The Indian security and surveillance industry is set for strong growth of 20%+ CAGR till 2030 due to the Smart Cities Mission, increasing urban crime worries, the requirement for business alarm systems/CCTV solutions in the enterprise segment, and industry capex spend of ₹10,000+ Cr every year in the smart security infrastructure segment.
Armour Security Ltd, founded in 2015 and having its head office in Bengaluru, Karnataka, can thus be identified as an integrated security solutions offering entity for commercial complexes, industrial setups, hospitals, and educational institutions for providing access control solutions, intrusion detection solutions, biometric solutions, and manned security services through their specialised CCTV surveillance solutions. The company has experienced success in providing security solutions to organisation clients in South and West India due to its ISO 9001:2015 & 27001 certification.
Armour Security India Ltd has also demonstrated an encouraging growth track record with respect to its top-line performance with operating revenue of ₹33.10 Cr in FY24, marking an increase of 14% YoY, along with PAT of ₹2.89 Cr and an ROE of 25%, which can be attributed to increasing demand for CCTV/security systems in smart cities and commercial organisations, based on information provided in the DRHP. In this context, the company is going for an NSE SME IPO where it will issue fresh equity shares worth 46.50 lakhs with a face value of ₹10 each at a price band of ₹55-57 levels, aggregating ₹26.51 Cr, opening on 14th January 2026 and closing on 19th January 2026 (allotment date 20th January 2026 & listing date 22nd January 2026). Proceeds for working capital (₹15.90 Cr), machinery/vehicle purchase (₹1.61 Cr), debt repayment (₹2.40 Cr), and general corporate purposes.
Armour Security India IPO Details:
Armour Security Issue Management:
Sobhagya Capital Options Pvt Ltd acts as the book-running lead manager for Armour Security SME IPO, managing underwriting and compliance.
Armour Security IPO RTA (Registrar) Details:
Skyline Financial Services Pvt Ltd handles allotment, refunds, and demat credits—contact at +91-02228511022 or grievances@skylinerta.com.
Armour Security India IPO Allotment Status:
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Action Links:
To apply for Armour Security IPO, open a demat account here
Armour Security IPO Subscription Status: Check live subscription here
Armour Security IPO GMP Update: Check latest grey market premium here
Armour Security India Ltd has been serving the need for the growing integrated security services sector by delivering CCTV surveillance solutions, access control solutions, intrusion detection solutions, biometrics solutions, and security personnel services primarily in the business-to-business sector, catering to businesses, hospitals, business complexes, and educational institutions. The company is incorporated in the city of Delhi, with the registered office located in Defence Colony, New Delhi, catering to the entire North & South Indian region, and plans to utilise the IPO issue proceeds for working capital funds (₹15.90 Cr), the purchase of machinery/vehicles (₹1.61 Cr), repayment of loans (₹2.40 Cr), and general expenses.
Armour Security India Ltd. provides comprehensive security solutions, ranging from system design and installation to 24/7 monitoring centres and maintenance solutions certified under ISO 9001:2015 and 27001. They cater to the needs of commercial offices, industrial parks, healthcare organisations, and the retail sector through AI-driven video analytics and integrated access control solutions as per industry norms.
Armour Security India Ltd has been recording increased revenue performance with a growth rate of ₹33.10 Cr in FY24 (+14% YoY) with a profit after tax of ₹2.89 Cr and an RoE ratio of ~25%, citing the demand for enterprise surveillance driven by the Smart Cities Mission and security requirements, as per the DRHP. The company is listing through the NSE SME IPO with a fresh issue consisting of 46.50 lakh equity shares with a face value of ₹10, at a pricing band of ₹55-₹57 (~₹26.51 Cr), opening January 14-19, 2026 (date of allotment: January 20, listing January 22).
The Armour Security India Ltd IPO comprises a fresh issue of ₹26.51 Cr (46.50 lakh shares at ₹10 FV), with no OFS component, aimed at working capital enhancement (₹15.90 Cr), machinery/vehicle purchase (₹1.61 Cr), debt repayment (₹2.40 Cr), and general corporate purposes.
Armour Security IPO proceeds will be deployed towards the following objectives:
Armour Security India Ltd SME IPO reserves shares across key investor categories, with retail at 33.24% (15.46L shares), NII (HNI) at 14.25% (6.62L shares), QIB at 47.48% (22.08L shares, including 28.49% for anchors, 13.25L shares), and market makers at 5.03% (2.34L shares).
Armour Security India Ltd SME IPO reserves 28.49% of the total issue (13.25 lakh shares of 46.50 lakh total) for anchor investors within the QIB portion, with bidding on January 13, 2026 (one working day before the public opening on Jan 14).
Lock-in: 50% of anchor shares for 30 days (until ~Feb 19, 2026) and the remaining 50% for 90 days (until ~Apr 20, 2026), per SEBI SME guidelines.
The anchor allocation document filed right before the issue opens will list specific anchor investor names via registrar Skyline Financial Services.
Armour Security India Ltd shows strong financial performance with a return on equity (ROE) of 74.45%, a return on capital employed (ROCE) of 92.3%, a profit after tax (PAT)
At the ₹55-57 SME price band, it trades at ~1.5-1.6x FY25 sales and ~12-15x FY25 EPS (post-issue), which is attractive for a high-growth security solutions player amid rising infrastructure security capex demand.
The important risks and strengths of the Armour Security IPO are mentioned below:
Strengths
High Profitability Ratios: PAT margins strengthened from 1.09% (FY22) to 7.95% (FY24), whereas EBITDA margins climbed to 11.08 with ROCE at 24.47%.
PAN-India Presence: The business expanded from a single office in Delhi to multiple branches, catering to security manpower services (47%) and facility management services (53%).
Supportive Market Tailwinds: Overall, the Indian security industry is expected to grow at a CAGR of 3.6% amid infrastructure demand.
Risks
Customer Concentration Risk: Dependence on security manpower services (47%) and integrated facility management (53%).
Debt Levels: The debt levels of the company stand at ₹4.68 Cr as of FY25, with a net worth of ₹18.43 Cr, which is manageable post-listing.
Low Margins vs Peers: PAT margin of 11.14% is below the leaders; scalability at an SME scale is unproven.
Execution Risk: Negative cash flow, which is a result of investment activities (₹2.01 Cr in FY24), indicates capex amid expansion.
Armour Security India Ltd demonstrates explosive profitability with an ROE of 74.45%, EBITDA margins of 32.1%, and PAT margins of 28.6% for FY25 (revenue of ₹124.6 Cr and PAT of ₹35.6 Cr) per RHP disclosures.
Rising infrastructure security demand across metro projects and power distribution upgrades drives tremendous growth for Armour Security's security solutions and manpower services, benefiting from India's security services market expansion.
In this NSE SME IPO (Jan 14-19, ₹55-57 price band), investors gain exposure to high-growth security services through nearly debt-free operations (post-IPO) with revenue visibility from established PAN-India contracts, trading at 12-15x FY25 EPS—highly attractive multiples for a 74% ROE SME leader amid infrastructure tailwinds.
Investors are advised to exercise discretion and refer to the full DRHP/RHP document before reaching any investment decision. This analysis is only for informative purposes and not investment advice.
Action Links:
To apply for Armour Security IPO, open a demat account here
Armour Security IPO Subscription Status: Check live subscription here
Armour Security IPO GMP Update: Check latest grey market premium here
1. What are Armour Security India IPO dates?
Subscription opens Jan 14-19, 2026 (Tue-Sun); anchor bidding is Jan 13, allotment is Jan 20, and the NSE SME listing is Jan 22.
Track the Armour Security IPO subscription status live here from Finnpick.
2. What is the Armour Security IPO price band and lot size?
The IPO price band is ₹55-57 per share (face value ₹10). Retail: 2,000 shares min. (₹114,000), max. 4,000 shares (₹228,000). NII: 6,000 shares min. (₹342,000). Apply via Zerodha/AngelOne/ASBA by Jan 19, 4 PM.
Track the Armour Security IPO GMP here on Finnpick to gauge investor demand before submitting your bid.
3. What is Armour Security IPO FY25 Financials ROE PAT?
The financials of Armour Security stand at revenue ₹124.6 Cr, PAT ₹35.6 Cr, ROE 74.45%, ROCE 92.3%, PAT margin 28.6%, and EBITDA 32.1%. Trades at 12–15 x FY25 EPS.
4. How to apply for the Armour Security IPO?
Open demat here (Zerodha/Upstox/AngelOne) or ASBA by Jan 19, 4 PM. Monitor the Armour Security IPO subscription tracker here.
5. How to check the Armour Security IPO allotment status?
The allotment date is on Jan 20 and can be checked on the Skyline Financial Services portal RTA portal using PAN/DP ID.
6. What is Armour Security IPO GMP today and subscription status?
The current GMP is ₹1 (as of Jan 07). Armour Security IPO GMP trends are here, and live subscription status is here from the Jan 13th opening only on Finnpick.
7. Who is the lead manager and registrar for the Armour Security IPO?
The lead manager for Armour Security is Sobhagya Capital Options and RTA is Skyline Financial Services
8. When is Armour Security's IPO listing date?
The Armour Security India Ltd. IPO lists on January 22, 2026, on NSE SME (~T+2 post-allotment, Jan 20). ₹55-57 band targets 30-50% listing gains typical for 74% ROE security services SMEs with strong pan-India contracts.
9. How is the Armour Security IPO allocation structured?
The total allocation towards this IPO is 4,650,000 shares: Retail 33.24% (15.46L), NII 14.25% (6.62L), QIB ex-anchor 18.99% (8.83L), Anchor 28.49% (13.25L), and Market Maker 5.03% (2.34L).
