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Merritronix Ltd IPO
Merritronix Ltd
₹2,82,000 /2000 sharesMinimum investment
IPO listing details
Listed on
8 Jun '26
Issue price
₹149.00
Listing price
₹283.10
Listing gains
₹134.10 (90.00%)
Exchange
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IPO details
Minimum investment
₹2,82,000
Price range
₹141 - ₹149
Lot size
1,000
Issue size
70.03 Cr
Face value
10
IPO document
Subscription rate
Qualified Institutional Buyers221.40x
Non-Institutional Investor351.89x
Retail Individual Investor289.49x
Total288.28x
As of 03 Jun'26, 04:31 PM
Schedule
1 Jun 2026
IPO open date
3 Jun 2026
IPO close date
4 Jun 2026
Allotment date
4 Jun 2026
Funds unblock or debit
8 Jun 2026
Tentative listing date
About
Founded in
1988
MD/CEO
Mr Dovari Amarnath
Parent organisation
Merritronix Ltd
Merritronix Financials
Revenue
Total Assets
Profit
All values are in ₹ Cr
Strengths & Risks
Strengths
Risks
The company operates in the niche segment of high-reliability and mission-critical electronics manufacturing for defence and aerospace applications. Defence and aerospace applications contributed 97.81% of its revenue from operations in FY26, and the company claims to operate in a segment that requires specialised certifications, process qualifications, and long programme execution cycles, which may create entry barriers for new players.
Merritronix claims to have experience in manufacturing electronic assemblies for missile systems, airborne radar systems, and digital video recording systems used in defence aircraft platforms. These projects reportedly involve advanced assembly capabilities such as Ball Grid Array (BGA) and micro-BGA component placement, along with X-ray inspection validation processes.
The company claims to have capabilities in obsolescence management for legacy defence and aerospace electronic systems. Its services include reverse engineering, development of Form-Fit-Function (FFF) replacements, alternate component qualification, and system redesign to help extend the operational life of older electronic platforms.
The company is EN 9100:2018 certified for manufacturing printed circuit board assemblies (PCBAs) for aerospace and defence applications. This certification is equivalent to AS 9100D and JISQ 9100:2016 and also incorporates ISO 9001:2015 quality management standards for aerospace and defence electronics manufacturing.
Merritronix claims to have modern SMT infrastructure that includes Panasonic NPM D3A and Juki 2060 high-speed SMT lines, along with Maker-Ray 3D Automated Optical Inspection (AOI) and X-ray inspection systems. The company also claims to undertake assembly operations as per IPC-A-610 Class 3 standards, which are generally required for aerospace and defence electronics.
As of April 30, 2026, the company’s order book stood at Rs 96.65 crore across turnkey manufacturing, build-to-print, and obsolescence management segments. The company states that defence and aerospace programmes generally involve multi-stage development and production cycles, which may provide medium-term revenue visibility.
The company reported a repeat customer rate of 86.08% for the period ended March 31, 2026, with 68 out of 79 active customers representing repeat engagements. Merritronix states that supplier qualification processes in defence and aerospace sectors are typically lengthy, which may support long-term customer relationships.
The company has witnessed a consistent increase in its revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 85.70 crore in FY24 to Rs 113.56 crore in FY25 and Rs 155.59 crore in FY26. PAT increased from Rs 3.05 crore in FY24 to Rs 8.66 crore in FY25 and Rs 16.10 crore in FY26.
A significant portion of Merritronix’s revenue is concentrated in Telangana. Revenue from Telangana stood at Rs 153.07 crore (98.19%) in FY26, Rs 108.61 crore (95.63%) in FY25, and Rs 76.14 crore (88.85%) in FY24. Any adverse social, political, economic, or regulatory developments in Telangana could negatively impact the company’s business operations, financial condition, and cash flows.
Merritronix derives a significant portion of its revenue from a limited number of customers. The top 10 customers contributed Rs 139.31 crore (89.36%) in FY26, Rs 108.13 crore (95.22%) in FY25, and Rs 79.08 crore (92.28%) in FY24 to revenue from operations. Any loss of key customers, reduction in order volumes, or inability to maintain long-term customer relationships could adversely affect the company’s business and financial performance.
The company reported negative cash flows from operating activities amounting to Rs 23.38 crore in FY26 and Rs 6.64 crore in FY25, compared to a positive operating cash flow of Rs 4.53 crore in FY24. The negative operating cash flows were mainly attributed to higher working capital requirements, inventory build-up, increased trade receivables, and delayed cash realisation in turnkey defence electronics projects. If the company continues to experience negative cash flows or delays in converting revenue into cash inflows, it could adversely impact its liquidity, operations, and financial condition.
A significant portion of Merritronix’s revenue is dependent on its turnkey manufacturing / build-to-print segment. This segment contributed Rs 143.53 crore (92.07%) in FY26, Rs 93.85 crore (82.64%) in FY25, and Rs 69.17 crore (80.72%) in FY24 to the company’s revenue from operations. Any slowdown in demand, project execution delays, fluctuations in raw material prices, or inability to adapt to changing customer requirements in this segment could adversely affect the company’s business operations and financial performance.
Merritronix derives a majority of its revenue from non-government sector customers. Revenue from non-government entities contributed Rs 144.95 crore (92.98%) in FY26, Rs 103.65 crore (91.27%) in FY25, and Rs 79.30 crore (92.53%) in FY24. Any slowdown, reduced spending, project delays, or adverse developments in the non-government sectors served by the company could negatively impact order inflows, capacity utilisation, and the company’s overall financial performance.
Merritronix is heavily dependent on the aerospace and defence sector for its revenue. Revenue from the aerospace and defence industry contributed Rs 152.47 crore (97.81%) in FY26, Rs 100.51 crore (88.50%) in FY25, and Rs 68.79 crore (80.26%) in FY24. Any demand reduction, project delays, budget cuts, policy changes, or cancellation of contracts in the aerospace and defence sector could materially affect the company’s business operations, profitability, and cash flows.
Merritronix depends on a limited number of suppliers for raw materials and electronic components. The top 10 suppliers accounted for Rs 120.49 crore (90.74%) of total purchases in FY26, Rs 86.64 crore (87.71%) in FY25, and Rs 90.16 crore (91.56%) in FY24. Any disruption in supply, failure of suppliers to meet quality standards, delays in procurement, or inability to source alternative components on time could adversely affect the company’s manufacturing schedules and business operations.
The company is involved in certain ongoing legal proceedings. The company’s business prospects could be hit in case of adverse judgments in any of these cases.
As of March 31, 2026, Merritronix had total outstanding borrowings of Rs 43.20 crore, including secured borrowings of about Rs 40.66 crore and unsecured borrowings of about Rs 2.54 crore. The company has availed itself of various working capital loans, term loans, overdraft facilities, and demand-based borrowings from financial institutions and related parties. Any inability to service or repay these borrowings, or comply with repayment obligations and financing conditions, could adversely affect the company’s cash flows, financial condition, and business operations.
Application details
For Merritronix IPO, eligible investors can apply as Individual investor.
| Apply as | Price band | Apply range | Lot size |
|---|---|---|---|
| Individual investor | ₹141 - ₹149 | ₹2 - ₹5 Lakhs | 1000 |
About
Objective of Merritronix Ltd IPO
|
Particulars |
Estimated Amount (in ₹ Cr.) |
|
Capital expenditure towards purchase of machinery and equipments |
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 |
Balance proceeds |
|
Total |
56.04 |
Book Running Lead Managers & Registrar of Merritronix Ltd IPO
|
Book Running Lead Manager |
GYR Capital Advisors Private Limited |
|
Registrar to the Issue |
Bigshare Services Private Limited |
|
Market Maker |
Giriraj Stock Broking Private Limited. |
Key Performance Indicators (KPIs) of Merritronix Limited
|
KPI |
Value (March 31, 2026) |
|
RoE (%) |
46.03 |
|
RoCE (%) |
45.26 |
|
EBITDA Margin (%) |
17.42 |
|
PAT Margin (%) |
10.33 |
|
Debt/Equity ratio |
0.81 |
|
EPS (basic) (Post IPO) (₹) |
9.21 |
|
Return on Net Worth (RoNW) (%) |
30.66 |
|
NAV per Equity Share (₹) |
41.56 |
Merritronix Ltd IPO Contact Details
|
Company Name |
Merritronix Limited |
|
Registered Office |
C-22, Electronic Complex, Kushaiguda, Hyderabad, Telangana, India, 500062 |
|
Phone |
+91 82979 12056 |
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Website |
Merritronix Ltd IPO Registrar Contact Details
|
Company Name |
Bigshare Services Private Limited |
|
Phone |
+91 22626 38200 |
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Website |