In February 2026, SME IPO activity continued across diverse sectors, including companies linked to enterprise technology adoption, infrastructure modernisation, and government led digitisation projects. Businesses operating in IT infrastructure, data centre buildouts, surveillance systems, and networking have remained relevant as organisations expand digital capabilities and invest in secure, scalable technology environments.
Against this backdrop, Marushika Technology Limited is set to open its IPO on February 12, 2026. Here is a detailed insight into Marushika Technology Limited, its IPO, and the industry outlook.
About Marushika Technology Ltd.
Marushika Technology Limited distributes IT and telecom infrastructure products and also provides related services across project set up, installation, maintenance, and advisory. The company delivers a wide range of IT products and services including setting up data centres, networking, telecom systems, surveillance, cybersecurity, and power management. It also provides smart solutions such as access control, parking, lighting, and waste management.
The company operates through multiple business verticals:
Business Verticals
• IT and Telecom Infra Solutions, covering data centre IT infrastructure, server and internet protocol, video wall display solutions, power solutions, and active networking
• Auto Tech Solutions for Defence, including repairs and refurbishments, reverse engineering, and control panel related work
• Smart Solutions
Marushika primarily follows a business to business model and a business to government model. Under the B2G segment, it provides services to government sector organisations such as Bharat Electronic Limited, Central Electronic Limited, Delhi Metro Rail Corporation, and National Security Guard.
Over the years, the company has completed more than 150 projects. As on July 31, 2025, it reported ongoing projects worth ₹2,835.42 lakhs.
Competitive Strengths
• Wide range and diversified IT solutions and offerings
• Established strong relationships with original equipment manufacturers
• Experienced and qualified management team
• Presence in multiple industry verticals with long standing customer relationships
• Demonstrated track record of financial performance
Marushika Technology IPO Details
Marushika Technology IPO is a book build issue of ₹26.97 crores. The issue is entirely a fresh issue of 0.23 crore shares aggregating to ₹26.97 crores. The IPO price band is set at ₹111 to ₹117 per share. The issue is proposed to be listed on NSE SME.
The company intends to utilise the net proceeds mainly towards repayment or pre payment of certain borrowings, funding working capital requirements, and general corporate purposes.
Important IPO Timeline
| Event | Date |
|---|---|
| IPO Open Date | February 12, 2026 |
| IPO Close Date | February 16, 2026 |
| Allotment Date (Tentative) | February 17, 2026 |
| Initiation of Refunds | February 18, 2026 |
| Credit of Shares to Demat | February 18, 2026 |
| Listing Date (Tentative) | February 19, 2026 |
Key IPO Details
Here is the table on the Marushika Technology IPO Review:
| Particulars | Details |
|---|---|
| Face Value | ₹10 per share |
| Issue Price Band | ₹111 to ₹117 per share |
| Lot Size | 1,200 shares |
| Total Issue Size | 23,05,200 shares aggregating up to ₹26.97 crore |
| Fresh Issue | 23,05,200 shares aggregating up to ₹26.97 crore |
| Issue Type | Bookbuilding IPO |
| Listing At | NSE SME |
| Shareholding Pre issue | 62,31,568 shares |
| Shareholding Post issue | 85,36,768 shares |
| Market Capitalisation Pre IPO | ₹99.88 crore |
Lot Size of Marushika Technology IPO
Investors can bid for a minimum of 2,400 shares and in multiples of 1,200 shares thereafter. The table below summarizes bidding amounts based on the upper price band.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail Investor Min | 2 | 2,400 | ₹2,80,800 |
| Retail Investor Max | 2 | 2,400 | ₹2,80,800 |
| S HNI Min | 3 | 3,600 | ₹4,21,200 |
| S HNI Max | 7 | 8,400 | ₹9,82,800 |
| B HNI Min | 8 | 9,600 | ₹11,23,200 |
Marushika Technology Ltd. Financials
Marushika Technology IPO has a pre issue market capitalisation of ₹99.88 crore. As per the restated consolidated financials, the company reported a Return on Equity of 18.52 percent as of September 30, 2025. It reported ROCE of 13.89 percent and a debt to equity ratio of 1.02. The company reported PAT margin of 6.45 percent and EBITDA margin of 11.59 percent. Price to book value is stated at 3.94.
Other financial details of the company include the following:
Key Company Financials
| Period Ended | 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 |
Amount in ₹ crore.
Marushika Technology Ltd.: Industry Outlook
• Growth in data centre infrastructure, networking requirements, and cybersecurity needs is supporting demand for IT and telecom infrastructure solutions
• Government sector digitisation and infrastructure projects can create steady demand for B2G focused solution providers
• Enterprise adoption of surveillance, access control, and smart infrastructure solutions continues to expand across commercial and public sector environments
• The segment remains competitive and execution driven, with performance linked to project pipeline, working capital management, and timely delivery
Conclusion
Marushika Technology Limited presents an SME IPO opportunity for investors seeking exposure to an IT and telecom infrastructure solutions provider operating across B2B and B2G segments. The company offers a diversified portfolio spanning data centre infrastructure, networking, surveillance, cybersecurity, power solutions, and smart solutions, and has executed more than 150 projects with an ongoing project base reported as of July 2025.
However, investors should assess risks such as the sustainability of rapid growth, execution dependence on project pipelines, and working capital intensity typical of project driven businesses. Reviewing the offer documents in detail and aligning the investment decision with individual risk appetite remains important before participating in the IPO.
