Marushika Technology IPO
Marushika Technology Limited · IT Infrastructure Distribution
- Issue price
- ₹117per share
- Issue size
- ₹26.97 Cr23,05,200 shares
- Face value
- ₹10per equity share
- Lot size
- 1,200 sharesMin. ₹1.4 L at the upper price
- Anchor biddingWed, 2026
- OpensThu, 2026
- ClosesMon, 2026
- AllotmentTue, 2026
- ListingThu, 2026
Dates marked in the offer document as tentative. Times in IST.
Information only, not investment advice. This page provides information compiled from official offer documents for information purposes only. It is not investment advice or a recommendation to apply for, buy or sell any security. We are not a SEBI-registered investment adviser or research analyst. Investments in IPOs are subject to market risks; read the offer document carefully before investing.
Issue details
- Issue type
- Book built, fresh issue
- Fresh issue
- 23,05,200 shares (₹26.97 Cr)
- Offer for sale
- None
- Total issue
- 23,05,200 shares (₹26.97 Cr)
- Market maker portion
- 1,16,400 shares
- Face value
- ₹10
- Listing at
- NSE Emerge
- Promoter holding
- 79.71% → 58.19%
Source: ProspectusUpdated
Reservation
Share of the total issue- Retail41.2%
- Anchor34.9%
- NII17.7%
- Market maker6.2%
| Category | Shares | Of net offer | Stated in RHP |
|---|---|---|---|
| Retail individual investors | 7,70,400 | 43.94% | 35% |
| Non-institutional investors (NII) | 3,31,200 | 18.89% | 15% |
| Qualified institutional buyers (QIB) | 10,87,200 | 62.01% | 50% |
| Anchor investors | 6,51,600 | 37.17% | — |
| Market maker | 1,16,400 | — | — |
Source: ProspectusUpdated
Lot size
Amounts at ₹117 per share| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail individual investors | 2 | 2,400 | ₹2.81 L |
Source: ProspectusUpdated
Subscription
Category-wise subscription is published by the exchanges while the issue is open. It appears here once the figures are added.
Valuation
FY 2024-25, pre-issue- EPS (basic)
- ₹10.21
- EPS (basic) (Stub period ended Sept 30, 2025)
- ₹5.04
- P/E (FY 2024-25 at issue price)
- 10.87×
- RoNW
- 52.77%
- NAV per share (Sept 30, 2025)
- ₹29.71
- NAV per share (After offer at issue price)
- ₹53.28
- Debt to equity
- 1.39
Source: ProspectusUpdated
Financials
Consolidated, restated · ₹ crore| Period ended | 30 Sep 20256 months | 31 Mar 2025FY 2024-25 | 31 Mar 2024FY 2023-24 | 31 Mar 2023FY 2022-23 |
|---|---|---|---|---|
| Revenue from operations | 48.64 | 85.25 | 60.66 | 36.99 |
| EBITDA | 5.64 | 10.47 | 5.67 | 1.66 |
| Profit after tax | 3.14 | 6.29 | 3.14 | 0.40 |
| Net worth | 18.51 | 15.37 | 8.45 | 3.81 |
| Reserves and surplus | 12.28 | 9.14 | 7.58 | 3.03 |
| Total borrowing | 18.92 | 21.37 | 19.64 | 9.80 |
FY 2024-25 vs FY 2023-24: revenue +40.5%, profit after tax +100.1%. Periods shorter than 12 months are shown as reported and are not annualised.
Source: ProspectusUpdated
About the company
The company distributes IT and telecom infrastructure products and services, including data centre, networking, surveillance, cybersecurity and power management solutions, along with installation and maintenance. It also offers smart solutions such as access control, parking, lighting and waste management, and auto-tech maintenance and refurbishment services for military vehicles.
- Incorporated
- 2010
- Industry
- IT Infrastructure Distribution
- CIN
- U62099DL2010PLC205156
- Website
- marushika.in
Source: ProspectusUpdated
Promoters and shareholders
| Name | Before issue | After issue |
|---|---|---|
| Ms. Monicca Agarwaal | 52.89% | 38.61% |
| Mr. Jai Prakash Pandey | 21.94% | 16.02% |
| Ms. Sonika Aggarwal | 4.88% | 3.56% |
Source: ProspectusUpdated
Objects of the issue
₹ crore| Purpose | Amount |
|---|---|
| Repayment or prepayment of certain bank and financial borrowings | 5.00 |
| Funding working capital requirements | 14.68 |
| General corporate purposes | 3.29 |
Source: ProspectusUpdated
Peer comparison
As listed in the offer document| Company | EPS | P/E | RoNW | NAV per share |
|---|---|---|---|---|
| Marushika Technology LimitedIssuer | ₹5.04 | — | 18.52% | ₹29.71 |
| Vertexplus Technologies Limited | -₹3.7 | — | 8.80% | ₹40.21 |
| Synoptics Technologies Limited | ₹4.01 | 14.98× | 4.76% | ₹86.38 |
Source: ProspectusUpdated
Strengths and risks
Our summary of what the offer document statesStrengths
- Offers a broad range of IT and telecom infrastructure products and services across several verticals.
- Has completed more than 150 projects and holds ISO 9001:2015 and ISO/IEC 27001:2022 certifications.
- Revenue grew strongly in FY 2024-25 and net worth rose substantially over the period shown.
- Has expanded into smart solutions and auto-tech services for defence.
- Works with government and PSU clients, with registrations for government and defence-related projects.
Risks
- Revenue depends heavily on government and PSU projects and on government policy changes.
- A small number of clients account for a large share of revenue, with the top five at 62.06% for the stub period.
- Working capital needs are high, with trade receivable days around 171 days in FY 2025.
- Borrowings are substantial, and the company has outstanding contingent liabilities including GST and bank guarantees.
- There has been no prior public market for the shares, so the post-listing price and trading may be volatile.
Source: ProspectusUpdated
Documents
Contacts
Source: ProspectusUpdated
Allotment status
Check whether shares were allotted on the official pages below, using your PAN, application number or DP/client ID. Results appear once the basis of allotment is finalised.
- Allotment
- Refunds
- Demat credit
- Listing
Source: ProspectusUpdated
After listing
Listing price, day-one high and low, and the change from the issue price (₹117) appear here after the shares list on NSE Emerge.
Work out the gain or loss on allotted shares after charges and tax →
Frequently asked questions
When does the Marushika Technology IPO open and close?
According to the Prospectus, the issue opens on Thursday, 12 February 2026 and closes on Monday, 16 February 2026.
What is the Marushika Technology IPO price band?
The final issue price is ₹117 per share.
What is the lot size of the Marushika Technology IPO?
One lot is 1,200 shares, which is ₹1.4 L at ₹117 per share.
Where will Marushika Technology shares list?
On NSE Emerge. The tentative listing date is Thursday, 19 February 2026.
Who is the registrar of the issue?
Skyline Financial Services Private Limited (SEBI registration INR000003241). Allotment status is checked on the registrar's website.
How do I check the Marushika Technology IPO allotment status?
The basis of allotment is expected to be finalised on Tuesday, 17 February 2026. After that, search by PAN, application number or DP/client ID on the registrar's website (Skyline Financial Services Private Limited). Shares that are allotted are credited to your demat account; for an application that is not allotted, the blocked amount is released.
How will the money raised be used?
₹5 Cr for repayment or prepayment of certain bank and financial borrowings, ₹14.68 Cr for funding working capital requirements, ₹3.29 Cr for general corporate purposes.
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