Merritronix Limited is an Electronics Systems Design and Manufacturing (ESDM) company specializing in high-reliability and mission-critical electronic assemblies for defence, aerospace, telecom, and industrial electronics sectors.
The company provides end-to-end B2B electronic manufacturing services, including component sourcing, PCB assembly, system integration, testing, box-build assembly, and delivery of finished electronic products, all designed to meet the stringent standards required in India’s defence and aerospace ecosystem.
Its manufacturing capabilities include advanced Surface-Mount Technology (SMT) and Through-Hole Technology (THT) assembly processes along with integrated box-build solutions. As of December 31, 2025, the company’s manufacturing facility had an installed capacity of 7,65,000 boards for SMT assembly, 6,00,000 boards for THT assembly, and 4,20,000 units for product assembly and box-build operations, taking the total installed production capacity to 17,85,000 units per annum.
Merritronix has received EN 9100:2018 certification for manufacturing Printed Circuit Board Assemblies (PCBAs) for aerospace and defence applications. The certification is equivalent to AS 9100D and JISQ 9100:2016 standards and also incorporates ISO 9001:2015 quality management standards, highlighting the company’s focus on quality, precision, and compliance.
The company caters to clients operating in defence, aerospace, electrical engineering, heavy industries, power, utilities, and industrial electronics sectors. Over the years, it has developed capabilities in manufacturing high-density PCB assemblies, system integration, automated inspection, and mission-critical electronic solutions.
As of March 31, 2026, Merritronix Limited had a workforce of 57 employees across various operational, engineering, manufacturing, quality control, and administrative departments.
Merritronix IPO – Details
| IPO Opening Date | 01 June 2026 |
| IPO Closing Date | 03 June 2026 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue: 47,00,000 Shares Worth ₹70.03 Crore Fresh Issue: 47,00,000 Shares Worth ₹70.03 Crore |
| Face Value | ₹10 per equity share |
| IPO Price | ₹141 – ₹149 per share |
| Market Lot | 1000 Shares |
| Min Order | 1000 Shares [ 1 Lot ] |
| Listing At | BSE SME |
| Registrar | Bigshare Services Pvt. Ltd. |
| QIB Shares Offered | 50% |
| NII Shares Offered | 15% |
| Retail Shares Offered | 35% |
Merritronix IPO – Date Schedule
| IPO Open Date | 01 June 2026 |
| IPO Close Date | 03 June 2026 |
| Basis of Allotment | 04 June 2026 |
| Initiation of Refund | 05 June 2026 |
| Credit of Shares to Demat | 05 June 2026 |
| IPO Listing Date | 08 June 2026 |
| Cut-off time for UPI mandate confirmation | 5 PM on June 03, 2026 |
Merritronix IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 2000 | ₹2,98,000 |
| Retail (Max) | 2 | 2000 | ₹2,98,000 |
| S-HNI (Min) | 3 | 3000 | ₹4,47,000 |
| S-HNI (Max) | 6 | 6000 | ₹8,94,000 |
| B-HNI (Min) | 7 | 7000 | ₹10,43,000 |
Competitive Strength
- Three decades of Operating Legacy in Mission-Critical Defence and Aerospace Electronics.
- Established Track Record in Mission-Critical Defence and Aerospace programs.
- Strong Capabilities in Obsolescence Management and Lifecycle Extension.
- Modern SMT Infrastructure and IPC-A-610 Class 3 Assembly Capability.
- Strong Order Book providing revenue visibility.
- Experienced Promoters and Senior Management.
Company Promoters
- Dovari Yesudas
- Dovari Amarnath Vanaja D
- Darsy Kethan Chandra
- Dovari Thaman
Company Financials
| Period | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2024 | ₹86.01 Cr | ₹81.72 Cr | ₹3.05 Cr | ₹15.82 Cr |
| 31 March 2025 | ₹114.04 Cr | ₹101.64 Cr | ₹8.66 Cr | ₹18.57 Cr |
| 31 March 2026 | ₹156.25 Cr | ₹133.23 Cr | ₹16.10 Cr | ₹43.20 Cr |
Key Performance Indicator
| KPI | Values (Mar 31, 2026) |
|---|---|
| ROE | 46.03% |
| ROCE | 45.26% |
| Debt/Equity | 0.81 |
| RoNW | 30.66% |
| PAT Margin | 10.33% |
| EBITDA Margin | 17.42% |
| Price to Book Value | 3.59 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 12.60 | 9.21 |
| P/E (x) | 11.83 | 16.18 |
Object Of The Issue
| Objects of the Issue | Expected Amount (in Crore) |
|---|---|
| Capital expenditure towards the purchase of Machinery and equipment. | ₹21.36 |
| Funding working capital requirements. | ₹21.95 |
| Repayment/ prepayment, in full or part, of all or certain outstanding borrowings availed by the Company. | ₹12.72 |
| General corporate purposes. | – |
✅Strengths
- Strong presence in high-reliability electronics for defence, aerospace, and industrial applications.
- Approved vendor for major defence and aerospace entities like BEL and HAL.
- Expertise in obsolescence management and legacy component replacement solutions.
- Advanced SMT, THT, BGA, AOI, X-ray inspection, and box-build manufacturing capabilities.
- EN 9100:2018 certified for aerospace & defence PCB manufacturing standards.
- Strong growth in EBITDA margins due to higher turnkey and direct customer business.
- Expanding into EV electronics, UAVs, missile systems, and industrial automation.
- Cost-effective and scalable manufacturing setup with integrated operations.
⚠️Risks
- Heavy dependence on Aerospace & Defence sector, contributing over 97% revenue in FY26.
- Dependence on limited suppliers for raw materials and electronic components.
- Reliance on third-party logistics providers for transportation and delivery.
- Promoter involvement in similar business (Sunrise Telecom) may create conflict of interest risk.
- Manufacturing facility operates on leased property.
- High capital expenditure requirement for advanced machinery and technology upgrades.
- Any product quality issue or manufacturing defect may impact reputation and operations.
- Business growth depends on successful execution of expansion and diversification plans.
Merritronix IPO Promoter Holding
| Pre-Issue Share Holding | 85.17% |
| Post Issue Share Holding | – |
Merritronix IPO Prospectus
- Merritronix IPO DRHP
- Merritronix IPO RHP
Company Contact Information
| Merritronix Limited C-22, Electronic Complex, Kushaiguda Hyderabad, Telangana, 500062 Phone: +91 8297912056 Email: cs@merritronix.com Website: https://www.merritronix.com/ |
Merritronix IPO Registrar
| Bigshare Services Pvt. Ltd. Phone: +91-22-6263 8200 Email: ipo@bigshareonline.com Website: https://ipo.bigshareonline.com/IPO_Status.html |
Merritronix IPO Lead Manager(s)
| 1. GYR Capital Advisors Pvt. Ltd. |
Merritronix IPO FAQ
| What is the Merritronix IPO? Merritronix IPO is an SME IPO. The issue is priced at ₹141 – ₹149 per equity share. The IPO is to be listed on BSE SME. |
| When will Merritronix IPO open? The IPO is to open on 01 June 2026 for QIB, NII, and Retail Investors. |
| What is Merritronix IPO Investors’ Portion? The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| What is the Merritronix IPO Size? Merritronix IPO size is ₹70.03 Crore. |
| What are the Merritronix IPO Minimum and Maximum Lot Sizes for Retail Investors? The minimum bid is 2000 Shares for ₹2,98,000, while the maximum bid is 2000 Shares for ₹2,98,000. |
| What is the Merritronix IPO Allotment Date? Merritronix IPO allotment date is 04 June 2026. |
| What is the Merritronix IPO Listing Date? Merritronix IPO listing date is 08 June 2026. The IPO is to be listed on the BSE SME. |
