Merritronix IPO
Bookbuilding IPO | ₹70.00 Cr | Listing at BSE SME
Open
IPO Open
Mon, Jun 01, 2026
IPO Close
Wed, Jun 03, 2026
Price Band
₹141.00 to ₹149.00
Market Cap (Pre-IPO)
₹260.52 Cr
IPO Details
| IPO Date | Jun 01, 2026 to Jun 03, 2026 |
| Listing Date | Tentative: Jun 08, 2026 |
| Face Value | ₹10.00 per share |
| Price Band | ₹141.00 to ₹149.00 |
| Lot Size | 1000 Shares (Minimum: ₹149,000.00) |
| Sale Type | Fresh Issue |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Issue Size | ₹70.00 Crores |
| Total Shares Offered | 4,700,000 shares |
| Fresh Issue | 4,464,000 shares |
| Offer For Sale | 4,700,000 shares |
Merritronix IPO Reservation
| Investor Category | Shares Offered |
|---|---|
| QIB Shares Offered | 22,28,000 |
| Retail Shares Offered | 15,64,000 |
| NII Shares Offered | 6,72,000 |
Merritronix IPO Lot Size
Investors can bid for a minimum of 2,000 shares and in multiples of 1,000 shares thereof.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 2,000 | ₹298,000 |
| Retail (Max) | 2 | 2,000 | ₹298,000 |
| S-HNI (Min) | 3 | 3,000 | ₹447,000 |
| S-HNI (Max) | 6 | 6,000 | ₹894,000 |
| B-HNI (Min) | 7 | 7,000 | ₹1,043,000 |
Merritronix Financial Information (Restated Consolidated)
Merritronix Ltd.'s revenue increased by 37% and profit after tax (PAT) rose by 86% between the financial year ending with March 31, 2026 and March 31, 2025.
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 154.40 | 74.18 | 68.44 |
| Total Income | 156.25 | 114.04 | 86.01 |
| Profit After Tax | 16.10 | 8.66 | 3.05 |
| EBITDA | 27.22 | 15.18 | 6.73 |
| NET Worth | 52.52 | 16.23 | 7.58 |
| Reserves and Surplus | 40.34 | 15.39 | 6.73 |
| Total Borrowing | 43.20 | 18.57 | 15.82 |
Amount in ₹ Cr
Key Performance Indicators
As of Tuesday, March 31, 2026| KPI | Values |
|---|---|
| ROE (Return on Equity) | 46.03% |
| ROCE (Return on Capital Employed) | 45.26% |
| Debt/Equity | 0.81 |
| RoNW (Return on Net Worth) | 30.66% |
| PAT Margin (Profit After Tax Margin) | 10.33% |
| EBITDA Margin | 17.42% |
| Price to Book Value | 3.59 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | 12.60 | 9.21 |
| P/E (x) | 11.83 | 16.18 |
| Promoter Holding | 85.17% | - |
Company Promoters
- Dovari Yesudas
- Dovari Amarnath
- Vanaja D
- Darsy Kethan Chandra and Dovari Thaman.
Company Overview
Merritronix Limited – Company Overview
- Incorporated in October 1988, Merritronix Limited is an Electronics Systems Design and Manufacturing (ESDM) company specializing in high-reliability and mission-critical electronic assemblies.
Core Segments
- PCB Assembly: SMT and Through-Hole Technology (THT) assembly
- System Integration & Box Build: Complete electronic product assembly
- Testing & Electronics Manufacturing Services: Component sourcing, testing, and finished product delivery
- The company mainly serves sectors such as defence, aerospace, telecom, industrial electronics, power, and utilities.
- It offers B2B electronic manufacturing services, including PCB assembly, system integration, box-building, and delivery of finished electronic products built to Indian defence and aerospace standards.
- As of December 31, 2025, the manufacturing facility had an installed annual capacity of:
- 7,65,000 boards for SMT assembly
- 6,00,000 boards for THT assembly
- 4,20,000 units for product assembly/box build
- The company holds EN 9100:2018 certification for aerospace and defence electronics manufacturing, along with ISO 9001:2015 standards.
- As of March 31, 2026, the company had 57 employees across various departments.
Company Strengths
- Three decades of Operating Legacy in Mission-Critical Defence and Aerospace Electronics.
- Established Track Record in Mission-Critical Defence and Aerospace programs.
- Strong Capabilities in Obsolescence Management and Lifecycle Extension.
- Modern SMT Infrastructure and IPC-A-610 Class 3 Assembly Capability.
- Strong Order Book providing revenue visibility.
- Experienced Promoters and Senior Management
Use of Proceeds
| 1) | Capital expenditure towards purchase of Machinery and equipment | 21.36 |
| 2) | Funding working capital requirements | 21.95 |
| 3) | Repayment/ prepayment, in full or part, of all or certain outstanding borrowings availed by the Company | 12.72 |
| 4) | General corporate purposes | |
| Total | 56.04 |
Objectives
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
Merritronix IPO Peer Comparison
Merritronix peer comparison with similar listed entities. (As on March 28, 2026)| Company Name | EPS (Basic) | EPS (Diluted) | NAV (per share) (Rs) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|---|
| Centum Electronics Ltd | 13.92 | 13.92 | 41.56 | - | 30.66 | - | - |
| Centum Electronics Ltd | - | - | 233.36 | - | -15.09 | 12.99 | - |
| Vinyas Innovative Technologies Limited | 15.43 | 15.43 | 116.77 | 62.85 | 13.22 | 8.35 | - |
Quick Info
| Sector | Electronics Systems Design and Manufacturing (ESDM) and Electronic Manufacturing Services (EMS) |
| Exchange | BSE SME |
| Market Cap (Pre-IPO) | ₹260.52 Cr |
Important Dates
| IPO Open | Jun 01, 2026 |
| IPO Close | Jun 03, 2026 |
| Allotment Date | Jun 04, 2026 |
| Credit to Demat | Jun 05, 2026 |
| Listing Date | Tentative: Jun 08, 2026 |
Lead Manager(s)
GYR Capital Advisors Pvt.Ltd.
Registrar
Bigshare Services Pvt.Ltd.
+91-22-6263 8200
Description
- IPO Type: Book build issue aggregating to ₹70.03 crores.
- Issue Structure: Entirely a fresh issue of 0.47 crore shares totaling ₹70.03 crores.
- IPO Dates: The issue opens on June 1, 2026 and closes on June 3, 2026.
- Allotment Date: Expected to be finalized on June 4, 2026.
- Listing Details: Shares are proposed to be listed on the SME platform of BSE Limited (BSE SME) with a tentative listing date of June 8, 2026.
- Retail Investment Requirement: Minimum 2 lots (2,000 shares) amounting to approximately ₹2,98,000 (at upper price band).
- HNI Investment Requirement: Minimum 3 lots (3,000 shares) totaling around ₹4,47,000.
- IPO Price Band: ₹141 to ₹149 per equity share.
- Lot Size: 1,000 shares per lot.
This IPO offers investors an opportunity to participate in the electronics and technology sector, subject to market risks.