What is the GMP of Armour Security India Limited IPO today?

The Grey Market Premium (GMP) for Armour Security India Limited IPO is currently ₹0. With an upper price band of ₹57, the estimated listing price is ₹57 per share, reflecting an expected listing gain of ~0%. Grey market premiums can fluctuate based on market sentiment and subscription demand.

What is the price band and lot size for Armour Security India Limited IPO?

The price band for Armour Security India Limited IPO is ₹55 to ₹57 per equity share. The minimum lot size is 2000 shares, which requires a minimum retail application investment of ₹1,14,000.

What are the important dates for Armour Security India Limited IPO?

Armour Security India Limited IPO opens for subscription on 2026-01-14T00:00:00 and closes on 2026-01-19T00:00:00. The basis of allotment is scheduled for 2026-01-20T00:00:00, and shares are expected to list on 2026-01-22T00:00:00 on BSE, NSE.

How can I check the allotment status for Armour Security India Limited IPO?

You can check Armour Security India Limited IPO allotment status on the registrar's official portal (Skyline Financial Services Pvt.Ltd.) or through the official BSE and NSE IPO allotment status pages using your PAN number or Application number.

How to apply for Armour Security India Limited IPO?

Investors can apply for Armour Security India Limited IPO online through ASBA (Application Supported by Blocked Amount) via their internet banking account, or via UPI using authorized stockbroking platforms like Zerodha, Groww, Angel One, and Upstox.

When does the Armour Security India Limited IPO open and close?

The IPO opens on 14 Jan 2026, and closes on 19 Jan 2026.

What is Armour Security India Limited IPO price band?

The issue price band is ₹55.00 to ₹57.00 per equity share.

What is the Armour Security India Limited IPO lot size?

The minimum lot size is 2000 shares per application.

What is the Armour Security India Limited IPO allotment date?

The allotment is scheduled on 20 Jan 2026.

Armour Security India Limited IPO Details - Dates, Price Band, Issue Size

All IPOs

Issue Size

27.00 Cr

Price Band

₹55.00 - ₹57.00

Lot Size

2000 Shares

Min Investment

₹2,28,000

GMP

₹0

Subscription

1.82x

₹45.83 Cr

14 Jan 2026

IPO Opens

COMPLETED

19 Jan 2026

IPO Closes

COMPLETED

20 Jan 2026

Basis of Allotment

COMPLETED

21 Jan 2026

Refunds

COMPLETED

21 Jan 2026

Demat Credit

COMPLETED

22 Jan 2026

Listing

COMPLETED

IPO Timeline

IPO OpensDONE

14 Jan 2026

IPO ClosesDONE

19 Jan 2026

Basis of AllotmentDONE

20 Jan 2026

RefundsDONE

21 Jan 2026

Demat CreditDONE

21 Jan 2026

ListingDONE

22 Jan 2026

About Armour Security India Limited IPO

Armour Security IPO open date is January 14, 2026 and the IPO will close on January 19, 2026. Armour Security IPO is a Book Build Issue. The company to raise around ₹27 crores via IPO that comprises fresh issue of ₹27 crores and offer for sale up to [.] equity shares with face value of ₹10 each.

Armour Security IPO price band is ₹55 to ₹57 per share. The retail quota is 35%, QIB is 50%, and HNI is 15%. Armour Security IPO to list on NSE SME on January 22, 2026. The allotment of Armour Security IPO date is January 20, 2026.

The company reported revenue of ₹36.56 crores in 2025 against ₹33.10 crores in 2024. The company reported profit of ₹3.97 crores in 2025 against profit of ₹2.62 crores in 2024. As per the financials the IPO investors should apply the IPO for a long term.

IPO Details

Armour Security India Limited IPO Details and Specifications
IPO Date	14 Jan 2026 to 19 Jan 2026
Face Value	₹10 Per Share
Price Band	₹55.00 - ₹57.00
Lot Size	2000 Shares
Total Issue Size	Approx 27.00 Cr 46,50,000 Equity Shares
Fresh Issue	Approx 27.00 Cr 46,50,000 Equity Shares
Offer for Sale	Approx 0.00 Cr 0 Equity Shares
Retail Portion	49.37%
Sale Type	Fresh Issue
Issue Type	Bookbuilding IPO
Listing Date	22 Jan 2026
Listing At	NSE
Total Subscription Amount	₹45.83 Cr

Issue Reservation

Investor Category	Shares Offered	% Net Issue
QIB	TBA	0.00%
- QIB (Ex. Anchor)	46,000	1.04%
NII	21,90,000	49.59%
- bNII > ₹10L	14,60,000	0.00%
- sNII < ₹10L	7,30,000	0.00%
Retail	21,80,000	49.37%
Share Holders	TBA	0.00%
Total	44,16,000	100.00%

IPO Lot Size

Application	Lots	Shares	Amount
Individual investors (Retail) (Min)	2	4,000	₹2,28,000
Individual investors (Retail) (Max)	2	4,000	₹2,28,000
S-HNI (Min)	3	6,000	₹3,42,000
S-HNI (Max)	8	16,000	₹9,12,000
B-HNI (Min)	9	18,000	₹10,26,000

About Company

Armour Security India, founded in August 1999, has been engaged in offering a wide range of security services such as armed guards, manpower support, and consultancy for commercial and residential clients across different sectors. Armour Security India has built a reputation for providing complete security solutions and reliable services in India.

The company offers Private Security Services, Integrated Facility Management Services, Housekeeping Services, Event Management Services, Firefighting Services, Security Training, Supervision Services, and Other Manpower Services. From security planning to management services, the company provides complete private security solutions serving sectors like corporate, industrial, banking, healthcare, government, education, and universities.

Contact Details

Armour Security India Ltd

B-87,

Second Floor Defence Colony

New Delhi, New Delhi, 110024

+91 9810139833

cs@armoursecurities.com

Visit Website

Registrar

Skyline Financial Services Pvt.Ltd.

02228511022

grievances@skylinerta.com

Lead Managers

Unistone Capital Pvt Ltd

Day-wise GMP Trend

Date & Time	GMP (₹)	Est. Listing Price	Est. Gain (%)	Est. Profit / Lot (₹)
23-Jan-2026 01:20 PM	+₹0	₹57	+0.00%	₹0
22-Jan-2026 01:20 PM	+₹0	₹57	+0.00%	₹0
21-Jan-2026 01:20 PM	+₹0	₹57	+0.00%	₹0
20-Jan-2026 01:20 PM	+₹0	₹57	+0.00%	₹0
19-Jan-2026 01:20 PM	+₹0	₹57	+0.00%	₹0
17-Jan-2026 01:20 PM	+₹4	₹61	+7.02%	₹8,000
16-Jan-2026 01:20 PM	+₹4	₹61	+7.02%	₹8,000
13-Jan-2026 01:12 PM	+₹2	₹59	+3.51%	₹4,000
12-Jan-2026 01:12 PM	+₹1	₹58	+1.75%	₹2,000
10-Jan-2026 01:12 PM	+₹1	₹58	+1.75%	₹2,000
09-Jan-2026 01:20 PM	+₹0	₹57	+0.00%	₹0

Subscription Status

Category	Subscription (x)	Shares Offered	Shares bid for	Total Amount (₹ Cr)
QIB (Ex. Anchor)	1.00x	46,000	46,000	₹0.26 Cr
NII	1.08x	21,90,000	23,70,000	₹13.51 Cr
bNII > ₹10L	1.16x	14,60,000	16,96,000	₹9.67 Cr
sNII < ₹10L	0.92x	7,30,000	6,74,000	₹3.84 Cr
Retail	2.58x	21,80,000	56,24,000	₹32.06 Cr
Total	1.82x	44,16,000	80,40,000	₹45.83 Cr

Objects of the Issue

01 Funding of Working Capital requirement : 15.11 Cr
02 Funding Capital expenditure requirements for purchasing of machinery, equipment and vehicles : 1.61 Cr
03 Pre-payment/re-payment of, in part or full, certain outstanding borrowings of the Company : 3.00 Cr
04 General Corporate Purpose : 3.60 Cr
05 Issue Expenses : 3.18 Cr

Company Financials

Period Ended	30 SEPT 2025	31 MAR 2025	31 MAR 2024
Total Income	19.69	36.56	33.10
Profit After Tax	2.90	3.97	2.62
EBITDA	4.30	4.97	3.67
NET Worth	21.34	18.43	14.46
Reserves and Surplus	9.12	6.21	2.24
Total Borrowing	6.01	4.69	1.80

Amount in ₹ Crore

IPO Valuation - KPI

KPI	31 Mar 2025
ROCE	24.47%
Debt/Equity Ratio	0.25
Return on Net Worth (RoNW)	21.56%
PAT Margin	11.14%
EBITDA Margin	13.94%
Net Asset Value (NAV)	₹15.08
Earning Per Share (EPS)	₹3.25

Peer Comparison

Company Name	EPS (₹)	P/E (x)	NAV (₹)	RoNW (%)	Income (₹ Cr)
Kapston Services Limited	8.79	34.12	43.81	20.07	688.70

Promoters and Holding Pattern

Mr. Vinod Gupta, Mrs. Arnima Gupta are the company's promoters of Armour Security India Limited.

Particular	Pre IPO	Post IPO
Promoter and Promoter Group	96.80%	70.12%
Others*	3.20%	29.88%

Strengths

Armour Security (India) claims to offer a range of services covering private security, housekeeping, integrated facility management, and manpower solutions. This service mix allows the company to cater to different operational requirements across security and facility-related functions.
The company claims to use a technological infrastructure that includes an enterprise resource planning (ERP) system to integrate core business functions. It also claims to use email systems and smartphones to enable real-time communication, location sharing, and coordination among its workforce.
Armour Security (India) is ISO certified. The company also claims to hold licenses under the Private Security Agencies Regulation Act (PSARA), indicating compliance with regulatory requirements applicable to private security agencies.
The company claims to focus on maintaining long-term client relationships through structured planning of manpower deployment based on location and skill requirements. It also claims that its service delivery and cost structure support repeat business from existing clients.
The company has witnessed a consistent increase in its revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 26.81 crore in FY22 to Rs 28.85 crore in FY23 and Rs 32.93 crore in FY24. PAT increased from Rs 0.29 crore in FY22 to Rs 2.26 crore in FY23 to Rs 2.62 crore in FY24.

Risks

Integrated facility management accounted for Rs 9.28 crore (53.88 percent) of the company’s revenue for the period ended September 30, 2024; Rs 17.23 crore (52.33 percent) in FY24; Rs 16.06 crore (55.68 percent) in FY23 and Rs 13.09 crore (48.84 percent) in FY22. If the company is unable to anticipate and adapt to changes in client preferences and demand for facility management services or maintain service quality, it may face reduced demand and pricing pressure. Any decrease in demand for integrated facility management services can adversely impact the company’s business, results of operations, financial condition, and cash flows.
The top five customers accounted for Rs 11.39 crore (66.10 percent) of the company’s revenue for the period ended September 30, 2024; Rs 19.52 crore (59.28 percent) in FY24; Rs 18.48 crore (64.06 percent) in FY23 and Rs 17.03 crore (63.52 percent) in FY22. Any failure to retain these key customers, expand the customer base, or a loss of business from these clients can adversely affect the company’s business and financial standing.
Government contracts accounted for 41 percent, 44 percent, 42 percent and 46 percent of the company’s revenue for the period ended September 30, 2024; FY24; FY23 and FY22. Non-renewal of existing government contracts, inability to win new government contracts, or loss of business from one or more government clients can reduce revenues and impact operating performance. Any adverse changes in government spending, tendering policies, or procurement timelines can be detrimental to the company’s business, results of operations, and financial condition.
Delhi accounted for Rs 7.54 crore (43.77 percent) of the company’s total sales for the period ended September 30, 2024; Rs 14.22 crore (43.17 percent) in FY24; Rs 15.14 crore (52.48 percent) in FY23 and Rs 14.30 crore (53.36 percent) in FY22. Any decrease in revenue from Delhi, including due to reduced demand, inability to extend or renew contracts on commercially viable terms, or changes in local policies, may adversely affect the company’s business, cash flows, results of operations, and financial condition.
The company, its promoters, directors and group companies are involved in certain ongoing legal proceedings. The company’s business could be hit in case of adverse judgments in any of these cases.
Armour Security (India) has witnessed a decline in cash generated from operating activities. In September 30, 2024, the company reported negative cash flow from operating activities of Rs 0.31 crore. This indicates that while sales are increasing, cash generation is not keeping pace. This could result in the need to raise additional funds to cover day-to-day operations, which could increase finance costs and reduce profits. Additionally, negative cash flow from investing activities amounted to Rs 0.42 crore for the period ended September 30, 2024; Rs 2.00 crore in FY24; Rs 0.55 crore in FY23 and Rs 1.77 crore in FY22. The company also reported negative cash flow from financing activities amounting to Rs 0.52 crore for the period ended September 30, 2024 and Rs 0.53 crore in FY22. Furthermore, the net decrease in cash and cash equivalents amounted to Rs 1.25 crore for the period ended September 30, 2024 and Rs 0.06 crore in FY22. If cash outflows continue to exceed inflows, the company may have to rely more on external funding to meet operating needs, capital expenditure, or other financial commitments. This could impact the company’s growth, liquidity, and financial condition.
As of September 30, 2024, the company had contingent liabilities of Rs 4.31 crore. If any of these contingent liabilities materialise, it could hurt the company’s financial condition.
Employee-related expenses accounted for Rs 13.05 crore (75.73 percent) of the company’s revenue for the period ended September 30, 2024; Rs 26.49 crore (80.45 percent) in FY24; Rs 24.39 crore (84.54 percent) in FY23 and Rs 25.20 crore (94 percent) in FY22, indicating a cost structure heavily tied to manpower. Any increase in wages/benefits or non-compliance with labour laws could raise costs or result in regulatory actions, which may adversely affect the company’s business, results of operations, financial condition, and cash flows.

Frequently Asked Questions (FAQ)

Comments0

Join the discussion

Please sign in to leave a comment or reply.

Sorted by

Loading IPO Details...

About Armour Security India Limited IPO

IPO Details

Armour Security India Limited IPO Details and Specifications
IPO Date	14 Jan 2026 to 19 Jan 2026
Face Value	₹10 Per Share
Price Band	₹55.00 - ₹57.00
Lot Size	2000 Shares
Total Issue Size	Approx 27.00 Cr 46,50,000 Equity Shares
Fresh Issue	Approx 27.00 Cr 46,50,000 Equity Shares
Offer for Sale	Approx 0.00 Cr 0 Equity Shares
Retail Portion	49.37%
Sale Type	Fresh Issue
Issue Type	Bookbuilding IPO
Listing Date	22 Jan 2026
Listing At	NSE
Total Subscription Amount	₹45.83 Cr

Investor Category

Shares Offered

% Net Issue

QIB

TBA

0.00%

- QIB (Ex. Anchor)

46,000

1.04%

NII

21,90,000

49.59%

- bNII > ₹10L

14,60,000

0.00%

- sNII < ₹10L

7,30,000

0.00%

Retail

21,80,000

49.37%

Share Holders

TBA

0.00%

Total

44,16,000

100.00%

Application

Lots

Amount

Individual investors (Retail) (Min)

4,000

₹2,28,000

Individual investors (Retail) (Max)

4,000

₹2,28,000

S-HNI (Min)

6,000

₹3,42,000

S-HNI (Max)

16,000

₹9,12,000

B-HNI (Min)

18,000

₹10,26,000

About Company

Contact Details

Armour Security India Ltd

B-87,

Second Floor Defence Colony

New Delhi, New Delhi, 110024

+91 9810139833

cs@armoursecurities.com

Visit Website

Date & Time

GMP (₹)

Est. Listing Price

Est. Gain (%)

Est. Profit / Lot (₹)

23-Jan-2026 01:20 PM

+₹0

₹57

+0.00%

₹0

22-Jan-2026 01:20 PM

+₹0

₹57

+0.00%

₹0

21-Jan-2026 01:20 PM

+₹0

₹57

+0.00%

₹0

20-Jan-2026 01:20 PM

+₹0

₹57

+0.00%

₹0

19-Jan-2026 01:20 PM

+₹0

₹57

+0.00%

₹0

17-Jan-2026 01:20 PM

+₹4

₹61

+7.02%

₹8,000

16-Jan-2026 01:20 PM

+₹4

₹61

+7.02%

₹8,000

13-Jan-2026 01:12 PM

+₹2

₹59

+3.51%

₹4,000

12-Jan-2026 01:12 PM

+₹1

₹58

+1.75%

₹2,000

10-Jan-2026 01:12 PM

+₹1

₹58

+1.75%

₹2,000

09-Jan-2026 01:20 PM

+₹0

₹57

+0.00%

₹0

Armour Security India Limited IPO Details

About Armour Security India Limited IPO

IPO Details

Issue Reservation

IPO Lot Size

About Company

Day-wise GMP Trend

Objects of the Issue

Company Financials

IPO Valuation - KPI

Peer Comparison

Promoters and Holding Pattern

Strengths

Risks

Frequently Asked Questions (FAQ)

When does the Armour Security India Limited IPO open and close?

What is Armour Security India Limited IPO price band?

What is the Armour Security India Limited IPO lot size?

What is the Armour Security India Limited IPO allotment date?

What is the Armour Security India Limited IPO listing date?

What is the minimum investment required in Armour Security India Limited IPO?

Join the discussion

Armour Security India Limited IPO Details

About Armour Security India Limited IPO

IPO Details

Issue Reservation

IPO Lot Size

About Company

Day-wise GMP Trend

Objects of the Issue

Company Financials

IPO Valuation - KPI

Peer Comparison

Promoters and Holding Pattern

Strengths

Risks

Frequently Asked Questions (FAQ)

When does the Armour Security India Limited IPO open and close?

What is Armour Security India Limited IPO price band?

What is the Armour Security India Limited IPO lot size?

What is the Armour Security India Limited IPO allotment date?

What is the Armour Security India Limited IPO listing date?

What is the minimum investment required in Armour Security India Limited IPO?

Join the discussion