ArMee Infotech IPO

Proven track record in executing projects for Government and PSU clients.

Consistent track record of financial performance.

Ability to service IT Infrastructure and IT managed services to clients engaged in diverse sectors.

Experienced Board of Directors and management with extensive domain knowledge.

Most of our business operations are concentrated in the states of Gujarat, Maharashtra and Tamil Nadu. As of March31, 2026 more than 86% of the revenue was recognized from projects executed in the states of Gujarat, Maharashtraand Tamil Nadu. Due to this geographic concentration of our business operations, our results of operations and growthmight be restricted to the economic and demographic conditions of these three states.

We depend on orders from the Government/PSU clients. As of March 31, 2026, more than 83.84% of the revenue wasrecognized from Government/PSU clients and wherein end users are Government / PSU clients. Additionally, the lossof or inability to qualify for such orders may adversely affect our business, financial condition, results of operations,and prospects.

Our in-house procurement operations for renewable energy space projects expose us to certain risks. We may incurunexpected expenses if the suppliers of components in our power projects default on their warranty obligations.

We are dependent on our Technology Partners for various hardware and software products which we provide to ourclients. As of March 31, 2026, 65.84% of our purchase from Technology Partners are from top three TechnologyPartners. The failure of our Technology Partners to deliver these products in the necessary quantities, on time or tomeet specified quality standards or technical specifications, could adversely affect our business and our ability to deliverorders on time.

Most projects we operate have been awarded primarily through a competitive bidding process and our financialperformance is largely dependent on our successful bidding for new projects. We may not always be able to qualify for,compete and win projects. If we are not able to successfully bid for new projects, it may adversely affect our businessoperations and financial conditions. The success rate of the bids made by us in Fiscals 2026, 2025, and 2024, were19.48%, 24.57%, and 30.91%.

We have experienced negative cash flow from operating activities of Rs.(1,798.14) lakhs in Fiscal 2025 and any negativecash flows in the future would adversely affect our cash flow requirements, which may adversely affect our ability tooperate our business and implement our growth plans, thereby affecting our financial condition.

Our business requires working capital. Any failure in arranging adequate working capital for our operationsmay adversely affect our business, results of operations, cash flows and financial condition.

We derive a significant portion of our revenues from a limited number of clients. As of March 31, 2026, 76.66% of therevenue was recognized from our top five clients for the said period. The loss of any significant clients or delay,cancellation, termination and recission of any specific projects from any of such clients may have an adverse effect onour business, financial condition, results of operations, and prospects.

Certain portion of our Companys revenue is now derived from, and is dependent upon, the renewable energy sector,particularly Renewable Energy EPC and Renewable Energy PPAs, which is a new line of business for us, in which theexpertise of our Promoters and senior management is minimal, and which is characterized by significant regulatory,financial, technological and execution complexities.

We are required to furnish PBGs as part of our business contracts and we competitively bid for Government/PSUprojects where such bank guarantees may be required. Our inability to arrange such guarantees, the invocation of suchguarantees, or our inability to win and service sufficient competitive bids, may adversely affect our business, cash flows,financial condition, results of operations and the deployment of the Net Proceeds against the object of Funds for thepurpose of securing PBGs for expansion of business.