Twinkle Papers Ltd. IPO

Twinkle Papers

• Twinkle Papers is coming out with an initial public offering (IPO) of 39,88,000 shares in a price band of Rs 64-69 per equity share.
• The issue will open on June 29, 2026 and will close on July 1, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 6.40 times of its face value on the lower side and 6.90 times on the higher side.
• Book running lead manager to the issue is Novus Capital Advisors.
• Compliance officer for the issue is Twinkle Narula. 

Profile of the company 

Twinkle Papers is manufacturer of Corrugated Boxes and polymer-based molded packaging products. The company is located in Malerkotla (30 kms from Ludhiana) on Malerkotla Ludhiana Highway. The company manufactures a wide range of packaging and material handling products, including Corrugated Boxes; Plastic Pallets; Crates; HDPE Cans, Poly Jars, Jerry Cans, and Drums; Polythene Sheets and Poly Bags; and Plastic Chairs.

The company’s plastic products are made using advanced technologies like blow molding, injection molding, and rotational molding. These are mainly used in industries such as food, dairy, construction chemicals, pharmaceuticals, textiles, and more. The company sells all its products under the brand name ‘Twinkle’, catering to a diverse range of industries. Its inhouse R&D team works closely with clients to design custom polymer solutions that address their specific packaging challenges. Its manufacturing facilities also complies with ISO 9000: 2015 systems.

Proceed is being used for: 

• Meeting capital expenditure for expansion at the existing manufacturing facility by Purchase of new machinery
• Repayment of portion of loans availed by the company
• Meeting the Working Capital requirements of the company
• Meeting the General Corporate Purposes

Industry overview

Packaging has emerged as the fifth largest sector of the Indian economy, playing a pivotal role in driving industrial growth, innovation, and value creation across FMCG, agriculture, and food processing. Growing at a rapid 22 to 25% annually, the sector is supported by advances in technology, logistics, and rising consumer demand. India has a strong base with over 22,000 packaging units, of which 85% are SMEs, and a robust paper manufacturing ecosystem of more than 850 mills, with 526 operational, producing nearly 25 million tonnes annually. Installed capacity in paper and paperboard stands at about 5 million tonnes, with utilisation levels above 95%, reflecting both scale and efficiency. The government’s liberalised policies, including 100% FDI through the automatic route, continue to attract overseas investors. Between April 2000 and March 2025, the Paper and Pulp (including paper) sector received cumulative FDI inflows worth Rs 10,159.90 crore ($ 1.74 billion). 

The Indian plastic industry is one of the leading sectors in the country’s economy. The history of the plastic industry in India dates to 1957 with the production of polystyrene. Since then, the industry has made substantial progress and has grown rapidly. The industry is present across the country and has more than 2,500 exporters. It employs more than 4 million people in the country and constitutes 30,000 processing units; among these, 85-90% belong to small and medium enterprises. India manufactures various products such as plastics and linoleum, houseware products, cordage, fishnets, floor coverings, medical items, packaging items, plastic films, pipes, raw materials, etc. The country majorly exports plastic raw materials, films, sheets, woven sacks, fabrics, and tarpaulin. The Government of India intends to take the plastic industry from a current level of Rs 3,00,000 crore ($37.8 billion) of economic activity to Rs 10,00,000 crore ($126 billion) in four-five years.

Pros and strengths 

Differentiated product portfolio: The company makes corrugated boxes & plastic packaging products of different sizes catering for various industries. It makes customised corrugated boxes of different sizes based on the customer preferences. The company also manufactures pallets, crates, drums, cans, jerry cans etc. of various sizes and colours on the basis of order received.

Customer base in diverse industries: The company provides packaging solutions to various industries such as textile sector, paper mills, food and beverage industry, healthcare, chemical/paint, power and battery manufactures, telecom industry etc. This also ensures that the downfall of any one industry does not affect the company to a large extent. 

Non-Perishable Raw Material: The raw material i.e. the plastic granules used for manufacturing of plastic packaging product are non-perishable in nature. The scrap leftover after manufacturing of finished product can be recycled and reused after grinding it back into granules. This ensures almost no wastage of raw material.

Risks and concerns

Substantial revenue dependence on selected customers: The company derives a significant part of its revenue from selected customers. Revenue from its top 10 customers contributed around 81.06%, 70.38%, 57.48% and 66.48% of its total revenue for the period ended on December 31, 2025 and for the Fiscal Years ended on March 31, 2025, 2024 and 2023, respectively. The loss of one or more of these significant or key customers or a reduction in the amount of business it obtains from them could have an adverse effect on its business, results of operations, financial condition and cash flows. It doesn’t have any binding agreement with its customers, resulting in its inability in to retain its customers. 

Dependent on few suppliers: The company is dependent on few suppliers for purchase. For the financial year ended March 31, 2025, March 31, 2024 and March 31, 2023 its top ten suppliers accounted for around 89.88%, 96.49% and 87.06% of its total purchases. The company cannot assure that it will be able to get the same quantum and quality of supplies from its major suppliers or any supplies at all, and the loss of supplies from one or more of them may adversely affect its purchases and ultimately its revenue and results of operations.

Substantial portion of revenues come from manufacturing of plastic packaging products: The revenue from the sale of molded industrial packaging products for the period ended December 31, 2025 and for the Financial Years 2025, 2024, 2023, contributed Rs 5471.20 lakh, Rs 6917.37 lakh, Rs 4,434.99 lakh and Rs 4,040.48 lakh respectively, representing 75.92%, 84.72%, 76.60% and 74.21% respectively of the company’s revenues from operations. As part of its business strategy, it continues to focus to strengthen its position in the plastic packaging industry. Its business, growth prospects and financial performance largely depend on its ability to obtain new customers and retain existing clients for the sale of its molded industrial packaging products. There can be no assurance that it will be able to procure new customers or retain its existing customers successfully. In the event it is unable to acquire new customers or retain its existing customers owing to change in demand, its business and financial condition will be materially and adversely affected. 

Outlook 

Twinkle Papers is one of India's leading manufacturers of industrial packaging and material handling solutions. With advanced manufacturing facilities near Ludhiana, Punjab, it produces a wide range of HDPE drums, jerry cans, plastic pallets, crates, and customised packaging products that meet domestic and international standards. Its products are engineered for strength, safety, durability, and efficient transportation across industries including chemicals, pharmaceuticals, food processing, agriculture, lubricants, and logistics. On the concern side, major proportion of the company’s revenue from operations derives from the state of Punjab, any adverse changes in the conditions affecting these regions can adversely affect its business, financial condition and results of operations. Besides, its manufacturing premises and office have significant electricity requirements and any interruption in power supply may disrupt its operations.

The company is coming out with a maiden IPO of 39,88,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 64-69 per equity share. The aggregate size of the offer is around Rs 25.52 crore to Rs 27.52 crore based on lower and upper price band respectively. On performance front, net revenue from operations for the financial year 2024-25 stood at Rs 8164.66 lakh, whereas for the financial year 2023-24, it stood at Rs 5,789.43 lakh representing an increase of 41.03%. The restated profit after tax for the financial year 2024-25 stood at Rs 346.79 lakh, whereas for the financial year 2023-24, it stood at Rs 159.50 lakh which is equivalent to 4.13% and 2.27% of the total income incurred in the respective financial years.

Meanwhile, to keep up with changing market needs and stay ahead of the competition, the company is working on creating new and smarter packaging solutions. After successfully launching pallets and roto pallets, it now plans to diversify into the automobile sector by manufacturing automobile parts. For this purpose, the company intends to procure specialized machinery tailored for auto component production. Its R&D team is actively involved in research and development and applies for government tenders on a frequent basis. This consistent effort has helped it win key contracts. 

Swastika Infra

• Swastika Infra is coming out with a 100% book building; initial public offering (IPO) of 90,92,857 shares of face value Rs 10 each in a price band Rs 175-185 per equity share.
• Not more than 50% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 15% of the issue will be available for the non-institutional bidders and the remaining 35% for the retail investors.
• The issue will open for subscription on September 23, 2026 and will close on September 25, 2026.
• The shares will be listed on both BSE and NSE.
• The face value of the share is Rs 10 and is priced 17.50 times of its face value on the lower side and 18.50 on the higher side.
• Book running lead managers to the issue are Srujan Alpha Capital Advisors and PhillipCapital (India).
• Compliance officer for the issue is Shipra Gandhi.

Profile of the company

Swastika Infra is an engineering, procurement and construction company, specializing in execution of power T&D infrastructure projects (EPC Power Projects). The company’s scope of services in EPC Power Projects covers a comprehensive range of activities, ensuring execution from procurement to commissioning. It provides complete solutions on a turnkey basis, including the supply, erection, installation, testing, and commissioning of power infrastructure. 

The company’s scope of work extends to (i) underground cabling work, where it handles the laying, installation, and commissioning of high-voltage/low-voltage power cables to enhance efficiency and reduce power losses; (ii) construction of substations (Gas Insulated Substations /Air Insulated Substations/Grid Sub Station), ensuring seamless power distribution through installation of power transformers, circuit breakers, ring main unit, and other essential components; (iii) undertaking rural and urban electrification projects, which involves working towards expanding electricity access in underserved regions by implementing distribution networks, service connections, and feeder lines in compliance with government electrification schemes; (iv) installation of street lighting systems to enhance urban and rural infrastructure; and (v) Renewable energy works.

As of July 31, 2026, the company has a proven track record of 15 years in executing EPC Power Projects, covering a total of 18,579.47 kilometers (KM) of distribution lines. The company’s portfolio includes thirty-six (36) successfully completed power distribution infrastructure projects across six (6) Indian states, with a total contract value of Rs 76,467 lakh. Its order book, as on July 31, 2026, comprises of eighteen (18) ongoing EPC Power Projects across six (6) Indian states, with an aggregate order value of Rs 2,03,665 lakh. This includes an order book worth Rs 91,655 lakh, representing anticipated revenues from the balance portion of existing ongoing contracts (signed agreements where all preconditions, including letters of intent/allotment issued by the client, have been met). The company’s order book-to-revenue from operations ratio stood at 1.41 times as of Fiscal 2026, 1.92 times for Fiscal 2025 and 2.08 times for Fiscal 2024.

Proceed is being used for: 

• Funding incremental working capital requirements of the company
• General corporate purposes

Industry overview

India’s power EPC (Engineering, Procurement, and Construction) market is characterized by rapid growth due to increasing energy demand, government-led initiatives, and private sector participation. However, the market is also highly competitive and capital-intensive, presenting significant barriers for new entrants. These entry barriers stem from high investment requirements, operational complexities, regulatory challenges, and the dominance of well-established players. The Indian power EPC market offers immense growth potential, but the barriers to entry are formidable. From high capital requirements and regulatory complexities to intense competition and technical challenges, new entrants must navigate a complex landscape to establish themselves. Success in this market requires robust financial backing, technological innovation, strategic partnerships, and a deep understanding of regulatory frameworks. By leveraging niche opportunities, adopting advanced technologies, and building strong client relationships, new players can position themselves for long-term success in this dynamic and competitive market.

The power EPC market in India has witnessed significant growth in recent years, and one of the key driving forces behind this growth is the rising electricity demand and electricity generation. Several factors, including economic growth, urbanization, industrialization, and government policies, influence India's rising electricity demand and generation. According to the Ministry of Finance, India is on track to become the third-largest economy with a GDP of $5 trillion by 2028. India’s growing economy requires an increased power supply to support expanding and setting up new industries, businesses, manufacturing hubs, and services.

In India, increasing population growth, which aligns with higher disposable incomes, has led to greater electricity consumption in city households. Rapid urbanization is also increasing the demand for electricity in residential and commercial areas. Expanding infrastructure, such as housing, transportation, and communication networks, requires substantial power demand. These all contribute to one of the prime factors driving the power EPC market in India: the rising power demand and electricity generation. This surge in electricity demand has created a compelling market for distribution grids, which play a pivotal role in facilitating the safe and efficient transmission of electrical energy from power plants to end-users.

Pros and strengths 

Established EPC execution capability: With fifteen years in the Power EPC sector, the company has developed expertise in power distribution project management and execution, ensuring timely completion while maintaining quality standards. Presently, it is focused on EPC Power Projects and has successfully completed 36 projects and as of July 31, 2026 it was executing 18 projects. Its track record in the power distribution sector has allowed it to secure necessary pre-qualifications for undertaking large EPC power projects. As of July 31, 2026, it has laid 18,579.47 KM of distribution lines.

Growing order book and execution scale: In the EPC industry, the Order Book serves as a key measure of business sustainability, representing the contract value of unexecuted portions of awarded projects. It provides visibility into future revenue streams, operational commitments, and resource planning, enabling it to manage cash flows efficiently and optimize execution strategies. Its growing Order Book is a reflection of its ability to secure contracts, maintain financial stability, and expand its market presence. Since 2012, it has systematically expanded its execution capabilities, allowing it to take on projects of increasing scale and complexity. Its first project, awarded by the RIICO, was for conversion of overhead lines to underground cable line system at Rajasthan, India, with a contract value of Rs 60.00 lakh. Over the years, it has enhanced its technical expertise, operational efficiency, and financial strength, enabling it to bid for and execute larger projects across multiple states.

Asset-light business model: The company operates under an asset-light model, allowing it to execute an increasing number of projects while maintaining a relatively low investment in fixed assets. Instead of owning heavy machinery and equipment, it leases project specific assets from third-party lessors across multiple states. This approach optimizes costs, enhances logistical efficiency, and reduces fixed expenses, ensuring lean operations and improved financial flexibility.

Strong promoter experience and leadership: The company’s business is driven by the leadership of its Promoters, Vinay Gupta, Ruchira Gupta, Manoj Modi, Biren Parnami, and Vatsalya Gupta, who collectively bring over 50 years of experience in the EPC industry. Their deep industry knowledge, strategic foresight, and hands-on involvement in business operations have been pivotal in shaping its growth, expanding its market presence, and strengthening its execution capabilities.

Risks and concerns

Significant reliance on government contracts: The company’s business is primarily dependent on projects awarded by government utilities i.e. state electricity distribution companies (DISCOM), which comprises of power distribution infrastructure projects on turnkey basis. It derives majority of its revenues from contracts with a limited number of government utilities. As on July 31, 2026, 100% of its order book consist of projects awarded by government utilities. Any adverse changes in the government policies may lead to its contracts being foreclosed, terminated, restructured or renegotiated, which may have a material effect on its business and results of operations.

Credit rating downgrade may increase borrowing costs: The company’s credit rating issued in Fiscal 2022 by CARE Rating was downgraded from CARE BB; Stable (August 2021) to CARE BB-; Stable (March 8, 2022) by CARE Rating Limited. The company’s latest credit rating review by CRISIL and rational provide dated April 02, 2026 has upgraded the company’s rating at CRISIL BBB+/Stable. Although, post Fiscal 2022, its rating has not been downgraded by the credit rating agencies, it cannot assure that in future its credit rating would not be downgraded. Any future downgrade of its credit ratings may increase interest rates for refinancing its borrowings, which would increase its cost of borrowings, and may have an adverse effect on its future issuances of debt and its ability to borrow on a competitive basis.

Project execution subject to seasonal variations: The company’s project work is subject to seasonal variations. For example, it typically experiences, slower work progress in monsoon season as compared to rest of the year. Due to these factors, comparisons of revenue and operating results between the same periods within a single year, or between different periods in different fiscals, are not necessarily meaningful and should not be relied on as indicators of its performance. It accounts for this seasonality in work progress and cash flow projections. However, it cannot assure, that in future, it will always be able to accurately forecast its project schedule. If its estimates materially differ from actual work progress, it may experience either delay or halt in project completion, which in turn could adversely affect its business, results of operations, financial condition and prospects.

Significant working capital requirements: The company's business requires a high amount of working capital. It is customary in the industry in which it operates to provide earnest money deposit and performance security deposit in the form of bank guarantees in favour of customers to secure obligations under contracts. In addition, letters of credit are often required to satisfy payment obligations to suppliers. Majority of the working capital funds of the company are required for providing margin money for bank guarantee, performance deposit and security deposit, letter of credit. If it experiences insufficient cash flows to enable it to make required payments on its debt or fund working capital requirements, there may be an adverse effect on its results of operations.

Outlook

Swastika Infra is an engineering, procurement and construction (EPC) company specializing in power transmission and distribution (T&D) infrastructure projects. The company has Scalable business model supported by a strong order book. It has proven execution track record across multiple Indian states. On the concern side, the company’s revenue is majorly concentrated from projects undertaken or awarded by government utilities. Any adverse changes in the government policies may lead to its contracts being foreclosed, terminated, restructured or renegotiated, which may have a material effect on its business and results of operations. Moreover, the company’s present orderbook consists large-scale projects. Any delay or impediment to such projects may have adverse impact on its financial position.

The issue has been offering 90,92,857 shares in a price band of Rs 175-185 per equity share. The aggregate size of the offer is around Rs 159.12 crore to Rs 168.22 crore based on lower and upper price band respectively. Minimum application is to be made for 81 shares and in multiples thereof thereafter. On performance front, the company’s revenue from operations increased by 43.57% to Rs 50,357.32 lakh for Fiscal ended 2026 from Rs 35,075.82 lakh for Fiscal ended 2025. This increase was primarily due to an increase in revenue from Sale of Services. Moreover, profit after tax increased by 50.95% from Rs 2,744.55 lakh in Fiscal 2025 to Rs 4,142.80 lakh in Fiscal 2026.

Meanwhile, the company is strategically focused on executing EPC projects in the power distribution sector, aligning with India’s increasing electricity demand and government-led infrastructure initiatives. It intends to expand its participation in key government initiatives and strengthening its project execution capabilities. By focusing on efficient execution, scalable operations, and technology integration, it aims to increase market share while ensuring the delivery of sustainable and reliable projects. Its growth strategy is built on leveraging its core competencies in power infrastructure development, including underground cabling, substation installations, rural electrification, and street lighting systems and Renewable energy works. With timely completion and adherence to quality standards, it aims to enhance its ability to secure contracts from government utilities, public sector enterprises, and multilateral institution-backed projects.

ArMee Infotech

• ArMee Infotech is coming out with a 100% book building; initial public offering (IPO) of 85,71,428 shares of face value Rs 10 each in a price band Rs 350-375 per equity share.
• Not more than 25% of the issue will be allocated to Qualified Institutional Buyers (QIBs), including 5% to the mutual funds. Further, not less than 22.50% of the issue will be available for the non-institutional bidders and the remaining 52.50% for the retail investors.
• The issue will open for subscription on September 23, 2026 and will close on September 25, 2026.
• The shares will be listed on both BSE and NSE.
• The face value of the share is Rs 10 and is priced 35.00 times of its face value on the lower side and 37.50 on the higher side.
• Book running lead managers to the issue are Khandwala Securities and Saffron Capital Advisors.
• Compliance officer for the issue is Purnima Jain. 

Profile of the company

ArMee Infotech is an IT infrastructure and IT managed services Company, which has ventured into the retail sales space through Experience Zones engaged in the sale of IT, consumer electronics, and gaming and merchandise products, and engaged in the Renewable Energy Space, including engineering, procurement and construction (EPC) of solar power projects and development of solar power projects under power purchase agreements (PPAs) and Battery Energy Storage System (BESS). The company is headquartered in Ahmedabad, Gujarat. It services both Government/public sector undertakings (PSUs) and private sector clients including wherein the end users are Government / PSUs which operate across a wide variety of industries. A majority of its revenues are currently derived from servicing Government/PSU projects.

Under the IT Infrastructure category, the company provides IT hardware and software (e.g., computers, servers, interactive panels and their peripherals), work on the installation and integration of the hardware and software as per client requirements, and also provide maintenance of the IT Infrastructure installed by it for periods as may be specified under the relevant contracts. To ensure seamless transition for its clients, the company also provides functional training of the IT Infrastructure installed by it. The company has undertaken multiple projects under the IT Infrastructure segment including setting up of ICT labs, smart classes, installing digital infrastructure for the public distribution system under the National Food Security Act, 2013, and supplying and/or installing IT hardware to various Government entities. The projects undertaken by the company are for specific contractual periods.

Further, the company undertakes EPC and PPA projects in the Renewable Energy Space. India's solar power sector has demonstrated robust growth, marked by a significant increase in installed capacity over the past six fiscal years. Beginning at 35.6 GW in FY 2020, the country's solar power capacity surged to 150.3 GW by FY 2026, reflecting a notable compound annual growth rate (CAGR) of 27.1%. As of July 2026, India has achieved a cumulative installed solar power capacity of 164.59 GW. The company also engages as a developer in projects for Renewable Energy BESS on a PPA basis.

Proceed is being used for: 

• Funds for the purpose of securing PBGs for expansion of business
• Funding its working capital requirements
• Prepayment or repayment of certain outstanding borrowings availed by the company
• General corporate purposes

Industry overview

The IT industry plays a pivotal role in driving India’s overall economic growth. The industry contributed 7% to India’s national GDP in FY 2026, In FY2026, direct employment in India’s technology sector is projected to reach approximately 6 million, up 2.3% from FY2025, following the net addition of 135,000 employees. IT infrastructure services provide the foundation for India's digital transformation by building and managing data centers, networks, and cloud platforms. This ensures ubiquitous internet access, critical for connecting citizens, businesses, and government entities. Reliable and secure IT infrastructure facilitates the adoption of digital technologies like cloud computing, AI, and IoT across sectors like healthcare, education, banking, and agriculture. This translates to improved efficiency, transparency, and innovation within these sectors. Government initiatives like Digital India rely heavily on robust IT infrastructure for delivering citizen-centric services like e-KYC, e-payments, and online education platforms.

The Indian IT-BPM (Information Technology- Business Process Management) industry revenue is estimated to grow from $315.0 billion in FY 2026E and $378 billion by FY 2030. This positive trend reflects the sector's continued expansion, driven by digital transformation, rising global outsourcing demand, and increasing investments in cloud, AI, and cybersecurity technologies. The CAGR (Compound Annual Growth Rate) is marked at 4.7%, indicating a consistent pace of industry development. Contributing factors include the rise of Software as a Service (SaaS), global capability centres (GCCs), and government policies supporting digital public infrastructure and innovation. This consistent upward trajectory underlines the IT-BPM industry's critical role in India’s economic growth and its strategic importance in the global digital economy. Compared to developed economies, India offers competitive rates for IT services, making it an attractive option for businesses worldwide. This advantage, coupled with a large pool of skilled professionals, continues to attract global clients. The rise of technologies like artificial intelligence, blockchain, and the Internet of Things (IoT) is creating new opportunities for the Indian IT industry. Companies are investing in developing expertise in these areas to meet evolving client needs.

Meanwhile, India has rapidly ascended as a global leader in solar power generation, ranking 3rd globally in solar power capacity and 3rd in renewable energy installations, including large hydro. As of July 2026, India has achieved a cumulative installed solar power capacity of 164.59 GW. This includes 122.57 GW from ground-mounted solar plants, 30.74 GW from grid connected solar rooftop systems, 4.77 GW from the solar component of hybrid projects, and 6.51 GW from off-grid solar installations.2F11 These figures highlight the diverse contributions of various solar technologies toward the country's renewable energy goals, showcasing steady progress in expanding solar capacity across different segments. India's solar power sector has seen significant growth and development, reflecting the country's commitment to renewable energy. As of 2026, India aims to achieve a solar power capacity of 280 GW by 2030, with current installations reaching 150.3 GW. Rajasthan leads with 42.17 GW, driven by projects like the Bhadla Solar.

Pros and strengths 

Proven track record in government and PSU projects: The company has a proven track record in executing projects for Government / PSU clients. The company obtains most of its business by a competitive bidding process and undertake multilocational projects providing IT Infrastructure and IT managed services to various departments of different state Governments and PSUs. Further, the company has been part of successful implementation of Government schemes such as E-gram Vishwagram project by the Government of Gujarat, Deen Dayal Upadhyaya Grameen Kaushalya Yojana by the Central Government, Gyankunj scheme- a digitization program of Government of Gujarat, Samagra Shiksha Abhiyan by the Central Government amongst others. Under Renewable Energy Space as well, it obtains most of the business by competitive bidding process for various Government / PSU clients.

Diversified sectoral presence and service capabilities: Apart from being an IT Infrastructure and IT managed services company, it has also ventured into Renewable Energy EPC, Renewable Energy PPA and Renewable Energy BESS project and Experience Zones. It is sector agnostic and have serviced a wide variety of projects for both Government/PSUs and private sector clients including wherein the end users are Government / PSUs. One of its strengths lies in being able to provide IT Infrastructure and IT managed services to clients engaged in diverse sectors. It has provided IT Infrastructure and IT managed services to various sectors including education, healthcare, public distribution system, rural & urban development, science & technology sectors etc. It is therefore able to quickly adapt to the requirements of different sectors.

Robust balance sheet and sustained profitability: The company has a strong balance sheet and has successfully demonstrated consistent growth in terms of revenues and profitability. It has experienced sustained growth in various financial indicators. It strives to maintain a robust financial position with emphasis on having a strong balance sheet and increased profitability.

Experienced management team with extensive industry expertise: The company’s operations are conducted by an experienced management team that has significant expertise in all aspects of its business operations. The company’s Promoters, Kiritkumar Chimanbhai Patel and Ami Ridhish Patel have been associated with the Company since its inception and have an experience of over two decades and its Promoter, Ridhish Kiritbhai Patel joined the operations of the company as an Executive Director on May 22, 2012 and has an experience of more than a decade. In addition to their expertise, its senior management team includes personnel with prior experience in business development and working with industry bodies. The team oversees the implementation of renewable energy projects through the company and its subsidiaries.

Risks and concerns

Geographic concentration may restrict business growth: Most of the company’s business operations are concentrated in the states of Gujarat, Maharashtra and Tamil Nadu. As of March 31, 2026 more than 86% of the revenue was recognized from projects executed in the states of Gujarat, Maharashtra and Tamil Nadu. Due to this geographic concentration of its business operations, its results of operations and growth might be restricted to the economic and demographic conditions of these three states.

High dependence on government and PSU orders: The company depends on orders from the Government/PSU clients. As of March 31, 2026, more than 83.84% of the revenue was recognized from Government/PSU clients and wherein end users are Government / PSU clients. Additionally, the loss of or inability to qualify for such orders may adversely affect its business, financial condition, results of operations, and prospects.

Reliance on a limited number of technology partners: The company is dependent on its Technology Partners for various hardware and software products which it provides to its clients. As of March 31, 2026, 65.84% of its purchase from Technology Partners are from top three Technology Partners. The failure of its Technology Partners to deliver these products in the necessary quantities, on time or to meet specified quality standards or technical specifications, could adversely affect its business and its ability to deliver orders on time.

Reliance on competitive bidding for project wins: Most projects the company operates have been awarded primarily through a competitive bidding process and its financial performance is largely dependent on its successful bidding for new projects. It may not always be able to qualify for, compete and win projects. If it is not able to successfully bid for new projects, it may adversely affect its business operations and financial conditions. The success rate of the bids made by the company in Fiscals 2026, 2025, and 2024, were 19.48%, 24.57%, and 30.91%.

Outlook

ArMee Infotech is an IT infrastructure solutions and managed services company. As part of the ArMee Group, the company provides end-to-end technology solutions across sectors including government, corporates, banking, financial services and insurance (BFSI), and education. The company has also diversified into retail sales and renewable energy, expanding its business beyond its core IT services. The company has proven track record in executing projects for Government / PSU clients. On the concern side, majority of the company’s revenue from operations for the respective periods came from the projects executed by it in the states of Gujarat, Maharashtra and Tamil Nadu. The concentration of its operations in these three states exposes its business and growth prospects to changes in their economic and demographic conditions. Moreover, the company’s business requires working capital. Any failure in arranging adequate working capital for its operations may adversely affect its business, results of operations, cash flows and financial condition.

The issue has been offering 85,71,428 shares in a price band of Rs 350-375 per equity share. The aggregate size of the offer is around Rs 300.00 crore to Rs 321.43 crore based on lower and upper price band respectively. Minimum application is to be made for 40 shares and in multiples thereof thereafter. On performance front, the company’s revenue from operations increased 6.34% from Rs 1,31,331.37 lakh in Fiscal 2025 to Rs 1,39,662.61 lakh in Fiscal 2026. Moreover, the company’s profit after tax increased 9.12% from Rs 4,166.64 lakh in Fiscal 2025 to Rs 4,546.65 lakhs in Fiscal 2026.

Meanwhile, the company offers a wide ranging and diversified bouquet of product and service offerings and classify its IT business into two verticals viz., IT Infrastructure and IT managed services. It also intends to leverage upon the upcoming technological advancements in segments such as Experience Zone, payment devices and data migration. Further, it also engages in Renewable Energy Space. The company is headquartered in Gujarat and has branch offices in two states, being, Haryana, and Maharashtra. The company has a significant presence in the states of Gujarat and Maharashtra. As of June 30, 2026, out of its 99 Ongoing Projects, 74 projects are based in the state of Gujarat, 11 in Maharashtra, 2 each in Bihar, Andhra Pradesh, Uttar Pradesh, Madhya Pradesh and Rajasthan and 1 each is based in Telangana, Tamil Nadu, Uttarakhand, and New Delhi. It intends to increase its presence PAN India by securing and servicing projects in other states of India. It routinely bid for various projects in multiple states.