Merritronix SME
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 7 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 08 Jun 2026 | ₹68 | +45.64% | ₹51,700 | ₹217 | ₹68,000 |
| 07 Jun 2026 | ₹68 | +45.64% | ₹51,700 | ₹217 | ₹68,000 |
| 06 Jun 2026 | ₹63 | +42.28% | ₹47,900 | ₹212 | ₹63,000 |
| 05 Jun 2026 | ₹73 | +48.99% | ₹55,500 | ₹222 | ₹73,000 |
| 04 Jun 2026 | ₹69 | +46.31% | ₹52,400 | ₹218 | ₹69,000 |
| 03 Jun 2026 | ₹80 | +53.69% | ₹60,800 | ₹229 | ₹80,000 |
| 02 Jun 2026 | ₹90 | +60.40% | ₹68,400 | ₹239 | ₹90,000 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 01 Jun 2026 – 03 Jun 2026
- Listing date
- 08 Jun 2026
- Face value
- ₹10 per share
- Price band
- ₹141 – ₹149
- Issue price
- ₹149 per share
- Lot size
- 1,000 shares
- Issue type
- Book Building issue
- Total issue size
- ₹70.03 Cr
- Market cap at offer price
- ₹261 Cr
- Promoter holding
- 85.17% → 62.28% pre-issue → post-issue
- ISIN
- INE1RQS01010
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- GYR Capital Advisors Pvt.Ltd.
- Registered office
- C-22, Electronic Complex, Kushaiguda, Telangana
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 13,36,000 | — | — |
| Market maker | 2,36,000 | — | — |
Application size
Minimum 1,000 shares per lot, in multiples, at ₹149
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,000 | ₹1,49,000 |
| S-HNI (min) | 2 | 2,000 | ₹2,98,000 |
| S-HNI (max) | 6 | 6,000 | ₹8,94,000 |
| B-HNI (min) | 7 | 7,000 | ₹10,43,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹149 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 12.60 | 9.21 |
| P/E (×) | 11.83 | 16.18 |
| Price to book (×) | 3.59 | — |
| Market cap | — | ₹261 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 30.66%
- ROCE
- 45.26%
- Debt / equity
- 0.81
- PAT margin
- 10.33%
- EBITDA margin
- 17.42%
- NAV per share
- ₹41.56
- Price to book
- 3.59
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Merritronix SME
Merritronix Ltd., formerly Merritronix Private Limited, was incorporated on October 14, 1988, and converted into a public limited company on February 7, 2025. Headquartered in Hyderabad, Telangana, the company operates as a business-to-business (B2B) Electronics Systems Design and Manufacturing (ESDM) provider. The company designs, manufactures, and assembles complex printed circuit board assemblies (PCBAs) and provides related services including obsolescence management, quality assurance, and lifecycle support. It serves customers primarily in the defence, aerospace, telecommunications, and industrial electronics sectors. The company has established itself as a specialized manufacturer with capabilities in surface mount technology (SMT), through-hole technology (THT), and box build assembly. Over the past three fiscal years, Merritronix has demonstrated strong revenue growth from ₹85.7 crores in FY2024 to ₹155.9 crores in FY2026, with profitability improving significantly.
Company Analysis
from DRHPMerritronix Ltd. is an Electronics Systems Design and Manufacturing (ESDM) services provider specializing in high-reliability printed circuit board assemblies (PCBAs) for defence, aerospace, and industrial sectors.
Merritronix Ltd., formerly Merritronix Private Limited, was incorporated on October 14, 1988, and converted into a public limited company on February 7, 2025. Headquartered in Hyderabad, Telangana, the company operates as a business-to-business (B2B) Electronics Systems Design and Manufacturing (ESDM) provider. The company designs, manufactures, and assembles complex printed circuit board assemblies (PCBAs) and provides related services including obsolescence management, quality assurance, and lifecycle support. It serves customers primarily in the defence, aerospace, telecommunications, and industrial electronics sectors. The company has established itself as a specialized manufacturer with capabilities in surface mount technology (SMT), through-hole technology (THT), and box build assembly. Over the past three fiscal years, Merritronix has demonstrated strong revenue growth from ₹85.7 crores in FY2024 to ₹155.9 crores in FY2026, with profitability improving significantly.
Objects of the Issue
- Capital expenditure towards purchase of Machinery and equipment ₹2,136.43 lakhs p.87
- Funding working capital requirements ₹2,195.21 lakhs p.87
- Repayment/prepayment of outstanding borrowings ₹1,271.92 lakhs p.87
- General corporate purposes ₹790.65 lakhs p.87
Issue Structure
- Total Issue
- 47,00,000 Equity Shares aggregating ₹7,003.00 lakhs
- Fresh Issue
- 47,00,000 Equity Shares of face value of ₹10 each at an Issue Price of ₹149 per Equity Share aggregating ₹7,003.00 lakhs
- Offer for Sale
- Not applicable - the entire issue constitutes fresh issue of equity shares
- Price Band
- ₹141 to ₹149 per Equity Share
- Lot Size
- Minimum application size shall be two lots per application (1000 Equity Shares = 1 Bid Lot), such that the minimum application size shall be above ₹2 lakhs
- Face Value
- ₹10 per Equity Share
Business Model
Merritronix earns revenue primarily through turnkey manufacturing and build-to-print services (92.07% of FY2026 revenue), where it manufactures PCBAs according to customer specifications. The company also generates revenue from obsolescence management services (6.53%), trading sales (0.64%), and job work (0.76%). Revenue is generated through long-term contracts and purchase orders from defence public sector undertakings, private sector defence contractors, and industrial electronics companies. The company maintains relationships for lifecycle support including maintenance, upgrades, and obsolescence management services. Cost of revenue includes raw materials sourced from both domestic (95.91% in FY2026) and international suppliers.
Business Segments
SWOT Analysis
- • Experienced promoters with deep domain knowledge in electronics manufacturing(p.107)
- • In-house manufacturing capabilities providing operational control(p.107)
- • Established track record of successfully executed orders(p.107)
- • EN 9100:2018 certification for aerospace and defence applications(p.25)
- • Strong revenue growth of 37.28% in FY2026(p.109)
- • High Return on Equity of 46.03% in FY2026(p.109)
- • Negative cash flow from operations in FY2026 and FY2025(p.34)
- • Heavy dependence on a limited customer base with top 1 customer representing 62.08% of FY2026 revenue(p.33)
- • Geographic concentration with 98.19% of revenue from Telangana in FY2026(p.28)
- • Company has incurred losses in the past and may incur losses in the future - group companies showed losses(p.37)
- • Lease-based premises with unfavourable rent terms not on arm's length basis(p.35)
- • High dependence on concentrated supplier base with top 10 suppliers representing 90.74% of purchases in FY2026(p.37)
- • Multiple instances of regulatory non-compliance and GST/filing delays(p.29)
- • Capacity expansion through additional production line in SMD section(p.88)
- • Growing demand in defence and aerospace electronics manufacturing(p.36)
- • Obsolescence management services offering higher margins(p.98)
- • Market expansion into new customer segments and geographies(p.23)
- • Capital expenditure to enhance manufacturing capabilities and quality control(p.88)
- • Industry cyclicality and external economic factors affecting defence spending(p.23)
- • Increasing competition from larger competitors with economies of scale(p.41)
- • Supply chain disruptions and raw material price volatility(p.26)
- • Currency exchange rate fluctuations impacting material costs(p.26)
- • Regulatory and compliance risks under Companies Act 2013(p.29)
- • Customer concentration risk with customers able to cancel or modify orders(p.24)
- • Working capital intensive business model with increasing inventory and receivables(p.97)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Dovari Amarnath | Promoter | 34,71,450 shares (27.15%) | 34,71,450 shares (19.85%) |
| Mr. Dovari Yesudas | Promoter | 19,73,025 shares (15.43%) | 19,73,025 shares (11.28%) |
| Ms. Vanaja D | Promoter | 26,13,525 shares (20.44%) | 26,13,525 shares (14.95%) |
| Mr. Darsy Kethan Chandra | Promoter | 14,15,700 shares (11.07%) | 14,15,700 shares (8.10%) |
| Mr. Dovari Thaman | Promoter | 14,15,700 shares (11.07%) | 14,15,700 shares (8.10%) |
Leadership
Auto-extracted from the company's DRHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official DRHP before relying on it.