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Merritronix Ltd
ElectronicsIPOSME
₹149 - 149
We are an Electronics Systems Design and Manufacturing services ("ESDM") company specializing in high-reliability, missioncritical electronic assemblies and systems for defence, aerospace, telecommunications, Rapid Prototyping for design houses OEMs, Engineering services Companies and specialized industrial electronics. We are primarily engaged in business-to-business ("B2B") electronic manufacturing services, encompassing component sourcing, printed circuit board ("PCB") assembly, system integratio n, testing, box-build solutions and delivery of finished electronic products executed to the quality standards required by India's strategic defence and aerospace programmes.
Lot1,000Min Invest₹2,98,000Face Value₹10Issue Size₹70 CrFresh Issue₹70 CrListing Price₹283CMP₹408
Timeline
1 Jun
Bidding opens
3 Jun
Bidding closes
4 Jun
Allotment
5 Jun
Refund & demat credit
8 Jun
Listing
Subscription
Subscription opens once dates are announced
Reports
Offer Details
Terms
Issue Size₹70 Cr0.47 Cr shares
Fresh Issue₹70 Cr
Face Value₹10
Lot Size1,000 shares
ReservationQIB 49.91% · NII 15.05% · RETAIL 35.04%
Application Sizes
Retail₹2,98,0001-1 lots
sNII₹2,98,000from 2 lots
bNII₹10,43,000from 7 lots
Managers & Registrar
Lead ManagerGYR Capital Advisors Private Limited
RegistrarBigshare Services Pvt Ltd
Ownership & Proceeds
Shareholding
CategoryPre IPOPost IPOPromoter Group85.16%62.28%Public14.84%37.72%
Objects of the Issue
- Capital expenditure towards purchase of Machinery and equipment
- Funding working capital requirements
- Repayment/ prepayment, in full or part, of all or certain outstanding borrowings availed by its Company
- General corporate purposes
Anchor Book
Bid Date29-May-2026Shares13,36,000Amount₹20 Cr30-day lock-in03-Jul-202690-day lock-in01-Sep-2026
Financials
Profit & Loss
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| RevenueCr | 16 | 53 | 86 | 114 | 156 |
| Operating ProfitCr | 2 | 2 | 7 | 15 | 27 |
| OPM% | 9.1 | 3.6 | 7.7 | 13.3 | 17.5 |
| PBTCr | 0 | 0 | 4 | 12 | 23 |
| PATCr | 0 | 0 | 3 | 9 | 16 |
| EPS | 14 | 21 | 3 | 8 | 14 |
Balance Sheet
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity CapitalCr | 1 | 1 | 1 | 1 | 13 |
| ReservesCr | 4 | 4 | 7 | 15 | 40 |
| BorrowingsCr | 9 | 14 | 16 | 19 | 43 |
| Total AssetsCr | 25 | 44 | 68 | 74 | 154 |
Cash Flow
| Financial Year | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Operating Cash FlowCr | - | -1 | 5 | -7 | -23 |
| Investing Cash FlowCr | - | -3 | -2 | 4 | -3 |
| Financing Cash FlowCr | - | 4 | 0 | 1 | 41 |
| Net Cash FlowCr | - | 0 | 3 | -1 | 15 |
Strengths & Risks
Strengths · as stated in the DRHP
- Experienced Promoters having deep domain knowledge to scale up the business.
- In house manufacturing capabilities.
- Management team with an established track record.
- Established track record of successfully completed orders.
- Efficient operational team.
Strategies · as stated in the DRHP
- Enhance Production Capacity and Operational Efficiency to Strengthen Competitiveness.
- Invest in Research and Development to Develop Complete Systems.
- Improving margins through direct PSU engagement and value-added capabilities.
- Business Diversification
- Expand Our Business and Geographical Footprint.
Risks · as stated in the DRHP
- The company business model as a B2B Electronics Systems Design and Manufacturing services ("ESDM") provider with limited brand recognition may restrict its pricing power, customer diversification and growth prospects.
- The company may not qualify for or win bids to further expand its business in future, which may has an adverse effect on the company business, financial condition, results of operations and prospects
- The company typically does not obtain long-term commitments from its customers and they may cancel or change their production requirements. Such cancellations or changes may adversely affect the company financial condition, cash flows and results of operations.
- The company is subject to strict quality requirements, customer inspections and audits, and any failures to comply with quality standards may lead to cancellation of existing and future orders and could negatively impact its reputation and the company business and results of operations and future prospects.
- Increases in the prices of raw materials required for the company operations could adversely affect its business and results of operations
- The company Order Book may not be representative of its future results and the company actual income may be significantly less than the estimates reflected in its Order Book, which could adversely affect the company results of operations.