Armour Security IPO
Market Sentiment
IPO Details
IPO Reservation
Financial Analysis
| Metric | 2023 | 2024 | 2025 | Sep 2025 |
|---|---|---|---|---|
| Revenue | 28.97 | 33.10 | 36.56 | 19.69 |
| Expense | 25.96 | 29.60 | 31.25 | 15.81 |
| Profit (PAT) | 2.26 | 2.62 | 3.97 | 2.90 |
| Total Assets | 15.51 | 23.61 | 27.37 | 32.10 |
Promoters: Mr. Vinod Gupta and Mrs. Arnima Gupta
| Shareholding | No. of Shares | Holding % |
|---|---|---|
| Promoter Holding Pre Issue | 1,22,20,000 | 96.80% |
Strengths & Risks
- Strongly subscribed — 3.4x overall (final).
- Solid profit margin — 10.9%.
- Strong return on equity — 22%.
- Low leverage — debt/equity of 0.25.
Our metrics didn't flag a major concern for Armour Security from the disclosed data — but this isn't a clean bill of health. Read the risk-factors section of the RHP, which lists company-specific risks our data can't capture.
Compiled from this issue's live GMP, subscription, valuation and financial data, and updated as those figures change. Informational only — not investment advice. Always read the RHP before applying.
Company Information
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.
| Purpose | Amount (Cr) |
|---|---|
| Funding of Working Capital requirement | 15.90 |
| Funding Capital expenditure requirements for purchasing of machinery, equipment and vehicles | 1.61 |
| Pre-payment/re-payment of, in part or full, certain outstanding borrowings of the Company | 2.40 |
| General Corporate Purpose | - |
Resources & Documents
Armour Security India Ltd, B-87,, Second Floor Defence Colony, New Delhi, New Delhi, 110024
Armour Security has set a price band of Rs 54–Rs 57 per share in the security services sector. The stock listed with a 23.95% discount versus its issue price on January 22, 2026.
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 operates in the security services space.
The issue is promoted by Mr. Vinod Gupta and Mrs. Arnima Gupta with Corpwis Advisors Pvt.Ltd. acting as lead manager. Net proceeds will primarily be used towards Funding of Working Capital requirement (Rs 16 crore) and Funding Capital expenditure requirements for purchasing of machinery, equipment and vehicles (Rs 2 crore).
Grey market is quoting a discount of Rs -14 (-24.6% over issue price), down Rs 4 from the previous session. Final subscription data records overall subscription at 3.37x, retail at 25.80x, QIB at 1.00x, NII at 1.19x.
On fundamentals, the company is posting revenue growth of 10.5%, a profit margin of 10.9%, return on equity of 21.6% in its most recent reported period. Listed peers in this segment include Kapston Services Limited (P/E 34.12x, market cap Rs 20 crore) — useful reference points when evaluating the issue's pricing relative to where the broader sector is trading.
Our data-driven engine currently flags this issue as an Avoid view — key indicators are weak enough that the risk-reward looks unfavourable for now. Past performance does not predict future returns — review the price chart and peer comparison below before trading.
Armour Security IPO GMP — What It Means
The latest grey market premium for Armour Security IPO is ₹-14 (-24.6%). GMP is an unofficial, dealer-quoted figure that hints at expected listing-day demand — it is not a guaranteed listing price. For Armour Security it should be read alongside the subscription numbers and the company's fundamentals, since grey-market premiums can swing sharply during the bidding window.
See the full Armour Security GMP history and trend, or learn how grey market premium works and how reliable it is.
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