Armour Security India Ltd IPO: The Indian SME market is buzzing with the arrival of Armour Security India Ltd, a veteran in the security and facility management space. With over two decades of operational history, the company is hitting the NSE SME platform to fuel its next phase of growth.
If you are considering investing in this IPO, here is a comprehensive breakdown of the dates, financials, grey market premium (GMP), and expert analysis.
Armour Security India IPO: Key Highlights
| Feature | Details |
| IPO Open Date | Wednesday, January 14, 2026 |
| IPO Close Date | Monday, January 19, 2026 |
| Price Band | ₹55 to ₹57 per equity share |
| Lot Size | 2,000 Shares |
| Total Issue Size | ₹26.51 Crores (Fresh Issue) |
| Listing At | NSE SME |
| Registrar | Skyline Financial Services Pvt Ltd |
IPO Timeline & Allotment Schedule
Staying updated with the timeline is crucial for ensuring your funds are ready and checking your allotment status on time.
- IPO Opening Date: Jan 14, 2026
- IPO Closing Date: Jan 19, 2026
- Basis of Allotment: Jan 20, 2026
- Initiation of Refunds: Jan 21, 2026
- Credit of Shares to Demat: Jan 21, 2026
- Listing Date (Tentative): Jan 22, 2026
Financial Performance & Key Metrics
The company has shown steady growth in its revenue and profitability over the last three fiscal years.
| Financial Year | Revenue (₹ Cr) | PAT (₹ Cr) | Net Worth (₹ Cr) |
| FY23 | 28.97 | 2.26 | 3.49 |
| FY24 | 33.10 | 2.62 | 14.46 |
| FY25 (Estimated) | 36.56 | 3.97 | 18.43 |
Key Takeaway: The company’s PAT Margin has improved significantly from 1.09% in FY22 to nearly 11% in 2025, showing better operational efficiency.
Armour Security IPO Review: Should You Apply?
✅ Strengths:
- Experience: Over 25 years in the security industry.
- Diverse Portfolio: Services include armed guarding, housekeeping, and facility management across various sectors like Banking, Healthcare, and Government.
- PAN-India Presence: Operational branches in multiple states provide a scalable model.
⚠️ Risks:
- Customer Concentration: A significant portion of revenue comes from the top 10 clients.
- High Competition: The security segment is highly fragmented with many unorganized players.
- Labor Intensive: Being a manpower-heavy business, it is susceptible to changes in minimum wage laws and labor disputes.
Grey Market Premium (GMP) Today
As of January 15, 2026, the Armour Security India IPO GMP is hovering around ₹2 to ₹4. This suggests a modest listing gain of approximately 3% to 7% over the upper price band of ₹57. Note that GMP is unofficial and can change rapidly based on subscription demand.
How to Check Allotment Status
Once the allotment is finalized on January 20, 2026, you can check your status using your PAN number on the registrar’s website:
- Visit Skyline Financial Services Pvt Ltd
- Select “Armour Security India Ltd” from the dropdown.
- Enter your PAN Card Number or Application Number.
- Click “Submit” to see if shares were credited to your Demat.
Final Verdict
The Armour Security India Ltd IPO is priced at a P/E of approximately 17.53x, which appears competitive compared to peers like Kapston Services. While it isn’t a “multibagger” candidate based on current GMP, it offers a stable entry point for long-term investors interested in the service sector.
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