Incorporated in October 1988, Merritronix Limited is an Electronics Systems Design and Manufacturing (ESDM) company specializing in high-reliability, mission-critical electronic assemblies for defence, aerospace, telecom, and industrial electronics.
It offers B2B services, including component sourcing, PCB assembly, system integration, testing, box-building, and delivery of finished electronics. products, all to India’s defense and aerospace standards.
As of December 31, 2025, the company’s manufacturing facility has an installed capacity of 7,65,000 boards for SMT assembly, 6,00,000 boards for Through-Hole Technology (THT) assembly, and 4,20,000 units for product assembly/box build, aggregating to a total installed capacity of 17,85,000 production units per annum.
The Company received EN 9100:2018 certification for manufacturing PCBAs for aerospace and defence, equivalent to AS 9100D, JISQ 9100:2016, and includes ISO 9001:2015 standards.
The company’s clients include those in defence, aerospace, electrical engineering, heavy industries, power, and utilities.
As of March 31st, 2026, the company had 57 employees in various departments.
Competitive Strength
Merritronix Ltd.’s revenue increased by 37% and profit after tax (PAT) rose by 86% between the financial year ending with March 31, 2026 and March 31, 2025.
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 154.40 | 74.18 | 68.44 |
| Total Income | 156.25 | 114.04 | 86.01 |
| Profit After Tax | 16.10 | 8.66 | 3.05 |
| EBITDA | 27.22 | 15.18 | 6.73 |
| NET Worth | 52.52 | 16.23 | 7.58 |
| Reserves and Surplus | 40.34 | 15.39 | 6.73 |
| Total Borrowing | 43.20 | 18.57 | 15.82 |
| Amount in ₹ Crore | |||
| Company | Issue Type | Issue Size | Listing Day Close | Listing Gain/Loss % |
|---|---|---|---|---|
| Accord Transformer & Switchgear Ltd. | SME | ₹25.59 Cr | ₹52.50 | +14.13% |
| Avana Electrosystems Ltd. | SME | ₹35.22 Cr | ₹80.30 | +36.10% |
| Powerica Ltd. | Mainboard | ₹1,100.00 Cr | ₹390.00 | -1.27% |
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Capital expenditure towards purchase of Machinery and equipment | 21.36 |
| 2 | Funding working capital requirements | 21.95 |
| 3 | Repayment/ prepayment, in full or part, of all or certain outstanding borrowings availed by the Company | 12.72 |
| 4 | General corporate purposes | |
| Total | 56.04 |
| KPI | Mar 31, 2026 |
|---|---|
| ROE | 46.03% |
| ROCE | 45.26% |
| Debt/Equity | 0.81 |
| RoNW | 30.66% |
| PAT Margin | 10.33% |
| EBITDA Margin | 17.42% |
| Price to Book Value | 3.59 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 12.60 | 9.21 |
| P/E (x) | 11.83 | 16.18 |
| IPO Date | 1 Jun, 2026 |
| Listing Date | Mon, Jun 8, 2026 |
| Face Value | ₹10 per share |
| Price Band | ₹141 to ₹149 |
| Lot Size | 1,000 Shares |
| Sale Type | Fresh capital only |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Total Issue Size | 47,00,000 shares (agg. up to ₹70 Cr) |
| Reserved for Market Maker | 2,36,000 shares (agg. up to ₹4 Cr) |
| Fresh Issue (Ex Market Maker) | 44,64,000 shares (agg. up to ₹67 Cr) |
| Net Offered to Public | 44,64,000 shares (agg. up to ₹67 Cr) |
| Share Holding Pre Issue | 1,27,84,854 shares |
| Share Holding Post Issue | 1,74,84,854 shares |
Dovari Yesudas, Dovari Amarnath, Vanaja D, Darsy Kethan Chandra and Dovari Thaman.
| Share Holding Pre Issue | 85.17% |
| Share Holding Post Issue |
As per our analysis and Based on the information we have, this is the output.
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