Marushika Technology Ipo
Marushika Technology IPO Review & Key Points
Review: Neutral
IPO Lead Managers aka Merchant Bankers
Nexgen Capitals Ltd.
| Name of the Company | Face Value (₹) | EPS basic (₹) | EPS Diluted (₹) | RONW (%) | P/E Ratio | NAV (₹) |
| Powerica Limited | 5 | 15.26 | 15.26 | 15.37 % | 24.45 | 99.76 |
| Listed Peers | ||||||
| Cummins India Limited | 2 | 72.15 | 72.15 | 26.45% | 64.13 | 272.78 |
| Kirloskar Oil Engines Limited | 2 | 33.71 | 33.60 | 15.85% | 43.24 | 212.60 |
| NTPC Green Energy Limited | 10 | 0.67 | 0.67 | 2.58% | 129.40 | 21.88 |
| Acme Solar Holdings Limited | 2 | 4.55 | 4.53 | 5.59% | 50.74 | 74.54 |
| Adani Green Energy Limited | 10 | 8.37 | 8.37 | 11.90% | 101.53 | 76.62 |
| IPO Open Date | February 12, 2026 |
| IPO Close Date | February 16, 2026 |
| Face Value | ₹10 Per Equity Share |
| IPO Price Band | ₹111 to ₹117 Per Share |
| Issue Size | Approx ₹26.97 Crores |
| Fresh Issue | Approx ₹26.97 Crores |
| Issue Type | Book build Issue |
| IPO Listing | NSE SME |
| DRHP Draft Prospectus | |
| RHP Draft Prospectus |
| Application | Lot Size | Shares | Amount |
| Retail Minimum | 2 | 2,400 | ₹2,80,800 |
| Retail Maximum | 2 | 2,400 | ₹2,80,800 |
| S-HNI Minimum | 3 | 3,600 | ₹4,21,200 |
| S-HNI Maximum | 7 | 8,400 | ₹9,82,800 |
| B-HNI Minimum | 8 | 9,600 | ₹11,23,200 |
| Investor Category | Share Offered | Shares (%) |
| Anchor Investor | 6,51,600 Shares | 28.27% |
| QIB (Ex. Anchor) | 4,35,600 Shares | 18.90% |
| NII Shares Offered | 3,31,200 Shares | 14.37% |
| Retail Shares Offered | 7,70,400 Shares | 33.42% |
| Anchor Bidding Date | February 11, 2026 |
| Anchor Investors List | |
| Shares Offered | 6,51,600 Shares |
| Anchor Size | [.] Cr. |
| lock-in period end date 50% shares (30 Days) | March, 2026 |
| lock-in period end date 50% shares (90 Days) | May, 2026 |
| IPO Open Date: | February 12, 2026 |
| IPO Close Date: | February 16, 2026 |
| Basis of Allotment: | February 17, 2026 |
| Refunds: | February 18, 2026 |
| Credit to Demat Account: | February 18, 2026 |
| IPO Listing Date: | February 19, 2026 |
| IPO Bidding Cut-off Time: | February 16, 2026 – 5 PM |
| Particular | Shares | % Share |
| Promoter Holding Pre Issue | 62,31,568 | 79.71% |
| Promoter Holding Post Issue | 84,78,568 | -% |
| Purpose | Crores |
| Repayment and/ or pre-payment, in part or full, of certain borrowings availed by our Company | ₹5.89 |
| Funding of working capital requirement | ₹18.00 |
| General Corporate Purpose | ₹- |
| Period Ended | Revenue | Expense | PAT | Assets |
| 2024 | ₹60.83 | ₹56.77 | ₹3.14 | ₹48.37 |
| 2025 | ₹85.63 | ₹77.17 | ₹6.29 | ₹53.94 |
| Sep 2025 | ₹48.71 | ₹44.54 | ₹3.14 | ₹62.68 |
| KPI | Values |
| ROE: | -% |
| ROCE: | 26.88% |
| EBITDA Margin: | 12.63% |
| PAT Margin: | 7.37% |
| Debt to equity ratio: | 1.39 |
| Earning Per Share (EPS): | ₹9.70 (Basic) |
| Price/Earning P/E Ratio: | N/A |
| Return on Net Worth (RoNW): | 55.94% |
| Net Asset Value (NAV): | ₹24.45 |
| Company | EPS | PE Ratio | RoNW % | NAV | Income |
| Vertexplus Technolgies Limited | 1.56 | 70.00 | 3.56% | 44.75 | 0.86 Cr. |
| Synoptics Technologies Limited | 4.76 | 16.39 | 5.96% | 82.34 | 4.04 Cr. |
| Period Ended | Revenue | Expense | PAT | Assets |
| 2023 | ₹184.81 | ₹154.97 | ₹32.10 | ₹251.58 |
| 2024 | ₹206.45 | ₹175.85 | ₹34.44 | ₹339.25 |
| 2025 | ₹322.58 | ₹261.43 | ₹28.13 | ₹455.49 |
| Dec 2025 | ₹236.50 | ₹186.96 | ₹38.69 | ₹561.34 |