Armour Security India
IPOIssue Details
Issue Size
– Cr
Fresh Issue
– Cr
OFS
– Cr
Price Band
₹55 – ₹57
Lot Size
2000
₹1,14,000
Face Value
₹10
Important Dates
Open Date
14 Jan 2026
Close Date
19 Jan 2026
Allotment
20 Jan 2026
Refund
21 Jan 2026
Listing
22 Jan 2026
About Company
Incorporated in August 1999, Armour Security India Ltd specializes in providing a range of security services including armed guarding, manpower services, and consultancy.
The company focuses on commercial and residential security needs across various sectors in India.
Armour Security operates PAN India with branches in multiple states, enabling it to navigate the dynamics of the security market.
It offers comprehensive private security solutions including security planning and management services.
The company provides individual security personnel and full teams tailored to sectors such as corporate, industrial, banking, healthcare, government, education, and universities.
Armour Security also offers integrated facility management, housekeeping, and manpower services comprising skilled, semi-skilled, and unskilled personnel.
As of February 28, 2025, the company had 37 permanent employees and 1,269 contractual employees.
Objects of the Issue
| # | Description | Amount (₹ Cr) |
|---|---|---|
| 1 | Funding of working capital requirement. | ₹15.9 |
| 2 | Funding capital expenditure requirements for purchasing machinery, equipment and vehicles. | ₹1.61 |
| 3 | Pre-payment or repayment, in part or full, of certain outstanding borrowings of the company. | ₹2.4 |
| 4 | General corporate purposes. | – |
Financial Performance
Share Reservations
QIB
46,000
Anchor
0
NII
21,90,000
Retail
21,80,000
Employee
0
Total
46,50,000
RHP Insights
AI-powered analysis from Red Herring Prospectus
Significant Profit After Tax (PAT) Growth
The company has demonstrated explosive growth in profitability, with its PAT surging from ₹29.13 lakhs in FY 2022 to ₹261.76 lakhs in FY 2024, representing an increase of over 670% in just two fiscal years.
Impact: HighEstablishment of Integrated Facility Management
The company successfully diversified into Integrated Facility Management services starting April 1, 2022, providing a broader service portfolio beyond traditional manpower services to capture more market share.
Impact: HighStrong EBITDA Margin Expansion
Operational efficiency has improved dramatically, with EBITDA margins climbing from a low of 1.96% in FY 2022 to 19.93% for the period ended September 30, 2024.
Impact: HighRisks Related to Armed Guard Services
The company does not own firearms directly but recruits guards with personal licenses; any misuse of weapons by personnel or changes in firearm laws poses a significant reputational and legal liability risk.
Impact: LowHistorical Regulatory Non-Compliance
The company commenced Integrated Facility Management services before it was officially included in its Memorandum of Association (MoA), requiring a retrospective amendment in January 2025 to regularize the activity.
Impact: LowSWOT Analysis
AI-generated strategic view
Strengths
- •Diversified services portfolio across security, facility management, and manpower solutions.
- •Expertise and experience in the Indian security services industry.
- •Focus on compliance and certifications for service delivery.
- •Strong customer retention across multiple sectors.
- •Technology integration in operations and supervision.
Weaknesses
- •Operates in a highly competitive and fragmented security services market.
- •Business dependent on manpower-intensive operations, leading to higher operating costs.
- •Exposed to client concentration risk in certain geographies and segments.
Opportunities
- •Growing demand for organized security and facility management services in India.
- •Rising compliance and regulatory requirements for security across industries.
- •Scope to expand into new states and sectors with integrated solutions.
- •Opportunity to leverage technology for efficiency and monitoring.
Threats
- •Intense competition from regional and national security service providers.
- •Regulatory changes impacting private security and labor laws.
- •Rising wage and compliance costs for manpower-based businesses.
- •Client pricing pressure affecting margins in large contracts.
Armour Security India IPO Peer Comparison
The table below shows peer comparison from DRHP/RHP.
| Company | EPS Basic | EPS Diluted | NAV | P/E(x) | RoNW | Financial statements |
|---|---|---|---|---|---|---|
| Armour Security India Limited | 3.25 | 3.25 | 15.08 | 21.56 | 21.56 | Consolidated |
| Rithwik Facility Management Services Ltd | 8.79 | 8.79 | 43.81 | 34.12 | 20.07 | Consolidated |
Armour Security India - Documents & Links
Registrar
Company contact
Armour Security India Ltd
Address: B-87, Second Floor, Defence Colony, New Delhi, Delhi, 110024
cs@armoursecurities.comhttps://www.armoursecurities.com/Lead managers
Frequently Asked Questions
Common questions about Armour Security India IPO.