Armour Security IPO

19 Jan 2026

JM Financial Services

The Armour Security IPO has attracted attention from investors looking to participate in India’s growing private security and manpower services sector. With increasing demand for security solutions across commercial, residential, industrial, and institutional spaces, companies like Armour Security are seeing steady business opportunities.

In this blog, we cover Armour Security IPO details, business overview, strengths, risks to help investors make an informed decision.

About Armour Security Limited

Armour Security Limited operates in the security services industry, offering solutions such as:

Manned guarding services
Facility and asset protection
Security personnel deployment
Surveillance and risk-mitigation support

The company caters to a diversified client base across commercial establishments, housing societies, industrial units, and institutions, making its revenue model relatively stable and recurring in nature.

Armour Security IPO Overview

IPO Details :-

IPO Date :- Jan 14^th to 19^th 2026
Listing Date :- Jan 22^nd 2026
Allotment Date :- Jan 20^th 2026
Credit of shares :- Jan 21^st 2026
Refund :- Jan 21^st 2026
Face Value :- Rs. 10 per share
Price Band :- Rs 55 to Rs. 57
Lot Size :- 2,000 shares
Market Cap :- Rs. 7,168.85 crore
Sale Type :- Fresh Capital
Total Issue Size :- Rs. 27 crore

IPO Subscription Status

The Armour Security IPO is subscribed 0.50 times on January 16, 2026 6:54:59 PM (Day 2). The public issue subscribed 0.39 times in the individual investors category, 1.00 times in the QIB category, and 0.60 times in the NII category.

Company Financials (Restated)

Period Ended	30 Sep 2025	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	32.10	27.37	23.61	15.51
Total Income	19.69	36.56	33.10	28.97
Profit After Tax	2.90	3.97	2.62	2.26
EBITDA	4.30	4.97	3.67	3.12
NET Worth	21.34	18.43	14.46	3.49
Reserves and Surplus	9.12	6.21	2.24	3.48
Total Borrowing	6.01	4.69	1.80	0.85
Amount in ₹ Crore

Objective of IPO:

Business expansion
Working capital requirements
Strengthening operational infrastructure
General corporate purposes

IPO Lot Size

Investors can bid for a minimum of 4,000 shares and in multiples of 2,000 shares thereof.

IPO Reservation

Armour Security IPO offers total 46,50,000 shares. Out of which 46,000 (0.99%) allocated to QIB, 21,90,000 (47.10%) allocated to NII 21,80,000 (46.88%) allocated to RII.

Why the Security Services Sector Matters

India’s security services market continues to grow due to:

Urbanisation and commercial expansion
Rising safety and compliance needs
Increased outsourcing of non-core services
Growing demand from real estate and infrastructure projects

This sector typically offers steady cash flows rather than cyclical revenue spikes.

Strengths of Armour Security IPO

Presence in a growing security services industry
Recurring revenue model through service contracts
Diversified client base
Rising demand for organised security services
Asset-light business model
Scope for geographical expansion

Risks of Armour Security IPO

Highly competitive security services market
Dependence on manpower availability
Wage inflation and compliance costs
Client concentration risk
Limited operating history compared to large players
SME IPO liquidity risk post listing

Who Should Consider Armour Security IPO?

Investors seeking exposure to service-based SMEs
Those comfortable with moderate risk and longer holding periods
Investors looking beyond listing gains and focusing on sector growth

How To Apply for the IPO ?

Login or Open demat account with JM Financial Services / JM PRO app: Open the JM PRO app or JM Financial Services website and log in with your credentials.
Locate the IPO Section: Navigate to the 'IPO' section on the platform.
Select IPO: Find and select the IPO from the list of open IPOs.
Enter the Lot Size: Specify the number of lots you want to bid for.
Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.

How To Check the Allotment Status of IPO?

Steps to check IPO allotment status on JM Pro app:

Log in to the JM Pro app.
Go to the IPO Section and then to IPO Orders.
Select the individual IPO that you had applied for and check the allotment status.

JM Financial Services will notify you of your IPO allotment status via push notification and email

Frequently Asked Questions (FAQs)

1. What does Armour Security Limited do?

Armour Security provides manned security and protection services to commercial, residential, and institutional clients.

2. Is Armour Security IPO an SME IPO?

Yes, it is expected to be listed under the SME segment, subject to final disclosures.

3. Is Armour Security IPO suitable for long-term investors?

It may suit investors who believe in the long-term growth of the organised security services sector.

4. What are the key risks of Armour Security IPO?

Manpower dependency, competition, and SME liquidity risks are key concerns.

5. Where can I apply for Armour Security IPO?

You can apply through your demat account using ASBA via banks or brokers.