Armour Security Ipo
Armour Security IPO Review & Key Points
Review: Neutral
IPO Lead Managers aka Merchant Bankers
Corpwis Advisors Pvt.Ltd.
| Application | Lot Size | 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 |
| Investor Category | Share Offered | -% Shares |
| Anchor Investor | – Shares | -% |
| QIB (Ex. Anchor) | 46,000 Shares | 0.99% |
| NII Shares Offered | 21,90,000 Shares | 47.10% |
| Retail Shares Offered | 21,80,000 Shares | 46.88% |
| IPO Open Date: | January 14, 2026 |
| IPO Close Date: | January 19, 2026 |
| Basis of Allotment: | January 20, 2026 |
| Refunds: | January 21, 2026 |
| Credit to Demat Account: | January 21, 2026 |
| IPO Listing Date: | January 22, 2026 |
| IPO Bidding Cut-off Time: | January 19, 2026 – 5 PM |
| Particular | Shares | % Share |
| Promoter Holding Pre Issue | 1,22,20,000 | 96.80% |
| Promoter Holding Post Issue | 1,68,70,000 | -% |
| Purpose | Crores |
| 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 | ₹- |
| Period Ended | Revenue | Expense | PAT | Assets |
| 2023 | ₹28.97 | ₹25.96 | ₹2.26 | ₹15.51 |
| 2024 | ₹33.10 | ₹29.60 | ₹2.62 | ₹23.61 |
| 2025 | ₹36.56 | ₹31.25 | ₹3.97 | ₹27.37 |
| Sep 2025 | ₹19.69 | ₹15.81 | ₹2.90 | ₹32.10 |
| KPI | Values |
| ROE: | 21.56% |
| ROCE: | 24.47% |
| EBITDA Margin: | 13.94% |
| PAT Margin: | 11.14% |
| Debt to equity ratio: | 0.25 |
| Earning Per Share (EPS): | ₹3.25 (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 21.56% |
| Net Asset Value (NAV): | ₹15.08 |
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
| Kapston Services Limited | 8.79 | 34.12 | 20.07% | 43.81 | 688.70 Cr. |
| IPO Open Date | January 14, 2026 |
| IPO Close Date | January 19, 2026 |
| Face Value | ₹10 Per Equity Share |
| IPO Price Band | ₹55 to ₹57 Per Share |
| Issue Size | Approx ₹27 Crores |
| Fresh Issue | Approx ₹27 Crores |
| Issue Type | Book Build Issue |
| IPO Listing | NSE SME |
| DRHP Draft Prospectus | |
| RHP Draft Prospectus |