Marushika Technology IPO
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Financial Analysis
| Metric | 2024 | 2025 | Sep 2025 |
|---|---|---|---|
| Revenue | 60.83 | 85.63 | 48.71 |
| Expense | 56.77 | 77.17 | 44.54 |
| Profit (PAT) | 3.14 | 6.29 | 3.14 |
| Total Assets | 48.37 | 53.94 | 62.68 |
| Company | P/E | EPS | Market Cap (Cr) |
|---|---|---|---|
| Vertexplus Technolgies Limited | 70.00 | 1.56 | 4 |
| Synoptics Technologies Limited | 16.39 | 4.76 | 6 |
Promoters: Ms. Monicca Agarwaal, Mr. Jai Prakash Pandey and Ms. Sonika Aggarwal
| Shareholding | No. of Shares | Holding % |
|---|---|---|
| Promoter Holding Pre Issue | 62,31,568 | 79.71% |
Company Information
Marushika Technology Limited, founded on July 03, 2010, is one of the growing companies that offers IT and telecom infrastructure products. The firm provides a wide range of IT products and services such as data center setup, networking, telecom systems, surveillance, cybersecurity, and power management. From installation, maintenance, to guidance of services, everything is done by the company. Moreover, the firm also offers Auto-tech solutions for the Defence sector, where they provide maintenance, refurbishment, and reverse engineering of military vehicles. The firm runs its business on a B2B and B2G model. Bharat Electronics Limited (BEL), Central Electronics Limited (CEL), Delhi Metro Rail Corporation (DMRC), and National Security Guard (NSG) are among the major government clients of Marushika Technology.
| Purpose | Amount (Cr) |
|---|---|
| Repayment and/ or pre-payment, in part or full, of certain borrowings availed by our Company | 5.89 |
| Funding of working capital requirement | 18.00 |
| General Corporate Purpose | - |
Resources & Documents
Marushika Technology Ltd., Shop No. 5 Acharya Niketan,, Mayur Vihar,, East Delhi, New Delhi, 110091
Marushika Technology has set a price band of Rs 111–Rs 117 per share for an issue size of Rs 27 crore in the technology sector. The stock listed with a 2.56% gain versus its issue price on February 19, 2026.
Marushika Technology Limited, founded on July 03, 2010, is one of the growing companies that offers IT and telecom infrastructure products. The firm provides a wide range of IT products and services such as data center setup, networking, telecom systems, surveillance, cybersecurity, and power management. The company operates in the technology space.
The issue is promoted by Ms. Monicca Agarwaal, Mr. Jai Prakash Pandey and Ms. Sonika Aggarwal with Nexgen Capitals Ltd. acting as lead manager. Net proceeds will primarily be used towards Repayment and/ or pre-payment, in part or full, of certain borrowings availed by our Company (Rs 6 crore) and Funding of working capital requirement (Rs 18 crore).
Current grey market activity shows a flat premium, indicating muted unofficial demand. Final subscription data records overall subscription at 9.01x, retail at 16.51x, QIB at 2.92x, NII at 41.35x.
On fundamentals, the company is posting revenue growth of 40.8%, a profit margin of 7.4%, return on equity of 55.9% in its most recent reported period. Listed peers in this segment include Synoptics Technologies Limited (P/E 16.39x, market cap Rs 6 crore) and Vertexplus Technolgies Limited (P/E 70.00x, market cap Rs 4 crore) — useful reference points when evaluating the issue's pricing relative to where the broader sector are trading.
Our data-driven engine currently flags this issue as an Avoid view — key indicators are weak enough that the risk-reward looks unfavourable for now. Past performance does not predict future returns — review the price chart and peer comparison below before trading.
Understanding Grey Market Premium (GMP)
The Grey Market Premium (GMP) is an unofficial indicator of how an IPO's shares are trading in the grey market before they are officially listed on a stock exchange. It reflects investor sentiment and demand for the IPO shares ahead of listing day.
How does it work? The grey market is an informal, over-the-counter market where investors buy and sell IPO shares before the official listing date. If an IPO has a positive GMP, it suggests that investors expect the stock to list above its issue price. A negative GMP indicates expectations of a listing below the issue price.
Example: If an IPO has an issue price of ₹100 and the GMP is ₹50, the expected listing price would be approximately ₹150 (issue price + GMP). This translates to an estimated listing gain of 50%.
Factors that influence GMP:
- Subscription levels — Higher subscription typically drives GMP up
- Market conditions — Bullish markets tend to boost GMP across all IPOs
- Company fundamentals — Strong financials and growth potential attract premium
- Industry sentiment — Positive outlook for the sector can increase demand
- IPO pricing — Reasonably priced IPOs relative to peers tend to command higher GMP
Disclaimer: GMP is an unofficial metric from the grey market and is not regulated by SEBI or any stock exchange. GMP values fluctuate frequently and should not be the sole basis for investment decisions. Always consider company fundamentals, financial health, and your own risk appetite before investing in any IPO.
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