Updated 19.02.2026|10:04 AM
Marushika Technology Limited is set to launch its Initial Public Offering (IPO) on Monday, February 12, 2026. It is a Noida-based IT infrastructure distributor and system integrator. You can track all the live and upcoming IPOs at our IPO calendar which is updated regularly.
Specialising in government and defence projects, the company provides end-to-end solutions ranging from data centres to surveillance systems.
Through this book-built issue, Marushika aims to raise approximately ₹26.97 Crores to fund its working capital needs and deleverage its balance sheet.
The IPO, which closes on Wednesday, February 16, 2026, has set a price band of ₹111 to ₹117 per equity share.
In this article, you will find Marushika Technology IPO GMP today, price band, and a detailed review. Check our IPO subscription hub page for day wise subscription status and for allotment status check our IPO allotment status hub page.
Briefs of Marushika Technology IPO Details:
- Price Band: ₹111 – ₹117 per equity share
- IPO Open / Close Dates: February 12, 2026 – February 16, 2026
- Lot Size: 1,200 Shares (Note: Retail Minimum Application is 2 Lots / 2,400 Shares)
- Issue Size: 23,05,200 Equity Shares / ~₹26.97 Crores
- Fresh Issue / OFS: 100% Fresh Issue
- Registrar: Skyline Financial Services Pvt. Ltd.
- Listing Exchange: NSE SME
What Is The Marushika Technology IPO GMP Today?
You can check the GMP of this and other issues at our GMP today hub page.
Note: The Grey Market Premium (GMP) varies daily based on market demand. It is an unofficial indicator and is not regulated by SEBI, NSE, or BSE.
Listing Updates:
| Type | Issue Price | Open | Gain/loss % |
| Lisiting | 117.00 | 120.00 | 2.56 |
What Are The Important Marushika Technology IPO Dates & Allotment Schedule?
For investors planning their capital allocation, here is the critical timeline for the issue:
- IPO Open Date: Monday, February 12, 2026
- IPO Close Date: Wednesday, February 16, 2026
- Basis of Allotment Date: Thursday, February 17, 2026
- Refund Initiation Date: Friday, February 18, 2026
- Credit of Shares: Friday, February 18, 2026
- Listing Date: Monday, February 19, 2026
What Are The Objectives of Marushika Technology IPO?
The company proposes to utilize the Net Proceeds from the Fresh Issue towards the following strategic purposes:
- Working Capital: A significant portion of ₹18.00 Crores is earmarked for meeting incremental working capital requirements, essential for managing the long payment cycles typical of government contracts.
- Debt Repayment: Approximately ₹5.89 Crores will be used to repay or prepay existing borrowings, aimed at improving the company's financial leverage and reducing interest costs.
- General Corporate Purposes: To fund ongoing operational needs and strategic initiatives.
How is The Financial Performance of Marushika Technology?
The following table summarizes the financial performance of the company based on restated standalone financial statements.
(Figures in ₹ Crores)
| Particulars | Period Ended 31 Mar 25 | Period Ended 31 Mar 2024 | Period Ended 31 Mar 23 |
Total Income | 85.63 | 54.66 | 37.03 |
Profit After Tax (PAT) | 6.44 | 2.49 | 0.40 |
EBITDA | 10.92 | 5.43 | 2.03 |
Total Borrowing | 21.37 | 19.64 | 9.80 |
Assets | 53.14 | 46.46 | 30.43 |
Source: RHP
Financial Analysis & Observations:
Total Income:
Marushika Technology has demonstrated robust growth, with Total Income rising to ₹85.63 Crores in FY25 from ₹37.03 Crores in FY23. This upward trajectory is largely fueled by high-value contracts from defence and PSU clients, including Bharat Electronics Limited (BEL).
Profit After Tax (PAT):
Profitability surged impressively, with PAT growing to ₹6.44 Crores in FY25 from just ₹0.40 Crores in FY23. This exponential growth is attributed to better margin realization from complex system integration projects and controlled overheads.
EBITDA:
Operational efficiency is improving, with EBITDA margins expanding to nearly 12.63% in FY25. The absolute EBITDA of ₹10.92 Crores indicates strong core business performance, despite the cost pressures inherent in hardware distribution.
Total Borrowing:
Debt levels have increased to ₹21.37 Crores as of March 2025 to support the working capital needs of large government projects. The IPO proceeds allocated for debt repayment will help in deleveraging the balance sheet.
Assets:
The asset base expanded to ₹53.14 Crores in FY25, largely driven by trade receivables which stood at over ₹40 Crores. This high receivables figure highlights the working capital intensity of the business due to extended payment cycles from government clients.
What Are The P/E Ratio and Peer Comparison?
Based on its Fiscal Year 2025 earnings per share (EPS) of ₹9.70, the IPO is priced at a Price-to-Earnings (P/E) multiple of approximately 12.06x at the upper end of the price band (₹117).
P/E Ratio = ₹117(Price) / ₹9.70(Earnings Per Share)
P/E Ratio ≈ 12.06x
Peer Comparison Table (FY 2025 Data):
| Company | P/E Ratio | RoNW (%) | EPS (₹) |
Marushika Technology | ~12.06x | 55.94% | 9.70 |
| Vertexplus Technologies | 70.00x | 3.56% | 1.56 |
| Synoptics Technologies | 16.39x | 5.96% | 4.76 |
Analysis:
Marushika Technology is entering the market at a P/E multiple of approximately 12.06x. When compared to listed peers like Vertexplus Technologies (70.00x) and Synoptics Technologies (16.39x), the issue appears to be priced attractively. Furthermore, Marushika has a Return on Net Worth (RoNW) of nearly 56%, indicating exceptional efficiency in generating profits from shareholder capital compared to its peers.
What is The Industry Outlook for Marushika Technology Limited ?
Growth Potential:
The Indian IT infrastructure market is projected to grow robustly, driven by government digitisation initiatives like Digital India and Smart Cities. The defense sector's push for modernization and indigenization also provides a strong tailwind for system integrators.
Market Trends:
There is increasing demand for specialized IT solutions in surveillance, data centers, and power management. Companies with certifications and experience in executing government tenders are well-positioned to capture this demand.
What Are The Strengths and Risks of Marushika Technology IPO?
Strengths:
- Strong Financial Growth: The company has shown consistent revenue and profit growth over the last three years, driven by high-margin government contracts.
- High Efficiency: A RoNW of over 55% showcases management's ability to deploy capital effectively.
- Niche Expertise: Specialisation in defence and PSU projects creates a barrier to entry for general IT distributors.
Risks:
- Client Concentration: The top 10 customers contribute nearly 76% of revenue. Loss of a key client or delayed payments from a major project could impact cash flows.
- Working Capital Intensity: The business requires significant funds to manage receivables (avg. 140-170 days) and bank guarantees. Negative operating cash flows in the past highlight liquidity risks.
- Government Dependency: Over 78% of revenue is linked to government-backed projects, making the company sensitive to policy changes and budgetary allocations.
Key Considerations for Investors
This analysis is neutral and for informational purposes only.
- Valuation: At ~12x P/E, the pricing leaves room for upside compared to industry peers.
- Liquidity: The high minimum investment ticket size (₹2.8 Lakhs) may limit retail participation, but it attracts serious investors.
- Risk Profile: While growth is strong, the high receivables and dependency on government contracts are key risks to monitor.
Key Takeaways
- IPO Price: ₹117 per share (Upper Band).
- Min Investment: ₹2,80,800 (2,400 Shares).
- Allotment Date: February 18, 2026
- Listing: NSE SME platform on February 19, 2026.
FAQs on Marushika Technology IPO
What is Marushika Technology IPO GMP today?
The GMP is a dynamic market sentiment indicator. You can check gmp of this and all other ipos at our gmp today hub page which is regularly updated.
What is Marushika Technology IPO price band?
The price band is fixed at ₹111 to ₹117 per equity share.
What is Marushika Technology IPO allotment date?
The allotment status is expected to be finalized on Thursday, February 12, 2026.
How to check Marushika Technology IPO allotment status?
Investors can check the status on the website of Skyline Financial Services Pvt. Ltd. or via the NSE IPO allotment portal.
What is Marushika Technology IPO listing date?
The shares are tentatively scheduled to list on Monday, February 16, 2026.
Investment Perspective on Marushika Technology IPO
Marushika Technology offers a high-growth opportunity in the IT infrastructure space with impressive return ratios. While the valuation is attractive, the high working capital intensity and client concentration risks should be carefully weighed against the growth potential.
Disclaimer:
This article is strictly for educational purposes. Please consult a SEBI-registered investment advisor before making any investment decisions.
