Updated on 13.12.2025 @ 10:35 PM
MARC Technocrats Limited is launching its Initial Public Offering (IPO) on the NSE EMERGE platform. it is an infrastructure consultancy firm specializing in supervision and quality control for government projects.
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The subscription for this public issue will open on December 17, 2025, and close on December 19, 2025.
The company aims to raise up to ₹42.59 crores through a mix of a fresh issue and an Offer for Sale (OFS).
The price band has been fixed at ₹88 to ₹93 per share, with a minimum lot size of 1,200 shares. MARC Technocrats has demonstrated consistent revenue growth and profitability, but investors should be aware of its heavy reliance on government contracts.
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In this article, you will find MARC Technocrats IPO GMP today, subscription status, allotment date, price band, and a detailed, unbiased review to help you make an informed decision.
Briefs of MARC Technocrats IPO Details
- Price Band: ₹88 to ₹93 per share
- IPO Open / Close Dates: December 17, 2025 – December 19, 2025
- Lot Size: 1,200 Shares
- Issue Size: 45,79,200 shares (aggregating up to ₹42.59 Crores)
- Fresh Issue: 36,69,600 shares (₹31.91 Crores)
- Offer for Sale (OFS): 9,09,600 shares (₹8.46 Crores)
- Registrar: Maashitla Securities Pvt.Ltd
- Listing Exchange: NSE SME
What is The MARC Technocrats IPO GMP Today?
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What Are The MARC Technocrats IPO Dates & Allotment Schedule?
- IPO Open & Close Date: December 17, 2025 – December 19, 2025
- Basis of Allotment Date: December 22, 2025
- Refund Initiation Date: December 23, 2025
- Credit of Shares: December 23, 2025
- Listing Date: December 24, 2025
What Are The Objectives of MARC Technocrats IPO?
The company intends to utilise the net proceeds from the fresh issue for expanding its capabilities and operational needs:
- Working Capital Requirements (₹17.50 Crores): To manage the working capital cycle, crucial for executing large government contracts.
- Capital Expenditure (₹10.25 Crores): To purchase advanced equipment like 3D Network Survey Vehicles, enhancing its technical capabilities for specialized tenders.
- General Corporate Purposes: The balance amount will be used for other strategic requirements.
- Note: The proceeds from the Offer for Sale (OFS) of ₹8.46 crores will go to the selling promoter and not the company.
How is The Financial Performance of MARC Technocrats?
The following table summarizes the company's financial performance based on restated consolidated data.
(Amounts in ₹ Crores)
| Particulars | Period Ended 30 Sep 2024 | Year Ended 31 Mar 2024 | Year Ended 31 Mar 2023 | Year Ended 31 Mar 2022 |
Total Income | 22.14 | 26.94 | 20.57 | 20.05 |
Profit After Tax (PAT) | 3.78 | 3.45 | 2.64 | 2.67 |
EBITDA | 5.26 | 4.80 | 3.72 | 3.64 |
Total Borrowing | 1.02 | 1.05 | 0.60 | 0.08 |
Assets | 32.10 | 26.46 | 21.52 | 17.86 |
Source: RHP
Key Financial Observations:
Profit After Tax (PAT):
The company's PAT has shown a consistent upward trend, growing from ₹2.64 Crores in FY23 to ₹3.45 Crores in FY24. The first half of FY25 has been particularly strong, with PAT already exceeding the full FY24 figure, indicating improved project execution and margins.
Total Income:
Revenue grew by nearly 31% in FY24 to ₹26.94 Crores, driven by increased government spending on infrastructure. The momentum continues in the current fiscal, reflecting a robust order book.
EBITDA:
Operational efficiency has improved, with EBITDA margins expanding to over 24% in the recent half-year period. This suggests better cost management and potentially higher-margin service offerings.
Total Borrowings:
The company maintains a very low debt profile with borrowings of just ₹1.02 Crores as of September 2024. This low leverage (D/E ratio of 0.04) provides financial stability and room for future borrowing if needed.
Assets:
Total assets have grown steadily to ₹32.10 Crores, supported by internal accruals. The planned capex from IPO proceeds will further boost the asset base with advanced machinery.
P/E Ratio & Peer Comparison
Based on its Fiscal Year 2024 earnings per share (EPS) of ₹2.53, the IPO is priced at a Price-to-Earnings (P/E) multiple of approximately 36.7x at the upper end of the price band (₹93).
P/E Ratio = ₹93 (Price) / ₹2.53 (Earnings Per Share)
P/E Ratio ≈ 36.7x
While this valuation is higher than the P/E calculated on annualized FY25 earnings, it still remains highly attractive when compared to its listed industry peers, offering a substantial discount to the sector average.
| Company Name | P/E Ratio | PAT (in ₹ Crores) | RoNW (%) |
MARC Technocrats (at IPO price) | ~36.7x | 3.45 | 16.99% |
| Dhruv Consultancy Services Ltd | 74.61x | 2.76 | 2.77% |
| Rudrabhishek Enterprises Ltd | 85.19x | 6.38 | 5.10% |
| Ceinsys Tech Ltd | 108.02x | 25.6 | 9.71% |
Analysis for Investors:
Even at a trailing P/E of 36.7x, MARC Technocrats is priced at nearly half the valuation of its closest peer, Dhruv Consultancy (74.6x), and a third of Ceinsys Tech (108x).
Furthermore, MARC's Return on Net Worth (RoNW) of nearly 17% is significantly superior to all its listed competitors, indicating far better efficiency in generating profits from shareholder capital.
This combination of a steep valuation discount and superior profitability metrics makes the IPO pricing look compelling relative to the industry.
Industry Outlook
- The infrastructure consultancy sector in India is poised for significant growth, driven by the government's massive push for infrastructure development under the National Infrastructure Pipeline (NIP).
- Projects like Bharatmala (roads) and Sagarmala (ports) require extensive consultancy services for supervision, quality control, and DPR preparation.
- As a specialized player serving key government bodies like NHAI and MoRTH, MARC Technocrats is well-positioned to benefit from this sustained public spending.
What Are The Strengths and Risks of MARC Technocrats IPO?
Strengths:
- Strong Financial Performance: Consistent growth in revenue and profitability with improving margins.
- Robust Order Book: An order book of over ₹241 Crores provides strong revenue visibility for the coming years.
- Attractive Valuation: Priced at a steep discount to industry peers despite better return ratios.
- Low Debt: A nearly debt-free balance sheet ensures financial stability.
Risks:
- Government Dependence: The business is heavily reliant on government contracts (B2G model), which can be subject to policy changes and payment delays.
- High Working Capital: The nature of government contracts often leads to stretched working capital cycles.
- Client Concentration: A significant portion of revenue comes from a few key government departments.
- SME Segment Risks: The stock will be listed on the NSE SME platform, which typically has lower liquidity.
Things to Consider Before Investing
The MARC Technocrats IPO presents an interesting case of a financially sound company operating in a high-growth sector at a seemingly bargain valuation.
The low P/E compared to peers and the strong order book are significant positives.
However, the heavy reliance on government contracts and the inherent risks of the SME segment should not be overlooked.
We advise investors to review the Red Herring Prospectus (RHP) thoroughly to understand the specific risks associated with B2G businesses before making a decision.
This IPO is best suited for investors who understand the infrastructure cycle and are comfortable with the unique dynamics of government-dependent revenue streams.
Key Takeaways
- IPO Price Band: ₹88 to ₹93 per share
- Lot Size: 1,200 Shares (Minimum Investment: ₹1,11,600). Note: Minimum investment is ₹2,23,200 for retail as per lot size table (2 lots).
- Allotment & Listing Dates: Tentative listing on December 24, 2025.
- Recommendations of experts: Consult your financial advisor. A financially strong consultancy firm with attractive valuation but high government dependency.
FAQs on MARC Technocrats IPO
What is MARC Technocrats IPO price band?
The price band for the IPO is set at ₹88 to ₹93 per equity share.
What is MARC Technocrats IPO allotment date?
The allotment of shares is tentatively expected to be finalized on Monday, December 22, 2025.
How to check MARC Technocrats IPO allotment status?
You can check the allotment status on the website of the IPO registrar once the basis of allotment is finalized. Track allotment status of this and other IPOs at our allotment status hub page.
What is MARC Technocrats IPO listing date?
The company's shares are tentatively scheduled to be listed on the NSE SME platform on Wednesday, December 24, 2025.
Should I apply for MARC Technocrats IPO?
Investors should weigh the attractive valuation and strong order book against the risks of high government dependence and working capital intensity. It is suitable for those with a moderate to high risk appetite.
Disclaimer:
This IPO information is for educational purposes only and should not be considered investment advice. Please do your own research or consult a financial advisor before investing.
