Marushika Technology IPO

About Marushika Technology

The Marushika Technology IPO opens on Monday, Feb 12, 2026 and closes on Wednesday, Feb 16, 2026. The allotment of shares will take place on Thursday, Feb 17, 2026. The credit of shares to the demat account will take place on Friday, Feb 18, 2026. The initiation of refunds will take place on Friday, Feb 18, 2026. The listing of shares will take place on Monday, Feb 19, 2026.

The offer consists of a fresh issue. The fresh issue will include 0.23 crore shares of ₹26.97 crore. The total number of shares and aggregate amount are 23,05,200 shares (aggregating up to ₹27 crores).

Marushika Technology IPO’s price band is set at ₹111 to ₹117 per share. The lot size for an application is 1,200 Shares. The minimum amount of investment required by an individual investor (retail) is ₹2,80,800 (2,400 shares) (based on upper price). The minimum lot size for investment required by HNIs is 3 lots (3,600 shares), amounting to ₹4,21,200.

Marushika Technology offers a wide range of diversified products and services in the fields of Information Technologies and Telecom Infrastructure Projects. They offer their product and services to various verticals of Central & State Government and Public Sector Units (PSU) such as Defence, IT and Telecom Infra, Transportation, Education and Health.

Objectives of Marushika Technology IPO

• Repayment and/or pre-payment, in part or in full, of certain borrowings availed by the company.
• Funding of the working capital requirements of the company.
• General corporate purposes.

Industry Outlook

The IT industry plays a pivotal role in driving India’s overall economic growth. The industry contributed 7.5% to India's GDP in FY 2023, up from 7.4% in FY 2022. The IT industry added an impressive 3.2 lakh new jobs in FY 2023, taking the total workforce to 5.72 million people. IT infrastructure services provide the foundation for India's digital transformation by building and managing data centres, networks, and cloud platforms. This ensures ubiquitous internet access, critical for connecting citizens, businesses, and government entities. Reliable and secure IT infrastructure facilitates the adoption of digital technologies like cloud computing, AI, and IoT across sectors like healthcare, education, banking, and agriculture.

About Marushika Technology

Marushika Technology is engaged in the business of distribution of Information Technology (IT) and Telecom Infrastructure products. They provide a wide range of IT products and services to their clients in setting up their data centres’ infrastructure, active networking, telecom systems, advanced surveillance systems, data protection, cybersecurity and power management. They also offer installation, maintenance services and assist clients in selecting the right type of IT infrastructure for their specific needs. Additionally, the company offers a range of smart solutions including smart access control, parking, lighting, and waste management. Further, the company has expanded their offerings to include Auto-tech solutions for Defence, where they offer various services consisting of maintenance, refurbishment, and reverse engineering of tracked and wheeled military vehicles.

Strengths of Marushika Technology

• Wide range and diversified IT solutions and offerings.
• Established strong relationships with Original Equipment Manufacturers (OEMs).
• Experienced and qualified management team.
• Presence in multiple industry verticals with long-standing customer relationships.
• Track record of financial performance.

Risks of Marushika Technology

• Unfavourable changes in the policies of the government that could result in closure, termination or renegotiation of the company’s project orders.
• Any adverse changes in industry dynamics, client strategies, or the loss of a major client.
• Any decline in the demand for products and services provided by them under the IT and Telecom Infrastructure (IT) vertical.
• Failure to anticipate and develop new services and enhance existing services in order to keep pace with rapid changes in technology and the industries on which they focus.
• Any failure in the services of external third-party service providers or sub-contractors to carry out specific components of their projects.

Note: Industry Peer may be modified for finalization of Issue Price before filing Prospectus with ROC.
*Sourced from Annual Reports, Unaudited Financials, NSE.
Notes:

1. Considering the nature and turnover of business of the Company, the peers are not strictly comparable. However, the same have been included for broader comparison.
   
2. The figures for Marushika Technology are based on the restated Consolidated results for the year ended September 30, 2025.
   
3. The figures for the peer group are based on consolidated unaudited results for the year ended September 30, 2025.
   
4. Current Market Price (CMP) is the closing price of the respective scrip as on January 30, 2026.

Anchor Investor Bidding Date:

February 06, 2026

The company in consultation with the BRLM, have considered participation by Anchor Investors in accordance with the SEBI ICDR Regulations. The Anchor Investor Bidding Date shall be one working day prior to the Issue Opening Date.

Registrar: Skyline Financial Services Private Limited
Book Running Lead Managers: NEXGEN Financial Solution Private Limited

Marushika Technology Business Model

The company earns its revenue through the following:

• Sale of traded goods: Revenue generated from the sale of products that they procure from various OEMs.
• Sale of services: Revenue generated from rendering support services for IT, Smart Solutions and Auto-tech solutions for defence, and Annual Maintenance Contracts (AMC).

Marushika Technology Growth Trajectory

Marushika Technology’s total income for FY25 was ₹85.626 crores, whereas in FY24, it was ₹60.834 crores.

The Profit After Tax for FY25 was ₹6.286 crores, whereas in FY24, it was ₹3.141 crores.

Their EBITDA for FY25 was ₹10.473 crores, whereas in FY24, it was ₹5.669 crores.

Marushika Technology Market Position

Over the years, the company has steadily expanded their execution capabilities and successfully completed more than 150 projects. As on December 31, 2025 they have ongoing projects of an aggregate amount of Rs. 35.454 crores.

As of 31 March 2025, the company’s Total Income, Profit After Tax, and EBITDA were ₹85.626 crores, ₹6.286 crores, and ₹10.473 crores, respectively.

How to apply for Marushika Technology IPO?

• Step 1: Log in to your Kotak Neo Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details - Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification - Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.