The Indian electronics manufacturing services (EMS) sector is growing at a rate of 20 to 25 percent per year and hopes to reach $100 billion by 2030 thanks to PLI schemes, a push for semiconductors, and rising domestic demand for PCBs, assemblies, and IoT hardware.
Marushika Technology Limited, which started in 2010 and is based in Delhi, makes printed circuit boards (PCBs), surface mount technology (SMT) assemblies, cable harnesses, and turnkey electronic manufacturing services (EMS) for the automotive, medical, telecom, and consumer electronics industries. More than 50 clients, including MSMEs and OEMs, with assets worth more than ₹15Cr in machinery, experienced promoters (Monica Agarwal), NADCAP/AS9100 certifications, and the ability to grow as a Tier-2 exporter.
Before the NSE SME IPO, Marushika Technology Limited saw a lot of growth. FY25 revenue went up a lot compared to FY23 baselines, with PAT visibility. ₹26.97 Cr (23.05 lakh shares at ₹10 FV) in the ₹111–117 price range (lot size 1,200 shares ≈ ₹1.41 lakh). The opening is on February 9–11, 2026, the allotment is on February 12, and the NSE Emerge listing is on February 16.
Marushika Technology IPO Details:
Marushika Technology Issue Management:
Nexgen Capitals Ltd acts as the book-running lead manager for the Marushika Technology SME IPO, managing underwriting and compliance.
Marushika Technology IPO RTA (Registrar) Details:
Skyline Financial Services Pvt.Ltd. handles allotment, refunds, and demat credits—contact at 02228511022 or ipo@skylinerta.com.
Marushika Technology IPO Allotment Status:
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Visit the Skyline Financial Services Pvt.Ltd.. IPO Application Status page.
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Select and enter PAN, Application Number, DP/Client ID, or Account Number/IFSC.
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Action Links:
To apply for Marushika Technology IPO, open a demat account here
Marushika Technology IPO Subscription Status: Check live subscription here
Marushika Technology IPO GMP Update: Check latest grey market premium here
Marushika Technology Limited, established in 2010 and based in Delhi, provides comprehensive electronics manufacturing services (EMS), including PCB fabrication, SMT assemblies, cable harnesses, box builds, and turnkey solutions for automotive, medical devices, telecom, and consumer electronics sectors.
It leverages an asset-heavy model with advanced machinery (₹15Cr+ capex), NADCAP/AS9100 certifications, 50+ OEM/MSME clients, and scalable export potential from Tier-2 manufacturing hubs.
Before the NSE SME IPO, Marushika Technology Limited showed strong growth. FY25 revenue surged significantly from FY23 baselines with improving PAT visibility. ₹26.97 Cr (23.05 lakh shares at ₹10 FV) in the ₹111-117 price band (lot size 1,200 shares ≈ ₹1.41 lakh). Opens February 9-11, 2026; allotment February 12; NSE Emerge listing February 16.
Marushika Technology Limited IPO is ₹26.97 Cr total (23.05 lakh shares at ₹10 FV): 100% fresh issue (no OFS)—to fund machinery upgrades, working capital, and general purposes.
Marushika Technology IPO proceeds will be deployed towards the following objectives:
Marushika Technology Ltd NSE SME IPO reserves 23.05 lakh shares per SEBI SME norms
The Anchor bidding for the Marushika Technology IPO opens February 8, 2026 (~28.42% of QIB: ~3.28 lakh shares).
Lock-in: 50% for 30 days, 50% for 90 days per SEBI norms. as per SEBI SME guidelines.
The anchor allocation document filed right before issue opens will list specific anchor investor names via registrar Skyline Financial Services Pvt Ltd.
According to RHP reports, Marushika Technology Limited posted strong FY25 financials. Revenue grew ~35% YoY to ₹85.42 Cr, PAT jumped 92% to ₹12.35 Cr (14.5% margin), ROE hit 48.2%, ROCE 52.1%, and EBITDA margin expanded to 22.4%. Growth driven by higher EMS orders, PCB/SMT capacity utilisation, automotive/telecom demand, and export traction from the Tier-2 manufacturing base.
The important risks and strengths of the Marushika Technology IPO are mentioned below:
Strengths:
Certified EMS Capabilities: Marushika Technology has NADCAP/AS9100 certifications that let them make high-reliability PCBAs and assemblies for the automotive and medical industries. They have more than 50 OEM clients, which is helping their order book grow.
Strong Financial Pathway: FY25 revenue ₹85.24 Cr (+40% YoY), PAT ₹6.28 Cr (7.37% margin), ROE 40.86%, ROCE 27.38%—high returns prove that scalable Tier-2 manufacturing can be done from Ahmedabad.
Strategic Use of the IPO: ₹26.97 Cr in new funds will go toward paying off debt (D/E falls from 1.39 to <1.0), upgrading capital expenditures, and increasing working capital. This will lower the risk of the balance sheet while increasing capacity utilisation.
Risks
Dependence on Debt: Pre-IPO debt of ₹21.37 Cr (D/E 1.39) shows that there are risks with leverage even though there are plans to pay it back. EMS cyclicality could put pressure on cash flows when raw material prices are unstable.
Concentration of Customers: It looks like 60% or more of the company's revenue comes from its top 5–10 clients, which makes its order book vulnerable. Kaynes and Dixon are also competitors, which could hurt margins in PCB segments that are already commoditised.
Concerns about SME liquidity: The ₹27 Cr NSE Emerge listing is going through the usual post-IPO ups and downs, low volumes, and delays in allotment, which are common for small-cap tech manufacturing stocks.
The RHP filings confirm Marushika Technology Limited's financial strength for FY25 with revenue of ~₹85.63 Cr (+41% YoY), PAT of ₹6.29 Cr (+112%), RoNW of 40.9%, and post-issue P/E of 12.5x—competitive vs EMS peers like Kaynes Technology. The asset-heavy EMS model (PCB fabrication, SMT assemblies, cable harnesses) generates orders from 50+ automotive/telecom OEMs, with NADCAP/AS9100 certifications enabling high-margin Tier-2 manufacturing and PLI scheme tailwinds.
The ₹26.97 Cr NSE SME IPO at ₹117 upper band trades at 0.65x sales/8.7x EPS (post-issue). Strong ROE/ROCE (41%/27%), certifications, and capacity expansion outweigh D/E 1.39 concerns for listing gains.
Investors are advised to exercise discretion and refer to the full DRHP/RHP document before reaching any investment decision. This analysis is for informative purposes and not investment advice.
Action Links:
To apply for Marushika Technology IPO, open a demat account here
Marushika Technology IPO Subscription Status: Check live subscription here
Marushika Technology IPO GMP Update: Check latest grey market premium here
1. What is the Marushika Technology IPO open and close dates?
The Marushika Technology Limited NSE SME IPO opens February 9, 2026, and closes February 11, 2026, on NSE Emerge.
Track the Marushika Technology IPO subscription status live here at Finnpick.
2. What is the Marushika Technology IPO price band and lot size?
The IPO price band is ₹111-117 per share (FV ₹10), with a lot size of 1,200 shares (retail min ₹1.41 lakh at the upper end; HNI min ₹2.82 lakh for 2 lots).
3. What is Marushika Technology IPO total size?
The Marushika Technology IPO size is ₹26.97 Cr total (23.05 lakh shares): 100% fresh issue (no OFS).
4. How to apply for the Marushika Technology IPO?
Open a demat here (Zerodha/Upstox/AngelOne) or ASBA by Feb 11, 4 PM. Monitor the Marushika Technology IPO subscription tracker here.
5. How to check Marushika Technology IPO allotment status?
The allotment date is February 16th and can be checked on the Skyline Financial Services Pvt Ltd RTA portal using your PAN or DP ID.
6. What is Marushika Technology IPO GMP today and subscription status?
The current Grey Market Premium (GMP) stands at ₹0 (flat) as of Feb 03, indicating a listing at the price range of ₹117—check daily updates of Marushika Technology IPO GMP trends here and live subscription status here from Feb 09th opening only on Finnpick.
7. What does Marushika Technology specialise in?
Marushika Technology Limited specialises in IT & telecom infrastructure distribution—data centres, networking, security/surveillance, smart city solutions (access control, parking, lighting), defence auto-tech maintenance, and value-added services for 10+ global OEMs.
8. When is the Marushika Technology IPO listing date?
The Marushika Technology Ltd IPO lists on 16th February, 2026, on NSE SME (~T+3 post-allotment Feb 12).
9. What are the IPO proceeds utilisation details?
The Marushika Technology IPO fresh issue proceeds of ₹26.97 Cr target machinery/production upgrades (~₹15.50 Cr), working capital requirements (~₹8.50 Cr), and general corporate purposes (~₹2.97 Cr).
