# Armour Security India Ltd: IPO analysis

> Armour Security India Ltd (CIN U74920DL1999PLC101313) has filed a Prospectus with SEBI for an IPO comprising a fresh issue of 46,50,000 shares. In FY25 it reported revenue of ₹36 Cr (+8.3% on FY24) and a net profit of ₹4.0 Cr. Promoters hold 96.8% before the IPO. Our earlier look-up of its claims found 4 medium or high concerns across 24 claims looked up.

- Page: https://ipo.innerkore.com/in/company/U74920DL1999PLC101313/armour-security-india-ltd/
- CIN: U74920DL1999PLC101313
- Last updated: 10 Jun 2026

## Key facts

- **Company:** Armour Security India Ltd
- **CIN:** U74920DL1999PLC101313
- **Filing stage:** Prospectus
- **Latest SEBI filing:** 10 Jun 2026
- **Final offer price:** ₹57.00 per share
- **Lot size:** 2000 shares
- **Bidding opens:** 14 Jan 2026
- **Bidding closes:** 19 Jan 2026
- **Listing on:** NSE
- **Revenue FY25:** ₹36 Cr
- **Revenue growth:** +8.3%
- **Net profit FY25:** ₹4.0 Cr
- **Revenue CAGR FY23 to FY25:** 11.2%
- **Promoter holding (pre-IPO):** 96.8%
- **Lead managers:** Contact No. SOBHAGYA CAPITAL OPTIONS PRIVATE LIMITED
- **Registrar:** Contact No. SKYLINE FINANCIAL SERVICES PRIVATE LIMITED
- **Earlier look-up flags:** 0 high, 4 medium, 0 low

## Key signals (read from the filing; not investment advice)

- **Valuation** (looks fine): 24.2x P/E. At the top of the band, on FY25 profit; 2.7x book value.
- **Growth** (look closer): 11.2% a year. Sales FY23 to FY25; latest year +8.3%.
- **Profitability** (looks fine): 11.1% net margin. FY25; operating margin improving.
- **Debt** (looks fine): 0.05x equity. ₹1.9 crore borrowed at the end of FY25.
- **Profit into cash** (concern): 6% of profit. Operations brought in ₹0.3 crore against ₹4 crore of profit in FY25.
- **Where the money goes** (looks fine): All new money. 100% is new shares issued by the company. 13% of the new money repays debt.
- **Red flags** (look closer): 4 to review. 24 claims looked up earlier: 0 high, 4 medium concern.

## Financial snapshot (₹ crore unless stated; standalone)

| | FY23 | FY24 | FY25 | 6M Sep-25 |
|---|---:|---:|---:|---:|
| Sales | 29 | 33 | 36 | 20 |
| Sales growth | – | 14.2% | 8.3% | – |
| Operating profit | 3.1 | 3.7 | 5.0 | 4.3 |
| Operating margin | 10.8% | 11.2% | 13.9% | 21.8% |
| Net profit | 2.3 | 2.6 | 4.0 | 2.9 |
| Net margin | 7.8% | 8.0% | 11.1% | 14.8% |
| Net worth | 16 | 31 | 35 | 40 |
| Borrowings | 0.85 | 1.1 | 1.9 | 1.8 |
| Return on equity | 13.7% | 8.4% | 11.3% | – |

## Use of proceeds (fresh issue)

- Funding of Working Capital requirements: ₹15 crore
- Funding Capital expenditure requirements for purchasing of machinery, equipment and vehicles: ₹1.6 crore
- Pre-payment/re-payment of, in part or full, certain outstanding borrowings of our Company: ₹3.0 crore
- General Corporate Expenses*: ₹3.6 crore

## Claims looked up earlier

- **MEDIUM** (PromoterBackground): No outstanding litigation involving the Group Companies may have a material impact on the Company, except as mentioned on page 241.. The search results indicate that there have been legal matters involving Armour Security (India) Ltd. and Armour Security in general, including Supreme Court clarifications and High Court rulings related to GST investigations and cross-empowerment. This suggests that litigation involving the group companies is a relevant topic that may need to be addressed as mentioned on page 241.
- **MEDIUM** (PromoterBackground): Neither the Promoters, persons in control, nor Group companies have been declared as a wilful defaulter or economic offender by the RBI or any other government authority, nor are there pending proceedings for violation of securities laws against them or connected entities.. The search results indicate that there have been legal proceedings and clarifications involving Armour Security (India) Ltd. concerning GST matters, including Supreme Court and High Court involvement. This suggests that there might be ongoing or past regulatory actions against the company, which contrasts with the claim that there are no pending proceedings for violation of securities laws.
- **MEDIUM** (PromoterBackground): No Promoters, Promoter Group, Group Companies, or persons in control have been prohibited from accessing or operating in the capital market by SEBI or other authorities.. The search results reference legal proceedings involving Armour Security India Ltd. and related issues concerning regulatory actions (like GST investigations) across different courts and authorities. This suggests that the company or its related entities have been involved in such matters, which is relevant to the claim about prohibitions on accessing the capital market.
- **MEDIUM** (PromoterBackground): No payment of benefits was made to the Group Companies during the financial years ended March 31, 2025, 2024, and 2023.. The search results reference legal actions and clarifications involving Armour Security (India) Ltd. and GST matters, suggesting ongoing or past regulatory scrutiny. Some results cite the company in the context of actions across the value chain, which might relate to the claim about payments to group companies, but do not directly confirm or deny the specific statement regarding non-payment of benefits to group companies for the specified financial years.
- **NONE** (PromoterBackground): Mrs. Arnima Gupta has been associated with the Board since July 1, 2008, and has served as Executive Director, Non-Executive Woman Director, and Managing Director.. The provided search results do not contain any information regarding the association of Mrs. Arnima Gupta with the Board of Armour Security India Ltd. or her tenure as Executive Director, Non-Executive Woman Director, and Managing Director.
- **NONE** (SubsidiaryPerformance): India’s real GDP for FY25 is estimated at Rs. 1,87,97,000 crore (US$ 2.20 trillion), growing at a rate of 6.5%.. The search results do not contain any information regarding India's real GDP for FY25, its estimated value, or its growth rate. The results focus on stock quotes, historical data, and IPO financials for Armour Security India Ltd.
- **NONE** (SubsidiaryPerformance): India has surpassed Japan in June 2025 to become the fourth largest economy in the world.. The provided search results relate to the stock performance and financials of Armour Security India Ltd., and offer no information regarding the claim that India surpassed Japan in economy rankings in June 2025.
- **NONE** (SubsidiaryPerformance): Global growth in the first quarter of 2025 was 0.3 percentage point above that predicted in the April WEO.. The search results provide current stock price information and historical data but do not contain any information regarding global growth figures for the first quarter of 2025 or comparisons to the April WEO prediction mentioned in the claim.
- **NONE** (SubsidiaryPerformance): Global headline inflation is expected to fall to 4.2 percent in 2025 and 3.6 percent in 2026.. The provided search results do not contain any information regarding the expected global headline inflation rates for 2025 and 2026, therefore they do not corroborate, contradict, or update the claim.
- **NONE** (SubsidiaryPerformance): Global growth is projected at 3.0 percent for 2025 and 3.1 percent in 2026.. The provided search results do not contain any information regarding the projected global growth rates for 2025 and 2026 mentioned in the claim. Therefore, the search results do not corroborate, contradict, or provide any information on this specific point.
- **NONE** (PromoterBackground): The Promoter Group includes Viarn Infrastructure Private Limited and Armour Security India (Vinod Gupta Proprietorship Firm) as entities forming part of the Promoter Group.. The provided search results do not contain information that directly corroborates or contradicts the claim regarding the inclusion of Viarn Infrastructure Private Limited and Armour Security India (Vinod Gupta Proprietorship Firm) in the Promoter Group. The results only point to the DRHP document and a statement about the recommendation/approval of equity shares by SEBI.
- **NONE** (PromoterBackground): Mr. Vinod Gupta has held a strike-off with Armour IT Solutions Private Limited.. The provided search results do not contain any information corroborating or contradicting the claim that Mr. Vinod Gupta has held a strike-off with Armour IT Solutions Private Limited. The search results mention other entities and general industry shifts.

## Common questions

### How big is the Armour Security India Ltd IPO?

Armour Security India Ltd's IPO comprises a fresh issue of 46,50,000 shares, according to its Prospectus. The price band is not stated in that document.

### What are Armour Security India Ltd's revenue and profit?

Armour Security India Ltd reported revenue from operations of ₹36 Cr in FY25, +8.3% versus FY24. Net profit was ₹4.0 Cr (FY24: ₹2.6 Cr). Revenue grew at a compound rate of 11.2% a year from FY23 to FY25. Figures are read from the Prospectus, as printed there.

### How much do promoters own in Armour Security India Ltd?

Promoters hold 96.8% of Armour Security India Ltd before the IPO.

### How will Armour Security India Ltd use the IPO money?

The fresh-issue proceeds are earmarked for: Funding of Working Capital requirements (₹15 Cr); Funding Capital expenditure requirements for purchasing of machinery, equipment and vehicles (₹1.6 Cr); Pre-payment/re-payment of, in part or full, certain outstanding borrowings of our Company (₹3.0 Cr); General Corporate Expenses (₹3.6 Cr).

### What are the red flags in Armour Security India Ltd's Prospectus?

Earlier, we looked up 24 claims from the filing on the open web (we no longer do this, since SEBI reviews the filing): 0 raised a high concern, 4 medium and 0 low. The most notable: The search results indicate that there have been legal matters involving Armour Security (India) Ltd. and Armour Security in general, including Supreme Court… The search results indicate that there have been legal proceedings and clarifications involving Armour Security (India) Ltd. concerning GST matters, including… The search results reference legal proceedings involving Armour Security India Ltd. and related issues concerning regulatory actions (like GST investigations)… This is an automated screen, not a verdict; each finding links to its sources.

### What does Armour Security India Ltd do?

Forget the hype: the true story behind the ARMOUR SECURITY INDIA IPO is shadowed by serious regulatory red flags. Our investigation dives into past legal actions and GST scrutiny that suggest deeper issues within the company's operations.

### Who manages the Armour Security India Ltd IPO?

Book running lead managers: Contact No. SOBHAGYA CAPITAL OPTIONS PRIVATE LIMITED. Registrar to the offer: Contact No. SKYLINE FINANCIAL SERVICES PRIVATE LIMITED. Shares are proposed to list on NSE.

### Where can I read the original Armour Security India Ltd IPO documents?

All 1 filing for Armour Security India Ltd (Prospectus) 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

- [ARMOUR SECURITY INDIA LTD](https://www.sebi.gov.in/sebi_data/attachdocs/jun-2026/1781091011695_1278.pdf) (Prospectus, filed 10 Jun 2026)

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Source: InnerKore IPO (https://ipo.innerkore.com/). Read from public SEBI filings by automated extraction; check the linked documents. Not investment advice.