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Marushika Technology IPO
Marushika Technology Ltd
₹2,66,400 /1200 sharesMinimum Investment
Marushika Technology IPO Details
| Bidding dates | Minimum investment | Lot size | Price range |
|---|---|---|---|
| 12 Feb ‘26 - 16 Feb ‘26 | ₹2,66,400 | 1,200 | ₹111 - ₹117 |
| Issue size | IPO doc | Tentative allotment date | Tentative listing date |
|---|---|---|---|
| 26.97 Cr | RHP PDF | 17 Feb ‘26 | 19 Feb ‘26 |
| Face value |
|---|
| 10 |
About Marushika Technology
Founded in
2010
MD/CEO
Ms. Monicca Agarwaal
Parent organisation
Marushika Technology Ltd
Strengths & Risks of Marushika Technology
Strengths
Risks
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.
The company has witnessed a consistent increase in its revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 36.99 crore (standalone) in FY23 to Rs 60.66 crore (consolidated) in FY24 and Rs 85.25 crore (consolidated) in FY25. PAT increased from Rs 0.40 crore (standalone) in FY23 to Rs 3.14 crore (consolidated) in FY24 and Rs 6.29 crore (consolidated) in FY25.
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.
As of FY25, the company had contingent liabilities of Rs 6.58 crore, up from Rs 4.96 crore in FY24. If any of these contingent liabilities materialise, the company’s financial condition could be adversely affected.
The top supplier accounted for Rs 21.12 crore (30.36 percent) of the company’s total products purchased in FY25 and Rs 14.68 crore (29.06 percent) in FY24. Any dispute, disruption in supply, adverse changes in commercial terms, or inability of this supplier to meet delivery requirements could adversely affect the company’s operations, profitability, and financial condition.
Delhi accounted for Rs 34.27 crore (40.20 percent) of the company’s revenue in FY25 and Rs 25.20 crore (41.55 percent) in FY24. Any adverse developments in the state, including regulatory changes, economic slowdown, political factors, or disruptions affecting project execution, could adversely impact the company’s revenue, business operations, and financial performance.
The company, its promoters, directors, and group companies are involved in certain ongoing legal proceedingsm including criminal and tax-related cases. The company’s business prospects could be hit in case of adverse judgments in any of these cases.
The company reported negative cash flow from operating activities amounting to Rs 6.38 crore in FY24, largely due to an increase in short-term loans and advances. Additionally, negative cash flow from investing activities amounted to Rs 3.30 crore in FY25 and Rs 0.47 crore in FY24. This was primarily driven by the purchase of fixed assets and an increase in long-term loans and advances. Continuation of such loan-related outflows or capital expenditure-led cash deficits could adversely affect the company’s liquidity, business operations, and financial condition.
As of FY25, the company had trade receivables of Rs 39.85 crore, up from Rs 37.65 crore in FY24 and Rs 24.15 crore in FY23. Failure to collect these receivables on time or at all could hurt the company’s business and financial condition.
As of FY25, the company had outstanding financial indebtedness of Rs 18.82 crore. Failure to service or repay these loans could harm the company’s operations and financial position.
Marushika Technology Financials
*All values are in Rs. Cr
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Application Details of Marushika Technology IPO
| Apply as | Price band | Apply Range | Lot size |
|---|---|---|---|
| Individual investor | ₹111 - 117 | ₹2 - 5 Lakh | 1200 |
For Marushika Technology IPO, eligible investors can apply as Individual investor.