Armour Security India IPO Details 2026: Dates, Price Band, Lot Size & Financials
16 January 2026 ·
A Complete Guide to Armour Security India IPO: Business Overview, Financials, and Investment Perspective
Introduction to Armour Security India IPO
The Armour Security India IPO is an upcoming NSE SME IPO that offers investors exposure to India’s growing private security and facility management services sector. With increasing urbanisation, infrastructure growth, and heightened focus on safety and compliance, organised security service providers are seeing steady demand across residential, commercial, industrial, and institutional segments.
Armour Security India Limited, incorporated in 1999, has built a diversified service portfolio covering security guarding, facility management, housekeeping, event security, and manpower services. The IPO aims to strengthen the company’s capital base and support future growth initiatives.
Armour Security India IPO Key Highlights
| Parameter | Details |
|---|---|
| IPO Type | Book Building IPO |
| Listing Exchange | NSE SME |
| Issue Size | ₹26.51 Crore |
| Fresh Issue | 46,50,000 Shares |
| Price Band | ₹55 – ₹57 per share |
| Face Value | ₹10 per share |
| Lot Size | 2,000 Shares |
Armour Security India IPO Important Dates
| Event | Date |
|---|---|
| IPO Opening Date | 14 January 2026 |
| IPO Closing Date | 19 January 2026 |
| Allotment Finalisation | 20 January 2026 |
| Refund Initiation | 21 January 2026 |
| Credit of Shares | 21 January 2026 |
| Listing Date | 22 January 2026 |
Armour Security India IPO Lot Size Details
| Investor Category | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Minimum) | 2 | 4,000 | 2,28,000 |
| Retail (Maximum) | 2 | 4,000 | 2,28,000 |
| S-HNI (Minimum) | 3 | 6,000 | 3,42,000 |
| S-HNI (Maximum) | 8 | 16,000 | 9,12,000 |
| B-HNI (Minimum) | 9 | 18,000 | 10,26,000 |
Armour Security India IPO Reservation Breakup
| Category | Shares Offered | Percentage |
|---|---|---|
| Market Maker | 2,34,000 | 5.03% |
| QIB | 46,000 | 0.99% |
| NII (HNI) | 21,90,000 | 47.10% |
| Retail (RII) | 21,80,000 | 46.88% |
| Total | 46,50,000 | 100% |
About Armour Security India Limited
Armour Security India Limited was incorporated in August 1999 and specialises in providing private security, facility management, and manpower services across India. The company operates on a PAN-India basis, catering to a wide range of sectors including corporate offices, industrial units, banks, hospitals, government institutions, educational institutions, and residential complexes.
Over the years, Armour Security has positioned itself as a reliable service provider, focusing on compliance, training, and customer retention.
Armour Security India Service Portfolio
| Service Category | Description |
|---|---|
| Private Security Services | Trained armed and unarmed security guards based on client needs |
| Integrated Facility Management | Cleaning, waste management, maintenance, and security solutions |
| Housekeeping Services | Office and commercial cleaning, sanitation, and upkeep services |
| Event Management Services | Security and manpower for events, conferences, and functions |
| Firefighting Services | Fire safety training, drills, and equipment handling |
| Security Training | Training programs for security officers and supervisors |
| Manpower Services | Skilled, semi-skilled, and unskilled workforce deployment |
Operational Scale & Workforce
As of 28 February 2025, Armour Security India had:
37 permanent employees
1,269 contractual employees
This large contractual workforce enables flexibility in operations while meeting sector-specific client requirements.
Competitive Strengths
Diversified service offerings across multiple sectors
Over two decades of operational experience
Strong compliance and certification framework
High customer retention and repeat contracts
Use of technology for monitoring and reporting
These strengths help Armour Security remain competitive in a fragmented security services market.
Armour Security India Financial Performance
| Metric | FY2023 | FY2024 | FY2025 | Sep 2025 |
|---|---|---|---|---|
| Total Assets | 15.51 | 23.61 | 27.37 | 32.10 |
| Total Income | 28.97 | 33.10 | 36.56 | 19.69 |
| Profit After Tax | 2.26 | 2.62 | 3.97 | 2.90 |
| EBITDA | 3.12 | 3.67 | 4.97 | 4.30 |
| Net Worth | 3.49 | 14.46 | 18.43 | 21.34 |
Utilisation of IPO Proceeds
The proceeds from the Armour Security India IPO are expected to be used for:
Working capital requirements
Strengthening operational infrastructure
General corporate purposes
These uses align with the company’s growth-focused strategy.
Armour Security India IPO GMP Outlook
The Armour Security India IPO GMP may fluctuate closer to the listing date. Investors should note that GMP is an unofficial indicator and can change rapidly based on market sentiment, liquidity, and subscription trends.
Key Risks to Consider
High dependence on contractual workforce
Margin pressure due to rising wage costs
SME listing may result in lower post-listing liquidity
Client concentration risk in certain sectors
Understanding these risks is essential before investing.
Who Should Consider Armour Security India IPO?
This IPO may be suitable for investors who:
Have experience with SME IPOs
Are comfortable with higher minimum investment sizes
Seek exposure to service-based businesses
Have a medium-to-long-term investment horizon
Final Thoughts
The Armour Security India IPO offers exposure to a growing, compliance-driven security services industry. While SME IPOs carry higher risk, Armour Security’s diversified services, improving financials, and long operating history provide a foundation for sustainable growth.
Investors should align participation with their risk appetite and investment goals.