IPOName: Marushika Technology Limited; ListingDate: 19 February 2026; IPOSize: ₹26.97 Cr; PriceBand: 111 - 117; OpenDate: 12 February 2026; CloseDate: 16 February 2026; LotSize: 1200; Exchange: NSE SME; IssueType: Book Built; FaceValue: 10; Registrar: Skyline Financial Services Private Ltd;
Marushika Technology IPO Review: Subscribe or Avoid? GMP & Analysis
The SME IPO segment is witnessing a flurry of activity, and the latest entrant is Marushika Technology Limited. Opening for subscription on February 12, 2026, this Delhi-based company is looking to raise approximately ₹26.97 Crores. With a price band of ₹111 to ₹117 per share, the company positions itself as a diversified IT infrastructure provider with new ambitions in the Defence sector.
In this deep-dive review, we analyze the company's financial health, the reality behind its "Defence" narrative, and whether the current Grey Market Premium (GMP) justifies a bet. Before investing, ensure you understand the risks by reading our guide on Common IPO Mistakes.
1. Corporate Overview & Business Model
Marushika Technology Ltd. operates primarily as a system integrator and distributor. Unlike product companies that own IP, Marushika focuses on the supply chain and implementation layer. Their business is divided into three key verticals:
- IT & Telecom Infrastructure: The core revenue driver. They supply and install data center equipment, surveillance systems, and active networking components.
- Smart Solutions: A newer vertical focusing on IoT-based access control, smart parking, and waste management.
- Defence Auto-Tech: The company has recently expanded into the maintenance, refurbishment, and reverse engineering of military vehicles (tracked and wheeled).
Analyst Note: The "Defence" label is currently a buzzword. Investors should note that the bulk of their historical revenue comes from traditional IT distribution, which is a low-margin, high-volume game.
2. Financial Performance Analysis
The company has shown robust top-line growth, but a closer look at the balance sheet reveals high working capital intensity.
| Fiscal Year | Revenue (₹ Cr) | Profit After Tax (₹ Cr) | Total Assets (₹ Cr) | Total Borrowings (₹ Cr) |
|---|---|---|---|---|
| FY 2023 | 36.99 | 0.40 | 30.43 | 9.79 |
| FY 2024 | 60.66 | 3.14 | 46.37 | 19.63 |
| H1 FY 2025 (Sep) | 48.71 | 3.14 | 62.68 | 18.92 |
Key Financial Observations:
- Revenue Growth: Revenue grew significantly from ₹37 Cr in FY23 to ₹60 Cr in FY24. H1 FY25 revenue of ₹48.71 Cr suggests they are on track to cross ₹90 Cr this year.
- Margin Volatility: PAT margins have improved from ~1% in FY23 to ~5% in FY24. However, for a distribution business, margins are typically capped.
- Debt Levels: Total borrowings have doubled from FY23 to FY24. The Debt-to-Equity ratio needs close monitoring as high interest costs can eat into the thin margins of distribution.
3. SWOT Analysis
Is the company robust enough for your portfolio? Here is our SWOT breakdown:
Strengths
- Government Client Base: The company works with marquee clients like Bharat Electronics Limited (BEL), DMRC, and the National Security Guard.
- Diversified Portfolio: Presence in IT, Telecom, and Defence spreads the risk across sectors.
- Experienced Management: Promoters Ms. Monicca Agarwaal and Mr. Jai Prakash Pandey have decades of industry experience.
Weaknesses
- High Competitive Intensity: The IT distribution space is crowded with low barriers to entry.
- Client Concentration: A significant portion of revenue comes from a handful of government contracts. Delayed payments from government clients can severely impact cash flow.
- Geographic Concentration: Heavily dependent on projects in Delhi and Uttar Pradesh.
4. GMP Trends & Valuation
The Grey Market Premium (GMP) acts as a sentiment indicator. For Marushika Technology, the signals are currently muted.
- Current GMP: ₹0 (Flat)
- Estimated Listing Price: ~₹117 (at par)
- Subscription Status (Day 2): Total ~0.71x. (Retail 1.02x, NII 0.92x, QIB 0.00x).
The lack of QIB (Qualified Institutional Buyer) interest is a concern. Usually, QIBs enter on the last day, but zero bids so far suggest institutional caution. For real-time updates on this and other issues, check our Upcoming IPO List.
5. The Final Verdict
Recommendation: NEUTRAL / AVOID
Marushika Technology Limited is a high-risk bet. While the "Defence" story is appealing, the financials reflect a traditional trading/distribution business with thin margins and high working capital needs. The IPO is fully priced at a P/E of roughly 11.6x (based on FY24 earnings), leaving little room for listing gains.
Key Risks to Consider:
- Flat GMP: The market is not paying a premium for this stock currently.
- SME Liquidity: With a minimum investment of over ₹1.4 Lakhs (1 Lot), liquidity will be low post-listing. You might get stuck if the stock hits a lower circuit.
- No Listing Gain Buffer: Without a GMP cushion, you are exposed to immediate capital loss if the market sentiment turns negative on listing day.
Conservative investors should AVOID this issue. Only high-risk investors with a long-term view on the company's defence pivot should consider applying, but even then, waiting for post-listing price discovery might be safer.
IPO Key Details Table
| Parameter | Details |
|---|---|
| IPO Open Date | 12 February 2026 |
| IPO Close Date | 16 February 2026 |
| Listing Date | 19 February 2026 (Tentative) |
| Price Band | ₹111 to ₹117 per share |
| Lot Size | 1200 Shares (Min Inv: ₹1,40,400) |
| Total Issue Size | ₹26.97 Crores |
| Listing At | NSE SME |
| Registrar | Skyline Financial Services Pvt Ltd |
Frequently Asked Questions (FAQ)
1. What is the GMP of Marushika Technology IPO?
As of February 13, 2026, the GMP is trading flat at ₹0, indicating a listing around the issue price of ₹117.
2. Is Marushika Technology a mainboard IPO?
No, this is an SME IPO. For a detailed comparison between the two, read our guide on IPO vs FPO and Market Categories.
3. How do I check the allotment status?
The allotment will be finalized on February 17, 2026. You can check the status on the website of Skyline Financial Services Private Limited.
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