Marushika Technology
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 19 Feb 2026 | ₹2 | +1.71% | ₹1,800 | ₹119 | ₹2,400 |
| 18 Feb 2026 | ₹2 | +1.71% | ₹1,800 | ₹119 | ₹2,400 |
| 17 Feb 2026 | ₹2 | +1.71% | ₹1,800 | ₹119 | ₹2,400 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 12 Feb 2026 – 16 Feb 2026
- Listing date
- 19 Feb 2026
- Face value
- ₹10 per share
- Issue price
- ₹117 per share
- Lot size
- 1,200 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹26.97 Cr
- Market cap at offer price
- ₹99.88 Cr
- Promoter holding
- 79.71% → 58.19% pre-issue → post-issue
- ISIN
- INE0X7G01013
- Registrar
- Skyline Financial Services Pvt.Ltd.
- Lead managers
- NEXGEN Financial Solutions Pvt.Ltd.
- Registered office
- Shop No.5 Acharya Niketan, Mayur Vihar, New Delhi
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 6,51,600 | — | — |
| Market maker | 1,16,400 | — | — |
Application size
Minimum 1,200 shares per lot, in multiples, at ₹117
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,40,400 |
| S-HNI (min) | 2 | 2,400 | ₹2,80,800 |
| S-HNI (max) | 7 | 8,400 | ₹9,82,800 |
| B-HNI (min) | 8 | 9,600 | ₹11,23,200 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹117 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 10.09 | 7.35 |
| P/E (×) | 11.60 | 15.92 |
| Price to book (×) | 4.74 | — |
| Market cap | — | ₹99.88 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 52.77%
- ROCE
- 26.88%
- Debt / equity
- 1.39
- PAT margin
- 7.37%
- EBITDA margin
- 12.28%
- NAV per share
- ₹24.67
- Price to book
- 4.74
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Marushika Technology
Marushika Technology Limited, incorporated in 2010 and converted to public status in 2024, operates as a value-added distributor (VAD) of IT and Telecom Infrastructure products and services. The company provides comprehensive solutions including data centre infrastructure setup, active networking, telecom systems, advanced surveillance systems, data protection, cybersecurity, and power management. Additionally, the company offers installation and maintenance services, assisting clients in selecting appropriate IT infrastructure for their needs. The company has expanded into smart solutions (smart access control, parking, lighting, waste management) and auto-tech solutions for Defence, including maintenance, refurbishment, and reverse engineering of tracked and wheeled military vehicles.
Company Analysis
from RHPMarushika Technology Limited is a value-added distributor of IT and Telecom Infrastructure products, providing data centre infrastructure, networking, surveillance systems, cybersecurity solutions, smart solutions, and auto-tech services for defence.
Marushika Technology Limited, incorporated in 2010 and converted to public status in 2024, operates as a value-added distributor (VAD) of IT and Telecom Infrastructure products and services. The company provides comprehensive solutions including data centre infrastructure setup, active networking, telecom systems, advanced surveillance systems, data protection, cybersecurity, and power management. Additionally, the company offers installation and maintenance services, assisting clients in selecting appropriate IT infrastructure for their needs. The company has expanded into smart solutions (smart access control, parking, lighting, waste management) and auto-tech solutions for Defence, including maintenance, refurbishment, and reverse engineering of tracked and wheeled military vehicles.
Objects of the Issue
- Repayment and/or pre-payment, in part or full, of certain borrowings availed by our Company ₹500.00 lakhs p.29
- Funding of working capital requirement ₹1,468.00 lakhs p.29
- General Corporate Purposes p.29
- Repayment and/or pre-payment, in part or full, of certain borrowings availed by our Company ₹500.00 lakhs p.108
- Funding the working capital requirements of our Company ₹1,468.00 lakhs p.110
- General Corporate Purposes [●] p.114
- Repayment of borrowings p.343
Issue Structure
- Total Issue
- 23,05,200 Equity Shares of Face Value of Rs. 10/- each
- Fresh Issue
- 23,05,200 Equity Shares of Face Value of Rs. 10/- each aggregating up to Rs. [●] lakhs
- Offer for Sale
- NIL
- Price Band
- [●] times to [●] times of the face value of the Equity Shares
- Lot Size
- 1,200 Equity Shares and in multiples of 1,200 Equity Shares thereafter
- Face Value
- Rs. 10/- each
Business Model
The company operates on a B2B and B2G sales model, acting as a value-added distributor between Original Equipment Manufacturers (OEMs) and clients including government entities. Revenue is generated through the distribution and system integration of IT and Telecom Infrastructure products, provision of smart solutions, and auto-tech services for defence. The company does not typically enter into long-term contracts but operates on a purchase order basis with clients.
Business Segments
SWOT Analysis
- • Experienced promoters with established client relationships in government and PSU sectors(p.61)
- • Strong revenue growth trajectory with EBITDA margin expansion(p.121)
- • Significant order book growth indicating strong future revenue pipeline(p.111)
- • Improving profitability with positive PAT growth(p.121)
- • Strong return on equity demonstrating capital efficiency(p.121)
- • Wide range and diversified IT solutions across multiple verticals(p.189)
- • Established strong relationships with Original Equipment Manufacturers (OEMs)(p.189)
- • Experienced and qualified management team(p.189)
- • Presence in multiple industry verticals with long-standing customer relationships(p.190)
- • Consistent track record of financial performance and revenue growth(p.190)
- • Competitive pricing due to lower infrastructure costs(p.192)
- • High customer concentration; top 2 customers represent 23.76% of FY25 revenue(p.199)
- • Significant supplier concentration; top supplier accounts for 23.29% of material purchases(p.199)
- • Steady business expansion with over 150 completed projects(p.214)
- • ISO certifications demonstrate quality and security management compliance(p.214)
- • Established subsidiary in Singapore for international expansion(p.219)
- • Comprehensive IT infrastructure service portfolio(p.303)
- • Proven execution track record with 150+ completed projects(p.304)
- • Government and PSU client base with B2G model(p.303)
- • ISO and IATF certifications for quality and security(p.304)
- • Strong PAT growth trajectory(p.318)
- • Expanded business diversification into Defence sector(p.303)
- • Heavy dependence on government projects and PSU entities for revenue(p.37)
- • Concentrated customer base creates revenue volatility(p.38)
- • High geographic concentration in Delhi and Uttar Pradesh(p.40)
- • Dependency on limited OEM suppliers for products(p.40)
- • Concentrated supplier base with 90.71% from top 10 suppliers(p.43)
- • Substantial working capital requirements create cash flow pressure(p.42)
- • Leased properties with no owned real estate(p.45)
- • History of compliance delays and regulatory non-filings(p.50)
- • High reliance on unsecured loans with potential for recall(p.62)
- • First generation promoters lack listed company experience(p.61)
- • Board of Directors lacks IT and telecom infrastructure sector experience(p.63)
- • Customer concentration risk with delays in collection of receivables(p.61)
- • High operating costs driven by employee compensation pressure in competitive IT industry(p.61)
- • Dependence on key promoters and senior management for operations(p.63)
- • High dependency on few major clients creates revenue concentration risk(p.192)
- • Heavy reliance on IT and Telecom Infrastructure Solutions revenue(p.192)
- • High working capital requirements due to project-based execution(p.192)
- • Heavy dependence on top 2 customers representing nearly 39% of FY25 revenue(p.199)
- • Significant reliance on top 3 suppliers for 58.42% of material purchases(p.199)
- • High short-term borrowing obligation of Rs. 1,740.33 lakhs as of Sept 30, 2025(p.270)
- • Subsidiary showing net loss position with negative retained earnings(p.254)
- • High financial leverage(p.292)
- • Significant contingent GST liabilities(p.296)
- • Dependence on few large orders(p.312)
- • Working capital intensive model with high receivables(p.292)
- • Diversification into Smart Solutions and Auto-Tech Defence segments(p.29)
- • IT infrastructure as enabler for India's digital transformation(p.29)
- • Significant growth in India's IT sector and skilled workforce(p.29)
- • Global IT infrastructure investment surge driven by AI and technology expansion(p.130)
- • Expand market share through government and PSU sector growth(p.112)
- • Leverage working capital support to pursue larger projects and improve margin(p.113)
- • Debt reduction to improve financial flexibility and support future growth(p.109)
- • Geographic and service expansion opportunity in emerging IT infrastructure markets(p.62)
- • Growing demand for cloud computing, cybersecurity, and digital transformation(p.192)
- • Increasing IT infrastructure adoption by small and medium enterprises(p.192)
- • Expansion through new OEM partnerships in IT, Telecom, Smart Services and Auto Tech sectors(p.190)
- • Diversification into Cloud-Based IT Solutions and Digital Training services(p.190)
- • Geographic expansion across India to serve growing regional demand(p.191)
- • Expansion into defence and auto-tech solutions segment(p.214)
- • Growing B2G business model with government sector clients including BEL, CEL, DMRC, NSG(p.214)
- • Ongoing project pipeline of Rs. 3,545.45 lakhs demonstrates sustained revenue visibility(p.214)
- • Diversified service offerings across IT, telecom, defence, transportation, education and health sectors(p.214)
- • Growing government digitalization and IT infrastructure spending(p.304)
- • Expansion of Defence and military vehicle maintenance services(p.303)
- • Growing pipeline of ongoing projects(p.304)
- • Smart solutions market expansion(p.303)
- • Unfavorable changes in government policies affecting IT budgets(p.37)
- • Order book not guaranteed to convert to revenue(p.39)
- • Decline in demand for IT and Telecom Infrastructure vertical(p.39)
- • Rapid technological change and obsolescence risk(p.41)
- • Intense competition and pricing pressure in IT distribution(p.53)
- • Supply chain disruption risks from third-party transporters(p.52)
- • Rising interest rates impact on floating rate debt obligations(p.55)
- • Tender bidding uncertainty and competitive factors beyond control(p.56)
- • Rising competition from organized and unorganized players affecting market share and margins(p.64)
- • Foreign exchange fluctuations impacting procurement costs and revenue(p.63)
- • Changes in government policies and regulatory environment affecting business operations(p.68)
- • Indian economic slowdown reducing demand for services(p.68)
- • Inflation eroding profitability through increased cost pressures(p.68)
- • Natural calamities and geopolitical risks impacting Indian economy and operations(p.69)
- • Intense competition from organized and unorganized players in IT industry(p.192)
- • Rapid technological advancements require constant innovation and investment(p.192)
- • Changes in government policies affecting infrastructure project models(p.192)
- • Increasing cybersecurity threats and data breaches impacting operations(p.192)
- • High dependency on government sector and B2G model creates concentration risk(p.214)
- • Regulatory compliance requirements across multiple sectors including defence, IT, and environmental(p.203)
- • Significant financial charges of Rs. 137.01 lakhs in FY25 reflecting leverage and interest burden(p.271)
- • Exposure to foreign exchange and currency translation risks through Singapore subsidiary(p.272)
- • Government policy and political changes affecting procurement(p.305)
- • Regulatory uncertainty in GST compliance(p.333)
- • High competitive pressure from established IT infrastructure providers(p.305)
- • Volatility in input costs and supply chain disruption(p.305)
- • Sensitivity to economic cycles and project delays(p.305)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Ms. Monicca Agarwaal | Promoter | 52.89% | — |
| Mr. Jai Prakash Pandey | Promoter | 21.94% | — |
| Ms. Sonika Aggarwal | Promoter | 4.88% | — |
| Ms. Monicca Agarwaal | Promoter | 52.89% | [●] |
| Mr. Jai Prakash Pandey | Promoter | 21.94% | [●] |
| Ms. Sonika Aggarwal | Promoter | 4.88% | [●] |
| Ms. Monicca Agarwaal | Promoter | — | — |
| Mr. Jai Prakash Pandey | Promoter | — | — |
| Ms. Sonika Aggarwal | Promoter | — | — |
| Ms. Monicca Agarwaal | Promoter/Managing Director | 52.89% | — |
| Mr. Jai Prakash Pandey | Promoter/Whole Time Director | 21.94% | — |
| Ms. Sonika Aggarwal | Promoter/Executive Director | 4.88% | — |
| Monicca Agarwaal | Promoter | 52.89% | — |
| Jai Prakash Pandey | Promoter | 21.94% | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.