, and the process for handling the Initial Public Offering (IPO), such as finalizing documentation, determining pricing, and dealing with regulatory approvals. The text also covers powers related to issuing, transferring, and listing equity shares.

The management structure includes the Chairman and Managing Director, Ridhish Kiritbhai Patel, and the Whole Time Director, Ami Ridhish Patel, in addition to Key Managerial Personnel and Senior Management Personnel. Key managerial roles include Aruna Maheshwari as Chief Financial Officer and Purnima Jain as Company Secretary and Compliance Officer. Several Senior Management Personnel are listed, such as Bindiya Shah (Vice President – Human Resource), Brijesh Vora (President, Government Business), Vihang Pathak (President - BFSI & PSU Business), Nirmalya Banerjee (President - Renewable Energy & Capacity Building), and others, with details on their joining dates and remuneration.

The company's promoters include Ami Ridhish Patel, Kiritkumar Chimanbhai Patel, and Ridhish Kiritbhai Patel, who collectively hold 92.72% of the issued share capital. Ami Ridhish Patel holds 76.19% of the shares, Kiritkumar Chimanbhai Patel holds 10.62%, and Ridhish Kiritbhai Patel holds 5.91%. The document details the relationship between the promoters and the company, including aspects related to control changes, interests, and transactions with the promoter group. Furthermore, the company has identified Arrow Powertech Private Limited as a Group Company.

The company currently does not have a formal dividend policy. Any future declaration and payment of dividends will require a recommendation from the Board and approval from the shareholders, subject to various legal provisions. The ability to pay dividends is subject to several factors, including earnings, past dividend trends, capital requirements, contractual obligations, legal restrictions, and the overall financial position of the company. Furthermore, restrictive covenants under loan agreements can impact the company's ability to pay dividends.

This section outlines the main provisions of the Articles of Association adopted by the company, which superseded earlier regulations. It details various aspects concerning the company's governance, including the applicability of certain regulations and the definition of key terms. The provisions cover aspects related to the company's status as a public company, the power to modify share capital, the issuance of different types of shares, and the rights of members regarding their shares. Furthermore, it addresses the treatment of securities held by beneficial owners and the process for transferring or surrendering shares.

The provisions detail various aspects concerning liens on shares, calls on shares, and the forfeiture of shares due to non-payment. The Board has powers regarding liens, including the ability to sell shares, and restrictions on such sales. Furthermore, the Articles outline procedures for making calls on members, including limitations on the amount and timing of payments. There are specific provisions detailing the consequences of non-payment, such as the forfeiture of shares, and the rights of the Board to enforce such actions. The transfer of shares is governed by specific requirements for instruments and registration processes.

The provisions detail various aspects of shareholder rights, including restrictions on share transfer, rights concerning the death or insolvency of a member, and procedures for voting at general meetings. Certain provisions govern the handling of capitalizations of profits, the issuance of share warrants, and the conduct of board and general meetings. The rules also specify procedures for joint holders, the power to purchase company shares, and the conditions under which members can vote.

The provisions detail various aspects of the company's governance, including the determination of directors and the composition of the Board. It outlines rules regarding director tenure, the power to appoint additional directors, and stipulations for the Board to manage the company's business and financial dealings. Furthermore, the section covers the declaration and payment of dividends, including provisions for reserves and the handling of unclaimed dividends. It also specifies procedures for the signing of instruments and the inspection of company records by directors.

The provisions detail various aspects related to company winding up, director indemnification, and certain authorizations under the Articles. It also outlines requirements for prior written consent from lenders for certain actions and establishes provisions regarding the lock-in of equity shares subject to pledge or certain balances. Furthermore, the section lists numerous material contracts and documents that are attached to the Red Herring Prospectus for inspection, along with various resolutions and certificates.

This section primarily consists of declarations signed by various directors affirming compliance with relevant laws and regulations. The declarations certify that all statements, disclosures, and undertakings made in the Draft Red Herring Prospectus adhere to the provisions of the Companies Act, 2013, and various rules and guidelines issued by the Government of India or the Securities and Exchange Board of India. These certifications are made by a Whole Time Director and several Independent Directors.

The provided section is a declaration by the Chief Financial Officer certifying that all relevant provisions of the Companies Act, 2013, and various rules, guidelines, or regulations issued by the Government of India or the Securities and Exchange Board of India have been complied with. Furthermore, the declaration asserts that no statements, disclosures, or undertakings made in the Draft Red Herring Prospectus contradict the provisions of these Acts and related regulations. The declaration also confirms that all statements, disclosures, and undertakings within the prospectus are true and correct.