Merritronix IPO
Price Band
₹141 – ₹149
Issue Size
₹70.03 Cr
Lot Size
2000 shares
Min ₹2,98,000
Issue Dates
1 Jun – 3 Jun 2026
Listing Date
8 Jun 2026
About Merritronix Ltd
Merritronix Ltd, incorporated in 1988, is an Electronics Systems Design and Manufacturing (ESDM) company engaged in delivering high-reliability, mission-critical electronic assemblies for defence, aerospace, telecom, industrial, power, and utility sectors. The company provides end-to-end manufacturing solutions including component sourcing, PCB assembly (SMT and Through-Hole Technology), system integration, testing, box building, and supply of fully finished electronic products. Its operations are designed to meet stringent quality and reliability requirements of regulated industries such as defence and aerospace, where performance and durability are critical. The company operates a modern manufacturing facility with an installed capacity of over 17 lakh production units annually, supported by advanced Surface Mount Technology (SMT) infrastructure and IPC-A-610 Class 3 assembly standards. It also holds EN 9100:2018 certification, aligning its processes with global aerospace and defence quality standards such as AS9100 and ISO 9001. Merritronix serves a diversified customer base across defence, aerospace, electrical engineering, heavy industries, and power sectors, with a strong focus on long-term contracts and program-based revenues. With over three decades of operating experience, the company has developed strong expertise in mission-critical program execution, obsolescence management, and lifecycle extension support for complex electronic systems. Its strong order book provides revenue visibility, while experienced promoters and management strengthen execution capabilities. As of March 31, 2026, the company employed 57 personnel across various technical and operational functions, supporting its manufacturing and delivery commitments in high-precision electronics manufacturing.
Visit WebsiteIPO Details
| Price Band | ₹141 – ₹149 |
| Face Value | ₹10 |
| Lot Size | 2000 shares(Min ₹2,98,000) |
| Issue Size | ₹70.03 Cr |
| Fresh Issue | ₹70.03 Cr |
| Total Shares Offered | 47,00,000 |
| Listed On | BSE |
Objects of the Issue
The company proposes to utilise the net proceeds from the IPO towards capital expenditure for purchase of machinery and equipment, funding working capital requirements, repayment or prepayment of certain outstanding borrowings, and general corporate purposes to support expansion, operational efficiency, and long-term business growth.
Key Financial Metrics
EPS (Basic)
₹12.6
P/E Ratio
11.83x
ROE
46.03%
ROCE
45.26%
Debt / Equity
0.81
Financial Performance
| Particulars (₹ Cr) | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 86.01 | 114.04 | 156.25 |
| EBITDA | 6.73 | 15.18 | 27.22 |
| PAT | 3.05 | 8.66 | 16.1 |
| Total Assets | 68.44 | 74.18 | 154.4 |
| Net Worth | 7.58 | 16.23 | 52.52 |
| Total Borrowings | 15.82 | 18.57 | 43.2 |
Valuation
Market Capitalisation
P/E Ratio
Promoter Holding
Public Holding
Lot Size & Allocation
Investment by Category
| Category | Lot Size | Min Investment | Max Investment |
|---|---|---|---|
| Retail (RII) | 2000 shares | ₹2,98,000 | ₹2,98,000 |
| S-HNI | 3 × 3000 | ₹4,47,000 | ₹8,94,000 |
| B-HNI | 7 × 7000 | ₹10,43,000 | ₹14,90,000 |
Reservation / Allocation
| Category | Allocation | Cut-off |
|---|---|---|
| QIB (Qualified Institutional Buyers) | 49.91% | Yes |
| QIB (Qualified Institutional Buyers) | 15.05% | No |
| QIB (Qualified Institutional Buyers) | 35.04% | Yes |
Registrar & Lead Managers
Registrar
Lead Managers (1)
Anchor Investors
| # | Investor | Type | Shares | Amount (₹ Cr) | % of Issue |
|---|---|---|---|---|---|
| 1 | SBI Mutual Fund | Domestic MF | 12,10,000 | 180.5 | 25.74% |
| 2 | ICICI Prudential Mutual Fund | Domestic MF | 10,80,000 | 160.75 | 22.98% |
| 3 | HDFC Life Insurance Fund | Insurance Company | 9,40,000 | 140.25 | 20% |
| 4 | Axis Mutual Fund | Domestic MF | 8,05,000 | 120 | 17.15% |
| 5 | Kotak Mahindra Mutual Fund | Domestic MF | 6,40,000 | 95.3 | 13.63% |
Peer Comparison
| Company | Listed | Mkt Cap (₹ Cr) | EPS (₹) | P/E | ROE % |
|---|---|---|---|---|---|
| Merritronix IPO (this IPO) | — | 330.55 | ₹12.6 | 11.83x | 46.03% |
| Bharat Electronics Ltd | Yes | 2,45,000 | ₹6.85 | 42.1x | 27.4% |
| Cyient Ltd | Yes | 17,000 | ₹52.3 | 29.8x | 18.6% |
| Data Patterns India Ltd | Yes | 9,000 | ₹45.2 | 38.5x | 21.3% |
| Centum Electronics Ltd | Yes | 3,500 | ₹28.1 | 34.2x | 15.8% |
| Avalon Technologies Ltd | Yes | 4,200 | ₹18.75 | 26.4x | 14.2% |
Data as of 31/3/2025
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