Khandwala Securities Ltd.
Saffron Capital Advisors Pvt.Ltd.

Company Profile

ArMee Infotech Limited (AIL), founded in 2003 and based in Ahmedabad, Gujarat, is an IT infrastructure and managed services provider within the ArMee Group. The company delivers complete technology solutions to government bodies, corporations, the education sector, and banking, financial services, and insurance (BFSI) institutions. Expanding beyond core IT, AIL operates retail Experience Zones for consumer electronics and gaming, while also delivering solar EPC projects, power purchase agreements, and battery energy storage systems.

As of June 30, 2026, AIL oversees 99 active projects across its operational divisions. Its core IT footprint includes 65 IT infrastructure and 21 IT managed services projects, alongside 10 solar EPC, 1 solar PPA, and 2 battery storage projects. Geographically, operations are heavily concentrated in Gujarat with 74 projects, followed by 11 in Maharashtra, 2 each in Bihar, Andhra Pradesh, Uttar Pradesh, Madhya Pradesh, and Rajasthan, and single projects in Telangana, Tamil Nadu, Uttarakhand, and New Delhi.

For the year/period ended (Rs. in Cr.)

For year/ period ended ( in Cr.)

*Market cap @upper band

• Proven track record in executing projects for Government / PSU clients
• Consistent track record of financial performance
• Ability to service clients and projects across diverse sectors
• Experienced Board of Directors and management with extensive domain knowledge.

The Company ARMEE INFOTECH LIMITED IPO proposes to utilise the Net Proceeds from the Issue towards the following objects:

• Expansion of business by procuring new Government/PSU projects (Rs. 155.00 Cr.)
• Funding working capital requirements (Rs. 60.00 Cr.)
• Prepayment or repayment of certain outstanding borrowings availed by the Company. (Rs. 6.50 Cr.)
• General Corporate Purposes.

At the upper band of IPO Rs. 375, the stock is valued at 26.17 P/E multiple. Hence, well-informed investors subscribe for medium to long term perspective.