Marushika Technology IPO overview

Marushika Technology provides end‑to‑end IT/telecom infrastructure including installation, maintenance and consultancy for data centers, networking, telecom systems, surveillance and cybersecurity, plus defence vehicle maintenance and reverse engineering. It follows B2B and B2G models serving government and institutional clients.

Key IPO details

• IPO open date: February 9, 2026
• IPO close date: February 11, 2026
• Basis of allotment: February 12, 2026
• Refunds & credit to Demat: February 13, 2026
• Listing date: February 16, 2026
• Bidding cut‑off time: February 11, 2026 – 5 PM.
• Face value :- Rs 10 per share
• Price band :- Rs 111 to Rs 117
• Sale type :- Fresh capital
• Total issue size :-  Rs 27 crore
• Market cap (pre -ipo) :- Rs 99.88 crore

Market lot and investor reservation

• Minimum market lot: 2,400 shares
• Retail minimum & maximum: 1 lot (2,400 shares) – application amount ₹2,80,800.
• S‑HNI: 3,600–8,400 shares; B‑HNI from 9,600 shares upwards.

Reservation:

• QIB (ex‑anchor): 50%
• NII: 15%
• Retail: 35%.

Promoters are Ms. Monicca Agarwaal, Mr. Jai Prakash Pandey and Ms. Sonika Aggarwal; promoter holding 79.71% pre‑issue (62,31,568 shares).

Objective of the issue

• Repayment/pre‑payment of borrowings – ₹5.89 crore.
• Funding working capital requirements – ₹18.00 crore.
• General corporate purposes.

Financials and valuation snapshot

Period Ended	30 Sep 2025	31 Mar 2025	31 Mar 2024
Assets	62.68	53.94	48.37
Total Income	48.71	85.63	60.83
Profit After Tax	3.14	6.29	3.14
EBITDA	5.64	10.47	5.67
NET Worth	18.51	15.37	8.45
Reserves and Surplus	12.28	9.14	7.58
Total Borrowing	18.92	21.37	19.64
Amount in ₹ Crore

 

Key FY25 metrics:

• ROCE: 26.88%
• EBITDA margin: 12.63%
• PAT margin: 7.37%
• Debt‑equity ratio: 1.39
• EPS (basic): ₹9.70
• RoNW: 55.94%
• NAV: ₹24.45 per share.

Peers: Vertexplus Technologies (RoNW 3.56%), Synoptics Technologies (5.96%).

Strengths

• Diverse IT/telecom infra + defence auto‑tech services.
• Revenue growth ₹60.83 Cr (FY24) to ₹85.63 Cr (FY25).
• Strong PAT margin 7.37% and RoNW 55.94%.
• High EPS ₹9.70 and NAV ₹24.45.
• Prestigious B2G clients (BEL, DMRC, NSG, CEL).
• End‑to‑end solutions from installation to maintenance.
• Proceeds deleverage balance sheet (debt repayment).
• High promoter stake 79.71% pre‑issue.

Risks

• Elevated debt (debt‑equity 1.39).
• SME IPO with moderate revenue scale.
• High retail minimum (₹2,80,800).
• Government tender dependency in B2G model.
• Competition in IT infra services.
• Project execution risks.
• ROE data unavailable (metric gap).

How To Apply for the IPO ?

• Login or Open demat account with JM Financial Services / JM PRO app: Open the JM PRO app or JM Financial Services website and log in with your credentials. 
• Locate the IPO Section: Navigate to the 'IPO' section on the platform. 
• Select IPO: Find and select the IPO from the list of open IPOs. 
• Enter the Lot Size: Specify the number of lots you want to bid for. 
• Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application. 
• Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN. 

How To Check the Allotment Status of IPO?

Steps to check IPO allotment status on JM Pro app: 

• Log in to the JM Pro app. 
• Go to the IPO Section and then to IPO Orders. 
• Select the individual IPO that you had applied for and check the allotment status. 

JM Financial Services will notify you of your IPO allotment status via push notification and email

FAQs

Q1. What does Marushika Technology offer?
IT/telecom infrastructure (data centers, networking, surveillance, cybersecurity), power management and defence vehicle maintenance/refurbishment on B2B/B2G basis.

Q2. What are the Marushika Technology IPO dates?
Opens February 9, 2026; closes February 11; allotment February 12; listing February 16.

Q3. What is the lot size and minimum investment?
1 lot = 2,400 shares; retail minimum ₹2,80,800.

Q4. Who are the promoters?
Ms. Monicca Agarwaal, Mr. Jai Prakash Pandey, Ms. Sonika Aggarwal; pre‑issue holding 79.71%.

Q5. What are the objects of the proceeds?
Debt repayment (₹5.89 Cr), working capital (₹18 Cr), general purposes.

Q6. How have financials trended?
Revenue up 40% from ₹60.83 Cr (FY24) to ₹85.63 Cr (FY25); PAT doubled to ₹6.29 Cr.

Q7. What are the key FY25 metrics?
ROCE 26.88%, EBITDA margin 12.63%, PAT margin 7.37%, EPS ₹9.70, RoNW 55.94%.