Marushika Technology Limited is engaged in providing precision-engineered electronic manufacturing and technology-driven solutions across multiple industries. The company operates in the growing segment of design-led electronic manufacturing services (EMS), which plays a crucial role in supporting India’s expanding industrial, automotive and consumer electronics ecosystem.

The company primarily earns revenue through design, manufacturing, assembly and supply of electronic components and systems. These components are used in industrial automation, automotive systems, consumer electronics and other technology-driven applications. By focusing on long-term customer relationships and recurring orders, the company aims to generate stable and predictable revenue streams.

Marushika Technology Limited is coming out with a Book Built Issue IPO amounting to ₹26.97 Crore. The issue consists entirely of a fresh issue of 0.23 crore equity shares, meaning the company will directly receive the funds raised through this offering. There is no Offer for Sale (OFS) component in this IPO.

The subscription period for the Marushika Technology IPO opens on February 12, 2026, and closes on February 16, 2026. The allotment is expected to be finalised on or about February 17, 2026 (Tuesday). The shares are proposed to be listed on the NSE SME platform, with a tentative listing date set on or about February 19, 2026 (Thursday).

IPO Price Band, Lot Size and Investment Details

The price band for the Marushika Technology IPO is fixed at ₹111 to ₹117 per equity share. Investors can bid within this range during the subscription window.

At the upper price band of ₹117 per share, the market capitalisation of the company at the time of listing is estimated to be around ₹99.88 Crore. This places the company in the SME category, which generally involves higher growth potential along with relatively higher risk compared to large-cap companies.

The lot size of the IPO is 1,200 shares. This means investors must apply for a minimum of 1,200 shares or in multiples thereof.

Minimum Investment Requirements

• Retail Investors:
  Retail investors are required to apply for a minimum of 2 lots, which equals 2,400 shares. At the upper price band of ₹117, this amounts to a minimum investment of ₹2,80,800.

• High Net-Worth Individuals (HNIs):
  HNIs are required to apply for a minimum of 3 lots, which equals 3,600 shares, amounting to an investment of approximately ₹4,21,200 at the upper price band.

These investment requirements make it a relatively high-ticket SME IPO, particularly for retail participants.

Business Model and Revenue Streams

Marushika Technology Limited operates on an integrated electronic manufacturing model, focusing on delivering complete solutions from design to final assembly.

1. Design-Led Manufacturing

The company emphasises design capabilities, which allow it to provide customised electronic solutions to clients. This approach strengthens client relationships and increases switching costs, as customers rely on the company’s technical expertise.

2. Assembly and Supply of Components

A major portion of revenue is generated from assembly and supply of electronic components and systems. These systems are used in:

• Industrial machinery

• Automotive electronics

• Consumer devices

• Control systems

By serving multiple industries, the company reduces its dependence on a single segment.

3. Recurring Orders and Long-Term Contracts

One of the key strengths of Marushika Technology is its focus on long-term customer relationships. Recurring orders ensure revenue visibility and operational stability, which is especially important for SME companies.

4. Value-Added Services

Apart from manufacturing, the company also offers value-added technology-driven services, including system integration and custom solutions. This enhances margins and differentiates it from pure contract manufacturers.

Industry Outlook: Electronics Manufacturing in India

India’s electronics manufacturing sector is witnessing significant growth due to several factors:

• Government’s Make in India initiative

• Production Linked Incentive (PLI) schemes

• Rising demand for electronics across sectors

• Increasing localisation of manufacturing

The shift towards domestic production and reduction in import dependence provides growth opportunities for companies like Marushika Technology.

The demand for precision-engineered electronic components is increasing in sectors such as electric vehicles (EVs), industrial automation and smart devices. If the company is able to maintain quality standards and timely delivery, it can benefit from this structural growth trend.

Strengths of Marushika Technology Limited

1. Diversified End-Use Industries

The company serves multiple sectors, including industrial, automotive and consumer applications. This diversification helps reduce sector-specific risks.

2. Design and Engineering Capabilities

Having in-house design capabilities allows the company to provide customised solutions, improving client stickiness and margins.

3. Recurring Revenue Model

Long-term contracts and repeat orders provide revenue stability, which is critical for scaling operations.

4. SME Platform Listing Advantage

Listing on the NSE SME platform provides visibility and access to capital markets, enabling the company to raise funds for future expansion.

Risks and Challenges

While the company shows growth potential, investors should consider the following risks:

1. SME Segment Volatility

SME IPOs are generally more volatile compared to mainboard IPOs. Liquidity may also be lower after listing.

2. Customer Concentration Risk

If a significant portion of revenue comes from a limited number of clients, loss of any major customer could impact financial performance.

3. Industry Competition

The electronics manufacturing industry is highly competitive, with both domestic and international players.

4. Dependence on Raw Materials

Fluctuations in the cost of electronic components and raw materials can impact margins.

Use of IPO Proceeds

Since the issue consists entirely of a fresh issue, the company will receive the entire ₹26.97 Crore raised from the IPO.

Typically, companies in this segment utilise IPO proceeds for:

• Working capital requirements

• Expansion of manufacturing facilities

• Purchase of new machinery and technology

• General corporate purposes

Proper utilisation of funds will be crucial in determining the company’s post-listing growth trajectory.

Lead Manager, Registrar and Market Maker

The IPO is being managed by:

• Book Running Lead Manager: NEXGEN Financial Solution Private Limited

• Registrar to the Issue: Skyline Financial Services Private Limited

• Market Maker: Nikunj Stock Brokers Limited

The presence of a market maker is important in SME IPOs as it helps provide liquidity in the secondary market after listing.

Marushika Technology IPO GMP Today

The Grey Market Premium (GMP) of Marushika Technology IPO is currently expected to be ₹0 based on available market information.

It is important to understand that:

• GMP trading happens in an unorganised market.

• There is no official price discovery mechanism in the grey market.

• GMP is based purely on demand and supply speculation.

Investors should not rely solely on GMP while making investment decisions. It is meant only for educational and informational purposes.

Financial Perspective and Valuation Insight

At the upper price band of ₹117 and a market capitalisation of around ₹99.88 Crore, the company enters the market as a small-cap SME entity.

Investors should analyse:

• Revenue growth trend

• Profit margins

• Debt levels

• Return on Equity (ROE)

• Cash flow position

Since SME IPO investments involve relatively higher risk, evaluating financial fundamentals becomes even more important.

Should Investors Consider Applying?

Investment in SME IPOs depends on individual risk appetite.

Suitable For:

• Investors with high risk tolerance

• Those looking for long-term growth potential

• Investors comfortable with SME segment volatility

Not Suitable For:

• Conservative investors seeking stable returns

• Investors requiring high liquidity

• Short-term speculative traders relying only on GMP

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