Quick Stats
Listing Price
120
(2.56%)
Subscription
18.01x
Allotment Status
Out
Last Updated
27-03-2026 11:06 AM
Marushika Technology IPO – Live GMP, Review & Analysis
Marushika Technology IPO GMP Today - ₹2 (1.71%)
Last updated: 19-02-2026 09:45 AM
Grey Market Premium Analysis
As of today, the latest Grey Market Premium (GMP) for Marushika Technology IPO is ₹2. Considering the upper price band of ₹117, the estimated listing price is ₹119 (Cap Price + GMP). This indicates a listing gain of 1.7% per share. The GMP trend has been Stable over the last 3 days.
GMP Trend Analysis
| Date | GMP Price | Est. Listing Gain | Trend |
|---|---|---|---|
| 19-02-2026 | 2 | ₹2,400 | Neutral |
| 18-02-2026 | 2 | ₹2,400 | Neutral |
| 17-02-2026 | 2 | ₹2,400 | Up |
| 16-02-2026 | 0 | ₹0 | Neutral |
| 15-02-2026 | 0 | ₹0 | Neutral |
| 14-02-2026 | 0 | ₹0 | Neutral |
Marushika Technology IPO Date, Price Band & Lot Size
Price Band
₹111-117
Lot Size
1200 shares
Cutoff Investment
140400
Promoter Holding
Open
Feb 12, 2026
Close
Feb 16, 2026
Allotment Date
Feb 17, 2026
Listing Date
Feb 19, 2026
Issue Size
26.97
Marushika Technology IPO Review: Business Model
*This section provides a detailed description of Marushika Technology IPO's business operations and market position.
Marushika Technology IPO Financial: Revenue, Profit & Margins
Key financial metrics over recent years.
*Values in Cr
Revenue
₹86 Cr
Net Profit
₹7 Cr
EBITDA
₹12 Cr
ROE
21.40%
ROCE
18.90%
Debt/Equity
1.45x
PAT Margin
8.14%
Peer Comparison
IT Infrastructure & Defence Solutions • FY24/25
| Company | Revenue (₹ Cr) | PAT (₹ Cr) | EBITDA Margin | P/E | Market Cap (₹ Cr) | Comment |
|---|---|---|---|---|---|---|
Marushika Technology (IPO Company) IPO Company | 86 | 7 | 13.95% | 0.00 | 0 | Focuses on IT infrastructure, B2G tenders, and defence auto-tech solutions. |
Dynacons Systems & Solutions Ltd | 1,035 | 52 | 7.20% | 35.50 | 1,850 | Established system integrator with large-scale IT infrastructure projects across India. |
Silicon Rental Solutions Ltd | 120 | 18 | 22.50% | 14.40 | 260 | Operates in the IT equipment rental and infrastructure services segment. |
Allied Digital Services Ltd | 710 | 46 | 13.50% | 60.80 | 2,800 | Global IT services player with a strong focus on smart city solutions and remote infrastructure management. |
Analysis & Interpretation
The peer set highlights a diverse range of business models within the IT infrastructure space. While Dynacons and Allied Digital operate at a significantly larger scale with lower to moderate EBITDA margins typical of high-volume system integration, Silicon Rental Solutions demonstrates higher margins in a niche rental model. Marushika Technology's financials reflect its emerging status with margins comparable to the broader IT services segment, though its scale is smaller than established listed peers.
Note: The peer group includes companies with different business models and commodity exposure. Financial metrics are provided for sectoral context and may not represent direct business equivalence. Market Cap and PE for IPO company are set to 0 as listing price is not finalized.
Source: Company annual reports and publicly available financial data (FY24/25).
This peer comparison is for informational purposes only and is based on publicly available financial data. It does not constitute investment advice or a recommendation to buy or sell any security.
IPO Objectives (Use of Funds)
Working Capital Requirements
₹14.68 Cr(54.43%)Funding the incremental working capital needs to support business operations and project execution.
Debt Repayment
₹5.00 Cr(18.54%)Repayment and/or pre-payment, in part or full, of certain outstanding borrowings availed by the company.
General Corporate Purposes
₹7.29 Cr(27.03%)To be utilized for general corporate activities, including administrative expenses and strategic initiatives.
Note: Objectives are as per offer documents. Utilisation may vary.
Source: RHP / DRHP
For informational purposes only.
Anchor Investor List & Allocation Details
Key institutional investors who subscribed to the IPO prior to opening.
| Investor Name | Category | Shares Allocated | Amount (Cr) |
|---|---|---|---|
| SAINT CAPITAL FUND | FPI | 2,11,200 | ₹2.47 Cr |
| NAV CAPITAL VCC - NAV CAPITAL EMERGING STAR FUND | FPI | 1,28,400 | ₹1.50 Cr |
| NAVBHARAT INVESTMENT TRUST - NAVBHARAT INVESTMENT OPPORTUNITIES FUND | AIF | 1,27,200 | ₹1.49 Cr |
| STRATEGIC SIXTH SENSE CAPITAL FUND | FPI | 98,400 | ₹1.15 Cr |
| LONGTHRIVE CAPITAL VCC - TRENDVIEW CAPITAL FUND | FPI | 86,400 | ₹1.01 Cr |
SWOT Analysis (Pros & Cons)
Comprehensive analysis of Strengths, Weaknesses, Opportunities, and Threats.
Strengths
- •Operates a diversified portfolio spanning IT infrastructure, smart solutions, and defence auto-tech services
- •Maintains established relationships with marquee B2G clients like BEL, DMRC, and NSG
- •Authorized value-added distributor for over 10 global and indigenous OEMs
- •Provides end-to-end service capabilities including supply, installation, and maintenance
- •Demonstrated financial growth with revenue rising to ₹85.63 Cr in FY25
Weaknesses
- •Significant revenue dependence on government and PSU tendered projects
- •High client concentration risk with a limited number of customers driving majority revenue
- •Operations are working capital intensive due to the project-based business model
- •Revenue is heavily concentrated in the IT and Telecom Infrastructure vertical
- •Geographic concentration of revenue primarily in Uttar Pradesh and Delhi regions
Opportunities
- •Growing demand for smart city solutions aligned with national digital initiatives
- •Expansion into defence auto-tech modernization and refurbishment sectors
- •Increasing adoption of IT infrastructure and cloud services by SMEs
- •Utilization of IPO proceeds to reduce debt and improve financial flexibility
Threats
- •Adverse changes in government policies or procurement models could impact order flow
- •Contracts can be modified, cancelled, or suspended by clients at their discretion
- •Dependence on third-party OEMs exposes operations to supply shortages and price fluctuations
- •Rapid technological changes require constant investment to avoid obsolescence
- •Intense competition from both large established players and unorganized local firms
IPO Video Analysis (External)
Detailed analysis of Marushika Technology IPO Analysis by market experts.
*Video embedded for convenience. Click the play button to load the content from YouTube.
Disclaimer: This video is shared for informational and educational purposes only. The views expressed are those of the respective creator and do not constitute investment advice.