Marushika Technology IPO

Marushika Technology buys IT and telecom infrastructure hardware from OEMs and resells it, usually with installation and maintenance attached, into projects whose ultimate end customer is an Indian government body. The catalogue covers data-centre cooling and power distribution, servers and IPBX systems, video walls and commercial displays, electronic surveillance, public-address systems, and active and passive networking. A second line sells smart-city hardware: access control, parking, lighting and waste management. A third, added in FY25, handles maintenance, refurbishment and reverse engineering of tracked and wheeled military vehicles; one such project had been completed by the prospectus date. Named customers include Bharat Electronics, Central Electronics, Delhi Metro Rail Corporation and the National Security Guard. The company had 22 employees on 31 December 2025, had completed more than 150 projects, and owns a Singapore subsidiary.

Revenue is mostly resale margin on OEM hardware: traded goods were 79.55% of FY25 revenue from operations of Rs 85.25 crore, with services — installation, AMCs and the defence-vehicle work — the other 20.45%. Services rose to 41.28% of the Rs 48.64 crore half-year to 30 September 2025. Distribution margins are thin: EBITDA was 12.28% of revenue in FY25 and 11.59% in that stub. The binding constraint is working capital. Trade receivables ran 171 days at both March and September 2025 against 62 to 89 days of payables, every bank guarantee the company posts must be backed by a fixed deposit of 15% to 25% of the non-fund-based limit, and the top five customers were 64.11% of FY25 revenue.