Marushika Technology Limited: SME IPO for Strategic Growth in Digital and Defense Infrastructure

10 February 2026

Originally incorporated in 2010 as Marushika Traders and Advisors Private Limited, Marushika Technology Limited (MTL) has evolved into a specialized distributor and service provider of Information Technology (IT) and Telecom Infrastructure solutions. The company provides a comprehensive suite of digital infrastructure services, including data center setup, active networking, cybersecurity, advanced surveillance systems, and power management. Its diversified operations also include smart solutions such as smart lighting and waste management and a recently expanded Auto-tech division dedicated to the maintenance and refurbishment of military vehicles for the defense sector.

The company is now launching an Initial Public Offering (IPO) of up to 23,05,200 Equity Shares of face value Rs10 each to raise ₹26.97 crore, entirely through a fresh issue. Marushika Technology IPO price band is set at ₹111 to ₹117 per share. The lot size for an application is 1,200. 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 in HNI is 3 lots (3,600 shares), amounting to ₹4,21,200. IPO will list on NSE SME with a tentative listing date fixed as Feb 19, 2026.

Business Model and Operating Footprint

Marushika Technology Limited operates primarily on Business-to-Business (B2B) and Business-to-Government (B2G) models, serving as a critical link between Original Equipment Manufacturers (OEMs) and end-users. The company has a significant operational presence in Delhi and Uttar Pradesh, which collectively contributed over 61% of its total revenue in the most recent stub period.A key strategic pillar is its "Bill-to-Ship" model, which streamlines logistics by having products delivered directly from suppliers to client project sites, thereby optimizing execution timelines and reducing handling costs. MTL's ability to integrate diverse technologies from smart access controls to integrated command centers enables it to serve high-profile government entities such as Bharat Electronics Limited (BEL) and the Delhi Metro Rail Corporation (DMRC).

Capex and Future Growth Drivers

The proceeds from the IPO are essential for MTL to scale its operations in the capital-intensive IT infrastructure and defense technology sectors. The Net Proceeds are primarily earmarked for:

• Funding Working Capital Requirements: Approximately ₹1,468.00 Lakhs to support project execution and trade receivables.
  
• Repayment of Borrowings: Approximately ₹500.00 Lakhs to reduce indebtedness and improve the balance sheet.
  
• General Corporate Purposes: To support business expansion and operational exigencies.