Armour Security IPO
Market Sentiment
IPO Details
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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% |
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 1.87x, retail at 2.58x, 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 a Strong Avoid — several indicators are flashing concern simultaneously. Past performance does not predict future returns — review the price chart and peer comparison below before trading.
Understanding Grey Market Premium (GMP)
The Grey Market Premium (GMP) is an unofficial indicator of how an IPO's shares are trading in the grey market before they are officially listed on a stock exchange. It reflects investor sentiment and demand for the IPO shares ahead of listing day.
How does it work? The grey market is an informal, over-the-counter market where investors buy and sell IPO shares before the official listing date. If an IPO has a positive GMP, it suggests that investors expect the stock to list above its issue price. A negative GMP indicates expectations of a listing below the issue price.
Example: If an IPO has an issue price of ₹100 and the GMP is ₹50, the expected listing price would be approximately ₹150 (issue price + GMP). This translates to an estimated listing gain of 50%.
Factors that influence GMP:
- Subscription levels — Higher subscription typically drives GMP up
- Market conditions — Bullish markets tend to boost GMP across all IPOs
- Company fundamentals — Strong financials and growth potential attract premium
- Industry sentiment — Positive outlook for the sector can increase demand
- IPO pricing — Reasonably priced IPOs relative to peers tend to command higher GMP
Disclaimer: GMP is an unofficial metric from the grey market and is not regulated by SEBI or any stock exchange. GMP values fluctuate frequently and should not be the sole basis for investment decisions. Always consider company fundamentals, financial health, and your own risk appetite before investing in any IPO.
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