- Price band
- ₹141 – ₹149
- Issue size
- ₹70.03 Cr
- Lot size
- 1000 sh
- Bidding
- 1 – 3 Jun
- Grey market
- —
Face value ₹10.00
100% fresh capital
Lists 8 Jun 2026
No quote recorded
Market data to 30 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.
The question this issue poses
In one sentence
Merritronix Limited, incorporated on 14 October 1988, is a Hyderabad contract electronics manufacturer that assembles printed circuit boards and complete boxed systems to customers' own designs; the record states that defence and aerospace programmes supplied 97.81% of revenue from operations in FY26. Revenue rose from Rs 85.70 crore in FY24 to Rs 113.56 crore in FY25 and Rs 155.90 crore in FY26, with profit after tax of Rs 3.05 crore, Rs 8.66 crore and Rs 16.10 crore over the same three years. The Rs 70.03 crore issue was entirely fresh, priced at Rs 141 to Rs 149, and the day-three book showed total subscription of 315.36 times. It listed on BSE SME on 8 June 2026 at Rs 283.10 against a band top of Rs 149, closed day one at Rs 297.25 and was last recorded at Rs 408.40 on 23 October 2026.
IPOVista score
How this issue scores, and why
Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.
IPOVista score
Broadly well-balanced
63% of the scoring model was backed by disclosed data for Merritronix, giving medium confidence. Weights for anything missing were redistributed rather than scored as zero.
How this score is builtBelow the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.
Read this before the number
SME platform listing
SME issues trade in larger lot sizes with thinner volumes than mainboard listings, which makes exiting a position harder.
The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.
The company
What the business actually does
Founded 1988 · C-22, Electronic Complex, Kushaiguda, Hyderabad, Telangana 500062, India · 57 employees
Merritronix is a Hyderabad-based contract electronics manufacturer. It builds printed circuit board assemblies and complete boxed systems to customers' own designs, mainly for Indian defence and aerospace programmes, which supplied 97.81% of revenue from operations in FY26. Work arrives in four forms: job work, where the customer sends both drawings and parts; turnkey build-to-print, where Merritronix also sources and qualifies components; obsolescence management, re-sourcing or redesigning parts no longer made so legacy avionics, naval and communication equipment can stay in service; and component trading. The Kushaiguda plant held installed capacity of 17,85,000 units a year at 31 March 2026 across surface-mount, through-hole and box-build lines. Customers named in the prospectus include Apollo Micro Systems, Linkwell Telesystems and Sigma Advanced Systems.
Revenue is per-order manufacturing rather than product sales: Merritronix is paid to assemble and test boards and systems, so bought-in components dominate the cost base. Cost of materials consumed was Rs 131.78 crore against total revenue of Rs 156.25 crore in FY26 — 84.34% — while on-roll payroll was Rs 2.34 crore, or 1.50%. Margin therefore turns on mix and utilisation, not labour: the EBITDA margin widened from 7.82% in FY24 to 17.42% in FY26 as turnkey and obsolescence work displaced plain job work. The structural constraint is concentration — one customer was 62.08% of FY26 revenue from operations and the top five 89.36% — against borrowings of Rs 43.20 crore at 31 March 2026.
The company on paper
- Legal name
- Merritronix Limited
- IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first
- 14 Oct 1988
- CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA
- U32100TG1988PLC155611
- Sector
- Information Technology · Contract electronics manufacturing (PCB assembly and box-build) for defence and aerospace systems
- Employees
- 57
- Registered office
- C-22, Electronic Complex, Kushaiguda, Hyderabad, Telangana 500062, India
- Promoters
- Dovari Yesudas, Dovari Amarnath, Vanaja D, Darsy Kethan Chandra, Dovari Thaman
- Promoter holding, pre-issue
- 85.2%
- Promoter holding, post-issue
- 62.3%
- Website
- merritronix.com
The numbers
Financial performance
Revenue has compounded at 34.9% a year across the 3 reported financial years.
Revenue and profit
Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.
- Revenue
- Profit after tax
Margin trend
Profit and operating margin as a percentage of revenue
- Net margin
- EBITDA margin
Net worth and borrowings
At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.
- Net worth
- Total borrowings
The price
Valuation
What the issue asks for the business, set against what the business earns.
No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.
The terms
How the issue is structured
100% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.
- Fresh issueNew shares — proceeds go to the company
- ₹70.03 Cr
- Offer for saleExisting shares — proceeds go to the selling shareholders
- ₹0
- Total issue size
- ₹70.03 Cr
- Shares offered in the OFS
- —
- Pre-issue shares outstanding
- —
- Employee discount
- —
- Market maker portionSME issues require a market maker to provide two-way quotes
- 2,36,000
What the issue does to ownership
Share of paid-up equity before and after the offer. The promoters give up 22.9% of the company.
- Promoters
- Everyone else
Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.
Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.
Demand
What the market is bidding
Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.
Subscription by category
Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.
Hover or focus a category to see who bids in it.
A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.
Grey market premium
Unofficial over-the-counter sentiment
No grey-market quotes have been recorded for this issue.
Outcome
How it actually listed
- Issue price
- ₹149.00
- Listed at
- ₹283.10
- Listing gain
- up 90.0%
- Since listing
- up 39.1%
- Against the issue price
- up 164.4%
Trading at ₹393.90 on 30 Oct 2026
What an allotment is worth now, before costs
Work it out
What this means for one application
Three calculations, each stating the assumption it rests on.
What one application costs
Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.
- Shares applied for
- 2,000
- At cut-off price
- ₹149.00
- Amount blocked
- ₹2,98,000
One lot is 1000 shares at ₹1,49,000. This issue requires a minimum of 2 lots, so the smallest application is ₹2,98,000. That is how the SME board is built rather than a quirk of this issue: the minimum application is set above the ₹2,00,000 that caps a retail bid on the mainboard — two lots rather than one. The smallest bid here still sits in the individual investors’ category, the one the subscription figures call retail, and when that category is oversubscribed the minimum application is allotted by draw of lots — so the odds beside this apply directly.
Odds of getting an allotment
When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.
~0.3%
chance of one lot, per application
- Retail subscription
- 297.67×
- Applicants per share available
- 297.7× the retail quota
This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.
What it actually did
This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.
₹283.10
listed at, 90.0% against the issue price
- Issue price
- ₹149.00
- Premium said
- —
- If allotted 1000 shares
- ₹1,34,100
Listing-day figures are as reported by the exchanges.
Our read
The case for and against
Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.
What works
- Revenue rose 32.51% in FY25 (Rs 85.70 crore to Rs 113.56 crore) and a further 37.28% in FY26 (Rs 113.56 crore to Rs 155.90 crore). Profit after tax over the same three years was Rs 3.05 crore, Rs 8.66 crore and Rs 16.10 crore, which against those revenue figures is a PAT margin of 3.56%, 7.63% and 10.33%.
- EBITDA was Rs 6.73 crore on revenue of Rs 85.70 crore in FY24 (7.85%), Rs 15.18 crore on Rs 113.56 crore in FY25 (13.37%) and Rs 27.22 crore on Rs 155.90 crore in FY26 (17.46%). The record separately states an EBITDA margin of 7.82% in FY24 and 17.42% in FY26, the latter computed on total revenue of Rs 156.25 crore.
- Borrowings measured against net worth fell in each of the three years on record: Rs 15.82 crore against Rs 7.58 crore in FY24 (2.09 times), Rs 18.57 crore against Rs 16.23 crore in FY25 (1.14 times) and Rs 43.20 crore against Rs 52.52 crore in FY26 (0.82 times).
- The Rs 70.03 crore issue was entirely fresh, with the offer-for-sale component recorded as nil, so no existing shares were sold into it. Promoter holding is recorded at 85.17% before the issue and 62.28% after.
What to weigh against it
- Customer concentration is high on the record's own figures: one customer was 62.08% of FY26 revenue from operations and the top five together 89.36%.
- End-market concentration is similarly narrow: the record states that Indian defence and aerospace programmes supplied 97.81% of revenue from operations in FY26.
- Bought-in components dominate the cost base. The record puts cost of materials consumed at Rs 131.78 crore against total revenue of Rs 156.25 crore in FY26, or 84.34%, with on-roll payroll at Rs 2.34 crore, or 1.50%.
- Total borrowings rose in each year on record, from Rs 15.82 crore in FY24 to Rs 18.57 crore in FY25 and Rs 43.20 crore at 31 March 2026 — the FY26 figure is 2.73 times the FY24 figure, and 1.59 times FY26 EBITDA of Rs 27.22 crore.
Easy to miss in the prospectus
- Net worth rose from Rs 16.23 crore at 31 March 2025 to Rs 52.52 crore at 31 March 2026, an increase of Rs 36.29 crore, against profit after tax of Rs 16.10 crore in FY26. The record does not state what accounts for the remaining Rs 20.19 crore.
- The record carries no cash flow from operations, no total assets, no expenses line, and no valuation, allocation, anchor or offer-objects data, so working-capital conversion, balance-sheet composition and pricing multiples cannot be checked against it.
- The only document listed is the red herring prospectus dated 19 May 2026 at merritronix.com, and the record's own source list flags that URL as serving a different company's prospectus; the copy marked authentic is the mirror at chittorgarh.net.
Straight from the filing
Read it yourself
Every figure on this page comes out of these. Go and check them.
Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.
The paperwork
Who is running the issue
- Lead managers
- GYR Capital Advisors Private Limited
- RegistrarAllotment status is checked on the registrar's own site
- Bigshare Services Private Limited
How these figures were checked
Reconciled to Merritronix's own prospectus and to exchange disclosures, then cross-checked against 7 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.
- BSE Limited — equity cash-market bhavcopy, 8 June 2026 (ISIN, ticker MRTX, series MT, market lot, listing-day OHLC) · read 16 Oct 2026
- Merritronix Ltd. investor-docs RHP link — WRONG DOCUMENT, serves Horizon Reclaim (India) Limited's RHP; opened and rejected · read 16 Oct 2026
The prospectus is the authoritative document. Check anything that matters against it before you act.
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