Marushika Technology IPO: GMP, Price, Analysis, And Details

Marushika Technology IPO- Company Analysis

Marushika Technology IPO under the SME IPO category is a bookbuild issue of Rs. 26.97 Cr by Marushika Technology Limited and distributes telecom and IT infrastructure goods. Data center setup, networking, communication systems, surveillance, cybersecurity, and power management are just a few of the many IT products and services that the company offers. 

In addition, it provides installation, upkeep, and advice as well as intelligent solutions for trash management, parking, lighting, and access control.

Verticals of Business

• IT & Telecom Infra Solutions
• Auto-Tech Resolution.
  
  

Marushika Technology IPO Details

The Marushika Technology IPO date of opening is 12 Feb 2026, its initial public offering will end on 16 Feb, IPO allotment on Feb 17 and refund initiation on Feb 18, 2026.

The Rs. 26.97 crore new SME IPO comprises a wholly fresh issue of 0.23 crore shares.

The Marushika Technology IPO listing date (expected) might be on Thursday, Feb 19, 2026, and listing at the NSE and SME. 

The Marushika Technology IPO price band is Rs. 111 to Rs. 117.

 

 

IPO Timetable (Tentative)

Date	Event
IPO Opening Date	Feb 12, 2026
IPO Closing Date	Feb 16, 2026
IPO Allotment Date	Feb 17, 2026
Refund Initiation	Feb 18, 2026
IPO Listing Date	Feb 19, 2026

 

Click to open demat account and apply for the IPO.

Company Financials 

(Amount in Cr)

Particulars	30 Sep 2025	31 Mar 2025	31 Mar 2024
Assets	62.68	53.94	48.37
Total Income	48.71	85.63	60.83
Profit After Tax	3.14	6.29	3.14
EBITDA	5.64	10.47	5.67
Net Worth	18.51	15.37	8.45
Reserves and Surplus	12.28	9.14	7.58
Total Borrowing	18.92	21.37	19.64

 

Cash Flows

(Amount in lac)

Net Cash Flow	31 Mar 2025	31 Mar 2024	31 Mar 2023
Net Cash Flow Operating Activities	100.04	(637.77)	(295.33)
Net Cash Flow Investing Activities	(330.52)	(46.64)	(62.93)
Net Cash Flow Financing Activities	41.62	939.74	422.46

 

Revenue Bifurcation

(Rs. in Lac)

(Source: RHP)

The Objective of the Issue

The company desires to use the Net Proceeds from the Issue to fulfill its following goals:

• Repayment and/ or pre-payment, in part or full, of certain borrowings availed by the Company. ~ Rs. 5 Cr.
• Funding of working capital requirements. ~ Rs. 14.68 Cr.
• General Corporate Purposes. 

Listed Peers of Marushika Technology Ltd. 

Name of Company	Face Value (₹)	Basic EPS (₹)	PE Ratio (x)
Vertexplus Technologies Limited	10	(3.70)	(24.59)
Synoptics Technologies Limited	10	4.01	12.47

 

Valuation

KPI	Value
ROE	52.77%
ROCE	26.88%
Debt / Equity	1.39
RoNW	52.77%
PAT Margin	7.37%
EBITDA Margin	12.28%

 

Evaluation of P/E Ratio

Considering the period ended on FY 2025 with an EPS of Rs. 10.21 from the last year, the resulting P/E ratio is 11.45x.

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IPO's Strengths 

• Numerous and varied IT offers and solutions.
• Developed a solid rapport with Original Equipment Manufacturers (OEMs).
• A competent and experienced management team.
• Existence in several industry sectors with established client relationships.
• Proven track record of financial success.

 

 

IPO's Weaknesses

• Business continuity issues could arise from a heavy reliance on a large clientele.
• A strong reliance on telecom and IT infrastructure.
• Highly dependent on working capital.
  
  

Marushika Technology IPO GMP (Grey Market Premium)

Marushika Technology IPO GMP today is Rs. 0 as of 06 Feb 2026 while writing this information. A price band set at Rs. 117 suggests that the estimated listing price of the IPO could be around Rs. 117, indicating a gain/loss of 0%.

Marushika Technology IPO Summary

IPO Opening & Closing Date	12 Feb, 2026 to 16 Feb, 2026
Face Value	Rs. 10 per Share
Issue Price	Rs. 111 to Rs. 117 per Share.
Lot Size	1200 Shares
Issue Size	23,05,200 Shares (Rs. 27 Cr)
Offer for Sale	-
Fresh Issue	23,05,200 Shares (Rs. 27 Cr)
Listing at	NSE, SME
Issue Type	Bookbuild issue IPO
Registrar	Skyline Financial Services Pvt. Ltd.

 

IPO Lot Details 

Retail investors can invest in a minimum and maximum of 2 Lots (2400 Shares) for Rs. 2,80,800, and in multiples thereof, while HNI investors can invest in a minimum of 3 Lots (3600 Shares) for Rs. 4,21,200.

Minimum Lot Investment (Retail)	2 Lots
Maximum Lot Investment (Retail)	2 Lots
HNI (Min)	3 Lots

 

Marushika Technology IPO Allotment Status

To check the Marushika Technology IPO Allotment Status, visit the official Registrar’s website or BSE website. Below are the website links for you.

Using BSE Website - ​BSE IPO allotment status

Promoters And Management of Marushika Technology Ltd.

• Ms. Monicca Agarwaal
• Mr. Jai Prakash Pandey 
• Ms. Sonika Aggarwal.

Pre-Issue Promoter Shareholding	79.71%
Post-Issue Promoter Shareholding	58.19%

 

IPO Lead Managers

• NEXGEN Financial Solutions Pvt. Ltd.
  
  

Dividend Policy

The company has not paid a dividend during the last three financial years.

 

 

Conclusion

With modest values and steady promoter support, Marushika Technology IPO focuses on IT, telecom infrastructure, and smart technology solutions. Although the company's ROE is high, working capital dependence and client concentration pose problems. Investors need to evaluate risks associated with SME IPOs and check long-term growth prospects above listing profits.

Finowings IPO Analysis

Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO. 

You must consult your financial advisor before making any financial decisions. 

To Apply for the IPO, Click Here.

To Read the Prospectus of the Company Click Here to Download the DRHP.

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DISCLAIMER: This blog is NOT any buy or sell recommendation. No investment or trading advice is given. The content is purely for educational and information purposes only. Always consult your eligible financial advisor for investment-related decisions.