Armour Security India IPO 2026: GMP, Review & Details

Armour Security India Limited is set to enter the public markets with its Initial Public Offering (IPO) opening for subscription from 14 January 2026 to 19 January 2026. The IPO has generated notable interest among retail and SME investors due to the company’s consistent financial growth, improving profitability, and presence in India’s expanding private security and facility management sector.

The IPO is a bookbuilding issue worth ₹26.51 crore, consisting entirely of a fresh issue of 0.47 crore shares. The shares are proposed to be listed on the NSE SME platform, with a tentative listing date of 22 January 2026.

This article provides a comprehensive and investor-friendly overview of the Armour Security India IPO, covering issue details, GMP trends, financial performance, valuation metrics, business model, risks, and whether investors should consider applying.

Armour Security India IPO: Key Highlights

• IPO Open Date: 14 January 2026

• IPO Close Date: 19 January 2026

• IPO Allotment Date: 20 January 2026

• Refund Initiation: 21 January 2026

• Listing Date (Tentative): 22 January 2026

• Issue Size: ₹26.51 crore

• Issue Type: Bookbuilding IPO

• Face Value: ₹10 per share

• Price Band: ₹55 to ₹57 per share

• Lot Size: 2,000 shares

• Minimum Investment: ₹1,14,000 (1 lot at upper band)

• Listing Platform: NSE SME

IPO Structure & Issue Details

The Armour Security India IPO is an entirely fresh issue, meaning:

• No existing shareholders are selling shares

• All proceeds will go directly to the company

• Funds will be used to support growth and strengthen operations

Share Allocation Structure

The high allocation to retail and HNI investors makes this IPO particularly attractive for individual participants in the SME segment.

Armour Security India IPO GMP (Grey Market Premium)

The Grey Market Premium (GMP) reflects unofficial trading sentiment before listing.

Latest GMP Trend

As of 14 January 2026, the GMP stands at ₹2 per share, indicating a mild but positive listing outlook.

⚠️ Note: GMP is unofficial and highly speculative. It can change rapidly based on market sentiment.

Armour Security India IPO: Financial Performance

A strong understanding of financials is critical before investing in any IPO.

Revenue & Profit Growth

• Revenue (FY24 → FY25):
  ₹33.10 crore → ₹36.56 crore (+10.45% YoY)

• PAT (FY24 → FY25):
  ₹2.62 crore → ₹3.97 crore (+51.52% YoY)

This sharp rise in PAT highlights margin improvement and operational efficiency, a positive sign for investors.

Detailed Financial Snapshot

The company shows consistent growth in assets, net worth, and profitability, though borrowings have increased to support expansion.

Valuation & Technical Metrics

The valuation appears reasonable compared to SME peers, especially given the company’s earnings growth trajectory.

About Armour Security India Limited

Founded in August 1999, Armour Security India Limited is a pan-India private security and facility management services provider.

Core Services Include:

• Armed and unarmed guarding

• Corporate & industrial security

• Banking & financial institution security

• Government & PSU contracts

• Healthcare, education & campus security

• Integrated facility management

• Housekeeping & workforce solutions

The company operates through multiple branches across India, offering tailored manpower solutions across skilled, semi-skilled, and unskilled categories.

Industry Outlook: Private Security & Facility Management

India’s private security industry is supported by:

• Rapid urbanization

• Growth in commercial real estate

• Rising demand for organized security services

• Increased outsourcing by corporates and institutions

This provides a structural growth tailwind for companies like Armour Security India.

Objectives of the IPO

The company plans to utilize IPO proceeds for:

1. Working capital requirements

2. Purchase of vehicles, machinery, and equipment

3. Repayment or prepayment of borrowings

4. General corporate purposes

These objectives indicate a growth-focused yet balance-sheet-conscious approach.

Promoter & Shareholding

• Pre-Issue Promoter Holding: 96.80%

• Post-Issue Holding: To be diluted post allotment

Promoters include Ashish Kankaria, Shruti A. Kankaria, along with institutional shareholders.

High promoter holding reflects strong skin in the game, which is generally viewed positively.

Pros & Cons of Armour Security India IPO

✅ Pros

• Diversified service portfolio

• Strong customer retention

• Consistent revenue and PAT growth

• High EBITDA margins for the sector

⚠️ Cons

• SME platform liquidity risk

• High minimum investment amount

• Revenue concentration in manpower-intensive contracts

• Grey market premium indicates limited listing pop

Should You Invest in Armour Security India IPO?

Suitable for:

• Investors comfortable with SME IPO risks

• Medium- to long-term investors

• Those seeking exposure to services-led businesses

Not ideal for:

• Short-term listing gain seekers expecting high premiums

• Conservative investors avoiding SME volatility

Overall, Armour Security India IPO appears to be a fundamentally stable SME issue with moderate listing potential and long-term growth visibility, provided investors understand the risks involved.

How to Apply for Armour Security India IPO

1. Review IPO details, GMP, and financials

2. Apply via your broker or trading app under IPO section

3. Select bid price and quantity (minimum 1 lot = 2,000 shares)

4. Approve the UPI mandate

5. Await allotment status on 20 January 2026

How to Check IPO Allotment Status

Via NSE:

• Visit NSE website

• Go to IPO allotment section

• Select Armour Security India IPO

• Enter PAN or application number

Via Registrar:

Skyline Financial Services

• Visit registrar website

• Enter required details to check allotment

Final Verdict

The Armour Security India IPO offers investors an opportunity to participate in a growing private security and facility management company with improving profitability and a stable business model. While listing gains may be modest based on current GMP, the fundamental growth story and reasonable valuation make it a potential candidate for long-term SME-focused portfolios.

As always, investors should align the investment with their risk appetite, time horizon, and diversification strategy.

Disclaimer

Investments in securities markets are subject to market risks. This article is for informational purposes only and does not constitute investment advice. Please consult your financial advisor before investing.

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