Marushika Technology Limited
Bookbuilding IPO · NSE
- Price band
- ₹111 - ₹117
- Lot size
- 1,200 shares
- Issue amount
- ₹26.97 cr
- Total subscription
- 18.01×
- Opens
- 12 Feb 2026
- Closes
- 16 Feb 2026
- Allotment
- 17 Feb 2026
- Listing
- 19 Feb 2026
Offer at a glance
Issue overview
- Issue size
- 23,05,200 shares
- Face value
- ₹10 per share
- Minimum investment
- ₹1,33,200
- Fresh issue
- ₹26.97 cr
- Offer for sale
- ₹0 cr
- Registrar
- Skyline Financial Services Private Limited
- Listing exchange
- NSE
- Maximum investment
- ₹1,40,400
- Issue type
- Bookbuilding IPO
- Shares before issue
- 62,31,568
- Shares after issue
- 85,36,768
Lot sizes
| Category | Lots | Shares | Amount |
|---|---|---|---|
| RETAIL | 2 | 2,400 | ₹2,80,800 |
| sHNI | 3 | 3,600 | ₹4,21,200 |
| bHNI | 8 | 9,600 | ₹11,23,200 |
Share reservation
Subscription & GMP
Subscription by category
Reported 16 Feb 2026
GMP history
Day-wise demand
Application-wise demand
| Category | Reserved applications | Applied applications |
|---|---|---|
| QIB | 0 | 10 |
| NIB | 0 | 1,842 |
| RETAIL | 321 | 5,300 |
| HNIs(10L +) | 61 | 1,170 |
| HNIs (2-10L) | 31 | 672 |
Subscription demand
Amounts in ₹ crore. HNI subcategories are included in the NII total.
| Category | Offered | Demand |
|---|---|---|
| QIBs | 5.1 | 14.9 |
| FIs | 0 | 0.11 |
| Others | 0 | 14.78 |
| RETAIL | 9.01 | 148.82 |
| HNIs 2+ | 1.31 | 28.63 |
| HNIs 10+ | 2.57 | 131.6 |
Financial performance
Company financials
In Crores · Reported periods may include interim results.
Key performance indicators
| Metric | Sep-25 | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|---|
| EPS | 5.04 | 10.21 | 5.5 | 0.74 |
| ROE | 18.52 | 52.77 | 25.63 | 11.16 |
| ROCE | 13.89 | 26.88 | 18.63 | 9.92 |
| RONW | 0 | 0 | 0 | 0 |
| PRE IPO(PE) | 0 | 11.6 | 0 | 0 |
| POST IPO(PE) | 15.91 | 0 | 0 | 0 |
Values and labels as reported in the issue data.
Peer comparison
| Company | P/E(X) | CMP* (₹) | Face value (₹) | NAV/Share (₹) | RONW(%) | EPS (Basic) (₹) |
|---|---|---|---|---|---|---|
| Synoptics Technologies Limited | 12.47 | 50.00 | 10.00 | 86.38 | 4.76 | 4.01 |
| Vertexplus Technolgies Limited | -24.59 | 91.00 | 10.00 | 40.21 | 8.8 | -3.7 |
| Marushika Technology Limited | 11.60 | 117.00 | 10.00 | 29.71 | 18.52 | 5.04 |
Company information
Company profile
Marushika Technology Limited is engaged in the distribution of IT and telecom infrastructure products, offering end-to-end solutions including data centers, networking, telecom systems, surveillance, cybersecurity, power management, and smart solutions such as access control, parking, lighting, and waste management, along with installation and maintenance services. The company operates across IT & telecom infrastructure, auto-tech solutions for defence, and smart infrastructure verticals, and primarily follows a B2B and B2G model, serving government and PSU clients such as BEL, CEL, DMRC, and NSG. It has completed over 150 projects to date, and as of July 31, 2025, had an ongoing project order book of ₹2,835.42 lakh.
Strengths
- Strong OEM Relationships: Authorized reseller ties with leading OEMs enable delivery of advanced and secure IT solutions.
- Experienced Management Team: Promoters with decades of experience in IT, telecom infrastructure, and finance ensure strong execution.
- Diversified Solution Portfolio: Offers a wide range of IT, smart, and defence technology solutions across industries.
Risk factors
- Dependence on Government Projects: Heavy reliance on government and PSU tenders makes revenue sensitive to policy changes.
- Customer Concentration Risk: Dependence on a few key clients may lead to revenue volatility.
- Order Book Uncertainty: Orders may be delayed, modified, or cancelled, affecting revenue visibility.
Promoters
Ms. Monicca Agarwaal
Mr. Jai Prakash Pandey
Ms. Sonika Aggarwal
Registrar & documents
Lead manager
NEXGEN Financial Solutions Private Limited
Registrar & contacts
Skyline Financial Services Private Limited
[email protected]Official registrar portal ↗IPO allotment status guide →Registered office
Shop No. 5 Acharya Niketan, Mayur Vihar, East Delhi, New Delhi, 110091
0120-4290383
[email protected]Company website ↗Understanding MARUSHIKA IPO data
Compare the price band and required investment with the company profile, financial results and offer documents. Subscription figures show reported demand by category; they do not establish the value of the business. GMP is an unofficial indication and can change before listing.