Marushika Technology IPO GMP 2026 Price, Review & Dates
Marushika Technology IPO 2026: GMP, Price, Dates, Financials, Review & How to Apply
The NSE SME platform is launching another tech distributor. Marushika Technology Limited, a Delhi-based company, is hitting the market. They don't build software; they supply the infrastructure that makes software work (Servers, CCTV, Video Walls).
With the IPO opening for subscription on Thursday, February 12, 2026, investors are asking: Is this a hidden gem or just a middleman business?
Here is the no-nonsense review of the Marushika Technology IPO.
Marushika Technology IPO – Key Details at a Glance
This is a pure SME IPO, meaning liquidity post-listing may be limited compared to mainboard IPOs.
Marushika Technology IPO GMP Today
Marushika Technology IPO GMP (Grey Market Premium)
As of the latest update, the Marushika Technology IPO GMP is ₹0 (Flat).
What Does a Flat GMP Indicate?
- No strong grey market demand
- No immediate listing premium expected
- Listing performance will depend on subscription levels
- Institutional participation will be crucial
A flat Marushika Technology Limited IPO GMP signals neutral sentiment in the unofficial market.
About Marushika Technology Limited
Marushika Technology Limited is a Delhi-based IT infrastructure distributor and system integrator.
Unlike product-based tech companies, Marushika does not build proprietary software or hardware. Instead, it operates a distribution + services model.
What the Company Does
- Supplies servers and networking equipment
- Installs CCTV surveillance systems
- Deploys video walls and control rooms
- Executes Smart City projects
- Provides maintenance and system integration
Strong Government (B2G) Exposure
The company works with reputed organizations like:
- Bharat Electronics Limited
- Delhi Metro Rail Corporation
- Ministry of Defence
Government exposure provides revenue stability but also creates working capital pressure due to delayed payments.
Business Model Explained (In Simple Terms)
Marushika Technology Limited operates as:
A system integrator and IT distributor earning margins on hardware supply, installation, and project execution.
Revenue Model
- Procure hardware from OEMs
- Supply and install for clients
- Earn margin + service income
- Maintain infrastructure
This means:
✔ Revenue depends on contracts ✔ Inventory management is critical ✔ Cash flow cycles are long
Financial Performance of Marushika Technology Limited
Here’s the financial summary from the Red Herring Prospectus (RHP):
Financial Analysis – What Investors Should Notice
1️⃣ Strong Revenue Growth
Revenue more than doubled from FY23 to FY24 and continued rising in FY25.
2️⃣ Improving Profit Margins
PAT margins improved significantly from 1% to over 7%.
3️⃣ High Debt Level
Borrowings (₹18.92 Cr) are nearly equal to Net Worth (₹18.51 Cr).
This indicates:
- High working capital dependency
- Risk during slow contract cycles
Strengths of Marushika Technology IPO
✔ Established PSU relationships ✔ Expanding into Defence Auto-Tech ✔ Improving profitability ✔ Growing revenue base ✔ Smart infrastructure focus
Risks in Marushika Technology Limited IPO
⚠ No proprietary products (low pricing power) ⚠ Dependent on contract wins ⚠ Government payment delays ⚠ High working capital needs ⚠ SME liquidity risk ⚠ Competitive industry
This is not a high-moat technology company — it is a volume-driven infrastructure distributor.
Valuation of Marushika Technology IPO
At ₹117 (upper band), estimated P/E ratio falls around 11x–15x.
Is It Expensive?
- Not overpriced
- Not deeply undervalued
- Fairly priced for SME infrastructure distributor
However, valuation alone does not guarantee listing gains.
How to Apply for Marushika Technology IPO
Many investors are searching for “How to apply for Marushika Technology IPO?” Here’s a complete guide:
Method 1: Apply via Broker App (UPI Method)
Steps:
- Login to your stock trading app
- Go to IPO section
- Select “Marushika Technology IPO”
- Choose category (Retail or HNI)
- Enter lot quantity (Minimum 2 lots for retail)
- Enter bid price (₹117 recommended for safety)
- Approve UPI mandate
- Funds will be blocked (not deducted)
Method 2: Apply via Net Banking (ASBA)
- Login to your bank account
- Go to IPO / ASBA section
- Select Marushika Technology Limited IPO
- Enter bid details
- Confirm application
- Funds remain blocked until allotment
Retail vs HNI Application
- Retail investors can apply up to ₹2 lakh (2 lots typically)
- More than ₹2 lakh requires HNI category
Marushika Technology IPO – Who Should Apply?
Suitable For:
✔ Long-term SME investors
✔ Those comfortable with low liquidity
✔ Investors betting on infrastructure & government projects
Avoid If:
✖ Expecting quick listing gains
✖ Low risk tolerance
✖ Need immediate liquidity
SME IPO Risk Reminder
SME IPOs are different from mainboard IPOs:
- Higher lot size
- Limited liquidity
- Greater volatility
- Institutional participation matters more
Invest cautiously.
Final Verdict – Should You Invest?
The Marushika Technology IPO represents a growing IT infrastructure distributor with improving financials and PSU exposure.
However:
- Business quality is average (distribution model)
- High working capital requirements
- Flat GMP
- SME liquidity risk
Conclusion:
This is a moderate-risk SME IPO.
If subscription numbers turn strong, listing could be stable. If demand remains average, listing may be flat.
Invest only if you understand SME volatility and can stay invested medium term.
FAQs
1. What is the Marushika Technology IPO GMP today?
Currently ₹0 (Flat). Grey market shows neutral sentiment.
2. What is the minimum investment?
₹2,80,800 (2 lots × 1,200 shares × ₹117).
3. Is Marushika Technology IPO SME or Mainboard?
It is an SME IPO listed on NSE SME.
4. When is the listing date?
Expected listing date: February 19, 2026.
5. What is the price band?
₹111 – ₹117 per share.
Disclaimer
Investments in the securities market are subject to market risks. Read all IPO documents carefully before investing. Data sourced from the Red Herring Prospectus (RHP) of Marushika Technology Limited.
