Marushika Technology IPO
Bookbuilding IPO | ₹27.00 Cr | Listing at NSE SME
IPO Open
Mon, Feb 09, 2026
IPO Close
Wed, Feb 11, 2026
Price Band
₹111.00 to ₹117.00
Market Cap (Pre-IPO)
₹99.88 Cr
IPO Details
| IPO Date | Feb 09, 2026 to Feb 11, 2026 |
| Listing Date | Tentative: Feb 16, 2026 |
| Face Value | ₹10.00 per share |
| Price Band | ₹111.00 to ₹117.00 |
| Lot Size | 1200 Shares (Minimum: ₹140,400.00) |
| Sale Type | Fresh Issue |
| Issue Type | Bookbuilding IPO |
| Listing At | NSE SME |
| Issue Size | ₹27.00 Crores |
| Total Shares Offered | 2,305,200 shares |
| Offer For Sale | 2,305,200 shares |
Marushika Technology IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | Not more than 50.00% of the Net offer |
| Retail Shares Offered | Not less than 35.00% of the Offer |
| NII Shares Offered | Not less than 15.00% of the Offer |
Marushika Technology IPO Lot Size
Investors can bid for a minimum of 2,400 shares and in multiples of 1,200 shares thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 2,400 | ₹280,800 |
| Retail (Max) | 2 | 2,400 | ₹280,800 |
| S-HNI (Min) | 3 | 3,600 | ₹421,200 |
| S-HNI (Max) | 7 | 8,400 | ₹982,800 |
| B-HNI (Min) | 8 | 9,600 | ₹1,123,200 |
Marushika Technology Financial Information (Restated Consolidated)
Marushika Technology Ltd.'s revenue increased by 41% and profit after tax (PAT) rose by 100% between the financial year ending with March 31, 2025 and March 31, 2024.
| Period Ended | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|
| Assets | 53.94 | 48.37 |
| Total Income | 85.63 | 60.83 |
| Profit After Tax | 6.29 | 3.14 |
| EBITDA | 10.77 | 6.15 |
| NET Worth | 15.37 | 8.45 |
| Reserves and Surplus | 9.14 | 7.58 |
| Total Borrowing | 21.37 | 19.64 |
Amount in ₹ Cr
Key Performance Indicators
As of Monday, March 31, 2025| KPI | Values |
|---|---|
| ROE (Return on Equity) | 52.77% |
| ROCE (Return on Capital Employed) | 26.88% |
| Debt/Equity | 1.39 |
| RoNW (Return on Net Worth) | 52.77% |
| PAT Margin (Profit After Tax Margin) | 7.37% |
| EBITDA Margin | 12.63% |
| Price to Book Value | 4.79 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | 10.09 | 7.36 |
| P/E (x) | 11.60 | 15.89 |
| Promoter Holding | 79.71% | - |
Company Promoters
- Ms. Monicca Agarwaal
- Mr. Jai Prakash Pandey and Ms. Sonika Aggarwal are the company promoters.
Company Overview
Business Overview
- Core Business: Marushika Technology Limited is engaged in the distribution of IT and telecom infrastructure solutions, catering to enterprise, government, and institutional clients.
- IT & Technology Services: The company provides a wide range of IT solutions, including data center setup, networking infrastructure, telecom systems, surveillance solutions, cybersecurity, and power management systems.
- Smart & Digital Solutions: Marushika Technology offers smart infrastructure solutions such as access control systems, smart parking, intelligent lighting, and waste management solutions, supporting modern urban and enterprise needs.
Key Business Verticals
- IT & Telecom Infrastructure Solutions:
Includes data center IT infrastructure, servers, IP-based systems, videowall display solutions, power solutions, and active networking services. - Auto-Tech Solutions for Defence:
Focuses on repair and refurbishment services, reverse engineering, control panels, and technical support for defence-related applications. - Smart Solutions:
Delivers technology-driven automation and smart city solutions for efficient infrastructure management.
Business Model & Clientele
- Business Model: Operates primarily on a B2B (Business-to-Business) and B2G (Business-to-Government) model.
- Government Clients: Provides services to reputed government and public sector entities such as Bharat Electronics Limited (BEL), Central Electronics Limited (CEL), Delhi Metro Rail Corporation (DMRC), and National Security Guard (NSG).
Project Execution & Order Book
- Project Experience: The company has successfully completed over 150 projects across multiple sectors.
- Order Book Strength: As of July 31, 2025, Marushika Technology had ongoing projects worth ₹2,835.42 lakh, reflecting strong execution capability and business visibility.
Company Strengths
- Wide range and diversified IT solutions and offerings
- Established strong relationship with Original Equipment Manufacturer (OEMs)
- Experienced and Qualified management team
- Presence in multiple industry verticals with long-standing customer relationship
- Demonstrated track record of financial performance
Use of Proceeds
| 1) | Repayment and/ or pre-payment, in part or full, of certain borrowings availed by our Company | 5.89 |
| 2) | Funding of working capital requirement | 18.00 |
| 3) | General Corporate Purposes |
Objectives
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
Marushika Technology IPO Peer Comparison
Marushika Technology peer comparison with similar listed entities. (As on March 31, 2025)| Company Name | EPS (Basic) | EPS (Diluted) | NAV (per share) (Rs) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|---|
| Marushika Technology Ltd. | 9.70 | - | 24.45 | - | 55.94 | - | - |
| Vertexplus Technolgies Ltd. | 1.56 | - | 44.75 | 70.00 | 3.56 | 2.48 | - |
| Synoptics Technologies Ltd. | 4.76 | - | 82.34 | 16.39 | 5.96 | 0.95 | - |
Quick Info
| Sector | Information Technology (IT) and Telecom Infrastructure |
| Exchange | NSE SME |
| Market Cap (Pre-IPO) | ₹99.88 Cr |
| GMP | 0.00 |
Important Dates
| IPO Open | Feb 09, 2026 |
| IPO Close | Feb 11, 2026 |
| Allotment Date | Feb 12, 2026 |
| Credit to Demat | Feb 13, 2026 |
| Listing Date | Tentative: Feb 16, 2026 |
Lead Manager(s)
Nexgen Capitals Ltd.
Registrar
Skyline Financial Services Pvt.Ltd.
02228511022
Description
Marushika Technology Limited is entering the capital market with a book-built IPO worth ₹26.97 crore, consisting entirely of a fresh issue of 0.23 crore equity shares. The company aims to raise funds to support its business growth and operational requirements.
The Marushika Technology IPO will open for subscription on February 9, 2026, and close on February 11, 2026. The basis of allotment is likely to be finalized on February 12, 2026, while the company is expected to list on the NSE SME platform on February 16, 2026, subject to market conditions.
The IPO has been priced in a band of ₹111 to ₹117 per equity share. Investors can apply in a lot size of 1,200 shares. For retail investors, the minimum application requires 2 lots (2,400 shares), translating to an investment of approximately ₹2,80,800 at the upper price band.
For High Net-Worth Individuals (HNIs), the minimum application is 3 lots or 3,600 shares, amounting to an investment of ₹4,21,200 based on the upper end of the price band.