Armour Security India was incorporated on August 27, 1999. The company provides comprehensive private security solutions, including security planning, individual guards, and full security teams for clients across corporate, industrial, healthcare, banking, government, and educational sectors. It also offers integrated facility management, housekeeping, and manpower services, supported by modern equipment and a trained workforce
| Bidding Dates |
|---|
| 14 Jan 2026 - 19 Jan 2026 |
| Subscription |
|---|
| 1.78x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹2,20,000 | 2 | 2 | 2000 | 4.7 M | ₹55 - ₹57 | 70.12 % | ₹255.8 M - ₹265.1 M | RHP DOC |
Armour Security IPO SUBSCRIPTION STATUS
19 Jan '26Armour Security IPO overall subscription rate was 1.78 times the total available shares
Armour Security IPO retail subscription rate was 3.46 times in the retail segment
Armour Security IPO non-institutional investor subscription rate was 3.73 times in the non-institutional investor category
Armour Security IPO Qualified Institutional Bidder subscription rate was 0.02 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 35% | 15% | 50% |
19 Jan 2026 (Day 4) | 3.46x | 3.73x | 0.02x |
16 Jan 2026 (Day 3) | 0.51x | 2.23x | 0.02x |
15 Jan 2026 (Day 2) | 0.11x | 0.05x | - |
14 Jan 2026 (Day 1) | 0.11x | 0.05x | - |
Armour Security FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| H1FY26 | 19.7 | 2.9 | 1.0 | 1.0 | 21.8% |
| FY25 | 35.7 | 4.0 | 0.3 | -0.3 | 13.9% |
| FY24 | 32.9 | 2.6 | 0.5 | 0.2 | 11.2% |
| FY23 | 28.8 | 2.3 | 0.5 | 0.3 | 10.8% |
Armour Security IPO SUBSCRIPTION STATUS DETAILS
Armour Security had 4.7 M shares on offer
Armour Security IPO offer price was in the range ₹55 - ₹57
Armour Security IPO minimum Investment was ₹220000
Armour Security IPO issue size was ₹ 255.8 M - ₹ 265.1 M
Armour Security had a minimum lot size of 2000 Shares per application
Armour Security NUMBER OF SHARES ON OFFER
Armour Security IPO IMPORTANT DATES
| Issue Open Date | 14 Jan 2026 |
| Issue close Date | 19 Jan 2026 |
| Allotment Date | 20 Jan 2026 |
| Refund Date | 21 Jan 2026 |
| Demat Account Credit Date | 21 Jan 2026 |
| Listing Date | 22 Jan 2026 |
| Listing on Exchange(s) | NSE |
| Armour Security Allotment Status | Exchange/ Registrar |
Armour Security IPO subscription opened on 14 Jan 2026, and closed on 19 Jan 2026
IPO allotment for Armour Security was finalized on Tuesday, 20 Jan 2026
IPO listing for Armour Security was on NSE on Thursday, 22 Jan 2026
Armour Security IPO LISTING GAINS
| Issue Price (adjusted) | 57.0 |
| Listing Open Price | 45.6 |
| Listing Close Price | 43.4 |
| Listing Gain% | -20.0% |
| Current Gain% | -67.8% |
Armour Security Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Armour Security (India) Ltd. | 18.4 | 31 | 5.8 | 0.2 | 0.7 | 11.4 | 10.4 | 47.2 | 29.1 | 5.3 | 33.7 | 3.1 | 33.7 |
| Sagility Ltd. | 43.7 | 20443.4 | 20.6 | 0.4 | 2.7 | 9.6 | 7.3 | 7290.8 | 29.6 | 924.8 | 71.5 | 2.1 | 49.2 |
| International Gemological Institute Ltd. | 355.8 | 15376.2 | 25.2 | 1 | 11.3 | 47.8 | 38.3 | 1661.9 | 52.7 | 711.2 | 66.4 | 14.1 | 24.3 |
| Indiabulls Ltd. | 29.4 | 6855.8 | 16.4 | 0 | 6.2 | 8.9 | 6.6 | 880.8 | 172602 | 273.9 | 501.6 | 1.8 | 739.2 |
| SIS Ltd. | 435 | 6146.2 | 41.9 | 0.2 | 0.4 | 5.4 | 1.8 | 16030.1 | 20.9 | 137.8 | 1069.1 | 10.4 | 261.6 |
| eMudhra Ltd. | 538.8 | 4462.3 | 38.8 | 1.5 | 6 | 11.8 | 8.9 | 713.2 | 35.1 | 107.8 | 27.4 | 13.9 | 25.5 |
Armour Security INFORMATION ON IPO ISSUE
About Armour Security
Armour Security India was incorporated on August 27, 1999. The company provides comprehensive private security solutions, including security planning, individual guards, and full security teams for clients across corporate, industrial, healthcare, banking, government, and educational sectors. It also offers integrated facility management, housekeeping, and manpower services, supported by modern equipment and a trained workforce
Object of the Issue
- Funding of working capital requirements of the company
- Funding capital expenditure requirements for purchasing of machinery, equipments and vehicles
- Pre-payment/re-payment of, in part or full, certain outstanding borrowings of the company
- General corporate expenses
Armour Security - PROMOTERS
| Name |
|---|
| Vinod Gupta |
| Arnima Gupta |
Armour Security - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Arnima Gupta | Managing Director |
| Brij Bhushan Gupta | Whole Time Director |
| Krishna Kumar Singh | Non-Executive Independent Director |
| Shrikant Shriram Modak | Non-Executive Independent Director |
| Nilendra Kumar | Non-Executive Independent Director |
Armour Security Book Running Lead Manager
Corpwis Advisors Private Limited
ipo@corpwis.com
Armour Security Registrar to the issue
Skyline Financial Services Private Limited
ipo@skylinerta.com
Armour Security Strengths
Diversified services portfolio
One of the company’s key strengths is its diversified service portfolio, offering security, housekeeping, integrated facility management, and manpower solutions. This broad range enables it to efficiently meet varied client needs across security and facility management services
Integrated technology
The company’s strength lies in its robust technological infrastructure, including an ERP system, efficient communication tools, and smartphone-enabled real-time coordination. These capabilities support effective resource management, data-driven decisions, and improved operational efficiency and client service
Client retention
The company maintains service excellence through stringent standards, prompt grievance resolution, and cost-effective offerings. Its customer-focused approach, with effective planning of location, manpower, and skills, helps build client loyalty and repeat business
Armour Security Risks
Operational risks
The company’s security services include armed guard operations, which involve risks related to firearm handling and regulatory compliance. As firearms are licensed and maintained by individual personnel, any misuse or non-compliance could expose the company to reputational, operational, and legal risks
Regulatory risks
The company’s revenue from public sector and government contracts may be influenced by political and administrative decisions on spending and outsourcing. Such contracts are often subject to stricter regulations and less flexible terms than private sector contracts, which may affect service performance and growth
Competition
The company operates in a highly competitive market with significant pressure from domestic and unorganized players, and competition may intensify with new entrants and consolidation. Increased price competition or discounting could compress margins and adversely impact the company’s financial performance and cash flows
IPO FAQs
The promoters of the company are Vinod Gupta and Arnima Gupta.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.
The price band of the IPO is Rs 55.0 - 57.0.
The IPO application opens on Jan 14, 2026 and closes on Jan 19, 2026.
The minimum lot size for the IPO is 4000. The maximum lot size for the IPO is 4000.
For all category investors, the minimum application amount for this IPO is Rs. 220,000.0, the maximum value for this IPO is Rs 228,000.0.
This IPO will be allotted on Jan 20, 2026.
The refund will be credited to your account on Jan 21, 2026.
The allotted shares will be credited to your demat on Jan 21, 2026.
Armour Security India Ltd.’s shares listed on the stock exchanges on Jan 22, 2026.