Merritronix IPO

About Merritronix IPO

The Merritronix IPO opens on Monday, June 1, 2026, and closes on Wednesday, June 3, 2026. The allotment of shares will take place on Thursday, June 4, 2026. The credit of shares to the demat account will take place on Friday, June 5, 2026. The initiation of refunds will take place on Friday, June 5, 2026. The listing of shares will take place on Monday, June 8, 2026.

The offer consists of a fresh issue component. The fresh issue will include 0.47 crore shares of ₹70.03 crores. The total issue comprises 47,00,000 equity shares of face value ₹10 each, aggregating up to ₹70.03 crores at the upper price band of ₹149 per share.

Merritronix IPO’s price band is set at ₹141 to ₹149 per share. The lot size for an application is 1,000 shares. The minimum amount of investment required by a retail investor is ₹2,98,000 (2,000 shares) (based on upper price). The minimum lot size investment for HNI is 3 lots (3,000 shares), amounting to ₹4,47,000. The Merritronix IPO will be listed on the BSE SME (SME Platform of BSE Limited) upon completion of the offer.

Merritronix is 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.

Objectives of Merritronix IPO

• 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 the company.
  
• General corporate purposes.
  

To be determined upon finalisation of the offer price and updated in the Prospectus prior to filing with the RoC. #The amount to be utilized for general corporate purposes shall not exceed 15% of the gross proceeds or 10 crores whichever is lower.

Industry Outlook

India’s ESDM and EMS sectors are evolving into design-led global leaders, driven by PLI schemes, semiconductor initiatives, and EDD innovation. With strategic collaborations, a skilled workforce, and technological advancements in AI, 5G, IoT, and EVs, India is strengthening exports, creating millions of jobs, and enhancing supply chain resilience by FY26.

About Merritronix

Merritronix is 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. They are primarily engaged in business-to-business electronic manufacturing services, encompassing component sourcing, printed circuit board ("PCB") assembly, system integration, testing, box-build solutions and delivery of finished electronic products — executed to the quality standards required by India's strategic defence and aerospace programmes.

Their customer base includes Apollo Micro Systems Limited, Bit Mapper Integration Technologies Private Limited, Linkwell Telesystems Private Limited, SCI-COM Software India Private Limited and Sigma Advanced Systems Limited and other prominent PSU clients. Some of their customers are also associated with prominent government organizations, public sector undertakings, and defence-related projects, which reflects the quality standards and reliability of their products and services.

Strengths of Merritronix

• Three decades of operating legacy in mission-critical defence and aerospace electronics.
• Established track record in mission-critical defence and aerospace programs.
• Strong capabilities in obsolescence management and lifecycle extension.
• Modern SMT infrastructure and IPC-A-610 class 3 assembly capability.
• Strong order book providing revenue visibility.
• Experienced promoters and senior management.

Risks of Merritronix

• Their business model as a B2B Electronics Systems Design and Manufacturing services ("ESDM") provider with limited brand recognition may restrict their pricing power, customer diversification and growth prospects.
• They may not qualify for or win bids to further expand their business in the future.
• They typically do not obtain long-term commitments from their customers and they may cancel or change their production requirements.
• They are subject to strict quality requirements, customer inspections and audits.
• Increases in the prices of raw materials required for their operations could adversely affect their business and results of operations.
• They have significant working capital requirements.

Since the FY26 financials of the company are not available, they have considered FY25 financials for the Vinyas Innovative Technologies Limited and FY26 financials for Merritronix and Centum Electronics Limited. *Since the company is in loss, the PE ratio is NA.

Source: All the financial information for listed industry peers mentioned above is sourced from the Annual Reports of the aforesaid companies for the year ended March 31, 2025 and stock exchange data dated May 15, 2026 to compute the corresponding financial ratios for the financial year ended March 31, 2025. The current market price and related figures are as on May 15, 2026.

1. P/E figures for the peers are based on closing market prices of equity shares on NSE and BSE on May 15, 2026 divided by the Diluted EPS as at March 31, 2026

2. Basic and Diluted EPS refers to the Basic and Diluted EPS sourced from the Annual Reports for FY 25-26 of the listed peer companies.

3. Return on Net Worth (%) for listed industry peers has been computed based on the Net Profit After Tax for the year ended March 31, 2026 divided by Total Equity as on March 31, 2026.

4. NAV per share for listed peers is computed as the Total Equity as on March 31, 2026 divided by the outstanding number of equity shares as on March 31, 2026.

Anchor Investor Bidding Date: Friday, May 29, 2026

The company in consultation with the Book Running Lead Manager, considered participation by Anchor Investors in accordance with the SEBI ICDR Regulations. The Anchor Investor Bid/Issue Period shall be one Working Day prior to the Bid/Issue Opening Date.

Registrar: Bigshare Services Private Limited is a SEBI-registered registrar and share transfer agent (SEBI Registration No. INR000001385) headquartered in Mumbai, Maharashtra. They handle IPO processing, share allotment, refund initiation, demat credit services, and investor grievance redressal for this offer. Investors may reach them at ipo@bigshareonline.com or +91 022-6263 8200.

Book Running Lead Manager: GYR Capital Advisors Private Limited

Merritronix Business Model

The company earns its revenue as an Electronics Systems Design and Manufacturing services company specializing in high-reliability, mission-critical electronic assemblies and systems for defence, aerospace, telecommunications, rapid prototyping for design houses OEMs, engineering services companies and specialized industrial electronics.

Merritronix Growth Trajectory

Merritronix's Total Income for FY26 was ₹156.248 crores, whereas in FY25 and FY24 it was ₹114.040 crores and ₹86.013 crores, respectively.

The Profit After Tax for FY26 was ₹16.103 crores, whereas in FY25 and FY24 it was ₹8.659 crores and ₹3.050 crores, respectively.

Their EBITDA for FY26 was ₹27.217 crores, whereas in FY25 and FY24 it was ₹15.181 crores and ₹6.726 crores, respectively.

Merritronix Market Position

Merritronix’s manufacturing facility as on March 31, 2026 has an installed capacity of 10,75,000 boards for SMT assembly, 6,00,000 boards for Through-Hole Technology (THT) assembly, and 4,20,000 units for product assembly/box build, aggregating to a total installed capacity of 17,85,000 production units per annum.

As of 31 March 2026, the company’s Total Income, Profit After Tax, and EBITDA were ₹156.248 crores, ₹16.103 crores, and ₹27.217 crores, respectively.

How to apply for Merritronix IPO?

• Step 1: Log in to your Kotak Neo Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details. Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification. Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.