Logo
search
Login
📞Call Us Now :
+91 80629 16290

Marushika Technology Ltd IPO

Status: Closed

Overview

IPO date
12 Feb 2026 to 16 Feb 2026
Face value
₹ 10 per share
Price
₹ 111 to ₹117 per share
Issue Size
2,305,200 shares
(aggregating up to ₹ 26.97 Cr)
Allotment Date
17 Feb 2026
Listing at
NSE
Issue type
Book Building - SME
Sector
IT - Software

Objectives of Marushika Technology Ltd IPO

Marushika Technology Ltd IPO Strategy

About Marushika Technology Ltd

Unlock_ipo_iconUnlock Stock of the Month

T&C*

Strengths vs Risks of Marushika Technology Ltd

Know the pros & cons

Strengths

  • arrowGood track record.
  • arrowEffective market anticipation.
  • arrowCordial relations with our clients.
  • arrowEmerging segment in India.

Risks

  • arrowThe company's revenue generation is significantly dependent on Government tendered projects and its associated entities including public sector undertakings and government organisations. If there are unfavorable changes in the policies of the government, it could result in closure, termination or renegotiation of our projects order, which would impact on its business and financial performance significantly.
  • arrowThe company is dependents on a limited number of clients for a significant portion of its revenue. Any adverse changes in industry dynamics, client strategies, or the loss of a major client could significantly affect the company's business operations and financial performance.
  • arrowThe Contracts in the company's order book may be adjusted, cancelled, or suspended by its clients at their discretion, and therefore the company's order book is not necessarily indicative of future revenues or earnings.
  • arrowMajority of its revenue is dependent on the products and services provided by the company under IT and Telecom Infrastructure (IT) Vertical, any decline in the demand for these services can affect our revenue and result of operations.
  • arrowThe Company is dependent on various Original Equipment Manufacturers (OEMs) for the supply of products required for its projects, to act as a value-added distributor and is exposed to risks relating to fluctuations in their prices and shortage of Products.
  • arrowThe company's business will suffer if we fail to anticipate and develop new services and enhance existing services in order to keep pace with rapid changes in technology and the industries on which the company focus.
  • arrowThe company's contingent liabilities as stated in the company's Restated Financial Statements could adversely affect its financial conditions.
  • arrowthe company's top 10 Suppliers contribute a significant portion of its product purchase during the financial year ended March 31, 2025 and March 31, 2024. Any dispute with one or more of them may adversely affect the company's business operations.
  • arrowMajority of its revenues from operations are majorly derived from the state of Delhi and Uttar Pradesh. Any adverse developments affecting its operations in the state could have an adverse impact on the company's revenue and the results of operations.
  • arrowThere are outstanding legal proceedings involving the Company, Promoters, Directors, KMPs, SMPs and Group Company. Any adverse decision in such proceedings may have a material adverse effect on the company's business, results of operations and financial condition.
  • arrowThe company had negative cash flows in the past and may continue to have negative cash flows in the future.
  • arrowThe properties used by the Company as its registered office and corporate office, for the purpose of its operations are not owned by the company. Any termination of the relevant lease or leave and license agreements could adversely affect its operations.
  • arrowThe company's insurance coverage in connection with its business may not be adequate and may adversely affect the company's operations and profitability.
  • arrowThe company depends on the services of external third-party service providers or sub-contractors to carry out specific components of its projects. Any failure on their part to fulfill their contractual obligation could have adverse implications for the company's business, operational results, and cash flows.
  • arrowAs an integral aspect of its business operations, it is necessary for the company to provide bank guarantees and additional guarantees. Failing to secure these guarantees or the activation of such guarantees has the potential to negatively impact its cash flows and financial standing.
  • arrowThe Company may incur penalties or liabilities for non-compliances with certain provisions of the GST Act, Income Tax Act, and other applicable laws in the last 5 Years.
  • arrowThe company's business demands substantial working capital, and any shortfall in cash flow, credit, or funding availability could adversely impact its operations.
  • arrowThe company generally do business with its customers on purchase order basis and do not enter into long term contracts with most of them.
  • arrowThe Company has made delays in compliance with certain statutory provisions of the Companies Act, 2013. Such non- compliances / delayed filings may attract penalties and prosecution against the Company and its directors which could impact the financial position of the Company to that extent.
  • arrowMajority of the employees of the company have not been registered in the EPFO Portal and ESI Portal.
  • arrowThe company's operations are based on a Bill-to-Ship model, wherein products procured from its suppliers are billed to our Company but delivered directly to the company's clients for project execution. Consequently,the company relies heavily on third-party transporters for the timely and safe delivery of such products. Any failure on the part of these transporters to fulfill their obligations may adversely affect its business, financial condition, and operational results.
  • arrowThere are no alternate arrangements for meeting the company's working capital requirements for the Objects of the Issue. Any shortfall in raising / meeting the same could adversely affect its growth plans, operations and financial performance.
  • arrowThe company's projects may face various implementation and other uncertainties, such as the risks of exceeding planned time and cost, which could have negative effects on its business, financial health, operational results, and overall prospects.
  • arrowFailures to compete effectively against the company's competitors and new entrants in the industry in which the company currently operate and the industry in which the company intend to operate may adversely affect its business, financial condition and results of operations.
  • arrowThe company's business growth may be impacted by the uncertainty and competitive nature of tender bidding processes, which are influenced by factors beyond its control.
  • arrowThe company utilizes several credit facilities provided by the bank, and in accordance with the sanctioned terms, certain restrictive covenants are imposed on our company. If the company is unable to obtain approval from its lenders, it might restrict the company's scope of activities and obstruct its growth plans.
  • arrowThe average cost of acquisition of Equity Shares by its Promoters could be lower than the Issue Price.
  • arrowThe company's Inability to protect its intellectual property or any claim that the company infringe on the intellectual property rights of others could erode its competitive advantage and could have a material adverse effect on the company.
  • arrowThe Company's operation and growth is dependent upon successful implementation of its business strategies.
  • arrowIn the event there is any delay in the completion of the Issue, or delay in schedule of implementation, there would be a corresponding delay in the completion of the objects of this Issue which would in turn affect its revenues and results of operations.
  • arrowAny variation in the utilization of the Net Proceeds as disclosed in this Draft Red Herring Prospectus shall be subject to certain compliance requirements, including prior approval of the shareholders of the Company.
  • arrowThe company requires certain approvals and licenses in the ordinary course of business and the failures to successfully obtain/renew such registrations would adversely affect its operations, results of operations and financial condition.
  • arrowCompany's operations and decisions are subject to lender's strict covenants and conditions.
  • arrowThe Company has entered into certain related party transactions in the past and may continue to do so in the future.
  • arrowIf the company is unable to attract and retain highly skilled IT professionals, the company may not have the necessary resources to properly staff projects, and failures to successfully compete for such IT professionals could materially adversely affect the company's business, financial condition and results of operations.
  • arrowThe Company has obtained unsecured loans amounting to Rs. 404.93 Lakhs on the basis of restated standalone financial statements that may be recalled by the lenders at any time.
  • arrowThe company has issued Equity Shares during the last one year at a price that may be below the Issue Price.
  • arrowThe company's Board of Directors does not have any experience of listed companies.
  • arrowThe company's success is dependent on its Promoters, senior management and other key personnel. The company's inability to attract and retain key personnel or the loss of services of the company's Promoters or Managing Director and Directors may effect the company's business results of operations, financial condition and cash flows.
  • arrowThe company could be harmed by employee misconduct, errors, fraud, theft, misbehaviour, negligence, or data theft, which are difficult to detect, and any such incidents could adversely affect its financial condition, results of operations, and reputation.
  • arrowIf the company fails to maintain an effective system of internal controls, the company may not be able to successfully manage or accurately report its financial risk.
  • arrowThe company's present promoters of the Company are first generation entrepreneurs.
  • arrowThis Draft Red Herring Prospectus contains information from third parties, including an industry report prepared by an independent third-party research agency, Dun & Bradstreet Information Services India Private Limited, which the company has commissioned and paid for purposes of confirming its understanding of the industry exclusively in connection with the Offer.
  • arrowThe company faces competition in the company's business from organized and unorganized players, which may adversely affect its business operation and financial condition.
  • arrowPotential conflicts of interest may arise due to the involvement of its Promoters, Directors and certain Group Companies in businesses similar to that of the Company.
  • arrowFailures to comply with client-imposed standards, including industry- and country-specific laws and regulations, could adversely affect the company's reputation, result in liability claims, and impact future business opportunities.
  • arrowCertain Agreements, deeds or licenses and certificates may be in the previous name of the company, the company has to update the name of the company in all the statutory approvals and certificates due to the conversion of the Company.
  • arrowThere is no monitoring agency appointed by the Company and the deployments of funds are at the discretion of its Management and the company's Board of Directors, though it shall be monitored by the Audit Committee.
  • arrowThe company's Independent Directors do not possess educational qualifications relevant to its business operations, which may affect their ability to provide effective oversight.
  • arrowCertain key performance indicators for certain listed industry peers included in this Draft Red Herring Prospectus have been sourced from public sources and there is no assurance that such financial and other industry information is complete.
  • arrowThe Company's future funding requirements, in the form of further issue of capital or other securities and/or loans that might be availed by the company, may turn out to be prejudicial to the interest of the shareholders depending upon the terms and conditions on which they are raised.
  • arrowIndustry information included in this Draft Red Herring Prospectus has been derived from an industry report from various websites. The reliability on the forecasts of the reports could be incorrect and would significantly impact its operations.
  • arrowThe company's revenue generation is significantly dependent on Government tendered projects and its associated entities including public sector undertakings and government organisations. If there are unfavorable changes in the policies of the government, it could result in closure, termination or renegotiation of the company's projects order, which would impact on the company's business and financial performance significantly.
  • arrowThe company is dependents on a limited number of clients for a significant portion of the company's revenue. Any adverse changes in industry dynamics, client strategies, or the loss of a major client could significantly affect its business operations and financial performance.
  • arrowThe Contracts in the company's order book may be adjusted, cancelled, or suspended by the company's clients at their discretion, and therefore its order book is not necessarily indicative of future revenues or earnings.
  • arrowMajority of the company's revenue is dependent on the products and services provided by the company under IT and Telecom Infrastructure (IT) Vertical, any decline in the demand for these services can affect its revenue and result of operations.
  • arrowMajority of the company's revenues from operations are majorly derived from the state of Delhi and Uttar Pradesh. Any adverse developments affecting our operations in the state could have an adverse impact on the company's revenue and the results of operations.
  • arrowThe Company is dependent on various Original Equipment Manufacturers (OEMs) for the supply of products required for the company's projects, to act as a value-added distributor and is exposed to risks relating to fluctuations in their prices and shortage of Products.
  • arrowThe company's business will suffer if the company fails to anticipate and develop new services and enhance existing services in order to keep pace with rapid changes in technology and the industries on which the company focus.
  • arrowAs an integral aspect of the company's business operations, it is necessary for the company to provide bank guarantees and additional guarantees. Failing to secure these guarantees or the activation of such guarantees has the potential to negatively impact its cash flows and financial standing.
  • arrowThe company's business demands substantial working capital, and any shortfall in cash flow, credit, or funding availability could adversely impact its operations.
  • arrowIf the company is unable to attract and retain highly skilled IT professionals, the company may not have the necessary resources to properly staff projects, and failure to successfully compete for such IT professionals could materially adversely affect its business, financial condition and results of operations.
  • arrowThe company's Top 10 Suppliers contribute a significant portion of the company's product purchase during the period ended September 30, 2025 and for the financial year ended March 31, 2025, March 31, 2024 and March 31, 2023. Any dispute with one or more of them may adversely affect its business operations.
  • arrowThere are outstanding legal proceedings involving the Company, Promoters, Directors, KMPs, SMPs and Group Company. Any adverse decision in such proceedings may have a material adverse effect on the company's business, results of operations and financial condition.
  • arrowThe company had negative cash flows in the past and may continue to have negative cash flows in the future.
  • arrowThe properties used by the Company as its registered office and corporate office, for the purpose of its operations are not owned by the company. Any termination of the relevant lease or leave and license agreements could adversely affect its operations.
  • arrowThe company's insurance coverage in connection with its business may not be adequate and may adversely affect its operations and profitability.
  • arrowThe company depends on the services of external third-party service providers or sub-contractors to carry out specific components of the company's projects. Any failures on their part to fulfill their contractual obligation could have adverse implications for the company's business, operational results, and cash flows.
  • arrowThe Company may incur penalties or liabilities for non-compliances with certain provisions of the GST Act, Income Tax Act, and other applicable laws in the last 5 Years.
  • arrowThe company generally do business with our customers on purchase order basis and do not enter into long term contracts with most of them.
  • arrowThe Company have made delays in compliance with certain statutory provisions of the Companies Act, 2013. Such non- compliances / delayed filings may attract penalties and prosecution against the Company and its directors which could impact the financial position of the Company to that extent.
  • arrowMajority of the employees of the company have not been registered in the EPFO Portal and ESI Portal.
  • arrowThe company's operations are based on a Bill-to-Ship model, wherein products procured from its suppliers are billed to the Company but delivered directly to the company's clients for project execution. Consequently, the company relies heavily on thirdparty transporters for the timely and safe delivery of such products. Any failures on the part of these transporters to fulfill their obligations may adversely affect its business, financial condition, and operational results.
  • arrowThere are no alternate arrangements for meeting the company's working capital requirements for the Objects of the Issue. Any shortfall in raising / meeting the same could adversely affect its growth plans, operations and financial performance.
  • arrowThe company's projects may faces various implementation and other uncertainties, such as the risks of exceeding planned time and cost, which could have negative effects on the company's business, financial health, operational results, and overall prospects.
  • arrowFailures to compete effectively against the company's competitors and new entrants in the industry in which the company currentlys operate and the industry in which the company intend to operate may adversely affect its business, financial condition and results of operations.
  • arrowPotential conflicts of interest may arise due to the involvement of our Promoters, Directors and certain Group Companies in businesses similar to that of the Company.
  • arrowThe Company has incurred indebtedness, and any inability to comply with repayment obligations or covenants under financing agreements, or an increase in interest rates under floating rate facilities, could adversely affect its business, financial condition, and results of operations.
  • arrowThe company's business growth may be impacted by the uncertainty and competitive nature of tender bidding processes, which are influenced by factors beyond its control.
  • arrowThe average cost of acquisition of Equity Shares by the company's Promoters could be lower than the Issue Price.
  • arrowThe company's Inability to protect its intellectual property or any claim that the company infringes on the intellectual property rights of others could erode the company's competitive advantage and could have a material adverse effect on the company.
  • arrowThe Company's operation and growth is dependent upon successful implementation of the company's business strategies.
  • arrowIn the event there is any delay in the completion of the Issue, or delay in schedule of implementation, there would be a corresponding delay in the completion of the objects of this Issue which would in turn affect its revenues and results of operations.
  • arrowAny variation in the utilization of the Net Proceeds as disclosed in this Red Herring Prospectus shall be subject to certain compliance requirements, including prior approval of the shareholders of the Company.
  • arrowThe Company has dues which are outstanding to creditors. Any failures in payment of these dues may have a material adverse effect on reputation, business and financial condition.
  • arrowAny failures to maintain quality of customer service and deal with customer complaints could materially and adversely affect business and operating results.
  • arrowThe company requires certain approvals and licenses in the ordinary course of business and the failures to successfully obtain/renew such registrations would adversely affect its operations, results of operations and financial condition.
  • arrowCompany's operations and decisions are subject to lender's strict covenants and conditions.
  • arrowThe Company has entered into certain related party transactions in the past and may continue to do so in the future.
  • arrowIf the company is unable to attract and retain highly skilled IT professionals, the company may not have the necessary resources to properly staff projects, and failure to successfully compete for such IT professionals could materially adversely affect its business, financial condition and results of operations.
  • arrowIf the company fails to maintain an effective system of internal controls, the company may not be able to successfully manage or accurately report its financial risk.
  • arrowThe company's present promoters of the Company are first generation entrepreneurs.
  • arrowDelays in Customer payments and receivables may adversely impact the profits and affect cash flows.
  • arrowAn increase in employee benefits expenses could reduce profitability.
  • arrowThe Company Promoters and some of Directors, Key Managerial Personnel and Senior Management may have interests other than reimbursement of expenses incurred and normal remuneration or benefits.
  • arrowThe past performance may not be indicative of future growth. An inability to effectively manage growth and expansion may have a material adverse effect on business prospects and future financial performance
  • arrowThe Company has obtained unsecured loans amounting to Rs. 302.77 Lakhs on the basis of restated consolidated financial statements that may be recalled by the lenders at any time.
  • arrowThe company's Board of Directors does not have any experience of listed companies.
  • arrowThe company could be harmed by employee misconduct, errors, fraud, theft, misbehaviour, negligence, or data theft, which are difficult to detect, and any such incidents could adversely affect its financial condition, results of operations, and reputation.
  • arrowThe company's success is dependent on the company's Promoters, senior management and other key personnel. The company's inability to attract and retain key personnel or the loss of services of the company's Promoters or Managing Director and Directors may effect its business results of operations, financial condition and cash flows.
  • arrowThe company's Independent Directors does not possess professional experience relevant to IT and Telecom infrastructure, which may affect their ability to provide effective oversight.
  • arrowThe Company is Exposed to Risks Arising from Fluctuations in Foreign Currency Exchange Rates which May Adversely Affect the Company's Financial Performance and Cash Flows.
  • arrowThis Red Herring Prospectus contains information from third parties, including an industry report prepared by an independent third-party research agency, Dun & Bradstreet Information Services India Private Limited, which the company has commissioned and paid for purposes of confirming our understanding of the industry exclusively in connection with the Offer.
  • arrowThe company faces competition in the company's business from organized and unorganized players, which may adversely affect its business operation and financial condition.
  • arrowFailures to comply with client-imposed standards, including industry- and country-specific laws and regulations, could adversely affect its reputation, result in liability claims, and impact future business opportunities.
  • arrowCertain Agreements, deeds or licenses and certificates may be in the previous name of the company, the company has to update the name of the company in all the statutory approvals and certificates due to the conversion of the Company.
  • arrowThere is no monitoring agency appointed by our Company and the deployments of funds are at the discretion of the company's Management and our Board of Directors, though it shall be monitored by the Audit Committee.
  • arrowCertain key performance indicators for certain listed industry peers included in this Red Herring Prospectus have been sourced from public sources and there is no assurance that such financial and other industry information is complete.
  • arrowThe Company's future funding requirements, in the form of further issue of capital or other securities and/or loans that might be availed by the company, may turn out to be prejudicial to the interest of the shareholders depending upon the terms and conditions on which they are raised.
  • arrowIndustry information included in this Red Herring Prospectus has been derived from an industry report from various websites. The reliability on the forecasts of the reports could be incorrect and would significantly impact the company's operations.
  • arrowThe company's ability to pay dividends in the future will depend on the company's earnings, financial condition, working capital requirements, capital expenditures and restrictive covenants of the company's financing arrangements.

Marushika Technology Ltd Peer Comparison

Understand the company’s industry standing

Marushika Technology Ltd
Vertexplus Technolgies Limited
Synoptics Technologies Limited
Face Value
10
10
10
Standalone / Consolidated
Consolidated
Consolidated
Consolidated
Total Income Rs. Cr.
---
---
---
EPS-Basis
5.04
-3.7
4.01
EPS-Diluted
---
---
---
NAV Per Share
29.71
40.21
86.38
P/E-Basic EPS
---
-24.59
12.47
P/E-Diluted EPS
---
---
---
RONW(%)
18.52
8.8
4.76
Latest NAV Period
---
---
---
Latest NAV
---
---
---
steps

How to check the allotment status of Marushika Technology Ltd IPO?

Follow the steps

check
check
check
check

Open link to the registrar using this URL (https://evault.kfintech.com/ipostatus/).

IPO reads

Stay updated with the latest IPO developments

dir

February 27, 2025 | 5 min read

₹50.11 Cr Balaji Phosphates IPO Opens Feb 28. Issue Details and SWOT Analysis
dir

February 25, 2025 | 5 min read

Tata Capital Board Approves ₹15,000 Cr Plus Mega IPO; Tata Investment Shares Soar 8%
dir

February 18, 2025 | 5 min read

Busy Week Ahead: 2 SME IPOs and 9 Market Listings – Get the Complete Details Here
dir

October 25, 2024 | 5 min read

Waaree Energies IPO: GMP Soars 106% Amid 76.34x Subscription – Check Your Allotment Status!
dir

October 22, 2024 | 5 min read

Upcoming IPOs: 9 Public Issues Set to Raise ₹10,984.8 Cr – Key Insights Inside!
dir

October 17, 2024 | 5 min read

Hyundai IPO Hits a Speed Bump With 42% Subscription On Day 2 : 4 Reasons Why
dir

September 6, 2024 | 5 min read

Bajaj Housing Finance IPO: All You Need to Know
dir

October 17, 2024 | 5 min read

Hyundai IPO Hits a Speed Bump With 42% Subscription On Day 2 : 4 Reasons Why
dir

August 26, 2024 | 5 min read

Premier Energies IPO: Key Details Ahead of the ₹2,830.40 Cr Issue Launch

More on IPOs

Navigate your way to other IPO resources

More on IPOs

Current IPOs

More on IPOs

Upcoming IPOs

More on IPOs

Closed IPOs

More on IPOs

Listed IPOs

More on IPOs

Performing IPOs

Latest videos on IPOs

IPO highlights & details!

FAQs on IPO

Get answers to all your questions here!

The IPO opens on 12 Feb 2026 & closes on 16 Feb 2026.

Marushika Technology Limited was originally incorporated on July 03, 2010 as a Private Limited Company as 'Marushika Traders and Advisors Private Limited' with the Registrar of Companies, Delhi. Subsequently, name of the company was changed from 'Marushika Traders and Advisors Private Limited' to 'Marushika Technology Advisors Private Limited' and a Fresh Certificate of Incorporation was issued on March 22, 2016 by the Registrar of Companies, Delhi. Further, Company was converted from a Private Company to Public Company and the name was changed to 'Marushika Technology Advisors Limited' on August 29, 2024 and consequently, the name of the company was changed to 'Marushika Technology Limited'. At present, Company is engaged in the business of distribution of Information Technologies (IT) and Telecom Infrastructure solutions. It provide diverse range of IT products and services to clients in setting up their data centre infrastructure, active networking, telecom system, advanced surveillance systems, data protection, cybersecurity and power management. Additionally, Company offers a range of smart solution including smart access control, parking, lighting, and waste management. Further, Company has expanded to include Auto-tech solutions for Defence, where it offer services comprising of maintenance, refurbishment, and reverse engineering of tracked and wheeled military vehicles. Company launched 1st project for Smart Parking with IRAM Technologies Private Limited for Ahmedabad Smart Parking in 2018. It started working on Transport Segment especially in Metros and received direct Order from DMRC for Commend PAS System in 2022. In 2025, it has completed one project with respect to the Auto tech solution for defence. Apart from these, Company provide products and services to Government sector including Bharat Electronic Limited (BEL), Central Electronic Limited (CEL), Delhi Metro Rail Corporation (DMRC) and National Security Guard (NSG). It offer the product and service to Infrastructure projects of various verticals of Central & State Government and Public Sector Units (PSU) such as Finance, Insurance, Railways, Defence, Education and Health. Company is planning the IPO of issuing 22,47,000 Equity Shares having the face value of Rs 10 each through Fresh Issue.

Marushika Technology Ltd IPO will close on 16 Feb 2026.

  • Good track record.
  • Effective market anticipation.
  • Cordial relations with our clients.
  • Emerging segment in India.

S.No Promoters Name Pre Issue Shares Pre Issue Percentage Post Issue Shares Post Issue Percentage
1 Monicca Agarwaal 3295963 52.89 3295963 38.61
2 Jai Prakash Pandey 1367492 21.94 1367492 16.02
3 Sonika Aggarwal 303884 4.88 303884 3.56

  • The company's revenue generation is significantly dependent on Government tendered projects and its associated entities including public sector undertakings and government organisations. If there are unfavorable changes in the policies of the government, it could result in closure, termination or renegotiation of our projects order, which would impact on its business and financial performance significantly.
  • The company is dependents on a limited number of clients for a significant portion of its revenue. Any adverse changes in industry dynamics, client strategies, or the loss of a major client could significantly affect the company's business operations and financial performance.
  • The Contracts in the company's order book may be adjusted, cancelled, or suspended by its clients at their discretion, and therefore the company's order book is not necessarily indicative of future revenues or earnings.
  • Majority of its revenue is dependent on the products and services provided by the company under IT and Telecom Infrastructure (IT) Vertical, any decline in the demand for these services can affect our revenue and result of operations.
  • The Company is dependent on various Original Equipment Manufacturers (OEMs) for the supply of products required for its projects, to act as a value-added distributor and is exposed to risks relating to fluctuations in their prices and shortage of Products.
  • The company's business will suffer if we fail to anticipate and develop new services and enhance existing services in order to keep pace with rapid changes in technology and the industries on which the company focus.
  • The company's contingent liabilities as stated in the company's Restated Financial Statements could adversely affect its financial conditions.
  • the company's top 10 Suppliers contribute a significant portion of its product purchase during the financial year ended March 31, 2025 and March 31, 2024. Any dispute with one or more of them may adversely affect the company's business operations.
  • Majority of its revenues from operations are majorly derived from the state of Delhi and Uttar Pradesh. Any adverse developments affecting its operations in the state could have an adverse impact on the company's revenue and the results of operations.
  • There are outstanding legal proceedings involving the Company, Promoters, Directors, KMPs, SMPs and Group Company. Any adverse decision in such proceedings may have a material adverse effect on the company's business, results of operations and financial condition.
  • The company had negative cash flows in the past and may continue to have negative cash flows in the future.
  • The properties used by the Company as its registered office and corporate office, for the purpose of its operations are not owned by the company. Any termination of the relevant lease or leave and license agreements could adversely affect its operations.
  • The company's insurance coverage in connection with its business may not be adequate and may adversely affect the company's operations and profitability.
  • The company depends on the services of external third-party service providers or sub-contractors to carry out specific components of its projects. Any failure on their part to fulfill their contractual obligation could have adverse implications for the company's business, operational results, and cash flows.
  • As an integral aspect of its business operations, it is necessary for the company to provide bank guarantees and additional guarantees. Failing to secure these guarantees or the activation of such guarantees has the potential to negatively impact its cash flows and financial standing.
  • The Company may incur penalties or liabilities for non-compliances with certain provisions of the GST Act, Income Tax Act, and other applicable laws in the last 5 Years.
  • The company's business demands substantial working capital, and any shortfall in cash flow, credit, or funding availability could adversely impact its operations.
  • The company generally do business with its customers on purchase order basis and do not enter into long term contracts with most of them.
  • The Company has made delays in compliance with certain statutory provisions of the Companies Act, 2013. Such non- compliances / delayed filings may attract penalties and prosecution against the Company and its directors which could impact the financial position of the Company to that extent.
  • Majority of the employees of the company have not been registered in the EPFO Portal and ESI Portal.
  • The company's operations are based on a Bill-to-Ship model, wherein products procured from its suppliers are billed to our Company but delivered directly to the company's clients for project execution. Consequently,the company relies heavily on third-party transporters for the timely and safe delivery of such products. Any failure on the part of these transporters to fulfill their obligations may adversely affect its business, financial condition, and operational results.
  • There are no alternate arrangements for meeting the company's working capital requirements for the Objects of the Issue. Any shortfall in raising / meeting the same could adversely affect its growth plans, operations and financial performance.
  • The company's projects may face various implementation and other uncertainties, such as the risks of exceeding planned time and cost, which could have negative effects on its business, financial health, operational results, and overall prospects.
  • Failures to compete effectively against the company's competitors and new entrants in the industry in which the company currently operate and the industry in which the company intend to operate may adversely affect its business, financial condition and results of operations.
  • The company's business growth may be impacted by the uncertainty and competitive nature of tender bidding processes, which are influenced by factors beyond its control.
  • The company utilizes several credit facilities provided by the bank, and in accordance with the sanctioned terms, certain restrictive covenants are imposed on our company. If the company is unable to obtain approval from its lenders, it might restrict the company's scope of activities and obstruct its growth plans.
  • The average cost of acquisition of Equity Shares by its Promoters could be lower than the Issue Price.
  • The company's Inability to protect its intellectual property or any claim that the company infringe on the intellectual property rights of others could erode its competitive advantage and could have a material adverse effect on the company.
  • The Company's operation and growth is dependent upon successful implementation of its business strategies.
  • In the event there is any delay in the completion of the Issue, or delay in schedule of implementation, there would be a corresponding delay in the completion of the objects of this Issue which would in turn affect its revenues and results of operations.
  • Any variation in the utilization of the Net Proceeds as disclosed in this Draft Red Herring Prospectus shall be subject to certain compliance requirements, including prior approval of the shareholders of the Company.
  • The company requires certain approvals and licenses in the ordinary course of business and the failures to successfully obtain/renew such registrations would adversely affect its operations, results of operations and financial condition.
  • Company's operations and decisions are subject to lender's strict covenants and conditions.
  • The Company has entered into certain related party transactions in the past and may continue to do so in the future.
  • If the company is unable to attract and retain highly skilled IT professionals, the company may not have the necessary resources to properly staff projects, and failures to successfully compete for such IT professionals could materially adversely affect the company's business, financial condition and results of operations.
  • The Company has obtained unsecured loans amounting to Rs. 404.93 Lakhs on the basis of restated standalone financial statements that may be recalled by the lenders at any time.
  • The company has issued Equity Shares during the last one year at a price that may be below the Issue Price.
  • The company's Board of Directors does not have any experience of listed companies.
  • The company's success is dependent on its Promoters, senior management and other key personnel. The company's inability to attract and retain key personnel or the loss of services of the company's Promoters or Managing Director and Directors may effect the company's business results of operations, financial condition and cash flows.
  • The company could be harmed by employee misconduct, errors, fraud, theft, misbehaviour, negligence, or data theft, which are difficult to detect, and any such incidents could adversely affect its financial condition, results of operations, and reputation.
  • If the company fails to maintain an effective system of internal controls, the company may not be able to successfully manage or accurately report its financial risk.
  • The company's present promoters of the Company are first generation entrepreneurs.
  • This Draft Red Herring Prospectus contains information from third parties, including an industry report prepared by an independent third-party research agency, Dun & Bradstreet Information Services India Private Limited, which the company has commissioned and paid for purposes of confirming its understanding of the industry exclusively in connection with the Offer.
  • The company faces competition in the company's business from organized and unorganized players, which may adversely affect its business operation and financial condition.
  • Potential conflicts of interest may arise due to the involvement of its Promoters, Directors and certain Group Companies in businesses similar to that of the Company.
  • Failures to comply with client-imposed standards, including industry- and country-specific laws and regulations, could adversely affect the company's reputation, result in liability claims, and impact future business opportunities.
  • Certain Agreements, deeds or licenses and certificates may be in the previous name of the company, the company has to update the name of the company in all the statutory approvals and certificates due to the conversion of the Company.
  • There is no monitoring agency appointed by the Company and the deployments of funds are at the discretion of its Management and the company's Board of Directors, though it shall be monitored by the Audit Committee.
  • The company's Independent Directors do not possess educational qualifications relevant to its business operations, which may affect their ability to provide effective oversight.
  • Certain key performance indicators for certain listed industry peers included in this Draft Red Herring Prospectus have been sourced from public sources and there is no assurance that such financial and other industry information is complete.
  • The Company's future funding requirements, in the form of further issue of capital or other securities and/or loans that might be availed by the company, may turn out to be prejudicial to the interest of the shareholders depending upon the terms and conditions on which they are raised.
  • Industry information included in this Draft Red Herring Prospectus has been derived from an industry report from various websites. The reliability on the forecasts of the reports could be incorrect and would significantly impact its operations.
  • The company's revenue generation is significantly dependent on Government tendered projects and its associated entities including public sector undertakings and government organisations. If there are unfavorable changes in the policies of the government, it could result in closure, termination or renegotiation of the company's projects order, which would impact on the company's business and financial performance significantly.
  • The company is dependents on a limited number of clients for a significant portion of the company's revenue. Any adverse changes in industry dynamics, client strategies, or the loss of a major client could significantly affect its business operations and financial performance.
  • The Contracts in the company's order book may be adjusted, cancelled, or suspended by the company's clients at their discretion, and therefore its order book is not necessarily indicative of future revenues or earnings.
  • Majority of the company's revenue is dependent on the products and services provided by the company under IT and Telecom Infrastructure (IT) Vertical, any decline in the demand for these services can affect its revenue and result of operations.
  • Majority of the company's revenues from operations are majorly derived from the state of Delhi and Uttar Pradesh. Any adverse developments affecting our operations in the state could have an adverse impact on the company's revenue and the results of operations.
  • The Company is dependent on various Original Equipment Manufacturers (OEMs) for the supply of products required for the company's projects, to act as a value-added distributor and is exposed to risks relating to fluctuations in their prices and shortage of Products.
  • The company's business will suffer if the company fails to anticipate and develop new services and enhance existing services in order to keep pace with rapid changes in technology and the industries on which the company focus.
  • As an integral aspect of the company's business operations, it is necessary for the company to provide bank guarantees and additional guarantees. Failing to secure these guarantees or the activation of such guarantees has the potential to negatively impact its cash flows and financial standing.
  • The company's business demands substantial working capital, and any shortfall in cash flow, credit, or funding availability could adversely impact its operations.
  • If the company is unable to attract and retain highly skilled IT professionals, the company may not have the necessary resources to properly staff projects, and failure to successfully compete for such IT professionals could materially adversely affect its business, financial condition and results of operations.
  • The company's Top 10 Suppliers contribute a significant portion of the company's product purchase during the period ended September 30, 2025 and for the financial year ended March 31, 2025, March 31, 2024 and March 31, 2023. Any dispute with one or more of them may adversely affect its business operations.
  • There are outstanding legal proceedings involving the Company, Promoters, Directors, KMPs, SMPs and Group Company. Any adverse decision in such proceedings may have a material adverse effect on the company's business, results of operations and financial condition.
  • The company had negative cash flows in the past and may continue to have negative cash flows in the future.
  • The properties used by the Company as its registered office and corporate office, for the purpose of its operations are not owned by the company. Any termination of the relevant lease or leave and license agreements could adversely affect its operations.
  • The company's insurance coverage in connection with its business may not be adequate and may adversely affect its operations and profitability.
  • The company depends on the services of external third-party service providers or sub-contractors to carry out specific components of the company's projects. Any failures on their part to fulfill their contractual obligation could have adverse implications for the company's business, operational results, and cash flows.
  • The Company may incur penalties or liabilities for non-compliances with certain provisions of the GST Act, Income Tax Act, and other applicable laws in the last 5 Years.
  • The company generally do business with our customers on purchase order basis and do not enter into long term contracts with most of them.
  • The Company have made delays in compliance with certain statutory provisions of the Companies Act, 2013. Such non- compliances / delayed filings may attract penalties and prosecution against the Company and its directors which could impact the financial position of the Company to that extent.
  • Majority of the employees of the company have not been registered in the EPFO Portal and ESI Portal.
  • The company's operations are based on a Bill-to-Ship model, wherein products procured from its suppliers are billed to the Company but delivered directly to the company's clients for project execution. Consequently, the company relies heavily on thirdparty transporters for the timely and safe delivery of such products. Any failures on the part of these transporters to fulfill their obligations may adversely affect its business, financial condition, and operational results.
  • There are no alternate arrangements for meeting the company's working capital requirements for the Objects of the Issue. Any shortfall in raising / meeting the same could adversely affect its growth plans, operations and financial performance.
  • The company's projects may faces various implementation and other uncertainties, such as the risks of exceeding planned time and cost, which could have negative effects on the company's business, financial health, operational results, and overall prospects.
  • Failures to compete effectively against the company's competitors and new entrants in the industry in which the company currentlys operate and the industry in which the company intend to operate may adversely affect its business, financial condition and results of operations.
  • Potential conflicts of interest may arise due to the involvement of our Promoters, Directors and certain Group Companies in businesses similar to that of the Company.
  • The Company has incurred indebtedness, and any inability to comply with repayment obligations or covenants under financing agreements, or an increase in interest rates under floating rate facilities, could adversely affect its business, financial condition, and results of operations.
  • The company's business growth may be impacted by the uncertainty and competitive nature of tender bidding processes, which are influenced by factors beyond its control.
  • The average cost of acquisition of Equity Shares by the company's Promoters could be lower than the Issue Price.
  • The company's Inability to protect its intellectual property or any claim that the company infringes on the intellectual property rights of others could erode the company's competitive advantage and could have a material adverse effect on the company.
  • The Company's operation and growth is dependent upon successful implementation of the company's business strategies.
  • In the event there is any delay in the completion of the Issue, or delay in schedule of implementation, there would be a corresponding delay in the completion of the objects of this Issue which would in turn affect its revenues and results of operations.
  • Any variation in the utilization of the Net Proceeds as disclosed in this Red Herring Prospectus shall be subject to certain compliance requirements, including prior approval of the shareholders of the Company.
  • The Company has dues which are outstanding to creditors. Any failures in payment of these dues may have a material adverse effect on reputation, business and financial condition.
  • Any failures to maintain quality of customer service and deal with customer complaints could materially and adversely affect business and operating results.
  • The company requires certain approvals and licenses in the ordinary course of business and the failures to successfully obtain/renew such registrations would adversely affect its operations, results of operations and financial condition.
  • Company's operations and decisions are subject to lender's strict covenants and conditions.
  • The Company has entered into certain related party transactions in the past and may continue to do so in the future.
  • If the company is unable to attract and retain highly skilled IT professionals, the company may not have the necessary resources to properly staff projects, and failure to successfully compete for such IT professionals could materially adversely affect its business, financial condition and results of operations.
  • If the company fails to maintain an effective system of internal controls, the company may not be able to successfully manage or accurately report its financial risk.
  • The company's present promoters of the Company are first generation entrepreneurs.
  • Delays in Customer payments and receivables may adversely impact the profits and affect cash flows.
  • An increase in employee benefits expenses could reduce profitability.
  • The Company Promoters and some of Directors, Key Managerial Personnel and Senior Management may have interests other than reimbursement of expenses incurred and normal remuneration or benefits.
  • The past performance may not be indicative of future growth. An inability to effectively manage growth and expansion may have a material adverse effect on business prospects and future financial performance
  • The Company has obtained unsecured loans amounting to Rs. 302.77 Lakhs on the basis of restated consolidated financial statements that may be recalled by the lenders at any time.
  • The company's Board of Directors does not have any experience of listed companies.
  • The company could be harmed by employee misconduct, errors, fraud, theft, misbehaviour, negligence, or data theft, which are difficult to detect, and any such incidents could adversely affect its financial condition, results of operations, and reputation.
  • The company's success is dependent on the company's Promoters, senior management and other key personnel. The company's inability to attract and retain key personnel or the loss of services of the company's Promoters or Managing Director and Directors may effect its business results of operations, financial condition and cash flows.
  • The company's Independent Directors does not possess professional experience relevant to IT and Telecom infrastructure, which may affect their ability to provide effective oversight.
  • The Company is Exposed to Risks Arising from Fluctuations in Foreign Currency Exchange Rates which May Adversely Affect the Company's Financial Performance and Cash Flows.
  • This Red Herring Prospectus contains information from third parties, including an industry report prepared by an independent third-party research agency, Dun & Bradstreet Information Services India Private Limited, which the company has commissioned and paid for purposes of confirming our understanding of the industry exclusively in connection with the Offer.
  • The company faces competition in the company's business from organized and unorganized players, which may adversely affect its business operation and financial condition.
  • Failures to comply with client-imposed standards, including industry- and country-specific laws and regulations, could adversely affect its reputation, result in liability claims, and impact future business opportunities.
  • Certain Agreements, deeds or licenses and certificates may be in the previous name of the company, the company has to update the name of the company in all the statutory approvals and certificates due to the conversion of the Company.
  • There is no monitoring agency appointed by our Company and the deployments of funds are at the discretion of the company's Management and our Board of Directors, though it shall be monitored by the Audit Committee.
  • Certain key performance indicators for certain listed industry peers included in this Red Herring Prospectus have been sourced from public sources and there is no assurance that such financial and other industry information is complete.
  • The Company's future funding requirements, in the form of further issue of capital or other securities and/or loans that might be availed by the company, may turn out to be prejudicial to the interest of the shareholders depending upon the terms and conditions on which they are raised.
  • Industry information included in this Red Herring Prospectus has been derived from an industry report from various websites. The reliability on the forecasts of the reports could be incorrect and would significantly impact the company's operations.
  • The company's ability to pay dividends in the future will depend on the company's earnings, financial condition, working capital requirements, capital expenditures and restrictive covenants of the company's financing arrangements.

The Issue type of Marushika Technology Ltd is Book Building - SME.

The minimum application for shares of Marushika Technology Ltd is 2400.

The total shares issue of Marushika Technology Ltd is 2305200.

Initial public offering up to 23,05,200 equity shares of Rs. 10/- each ("equity shares") of Marushika Technology Limited ("MTL" or the "company" or the "issuer") for cash at a price of Rs. 117/- per equity share including a share premium of Rs. 107 per equity share (the "issue price") aggregating to Rs. 26.97 crores ("the issue"). The issue includes a reservation of upto 1,16,400 equity shares aggregating to Rs. 1.36 crores will be reserved for subscription by market maker to the issue (the "market maker reservation portion"). The issue less the market maker reservation portion i.e. net issue of upto 21,88,800 equity shares aggregating to Rs. 25.61 crores (the "net issue"). The public issue and net issue will constitute 27.00% and 25.64% respectively of the post-issue paid-up equity share capital of the company. Price Band:Rs. 117/- per equity share of face value of Rs. 10/- each. The floor price is 11.7 times the face value of the equity shares. Bids can be made for a minimum of 2,400 equity shares and in multiples of 1,200 equity shares thereafter.