Marushika Technology Limited is engaged in the distribution of Information Technology (IT) and telecom infrastructure products, offering end-to-end solutions across critical IT and digital infrastructure requirements.
The company delivers a wide range of IT products and services, including data centre setup, active networking, telecom systems, advanced surveillance, cybersecurity, and power management solutions. In addition, it provides installation, maintenance, and technical advisory services, assisting clients in selecting and deploying appropriate IT infrastructure solutions based on project needs.
The company also offers smart solutions such as access control systems, smart parking, intelligent lighting, and waste management solutions, primarily for large-scale infrastructure and government-led projects.
Business Verticals:
- IT & Telecom Infrastructure Solutions: Provides data centre IT infrastructure, servers and IP-based systems, video wall display solutions, power solutions, and active networking services for public and private sector projects.
- Auto-Tech Solutions for Defence: Offers repair and refurbishment, reverse engineering, and control panel solutions for tracked and wheeled military vehicles, with revenue contribution and ongoing assignments.
- Smart Solutions: Delivers integrated smart solutions, including security, access control, parking, lighting, and waste management for smart infrastructure development.
Marushika Technology operates on a B2B and B2G model, serving government and public sector clients such as BEL, CEL, DMRC, and NSG, across sectors including defence, IT & telecom, transportation, education, and healthcare.
Over the years, Marushika Technology has completed more than 150 projects. As of July 31, 2025, the company had ongoing projects valued at ₹2,835.42 lakh, reflecting a healthy execution pipeline and consistent business growth.
Marushika Technology IPO – Details
| IPO Opening Date | 12 February 2026 |
| IPO Closing Date | 16 February 2026 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue: 23,05,200 Shares Worth ₹26.97 Crore Fresh Issue: 23,05,200 Shares Worth ₹26.97 Crore |
| Face Value | ₹10 per equity share |
| IPO Price | ₹111 – ₹117 per share |
| Market Lot | 1200 Shares |
| Min Order | 1200 Shares [ 1 Lot ] |
| Listing At | NSE SME |
| Registrar | Skyline Financial Services Pvt. Ltd. |
| QIB Shares Offered | 50% |
| NII Shares Offered | 15% |
| Retail Shares Offered | 35% |
Marushika Technology IPO – Date Schedule
| IPO Open Date | 12 February 2026 |
| IPO Close Date | 16 February 2026 |
| Basis of Allotment | 17 February 2026 |
| Initiation of Refund | 18 February 2026 |
| Credit of Shares to Demat | 18 February 2026 |
| IPO Listing Date | 19 February 2026 |
| Cut-off time for UPI mandate confirmation | 5 PM on February 16, 2026 |
Marushika Technology IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 2400 | ₹2,80,800 |
| Retail (Max) | 2 | 2400 | ₹2,80,800 |
| S-HNI (Min) | 3 | 3600 | ₹4,21,200 |
| S-HNI (Max) | 7 | 8400 | ₹9,82,800 |
| B-HNI (Min) | 8 | 9600 | ₹11,23,200 |
Competitive Strength
- Wide range and diversified IT solutions and offerings.
- Established strong relationship with Original Equipment Manufacturer (OEMs).
- Experienced and Qualified management team.
- Presence in multiple industry verticals with long-standing customer relationship.
- Demonstrated track record of financial performance.
Company Promoters
- Ms. Monicca Agarwaal
- Mr. Jai Prakash Pandey
- Ms. Sonika Aggarwal
Company Financials
| Period | Total Revenue | Total Expense | Profit After Tax | Total Borrowings |
|---|---|---|---|---|
| 31 March 2024 | ₹60.83 Cr | ₹56.77 Cr | ₹3.14 Cr | ₹19.64 Cr |
| 31 March 2025 | ₹85.63 Cr | ₹77.17 Cr | ₹6.29 Cr | ₹21.37 Cr |
| 31 December 2025 | ₹48.71 Cr | ₹44.54 Cr | ₹3.14 Cr | ₹18.92 Cr |
Key Performance Indicator
| KPI | Values (Sep 30, 2025) |
|---|---|
| ROE | 18.52% |
| ROCE | 13.89% |
| Debt/Equity | 1.02 |
| RoNW | 18.52% |
| PAT Margin | 6.45% |
| EBITDA Margin | 11.59% |
| Price to Book Value | 3.94 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 10.09 | 7.35 |
| P/E (x) | 11.60 | 15.91 |
Object Of The Issue
| Objects of the Issue | Expected Amount (in Crore) |
|---|---|
| Repayment and/ or pre-payment, in part or in full, of certain borrowings availed by the Company. | ₹5.00 |
| Funding of working capital requirement. | ₹14.68 |
| General corporate purposes. | – |
✅Strengths
- Diversified presence across IT & telecom infra, smart solutions, and defence auto-tech.
- Strong government & PSU client base (BEL, CEL, DMRC, NSG).
- Proven execution with 150+ projects completed.
- End-to-end solution capability (supply, installation, maintenance).
- ISO 9001:2015 & ISO/IEC 27001:2022 certified.
⚠️Risks
- High dependence on government & PSU contracts.
- Project-based revenues may cause earnings volatility.
- Working capital intensive due to long receivable cycles.
- Intense competition from larger IT infrastructure players.
- Defence auto-tech segment has limited operating history.
Marushika Technology IPO Promoter Holding
| Pre-Issue Share Holding | 79.71% |
| Post Issue Share Holding | 58.19% |
Marushika Technology IPO Prospectus
Company Contact Information
| Marushika Technology Ltd. Shop No. 5 Acharya Niketan, Mayur Vihar, East Delhi, New Delhi, 110091 Phone: 0120-4290383 Email: Info@marushika.in Website: https://www.marushika.in/ |
Marushika Technology IPO Registrar
| Skyline Financial Services Pvt. Ltd. Phone: 02228511022 Email: ipo@skylinerta.com Website: https://www.skylinerta.com/ipo.php |
Marushika Technology IPO Lead Manager(s)
| 1. NEXGEN Financial Solutions Pvt. Ltd. |
Marushika Technology IPO FAQ
| What is the Marushika Technology IPO? Marushika Technology IPO is an SME IPO. The issue is priced at ₹111 – ₹117 per equity share. The IPO is to be listed on NSE SME. |
| When will Marushika Technology IPO open? The IPO is to open on 12 February 2026 for QIB, NII, and Retail Investors. |
| What is Marushika Technology IPO Investors’ Portion? The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| What is the Marushika Technology IPO Size? Marushika Technology IPO size is ₹26.97 Crore. |
| What are the Marushika Technology IPO Minimum and Maximum Lot Sizes for Retail Investors? The minimum bid is 2400 Shares for ₹2,80,800, while the maximum bid is 2400 Shares for ₹2,80,800. |
| What is the Marushika Technology IPO Allotment Date? Marushika Technology IPO allotment date is 17 February 2026. |
| What is the Marushika Technology IPO Listing Date? Marushika Technology IPO listing date is 19 February 2026. The IPO is to be listed on the NSE SME. |
