Merritronix IPO - Company Analysis
Merritronix IPO under the SME IPO category is a bookbuild issue of Rs. 70.03 Cr by Merritronix Limited and is an Electronics Systems Design and Manufacturing (ESDM) organization that focuses on high-reliability, mission-critical electronic assemblies for defense, aerospace, telecom, and industrial electronics.
Component sourcing, PCB assembly, system integration, testing, box construction, and delivery of completed electronics are among the B2B services it provides. goods, all in accordance with Indian aerospace and defense requirements.
Merritronix IPO Details
The Merritronix IPO date of opening is 01 Jun 2026, its initial public offering will end on 03 Jun, IPO allotment on Jun 04 and refund initiation on Jun 05, 2026.
The Rs. 70.03 crore new SME IPO comprises a wholly fresh issue of 0.47 crore shares.
The Merritronix IPO listing date (expected) might be Monday, Jun 08, 2026, and listing at the BSE and SME.
The Merritronix IPO price band is Rs. 141 to Rs. 149.
IPO Timetable (Tentative)
|
Events |
Date |
|
IPO Opening Date |
Jun 01, 2026 |
|
IPO Closing Date |
Jun 03, 2026 |
|
IPO Allotment Date |
Jun 04, 2026 |
|
Refund Initiation |
Jun 05, 2026 |
|
IPO Listing Date |
Jun 08, 2026 |
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Company Financials
(Amount in Cr)
|
Particulars |
31 Mar 2026 |
31 Mar 2025 |
31 Mar 2024 |
|
Assets |
154.40 |
74.18 |
68.44 |
|
Total Income |
156.25 |
114.04 |
86.01 |
|
Profit After Tax |
16.10 |
8.66 |
3.05 |
|
EBITDA |
27.22 |
15.18 |
6.73 |
|
Net Worth |
52.52 |
16.23 |
7.58 |
|
Reserves and Surplus |
40.34 |
15.39 |
6.73 |
|
Total Borrowing |
43.20 |
18.57 |
15.82 |
Cash Flows
(Amount in lac)
|
Net Cash Flow |
31 Mar 2026 |
31 Mar 2025 |
31 Mar 2024 |
|
Net Cash Flow Operating Activities |
(2,338.21) |
(664.33) |
453.24 |
|
Net Cash Flow Investing Activities |
(258.54) |
447.94 |
(223.09) |
|
Net Cash Flow Financing Activities |
4,114.73 |
74.15 |
27.48 |
Revenue Bifurcation
(Rs. in Lac)
(Source: DRHP)
The Objective of the Issue
The company desires to use the Net Proceeds from the Issue to fulfil its following goals:
- Capital expenditure towards the purchase of Machinery and equipment. ~ Rs. 21.36 Cr.
- Funding working capital requirements. ~ Rs. 21.95 Cr.
- Repayment/ prepayment, in full or part, of all or certain outstanding borrowings availed by the Company. ~ Rs. 12.72 Cr.
- General Corporate Purposes.
Listed Peers of Merritronix Ltd.
|
Name of Company |
Face Value (Rs. ) |
Basic EPS (₹) |
PE Ratio (x) |
|
Centum Electronics Limited |
10 |
NA |
NA |
|
Vinyas Innovative Technologies Limited |
10 |
15.43 |
62.85 |
Valuation
|
KPI |
Value (Mar 31, 2026) |
|
ROE |
46.03% |
|
ROCE |
45.26% |
|
Debt to Equity |
0.81 |
|
RoNW |
30.66% |
|
PAT Margin |
10.33% |
|
EBITDA Margin |
17.42% |
|
Price to Book Value |
3.59 |
Evaluation of P/E Ratio
Considering the period ended on FY 2026 with an EPS of Rs. 13.92 from the last year, the resulting P/E ratio is 10.70x.
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IPO's Strengths
- Three decades of Operating Legacy in Mission-Critical Defence and Aerospace Electronics.
- Established Track Record in Mission-Critical Defence and Aerospace programs.
- Strong Capabilities in Obsolescence Management and Lifecycle Extension.
- Modern SMT Infrastructure and IPC-A-610 Class 3 Assembly Capability.
- Strong Order Book providing revenue visibility.
IPO's Weaknesses
- Lower Brand Recognition in Commercial Markets.
- High Capital Requirement.
- Competition from Global Players
- Rapid Technology Change.
Merritronix IPO GMP (Grey Market Premium)
Merritronix IPO GMP today is Rs. 68 as of 08 June 2026, while writing this information. A price band set at Rs. 149 suggests that the estimated listing price of the IPO could be around Rs. 237, indicating a gain/loss of 59.06%
Merritronix IPO Summary
|
IPO Opening & Closing Date |
01 Jun, 2026 to 03 Jun, 2026 |
|
Face Value |
Rs. 10 per Share |
|
Issue Price |
Rs. 141 to Rs. 149 per Share. |
|
Lot Size |
1000 Shares |
|
Issue Size |
47,00,000 Shares (Rs. 70 Cr) |
|
Offer for Sale |
- |
|
Fresh Issue |
44,64,000 Shares (Rs. 67 Cr) |
|
Listing at |
BSE, SME |
|
Issue Type |
Book build Issue |
|
Registrar |
Bigshare Services Pvt. Ltd. |
IPO Lot Details
Retail investors can invest in a minimum and maximum of 2 Lots (2000 Shares) for Rs. 2,98,000, and in multiples thereof, while HNI investors can invest in a minimum of 3 Lots (3000 Shares) for Rs. 4,47,000.
|
Minimum Lot Investment (Retail) |
2 Lots |
|
Maximum Lot Investment (Retail) |
2 Lots |
|
HNI (Min) |
3 Lots |
Merritronix IPO Allotment Status
To check the Merritronix 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 Merritronix Ltd.
- Dovari Yesudas
- Dovari Amarnath
- Vanaja D
- Darsy Kethan Chandra
- Dovari Thaman.
|
Pre-Issue Promoter Shareholding |
85.17% |
|
Post-Issue Promoter Shareholding |
- |
IPO Lead Managers
- GYR Capital Advisors Pvt. Ltd.
Dividend Policy
The company has not paid a dividend during the last three financial years.
Conclusion
With its well-established foothold in the defense and aerospace electronics manufacturing industry, good financial performance, and healthy profitability ratios, Merritronix's IPO offers a compelling growth story. Future growth prospects are supported by the company's expanding order book, growing production capabilities, and prudent use of IPO proceeds for debt reduction, working capital, and capacity development.
Important measures like ROE of 46.03% and ROCE of 45.26% demonstrate effective capital usage, and the IPO is offered at a P/E ratio of 10.70x, which seems acceptable when compared to industry rivals. However, before making an investment, investors should take into account risks including high capital requirements, technology advancements, and rivalry from bigger international businesses.
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.
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