Hyderabad (Telangana) [India], June 1: Merritronix Ltd. is a 36-year-old electronics manufacturing company specialising in defence and aerospace applications. The company is hitting the capital markets with a100% fresh issue IPO of up to 47 lakh equity sharesonBSE SME, aiming to raise₹70.03 Crat a price band of₹141–₹149 per share(lot size: minimum2,000 sharesand in multiples of1,000 equity sharesthereafter).
The IPO proceeds are proposed to be utilised primarily towardsmachinery capex, working capital requirements, and repayment of debt. Theanchor investor date is May 29, 2026, and the issue will be open for public subscription fromJune 01 to June 03, 2026.
The company isbacked by Madhu Kela through Founders Collective Fund, which holds a3.61% stakein Merritronix Ltd.
Book Running Lead Manager:GYR Capital Advisors Private Limited
Issue Structure
- Total Issue Size:Up to47.00 lakh equity shares(100% fresh issue)
- Market Maker Portion:Up to2.36 lakh equity shares
- Anchor Investor Portion:Up to13.36 lakh equity shares
- Net QIB Portion:Up to8.92 lakh equity shares
- Non-Institutional Investors:Not less than6.72 lakh equity shares
- Retail Individual Investors:Not less than15.64 lakh equity shares
Utilisation of Net Proceeds
| Capital expenditure towards purchase of Machinery and equipment | Upto ₹ 2,136.43 Lakhs |
| Funding working capital requirements | Upto ₹ 2,195.21 Lakhs |
| Repayment/ prepayment, in full or part, of all or certain outstanding borrowings availed by our Company | Upto ₹1,271.92 Lakhs |
| General corporate purposes | [●] |
Financial Highlights
| Particulars | FY2026 | FY2025 | FY2024 |
| Revenue from Operations (₹ Lakhs) | 15,589.56 | 11,356.38 | 8,569.91 |
| EBITDA (₹ Lakhs) | 2,721.68 | 1,518.11 | 672.64 |
| EBITDA Margin (%) | 17.42% | 13.31% | 7.82% |
| PAT (₹ Lakhs) | 1,610.30 | 865.95 | 305.03 |
| PAT Margin (%) | 10.33% | 7.63% | 3.56% |
| Net Worth (₹ Lakhs) | 5,252.28 | 1,623.47 | 757.52 |
| Debt- Equity Ratio | 0.81 | 1.10 | 1.93 |
About Merritronix
Merritronix is led by Managing DirectorMr. Dovari Amarnath, a Computer Science Engineering graduate from IIT Madras with over three decades of experience in the electronics manufacturing industry.
Incorporated in 1988and headquartered in Hyderabad, Telangana, Merritronix operates from the Electronic Complex, Kushaiguda, offeringend-to-end ESDM services– PCB design, SMT/THT assembly, component sourcing, testing, and logistics – with a sharp focus onmission-critical defenceand aerospace applications. The company holds long-standing approvals withBEL(since 2009) andHAL(since 2012), exports to Europe viaHoneywell Aerospacesince 2008, and has executed programmes spanning missile seeker assemblies, airborne radar systems, and defence aircraft DVRS.
- Obsolescence management & reverse engineering– Specialises in keeping legacy defence systems operational through FFF replacements and system redesign
- CERN vendor via TIFR– Selected as a vendor for CERN projects routed through TIFR
- EN 9100:2018 certified– The globally recognised quality standard for aerospace and defence manufacturing, equivalent to AS9100D and JISQ 9100:2016. A mandatory prerequisite for most aerospace supply chains globally
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