# ArMee Infotech Limited: IPO analysis > ArMee Infotech Limited (CIN U72100GJ2011PLC063953) has filed a Red Herring Prospectus with SEBI for an IPO comprising a fresh issue of ₹300 Cr. In FY26 it reported revenue of ₹1,397 Cr (+6.3% on FY25) and a net profit of ₹45 Cr. Promoters hold 92.7% before the IPO. Our fact-check of its claims found 3 medium or high concerns across 55 claims checked. - Page: https://ipo.innerkore.com/company/U72100GJ2011PLC063953/armee-infotech-limited/ - CIN: U72100GJ2011PLC063953 - Last updated: 16 Sep 2026 ## Key facts - **Company:** ArMee Infotech Limited - **CIN:** U72100GJ2011PLC063953 - **Filing stage:** RHP - **Latest SEBI filing:** 16 Sep 2026 - **Fresh issue:** ₹300 Cr - **Bidding opens:** 23 Sep 2026 - **Bidding closes:** 25 Sep 2026 - **Listing on:** BSE, NSE - **Revenue FY26:** ₹1,397 Cr - **Revenue growth:** +6.3% - **Net profit FY26:** ₹45 Cr - **Revenue CAGR FY24 to FY26:** 17.0% - **Promoter holding (pre-IPO):** 92.7% - **Lead managers:** Khandwala Securities Limited, Saffron Capital Advisors Private Limited - **Registrar:** Cameo Corporate Services Limited - **Fact-check flags:** 0 high, 3 medium, 7 low ## Key signals (read from the filing; not investment advice) - **Growth** (look closer): 17% a year. Sales FY24 to FY26; latest year +6.3%. - **Profitability** (concern): 3.3% net margin. FY26; operating margin steady. - **Debt** (look closer): 0.96x equity. ₹174 crore borrowed at the end of FY26. - **Profit into cash** (concern): 27% of profit. Operations brought in ₹12.5 crore against ₹45.5 crore of profit in FY26. - **One-off income** (look closer): 22% of profit. Other and one-off income is 22% of pre-tax profit. - **Where the money goes** (looks fine): All new money. 100% is new shares issued by the company. 3% of the new money repays debt. - **Red flags** (look closer): 3 to review. 55 claims checked: 0 high, 3 medium concern. ## Financial snapshot (₹ crore unless stated; consolidated) | | FY24 | FY25 | FY26 | |---|---:|---:|---:| | Sales | 1,021 | 1,313 | 1,397 | | Sales growth | – | 28.7% | 6.3% | | Operating profit | 72 | 59 | 76 | | Operating margin | 7.0% | 4.5% | 5.4% | | Net profit | 50 | 42 | 45 | | Net margin | 4.9% | 3.2% | 3.3% | | Net worth | 95 | 137 | 182 | | Borrowings | 27 | 48 | 174 | | Return on equity | 52.7% | 30.5% | 25.0% | ## Use of proceeds (fresh issue) - Funds for the purpose of securing PBGs for expansion of business: ₹155 crore - Funding our working capital requirements: ₹60 crore - Prepayment or repayment of certain outstanding borrowings availed by our Company: ₹6.5 crore - General corporate purposes#: amount not fixed yet ## Fact-checked claims - **MEDIUM** (SubsidiaryPerformance): Notable projects in the Renewable Energy PPA domain include PPA from Maharashtra State Electricity Distribution Company Limited (MSEDCL) and Uttar Pradesh Power Corporation Limited (UPPCLP).. The search results show recent activities involving Maharashtra State Electricity Distribution Company Limited (MSEDCL), including awards for battery storage projects and recovery efforts, which relates to the first part of the claim. However, the search results do not mention any specific PPA projects directly with Uttar Pradesh Power Corporation Limited (UPPCLP). - **MEDIUM** (SubsidiaryPerformance): Value Point Systems Private Limited provides a full spectrum of services to design, build, manage, and optimize IT infrastructure, including network infrastructure solutions, data center solutions, cloud computing solutions, and cyber security solutions.. The search results indicate that Value Point Systems Private Limited is involved in business activities related to cybersecurity and digital infrastructure, as suggested by an acquisition aimed at strengthening cybersecurity capabilities. However, the search results do not explicitly confirm the full spectrum of services mentioned in the claim (design, build, manage, and optimize IT infrastructure across all listed domains). - **MEDIUM** (LitigationStatus): The Company has not received any investor grievances during the three years preceding the date of the Red Herring Prospectus, and there are no investor complaints pending as of the date of the Red Herring Prospectus.. The search results mention litigation and regulatory aspects related to Armee Infotech Ltd, including a case involving an assessee and a CIT(A) ruling, which might relate to investor grievances or complaints. However, the results do not directly confirm or deny the claim regarding the absence of investor grievances or pending complaints. - **LOW** (SubsidiaryPerformance): The company was originally incorporated as Blossom Infraspace Private Limited under the Companies Act, 1956 through a certificate of incorporation dated February 8, 2011.. Several search results corroborate the claim, stating that the company was originally incorporated as Blossom Infraspace Private Limited in February 2011. One result further specifies the incorporation date as February 8, 2011. - **LOW** (SubsidiaryPerformance): Notable clients in the Renewable Energy EPC Project space include NACOF OORJA Private Limited, PratapTechnocrats Private Limited, and Bondada Engineering Limited.. Search results confirm the existence and activity of 'NACOF Oorja Private Limited' in the renewable energy sector, mentioning their role as an EPC provider. Some results show their financial performance and involvement in projects, which corroborates their mention as a notable client. - **LOW** (SubsidiaryPerformance): ArMee MP Renewable Energy Private Limited is engaged in designing, developing, constructing, owning, operating, and maintaining solar photovoltaic power projects and acts as an SPV of ArMee Infotech Limited.. The search results suggest that ArMee Infotech Limited has a renewable energy business focused on solar EPC projects and solar power projects under Power Purchase Agreements. Some results indicate that a related entity, ArMee MH Renewable Energy Private Limited, was incorporated, and that a portion of the company's revenue is derived from the renewable energy sector. - **LOW** (LitigationStatus): The company is eligible to undertake the Issue in accordance with the eligibility criteria provided in Regulation 6(1) of the SEBI ICDR Regulations.. One search result directly mentions that the Issue is being made pursuant to Regulation 6(1) of the SEBI ICDR Regulations. Another result points to a legal proceeding, while another suggests no new legal proceedings are currently ongoing. - **LOW** (SubsidiaryPerformance): ArMee UP Renewable Enery Private Limited was incorporated as a private limited company under the Companies Act, 2013, pursuant to a certificate of incorporation dated May 08, 2025.. The search results mention the incorporation of entities like ArMee MH Renewable Energy Private Limited and ArMee UP Renewable Enery Private Limited, which relates to the claim about ArMee UP Renewable Enery Private Limited. However, none of the results mention a specific certificate of incorporation dated May 08, 2025. - **LOW** (SubsidiaryPerformance): The Company converted into a public limited company on February 20, 2024, and the name was changed to “ArMee Infotech Limited” with a fresh certificate issued on April 24, 2024.. The search results confirm that 'ArMee Infotech' is a recognized entity with an IPO, and provide recent news regarding its performance and market activity. However, the search results do not contain specific information confirming the exact dates mentioned in the DRHP claim regarding the conversion to a public limited company or the name change. - **LOW** (LitigationStatus): The Equity Shares shall be subject to various laws, including the Companies Act, SEBI ICDR Regulations, SCRA, SCRR, and various SEBI circulars.. One search result mentions an issue being made pursuant to Regulation 6(1) of the SEBI ICDR Regulations, which relates to the company, suggesting its operations are subject to such regulations. Other results do not directly corroborate or contradict the broad claim about various laws governing the equity shares. - **NONE** (PromoterBackground): The ability to pay dividends may be impacted by restrictive covenants under loan or financing documents that the Company is party to or may enter into.. The search results do not provide any direct information regarding the impact of restrictive covenants under loan or financing documents on the ability to pay dividends for ArMee Infotech Limited. The results focus on various market controversies, investigations, and financial distress in the Indian market. - **NONE** (PromoterBackground): The declaration and payment of dividends, if any, will be recommended by the Board and approved by Shareholders at their discretion, subject to the provisions of the Articles of Association and the applicable law, including the Companies Act.. The search results provide no direct information regarding the declaration and payment of dividends by ArMee Infotech Limited. The search results focus on various market, regulatory, and financial issues in the Indian market, which do not corroborate or contradict the claim. ## Common questions ### How big is the ArMee Infotech Limited IPO? ArMee Infotech Limited's IPO comprises a fresh issue of ₹300 Cr, according to its Red Herring Prospectus. The price band is not stated in that document. ### What are ArMee Infotech Limited's revenue and profit? ArMee Infotech Limited reported revenue from operations of ₹1,397 Cr in FY26, +6.3% versus FY25. Net profit was ₹45 Cr (FY25: ₹42 Cr). Revenue grew at a compound rate of 17.0% a year from FY24 to FY26. Figures are read from the RHP, as printed there. ### How much do promoters own in ArMee Infotech Limited? Promoters hold 92.7% of ArMee Infotech Limited before the IPO. Largest holders listed: Ami Ridhish Patel (76.2%); Ami Ridhish Patel (76.2%); Ami Ridhish Patel (76.2%). ### How will ArMee Infotech Limited use the IPO money? The fresh-issue proceeds are earmarked for: Funds for the purpose of securing PBGs for expansion of business (₹155 Cr); Funding our working capital requirements (₹60 Cr); Prepayment or repayment of certain outstanding borrowings availed by our Company (₹6.5 Cr); General corporate purposes (amount not fixed yet). ### What are the red flags in ArMee Infotech Limited's RHP? We fact-checked 55 claims from the filing against the open web: 0 raised a high concern, 3 medium and 7 low. The most notable: The search results show recent activities involving Maharashtra State Electricity Distribution Company Limited (MSEDCL), including awards for battery storage… The search results indicate that Value Point Systems Private Limited is involved in business activities related to cybersecurity and digital infrastructure,… The search results mention litigation and regulatory aspects related to Armee Infotech Ltd, including a case involving an assessee and a CIT(A) ruling, which… This is an automated screen, not a verdict; each finding links to its sources. ### What does ArMee Infotech Limited do? While the hype surrounds ARMEE INFOTECH's IPO, the real red flag lies in its connections to state power infrastructure. Recent activities involving Maharashtra State Electricity Distribution Company Limited, including awards for battery storage projects, raise serious questions about the company's operational scope. ### Who manages the ArMee Infotech Limited IPO? Book running lead managers: Khandwala Securities Limited, Saffron Capital Advisors Private Limited. Registrar to the offer: Cameo Corporate Services Limited. Shares are proposed to list on BSE and NSE. ### Where can I read the original ArMee Infotech Limited IPO documents? All 3 filings for ArMee Infotech Limited (Addendum, RHP, DAP) are listed on this page with links to the original PDFs on SEBI's website. Every page reference cites the exact page of the source document. ## Source documents - [ArMee Infotech Limited - RHP](https://www.sebi.gov.in/sebi_data/attachdocs/sep-2026/1790144363465.pdf) (Red Herring Prospectus, filed 16 Sep 2026) - [ArMee Infotech Limited - RHP](https://www.sebi.gov.in/sebi_data/commondocs/sep-2026/ArMee%20Infotech%20Limited%20-%20Abridged%20Prospectus_p.pdf) (Abridged prospectus (DAP), filed 16 Sep 2026) - [ArMee Infotech Limited - Addendum II to DRHP](https://www.sebi.gov.in/sebi_data/attachdocs/sep-2026/1788764099334.pdf) (Addendum, filed 25 Aug 2026) --- Source: InnerKore IPO (https://ipo.innerkore.com/). Read from public SEBI filings by automated extraction; check the linked documents. Not investment advice.