Marushika Technology Limited is engaged in providing precision-engineered electronic manufacturing and technology-driven solutions. The company primarily earns revenue through design-led manufacturing, assembly, and supply of electronic components and systems used across industrial, automotive, and consumer applications. Its business model focuses on long-term client relationships, recurring orders, and value-added services, enabling stable revenue generation and scalable operations.

Key Clients and Manufacturing Facilities

The company services a diversified client base comprising OEMs and industrial customers across India. Its manufacturing facilities are strategically located to ensure operational efficiency, quality control, and timely delivery. These facilities are equipped with modern machinery, testing infrastructure, and skilled manpower, enabling the company to handle complex manufacturing requirements while maintaining cost efficiency and compliance with industry standards.

Product Portfolio and Order Book

Marushika’s product portfolio includes electronic assemblies, sub-systems, and customized technology solutions. These products are typically embedded in the mid-to-late stages of the client’s product life cycle, ensuring repeat demand. The company maintains a healthy order book across segments, supported by phased execution, strong supply-chain management, and timely delivery, which enhances client retention and revenue visibility.

Merger, Capex, and Expansion Plans

The company has undertaken strategic initiatives, including mergers and capacity expansion, to strengthen its technological capabilities and scale operations. Planned capital expenditure focuses on upgrading machinery, expanding manufacturing capacity, and enhancing R&D capabilities. These initiatives are expected to improve operational efficiency, broaden product offerings, and support long-term growth.

Employees and Banker

As of December 31, 2025, the Company had 22 employees. The Banker to the Company is HDFC Bank Limited.

Management and Growth Vision

The management team comprises experienced professionals with strong domain expertise in electronics manufacturing and technology services. Their near-term focus is on scaling existing operations, improving margins through operational efficiencies, and deepening relationships with key clients. Long-term targets include capacity expansion, entry into higher-value segments, and strengthening export presence. Funding for capex and expansion is planned through a mix of IPO proceeds, internal accruals, and strategic financial discipline.

Industry Overview

The company operates within the electronics manufacturing and technology solutions industry. The Indian electronics manufacturing industry is valued at several lakh crore rupees and is growing at a double-digit CAGR, driven by Make-in-India initiatives, rising domestic consumption, and export opportunities. Globally, the electronics manufacturing industry runs into trillions of dollars, with steady growth supported by digitalization, automation, and technological advancement. Industry leaders include large global EMS players, while India continues to gain market share.

Key Risk Factors

1. Client Concentration Risk – Dependence on a limited number of key clients may impact revenues if relationships weaken or orders reduce.
2. Industry Competition – Intense competition from organized and unorganized players could pressure margins and market share.
3. Technology Obsolescence – Rapid technological changes may require continuous investment in upgrades and R&D.
4. Supply Chain Disruptions – Dependence on suppliers for components exposes the company to price volatility and delays.
5. Operational Risks – Manufacturing disruptions, quality issues, or capacity constraints could affect execution and profitability.

Key Strengths, Moat, and Opportunities

1. Strong Client Relationships – Long-standing relationships with OEMs ensure repeat orders and revenue stability.
2. Integrated Manufacturing Capabilities – End-to-end solutions create entry barriers and improve client stickiness.
3. Scalable Business Model – Capacity expansion and automation support scalable growth without proportionate cost increases.
4. Experienced Management – Leadership with domain expertise drives strategic decision-making and risk management.
5. Industry Tailwinds – Growth in electronics manufacturing in India offers significant expansion opportunities.
6. Value-Added Services – Focus on design and customized solutions enhances margins and competitive positioning.