Marushika Technology Limited, is engaged in the business of distribution of Information Technologies (IT) andTelecom Infrastructure products. They provide wide range of IT products and services to the clients in setting up their data centre's infrastructure, active networking, telecom system, advanced surveillance systems, data protection, cybersecurity and power management. They also offer installation, maintenance services and assisting clients in selecting the right type of IT infrastructure for their specific need. Additionally, they offer a range of smart solution including smart access control, parking, lighting, and waste management. The company primarily operates on a Business to Business (B2B) model and Business-to-Government (B2G). They generate revenue by providing services to both government and non-government clients, where the ultimate end customer is often a government. Further, they provide products and services to Government sector including Bharat Electronic Limited (BEL), Central Electronic Limited (CEL), Delhi Metro Rail Corporation (DMRC) and National Security Guard (NSG). Over the year, they have steadily expanded the execution capabilities and successfully completed more than 150 projects. As on December 31, 2025 they have ongoing projects of an aggregate amount of Rs. 3,545.45 Lakhs. As per financial performance, Marushika Technology Limited has posted total income / net profits of Rs 37.03 / 0.40 Cr (FY23), Rs 60.83 / Rs 3.14 Cr (FY24), Rs 85.62 Cr / 6.28 Cr (FY25) and Rs 48.71 Cr / 3.13 Cr (upto Q2 FY26). So as per previous financials data, company has shown good growth, but trade receivables are around 46% of FY25 total sales and company had posted negative cash flow in FY23 & FY24 and in FY25 net cash from operations very less than actual net profit. Company has an average EPS of Rs 7.06 and average RoNW of 36.79% for last three fiscals. Issue is priced at a P/BV of 3.94 as per NAV of Rs 29.71/- as on 30.09.25. If we attribute latest earnings of FY24, FY25 and annualised FY26 on equity post issue, then asking price is at a P/E of around 31.80, 15.89 and 15.91 respectively. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, Nexgen Financial Solution Private Limited is associated with this IPOs, and has handled 2 IPOs in last three fiscal years. From last 2 IPOs, all opened above issue price or at par, on the day of listing. As of now, from last 2 IPOs, all are trading above issue price or at par. (as on 05.01.26 ) As per financials, Marushika Technology Limited has shown good growth, RoNW is 52.77% and P/E is 31.80, 15.89 and 15.91 respectively as per FY24, FY25 and annualised FY26 earnings. So issue looks fully priced, but higher trade receivables and low or negative cash flow are big concerns. Company is engaged in the business of distribution of Information Technologies (IT) and Telecom Infrastructure products, which is very competitive business segment. Performance of BRLM is good post listing, but very limited SME IPOs are handled. So, we give NEUTRAL rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.
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