Marushika Technology Ltd IPO
IT - Software
Price Band
₹111 – ₹117
Lot Size
1200
Minimum Bid Quantity
2400
Minimum Investment
₹280800
Issue Size
₹26.97Cr
Opens
2026-02-12
Closes
2026-02-16
Listing
19-02-2026
Subscription Status
Qualified Institutional Buyers
2.92 x
Non-Institutional Investor
30.52 x
Retail Individual Investor
16.33 x
Total
16.64 x
IPO Details
Issue Type
EQUITY
Face Value
₹10
Tick Size
1
ISIN
INE0X7G01013
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Marushika Technology Limited is engaged in the distribution of information technology and telecom infrastructure products and in providing related services. The company supplies IT and telecom infrastructure solutions for data centre infrastructure, active networking, telecom systems, surveillance systems, data protection, cybersecurity, and power management. Its services include installation, maintenance, and assistance in selecting IT infrastructure based on client requirements. Marushika Technology also offers smart solutions such as access control systems, parking solutions, lighting systems, and waste management solutions. In addition, the company has expanded into auto-tech solutions for the defence sector, providing maintenance, refurbishment, and reverse engineering services for tracked and wheeled military vehicles. The company operates primarily on a business-to-business and business-to-government model and provides products and services to government departments, public sector undertakings, and infrastructure projects across sectors such as defence, railways, finance, education, and health.
Pros
- • FMarushika Technology claims to operate through three distinct business verticals: IT & telecom infrastructure, smart solutions, and auto-tech solutions for defence. Its IT & telecom infrastructure vertical includes offerings such as data centre infrastructure, surveillance systems, servers, storage, videowall displays, and power solutions, which contribute the largest share of its revenues. The company states that its solutions are deployed across sectors, including banking, insurance, railways, defence, and healthcare.
- • The company claims to have established working relationships with several original equipment manufacturers (OEMs) through authorised distributors, enabling it to act as an authorised reseller of IT and smart solutions products. These relationships allow the company to offer products, technical support, and training associated with OEM solutions. The company also states that such partnerships support its ability to negotiate commercial terms with distributors.
- • Marushika Technology reports a presence across multiple industry verticals, including banking, finance, insurance, railways, defence, and healthcare. It claims to have built long-term relationships with customers in these sectors over time. According to the company, this diversified customer base reduces reliance on a single sector and supports participation in projects across different industries.
Cons
- • Marushika Technology’s revenue is predominantly derived from government-backed projects executed through private contractors and public sector undertakings rather than direct government contracts. They accounted for Rs 67.03 crore (78.63 percent) of the company’s revenue in FY25 and Rs 58.30 crore (96.11 percent) in FY24. Any adverse changes in government policies, delays in project execution, reduction in budget allocations, or termination or renegotiation of such government-backed projects could adversely impact the company’s business, financial condition, and cash flows.
- • The top customer accounted for Rs 21.34 crore (25.04 percent) of the company’s revenue in FY25 and Rs 9.70 crore (15.99 percent) in FY24. Any loss of this client, failure to renew contracts, adverse changes in the client’s business strategy, or inability to comply with contractual obligations could adversely affect the company’s business, financial condition, and cash flows.
- • The IT and telecom infrastructure vertical accounted for Rs 83.20 crore (97.59 percent) of the company’s revenue in FY25 and Rs 59.19 crore (97.57 percent) in FY24. Any adverse changes in demand, technological shifts, or disruptions affecting the IT and telecom infrastructure segment could adversely impact the company’s business, results of operations, and financial condition.
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