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ArMee Infotech IPO Review

ArMee Infotech IPO has been reviewed by 9 analysts, and the overall consensus is Avoid — carrying a score of 24. Out of the 9 analysts who have covered this IPO, 1 recommend subscribing while 8 advise caution or avoidance — reflecting a cautious view from the analyst community.

The issue is priced in the band of ₹350-375 per share, with a minimum application size of 40 shares (minimum investment of approximately ₹15,000 at the upper band). Subscription ran from 23 Sep 2026 to 25 Sep 2026. The issue size is ₹300 crore, entirely a fresh issue. As of now, the grey market premium (GMP) for ArMee Infotech IPO is quoting at ₹6 (1.60%), which gives a preliminary sense of how the street is pricing the listing — though GMP is unofficial and can swing sharply before the listing date. Scroll down for the full analyst breakdown and analyst-wise verdicts.

Abhishek Vohera, Founder of IPO Guru Researched & reviewed by Abhishek Vohera, Founder, IPO Guru Last updated Figures sourced from the RHP, BSE & NSE

Analyst verdict & score

One score out of 100, aggregated from every analyst verdict tracked for this issue. How it's calculated

Sentiment score
24/ 100
Avoid 1 of 9 recommend subscribing
How analysts voted
Apply 1
May apply 1
Neutral 2
Avoid 5

Higher consensus indicates broader analyst agreement.

Detailed review

What the analyst reports say, grouped by the question you're likely asking.

General review

ArMee Infotech supplies IT infrastructure and managed services largely to government and public sector clients, and has moved into renewable energy EPC, power purchase agreements and battery storage. FY26 total income was ₹1,410 crore with profit after tax of ₹45 crore and EBITDA of ₹76 crore. Of six approved notes, four said avoid, one said subscribe for the long term and one stayed neutral.

Listing gains

At the upper band of ₹375 the notes value the issue between roughly 19.5 and 26.2 times FY26 earnings, the gap reflecting diluted against post-issue earnings, with EV/EBITDA of about 17 to 18 times on a market cap near ₹1,190 crore. Peers cited trade at roughly 12 to 52 times. With four of six saying avoid, the notes point to a muted listing.

Short-term strategy

Proceeds fund working capital, bidding for new government and PSU projects and debt repayment. Borrowings rose from ₹48 crore in FY25 to ₹174 crore in FY26, and one note points to weak cash flow conversion and a profit margin of 3.3 percent. Tender success in the core IT business fell from 30.91 percent in FY24 to 19.48 percent in FY26. Near term the notes lean negative.

Long-term strategy

Analysts credit a record on government and PSU tenders, with 116 projects completed in FY26, as an entry barrier supporting repeat business. Against that they set concentration: over 86 percent of revenue from three states, 83.84 percent from government clients and 76.66 percent from the top five. Renewables are over 90 percent of the order book, and the long-term case rests on executing that shift.

How this is written: an AI-assisted summary of the 9 analyst reports listed below. It reports their views; IPO Guru does not make buy or sell recommendations.

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Analyst reviews

Ordered by each analyst's track record over the past year; analysts still building one are listed last.

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How analysts rated the most recent mainboard issues — and, where they have listed, how the call played out.

Frequently asked

Should I apply for ArMee Infotech IPO?

The analyst consensus for ArMee Infotech IPO tracked on this page is Avoid, with a score of 24/100. Out of 9 analysts who have reviewed this IPO, 1 recommend subscribing. IPO Guru does not make buy or sell recommendations. Read the individual analyst reports and consult a SEBI-registered advisor before investing.

What does the score of 24 mean for ArMee Infotech IPO?

The score of 24 is an aggregate of all analyst ratings tracked for ArMee Infotech IPO. A score in this range signals that most analysts are advising caution or outright avoidance. Read the individual analyst verdicts above for more context.

What was the actual listing price of ArMee Infotech IPO?

ArMee Infotech IPO listed on September 30, 2026 at ₹375, against the issue price of ₹375 — a gain of +0% (₹0 per share). View the full GMP history page for day-wise pre-listing trends.

What is the price band and lot size of ArMee Infotech IPO?

ArMee Infotech IPO was priced at ₹350-375 per share. The minimum lot size is 40 shares, making the minimum investment approximately ₹15,000 at the upper end of the price band. Subscription ran from 23 Sep 2026 to 25 Sep 2026.

Explore ArMee Infotech IPO further

Analyst views are one input. Read them alongside the demand, the grey market and the filings before you decide.

ArMee Infotech IPO review

A verdict is an opinion, not a guarantee.

IPO Guru collects analyst views, GMP, subscription and allotment for every Mainboard and SME issue. Weigh them together — and against the offer document — before you apply.

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Disclaimer: Grey Market Premium (GMP) is for information purposes and is not a guarantee of listing price. Always consult your financial advisor before investing.

Consensus
Avoid
Score
24 / 100
Listed at
₹375
Full IPO details
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