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Marushika Technology IPO Review - Issue Date, Price, GMP, Subscription, Allotment, Lot Size, and Details
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.
Marushika Technology, an Book Built Issue, amounting to ₹
26.97 Crore,consisting entirely an fresh issue of
0.23 crore shares of ₹
26.97 crores. The subscription period for the Marushika Technology IPO opens on February 09, 2026, and closes on February 11, 2026. The allotment is expected to be finalized on or about 12 February 2026, Monday., and the shares will be listed on the NSE with a tentative listing date set on or about Monday, February 16, 2026.
The Share Price Band of Marushika Technology IPO is set at ₹111 to ₹117 per share per equity share. The Market Capitalisation of the Marushika Technology at IPO price of ₹117 per equity share will be ₹99.88 Cr. The lot size of the IPO is 1,200 shares. Retail investors are required to invest a minimum of ₹
280,800, 2 lots (
2,400 shares), while the minimum investment for High-Net-Worth Individuals (HNIs) is
3 lots (
3,600 shares), amounting to ₹
421,200.
NEXGEN FINANCIAL SOLUTION PRIVATE LIMITED, are the book running lead manager of the Marushika Technology Ltd. while SKYLINE FINANCIAL SERVICES PRIVATE LIMITED is the registrar for the issue.The Market Maker of the company is Nikunj Stock Brokers Limited
Marushika Technology Limited IPO GMP Today
The Grey Market Premium of Marushika Technology IPO is expected to be ₹0 based on the financial performance of the company. No real trading is done on the basis of Grey Market Premium that's why no real discovery of price can be done before the listing of shares on the stock exchange. The Grey Market Premium totally depends upon the Demand and Supply of the shares of the company in unorganized manner which is not recommended. The Grey Market Premium is mentioned for educational and informational purposes only.
Marushika Technology Limited IPO Live Subscription Status Today: Real-Time Update
The subscription period for the Marushika Technology IPO opens on February 09, 2026
Marushika Technology Limited IPO Allotment Date - Step by Step Guide to Check Allotment Status Online
Marushika Technology IPO allotment date is 12 February 2026, Monday, Marushika Technology IPO Allotment will be out on 12 February 2026, Monday, and will be live on Registrar Website from the allotment date.
SKYLINE FINANCIAL SERVICES PRIVATE LIMITED IPO Allotment Status here. Here's how you can check the allotment status:
- Navigate to the IPO allotment status page.
- Select Marushika Technology IPO from the dropdown list of IPO
- Enter your application number, PAN, or DP Client ID
- Submit the details to check your allotment status.
By following either of these methods, investors can quickly determine their allotment status and proceed accordingly with their investments.
Objectives of Marushika Technology Limited IPO
Marushika Technology to utilise the Net Proceeds towards the following objects:
1. ₹500.00 Lakh is required for Repayment and/ or pre-payment, in part or full, of certain borrowings availed by our Company
2. ₹1468.00 Lakh is required for Funding the Working Capital requirement
3. General Corporate Purposes.
Refer to Marushika Technology Limited RHP for more details about the Company.
Marushika Technology Limited Day Wise IPO GMP Trend
| GMP Date | Issue Price | Expected Listing Price | GMP | Last Updated |
|---|---|---|---|---|
| February 05, 2026 | ₹ 117 | ₹ 117 | ₹0(0.0%) | 05 February 2026; 11:32 AM |
Marushika Technology IPO Details
| Market Capitalization | ₹99.88 Cr |
| IPO Date | February 09, 2026 to February 11, 2026 |
| Listing Date | February 16, 2026 |
| Face Value | ₹10 Per Share |
| Price Band | ₹111 to ₹117 per share |
| Issue Price | ₹117 per share |
| Employee Discount | NA |
| Lot Size | 1200 Equity Shares |
| Total Issue Size | 23,05,200 Equity Shares (aggregating to ₹26.97 Cr) |
| Fresh Issue | 23,05,200 Equity Shares (aggregating to ₹26.97 Cr) |
| Offer for Sale | NA |
| Issue Type | Book Built Issue |
| Listing At | NSE SME |
| Share holding pre issue | 62,31,568 |
| Share holding post issue | 85,36,768 |
| Rating | Avoid |
Marushika Technology IPO Anchor Investors Details
| Bid Date | N/A |
| Shares Offered | N/A |
| Anchor Portion Size (In Cr.) | N/A |
| Anchor lock-in period end date for 50% shares (30 Days) | N/A |
| Anchor lock-in period end date for remaining shares (90 Days) | N/A |
Marushika Technology IPO Timeline (Tentative Schedule)
| IPO Open Date | Mon, Feb 9, 2026 |
| IPO Close Date | Wed, Feb 11, 2026 |
| Basis of Allotment | Thu, Feb 12, 2026 |
| Initiation of Refunds | Fri, Feb 13, 2026 |
| Credit of Shares to Demat | Fri, Feb 13, 2026 |
| Listing Date | Mon, Feb 16, 2026 |
| Cut-off time for UPI mandate confirmation | Thu, Feb 12, 2026 |
Marushika Technology IPO Reservation
| Investor Category | Shares Offered | Reservation % |
|---|---|---|
| QIB Portion | 1,094,400 | Not less than 50% of the Net Offer |
| Non-Institutional Investor Portion | 328,320 | Not more than 15% of the Net Issue |
| Retail Shares Offered | 766,080 | Not more than 10% of the Net Offer |
| Market Maker Portion | 116,400 | - |
Marushika Technology IPO Promoter Holding
| Share Holding Pre Issue | 79.71% |
| Share Holding Post Issue | 58.19% |
Marushika Technology IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 2,400 | ₹280,800 |
| Retail (Max) | 2 | 2,400 | ₹280,800 |
| S-HNI (Min) | 3 | 3,600 | ₹421,200 |
| S-HNI (Max) | 7 | 8,400 | ₹982,800 |
| B-HNI (Min) | 8 | 9,600 | ₹1,123,200 |
Marushika Technology IPO Subscription Status
| Investor Category | Shares Offered | Shares Bid For | No of Times Subscribed | Last Upadeted |
|---|---|---|---|---|
| Qualified Institutional Buyers (QIB) | 1,094,400 | - | 0.00x | 05 February 2026; 11:32 AM |
| Non Institutional Investors(NIIS) | 444,720 | - | 0.00x | 05 February 2026; 11:32 AM |
| Retail Individual Investors (RIIs) | 766,080 | - | 0.00x | 05 February 2026; 11:32 AM |
| Total | 2,305,200 | - | 0.00x | 05 February 2026; 11:33 AM |
About Marushika Technology Limited
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
- Client Concentration Risk – Dependence on a limited number of key clients may impact revenues if relationships weaken or orders reduce.
- Industry Competition – Intense competition from organized and unorganized players could pressure margins and market share.
- Technology Obsolescence – Rapid technological changes may require continuous investment in upgrades and R&D.
- Supply Chain Disruptions – Dependence on suppliers for components exposes the company to price volatility and delays.
- Operational Risks – Manufacturing disruptions, quality issues, or capacity constraints could affect execution and profitability.
Key Strengths, Moat, and Opportunities
- Strong Client Relationships – Long-standing relationships with OEMs ensure repeat orders and revenue stability.
- Integrated Manufacturing Capabilities – End-to-end solutions create entry barriers and improve client stickiness.
- Scalable Business Model – Capacity expansion and automation support scalable growth without proportionate cost increases.
- Experienced Management – Leadership with domain expertise drives strategic decision-making and risk management.
- Industry Tailwinds – Growth in electronics manufacturing in India offers significant expansion opportunities.
- Value-Added Services – Focus on design and customized solutions enhances margins and competitive positioning.
Marushika Technology Limited Financial Information (Restated Consolidated)
Amount in (₹ in Lakhs)
| Period Ended | Sep 30, 2025 | Mar 31, 2025 | Mar 31, 2024 | Mar 31, 2023 |
|---|---|---|---|---|
| Reserve of Surplus | 1,228.11 | 914.28 | 758.16 | 302.53 |
| Total Assets | 6,267.83 | 5,393.61 | 4,836.58 | 3,043.40 |
| Total Borrowings | 1,891.50 | 2,137.30 | 1,963.87 | 979.93 |
| Fixed Assets | 174.24 | 192.24 | 163.74 | 139.55 |
| Cash | 218.29 | 156.69 | 345.55 | 90.23 |
| Cash flow from operating activities | 483.20 | 100.04 | -637.77 | -295.33 |
| Cash flows from investing activities | -37.48 | -330.52 | -46.64 | -62.93 |
| Cash flow from financing activities | -384.12 | 41.62 | 939.74 | 422.46 |
| Net Borrowing | 1,673.21 | 1,980.61 | 1,618.32 | 889.70 |
| Revenue | 4,871.24 | 8,562.60 | 6,083.44 | 3,703.18 |
| EBITDA | 563.53 | 1,047.26 | 566.89 | 165.80 |
| PAT | 313.83 | 628.64 | 314.11 | 40.25 |
| PAT Margin | 6.44% | 7.34% | 5.16% | 1.09% |
| EPS | 5.04 | 10.21 | 5.5 | 0.74 |
Note 1:- RoE, ROCE & RoNW calculation in KPI is based on 31st Mar, 2025 Data, given in RHP.
Note 2:- Pre EPS and Post EPS calculation in KPI is based (Profit/Loss for the Year) on 31st Mar, 2025 Data, given in RHP.
Note 3:- RoNW calculation in KPI is based on 31st Mar, 2025 Data, given in RHP.
Note 4:- Price to Book Value calculation in KPI is based on Cap Price Post Issue Data, given in FINANCIAL EXPRESS.
Key Performance Indicator
| KPI | Values |
|---|---|
| EPS Pre IPO (Rs.) | 10.21 |
| EPS Post IPO (Rs.) | 7.36 |
| Adjusted 12M EPS Post IPO (Rs.) | 7.35 |
| P/E Pre IPO | 11.46 |
| P/E Post IPO | 15.89 |
| Adjusted 12M P/E Post IPO | 15.91 |
| ROE | 52.77% |
| ROCE | 26.88% |
| P/BV | 4.74 |
| Debt/Equity | 1.39 |
| RoNW | 52.77% |
| EBITDA Margin | 12.28% |
| PAT Margin | 7.34% |
Marushika Technology Limited IPO Peer Comparison
| Company Name | EPS | P/E (x) | ROE | ROCE | P/BV | Debt/Equity | RoNW (%) |
|---|---|---|---|---|---|---|---|
| Marushika Technology | 7.36 | 15.89 | 52.77% | 26.88% | 4.74 | 1.39 | 52.77% |
| Vertexplus Technolgies | -3.70 | -24.59 | 3.73 % | 5.85 % | 2.27 | 0.22 | 8.80 % |
| Synoptics Technologies | 4.01 | 12.47 | 5.96 % | 8.75 % | 0.58 | 0.43 | 4.76% |
Marushika Technology Limited Contact Details
Marushika Technology Limited
Phone: 0120-4290383
Email: Info@marushika.in
Website: http://www.marushika.in/
Marushika Technology IPO Registrar and Lead Manager(s)
SKYLINE FINANCIAL SERVICES PRIVATE LIMITED
Phone: +91-11-40450193-97
Email: ipo@skylinerta.com
Website: http://www.skylinerta.com/
NEXGEN FINANCIAL SOLUTION PRIVATE LIMITED
Phone: : +91 1141407600
Email: ipo@nexgenfin.com
Website: http://www.nexgenfin.com/
Marushika Technology IPO Review
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.
The Company is led by Promoter, i.e.,MS. MONICCA AGARWAAL, MR. JAI PRAKASH PANDEY AND MS. SONIKA AGGARWA
The Revenues from operations for the Period ended on Sep 30 2025, and Fiscals ended on Mar 31, 2025, 2024 and 2023 were ₹ 4,871.24 Lakh, ₹ 8,562.60 Lakh, ₹ 6,083.44 Lakh, and ₹ 3,703.18 Lakh, The EBITDA for the Period ended on Sep 30 2025, and Fiscals ended on Mar 31, 2025, 2024 and 2023 were ₹ 563.53 Lakh, ₹ 1,047.26 Lakh, ₹ 566.89 Lakh, and ₹ 165.80 Lakh, The Profit after Tax for the Period ended on Sep 30 2025, and Fiscals ended on Mar 31, 2025, 2024 and 2023 were were ₹ 313.83 Lakh, ₹ 628.64 Lakh, ₹ 314.11 Lakh, and ₹ 40.25 Lakh, respectively. This indicates a steady growth in financial performance.
The Company Key Performance Indicates the pre-issue EPS of ₹ 10.21 and post-issue EPS of ₹ 7.36 for FY25. The pre-issue P/E ratio is 11.46x,while the post-issue P/E ratio is 15.89x against the Industry P/E ratio is -6.06x The company's ROE for FY25 is 52.77% and RoNW is 52.77%The Annualised EPS is ₹ 7.35x and P/E is ₹ 15.91x, These metrics suggest that the IPO is Fully priced.
The Grey Market Premium (GMP) of Marushika Technology showing listing gains of 0%.Given the company's financial performance and the valuation of the IPO, we recommend Investors to Avoid to the Marushika Technology Limited, IPO for Listing gain or Long Term Purposes.
Disclaimer: The information provided in this IPO review is for educational and informational purposes only and should not be construed as financial advice or an offer to buy or sell securities. The review must not be used as a singular basis of any investment decision. The views herein are of a general nature and do not consider the risk appetite or the particular circumstances of an individual investor; readers are requested to take professional advice before investing. Nothing in this document should be construed as investment advice. The content is based on publicly available information and market perceptions as of the date of publication and is subject to change. Neither the author nor the website is responsible for any losses or damages arising from the use of this information. We also use Artificial Intelligence (AI) tools to enhance the efficiency and quality of our research services, including data retrieval, analysis, and report summarization. 1.“Registration granted by SEBI, membership of a SEBI recognized supervisory body (if any) and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.” 2. “Investment in securities market are subject to market risks. Read all the related documents carefully before investing.” 3. To read the Disclaimers, Disclosures, Investor Charter, Investor Complaints please visit Legal our website abhayvarn.com
About the Author
CA Abhay Kumar (Also known as CA Abhay Varn) is a qualified Chartered Accountant by profession and cleared CA at age 21. He is a SEBI Registered Research Analyst with Registration Number - INH300008465. He Possesses 8+ years of experience in the Stock Market Field and has also worked in Big CA firms.
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