Marushika Technology Limited IPO

Apply 0
Avoid 0

Closing in

Days
Hours
Mins
Secs

Don't Miss It! Mark Your Calender Now:


Marushika Technology Limited is engaged in the distribution and implementation of Information Technology (IT) and Telecom Infrastructure solutions. The Company provides a comprehensive range of products and services to support the development of data centre infrastructure, active networking, telecom systems, advanced surveillance solutions, data protection, cybersecurity and power management. In addition to product supply, the Company offers installation, commissioning and maintenance services, assisting clients in selecting and deploying IT infrastructure suited to their operational requirements.

Business Model and Client Base

The Company primarily operates on a Business-to-Business (B2B) and Business-to-Government (B2G) model. Its clientele includes central and state government departments, public sector undertakings and system integrators, with the ultimate end customer often being a government entity. The Company has supplied products and services to organizations such as Bharat Electronics Limited (BEL), Central Electronics Limited (CEL), Delhi Metro Rail Corporation (DMRC) and the National Security Guard (NSG).

Business Verticals

1. IT & Telecom Infrastructure Solutions

This is the Company’s core vertical, offering end-to-end IT and telecom infrastructure solutions. Key offerings include data centre infrastructure, servers, videowalls, commercial display systems and online uninterruptible power supplies (UPS). These solutions are deployed across control rooms, meeting spaces and public infrastructure projects, enabling organizations to enhance operational efficiency and digital readiness.

2. Smart Solutions

Marushika Technology Limited provides smart solutions sourced from leading OEMs, along with installation, commissioning and maintenance support. These solutions include smart access control systems, smart parking, intelligent lighting and waste management solutions, designed to support modern infrastructure and smart city initiatives.

Auto-Tech Solutions for Defence

The Company has expanded into auto-tech solutions for the defence sector, offering services such as maintenance, refurbishment and reverse engineering of tracked and wheeled military vehicles. The Company generated revenue from this vertical in FY 2024–25, has successfully completed one project and has additional assignments in the pipeline.

Objects of the Marushika Technology Limited IPO:

Company proposes to utilize the funds being raised towards the following objects: 1. Repayment and/ pre-payment of certain borrowings (₹5.89 cr) 2. Working capital requirements (₹18 cr) 3. General Corporate Purposes
DRHP of Marushika Technology Limited IPO
RHP of Marushika Technology Limited IPO

Marushika Technology Limited IPO Details:

Open Date: Feb 09 2026
Close Date: Feb 11 2026
Total Shares: 23,05,200
Face Value: ₹ 10 Per Equity Share
Issue Type: Book Building
Issue Size: 27 Cr.
Lot Size: 1200 Shares
Issue Price: ₹ 111-117 Per Equity Share
Listing At: NSE Emerge
Listing Date: Feb 16 2026

Promoters And Management:

1. Ms. Monicca Agarwaal (48 years) is the Promoter and Managing Director of the Company. She has been associated with the Company since its incorporation and was designated as Managing Director on January 15, 2025. She holds a Bachelor of Arts in Economics & Political Science from Delhi University and an LL.B. from Chaudhary Charan Singh University, Meerut. She has over 26 years of experience in the IT infrastructure and BPO industry and has held senior leadership roles across various organizations. Since 2010, she has been associated with Marushika Technologies Limited and is responsible for overall management, business expansion and project sourcing. 2. Mr. Jai Prakash Pandey (50 years) is the Promoter and Whole-time Director of the Company. He joined the Board on December 14, 2016 and was designated as Whole-time Director on January 15, 2025. He holds a Bachelor of Engineering in Electronics from the University of Mumbai and has over 24 years of experience in the telecommunications and IT sectors. He has held technical and senior sales leadership roles across multiple organizations and is currently responsible for day-to-day operations and ensuring operational standards at Marushika Technology Limited. 3. Ms. Sonika Aggarwal (46 years) is the Executive Director of the Company, appointed on February 10, 2025. She holds a Bachelor of Commerce degree from the University of Delhi and is a Chartered Accountant with over 22 years of experience in finance, accounting, auditing and taxation. She has worked with audit firms and infrastructure and corporate advisory companies and has been associated with Marushika Technology Limited since January 2017, overseeing financial management and accounting functions.

Financials of Marushika Technology Limited IPO:

Particulars in Cr 6M FY2025-26 (Consolidated) FY 2024-25 (Consolidated) FY 2023-2024 (Consolidated) FY 2022-2023 (Standalone)
Revenue from Operations (Cr) 49 85 61 37
EBITDA (Cr) 6 10 6 2
EBITDA Margins 12% 12% 9% 5%
PAT (Cr) 3.1 6.3 3.1 0.4
PAT Margins 6% 7% 5% 1%
RoCE 14% 27% 19% 10%
D/E Ratio 1.02 1.39 2.32 2.57
OPerating Cash Flow 5 1 -6.37 -2.95

Comparison With Peers:

Companies Revenue (in cr) EBITDA Margins PAT PAT Margins ROCE M.Cap (in cr) P/E
Marushika Technology Limited 85 12% 6.3 7% 27% 99.9 15.9
Vertexplus Technolgies Limited 18.31 10% 0.89 4.86% 6% 47 87.7
Synoptics Technologies Limited 43.23 26% 4.04 9.35% 8.70% 43.4 10.9
Note : Forward P/E is 16.1 According to FY26 PAT

Lead Manager of Marushika Technology Limited IPO:

  1. Nexgen Financial Solutionds Pvt Ltd

Registrar of Marushika Technology Limited IPO:

  1. Skyline Financial Services Private Ltd

Discussion on Marushika Technology Limited IPO:

Leave a Reply