Marushika Technology Limited is launching its 100% fresh issue of 23.05 lakh shares on the NSE SME (Emerge) platform. The bidding will commence on February 12, 2026, and conclude on February 16, 2026.
The company operates in three high-growth verticals:
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IT & Telecom Infra: Data center setups, networking, and cybersecurity.
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Smart Solutions: IoT-based access control, smart parking, and lighting.
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Defense Auto-Tech: A specialized segment focusing on the maintenance, refurbishment, and reverse engineering of military vehicles.
Financially, Marushika has demonstrated explosive growth. Its revenue jumped from ₹37 crore in FY23 to ₹85.63 crore in FY25. Even more impressive is its profitability turnaround—Profit After Tax (PAT) surged from just ₹40.25 lakh to ₹6.29 crore in the same two-year period. The company intends to utilize the IPO proceeds to repay ₹5.89 crore of debt and allocate a significant ₹18 crore toward working capital to support its ongoing projects, which are valued at over ₹28 crore as of mid-2025.
Key IPO Details & Timetable
| Feature | Details |
| Price Band | ₹111 – ₹117 per share |
| Lot Size | 1,200 Shares (Min. Investment ₹2,80,800 for 2 Lots*) |
| Total Issue Size | ₹26.97 Crore (100% Fresh Issue) |
| Open Date | February 12, 2026 (Thursday) |
| Close Date | February 16, 2026 |
| Allotment Date | February 17, 2026 |
| Listing Date | February 19, 2026 |
*Note: Retail investors are required to apply for a minimum of 2 lots (2,400 shares).
Important Note for Investors
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Today's Status (Feb 9): The IPO is currently in its Pre-IPO cooling period. While you may see some "Pre-apply" options on broker apps like Upstox or Groww, official bids will only be sent to the exchange starting Thursday morning.
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Grey Market Premium (GMP): As of today, the GMP is trading at ₹0. This suggests a neutral market sentiment, but interest often picks up once the Anchor Investor portion is finalized later this week.
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Defense Moat: The company’s entry into defense auto-tech (reverse engineering and refurbishment) provides a unique niche compared to standard IT resellers. This segment typically carries higher margins and longer-term government contracts.
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Customer Concentration: A potential risk factor is the company's reliance on Government and PSU clients (B2G model). While these are stable, they often involve longer payment cycles, which explains the company’s high requirement for working capital.
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Valuation: At the upper price band, the post-IPO P/E ratio is approximately 15.91x. This is considered reasonable for a company showing a 50%+ Return on Equity (ROE) in its latest audited year.
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