Published: 20 May 2026 | 6.02 AM
Last Updated: 20 May 2026 | 7.30 PM
IPO Overview / Intro
Merritronix IPO is a BSE SME book-building issue aggregating to Rs. 70.03 crore. The IPO consists entirely of a fresh issue of 47 lakh equity shares aggregating to Rs. 70.03 crore.
The IPO opens for subscription on 01 June 2026 and closes on 03 June 2026. The shares are proposed to be listed on the BSE SME platform with a tentative listing date of 08 June 2026.
Merritronix Ltd is an Electronics Systems Design and Manufacturing (ESDM) company engaged in manufacturing mission-critical electronic assemblies for defence, aerospace, telecom and industrial electronics sectors.
The company offers PCB assembly, system integration, testing, box-build solutions and electronic manufacturing services aligned with defence and aerospace standards in India.
Key Highlights
| Particulars | Details |
|---|---|
| IPO Type | Book Building SME IPO |
| Issue Size | Rs. 70.03 Crore |
| Fresh Issue | Rs. 70.03 Crore |
| Price Band | Rs. 141 to Rs. 149 |
| Face Value | Rs. 10 Per Share |
| Listing Exchange | BSE SME |
| Lot Size | 1,000 Shares |
| Retail Application | 2,000 Shares |
| Market Cap | Rs. 260.52 Crore |
| Listing Date | 08 June 2026 (Tentative) |
👉 | IPO GMP | IPO Reviews | IPO Subscription | IPO Allotment
Merritronix IPO GMP – Latest Update
| GMP Details | Value |
|---|---|
| Merritronix IPO GMP Today | Rs.64 |
| Kostak Rate | Updating Soon |
| Subject to Sauda | Rs.48,600 |
Merritronix IPO Subscription Status – Live Update
| Category | Subscription |
|---|---|
| QIB Category | Updating Soon |
| Retail Category | Updating Soon |
| NII Category | Updating Soon |
| Total Subscription | Updating Soon |
IPO Details at a Glance
| Particulars | Details |
|---|---|
| IPO Date | 01 June 2026 to 03 June 2026 |
| Listing Date | 08 June 2026 |
| Face Value | Rs. 10 Per Share |
| Price Band | Rs. 141 to Rs. 149 |
| Lot Size | 1,000 Shares |
| Issue Type | Book Building IPO |
| Listing At | BSE SME |
| Total Issue Size | 47,00,000 Shares |
| Fresh Issue | 47,00,000 Shares |
| Issue Size | Rs. 70.03 Crore |
| Market Maker Portion | 2,36,000 Shares |
| Net Offer to Public | 44,64,000 Shares |
| Shareholding Pre Issue | 1,27,84,854 Shares |
| Shareholding Post Issue | 1,74,84,854 Shares |
| Market Cap | Rs. 260.52 Crore |
IPO Timetable
| Event | Date |
|---|---|
| IPO Open Date | 01 June 2026 |
| IPO Close Date | 03 June 2026 |
| Basis of Allotment | 04 June 2026 |
| Refund Initiation | 05 June 2026 |
| Credit of Shares | 05 June 2026 |
| Listing Date | 08 June 2026 |
Reservation
| Investor Category | Shares Offered | % of Net Issue |
|---|---|---|
| QIB Investors | 22,28,000 Shares | 49.91% |
| NII (HNI) | 6,72,000 Shares | 15.05% |
| Retail Investors | 15,64,000 Shares | 35.04% |
| Market Maker | 2,36,000 Shares | 5.02% |
Lot Size
| Application Type | Lots | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 | 2,000 | Rs. 2,98,000 |
| Retail Maximum | 2 | 2,000 | Rs. 2,98,000 |
| S-HNI Minimum | 3 | 3,000 | Rs. 4,47,000 |
| S-HNI Maximum | 6 | 6,000 | Rs. 8,94,000 |
| B-HNI Minimum | 7 | 7,000 | Rs. 10,43,000 |
Company Details
Merritronix Ltd was incorporated in 1988 and operates in the Electronics Systems Design and Manufacturing (ESDM) sector.
The company manufactures high-reliability mission-critical electronic assemblies used in defence, aerospace, telecom and industrial electronics industries.
Its operations include component sourcing, PCB assembly, system integration, testing, box-build manufacturing and delivery of finished electronic products as per aerospace and defence standards.
The company holds EN 9100:2018 certification for manufacturing PCBAs used in aerospace and defence applications, equivalent to AS 9100D and ISO 9001:2015 standards.
Manufacturing Capacity
| Manufacturing Facility | Installed Capacity |
|---|---|
| SMT Assembly | 7,65,000 Boards |
| Through-Hole Technology Assembly | 6,00,000 Boards |
| Product Assembly / Box Build | 4,20,000 Units |
| Total Installed Capacity | 17,85,000 Units Per Annum |
Competitive Strengths
| Key Strengths |
|---|
| Three decades of operating legacy |
| Strong defence and aerospace electronics positioning |
| High-reliability electronic assembly capabilities |
| Modern SMT infrastructure |
| Strong order book visibility |
| Experienced promoter and management team |
IPO Objects
| Sr. No. | Objects of the Issue | Amount (Rs. Crore) |
|---|---|---|
| 1 | Purchase of Machinery and Equipment | 21.36 |
| 2 | Funding Working Capital Requirements | 21.95 |
| 3 | Repayment / Prepayment of Borrowings | 12.72 |
| 4 | General Corporate Purposes | Balance Amount |
| Total | 56.04 |
Company Address
| Particulars | Details |
|---|---|
| Registered Office | C-22, Electronic Complex, Kushaiguda, Hyderabad, Telangana – 500062 |
| Phone | +91 8297912056 |
| cs@merritronix.com | |
| Website | Official Website Available |
Lead Manager & Registrar
| Particulars | Details |
|---|---|
| Lead Manager | GYR Capital Advisors Pvt. Ltd. |
| Registrar | Bigshare Services Pvt. Ltd. |
| Market Maker | Giriraj Stock Broking Pvt. Ltd. |
Financials
| Particulars (Rs. Crore) | FY2026 | FY2025 | FY2024 |
|---|---|---|---|
| Total Assets | 154.40 | 74.18 | 68.44 |
| Total Income | 156.25 | 114.04 | 86.01 |
| Profit After Tax | 16.10 | 8.66 | 3.05 |
| EBITDA | 27.22 | 15.18 | 6.73 |
| Net Worth | 52.52 | 16.23 | 7.58 |
| Reserves & Surplus | 40.34 | 15.39 | 6.73 |
| Total Borrowings | 43.20 | 18.57 | 15.82 |
Valuation
Key Performance Indicators (KPI)
| KPI | FY2026 |
|---|---|
| ROE | 46.03% |
| ROCE | 45.26% |
| Debt/Equity | 0.81 |
| RoNW | 30.66% |
| PAT Margin | 10.33% |
| EBITDA Margin | 17.42% |
| Price to Book Value | 3.59 |
EPS & Valuation
| Particulars | Pre IPO | Post IPO |
|---|---|---|
| EPS (Rs.) | 12.60 | 9.21 |
| P/E (x) | 11.83x | 16.18x |
Shareholding Pattern
| Particulars | Pre Issue | Post Issue |
|---|---|---|
| Promoter Holding | 85.17% | Updating Soon |
Chanakya View
Investment Summary
| Parameter | Observation |
|---|---|
| Business Segment | Defence & Aerospace Electronics |
| Industry Outlook | Strong Long-Term Potential |
| Revenue Growth | Strong |
| Profitability | Improving Significantly |
| Manufacturing Capability | Advanced |
| Order Book Visibility | Positive |
| Valuation | Reasonably Priced |
| SME Liquidity Risk | Present |
Positives
| Strengths |
|---|
| Strong positioning in defence electronics |
| Healthy growth in revenue and profitability |
| High entry barriers in aerospace manufacturing |
| EN 9100 certified manufacturing capability |
| Strong installed production infrastructure |
| Increasing defence electronics opportunity in India |
Concerns
| Risks |
|---|
| Defence sector order execution risk |
| SME liquidity risk after listing |
| Capital-intensive expansion requirements |
| Dependence on government and institutional demand |
| Working capital intensive operations |
Merritronix IPO comes from the high-growth defence and aerospace electronics manufacturing segment where long-term demand visibility remains structurally strong due to rising indigenous defence manufacturing and electronics localisation initiatives in India.
Financially, the company has reported strong improvement in revenue, EBITDA and PAT during FY2026 while maintaining healthy operating margins and return ratios. The company also benefits from specialised manufacturing certifications and strong technological capabilities.
However, investors should note that defence and aerospace electronics businesses remain execution-sensitive and dependent on long project cycles. SME liquidity risk also remains relevant after listing.
Considering strong industry opportunity, healthy financial growth, advanced manufacturing capability and improving profitability profile, aggressive investors with high-risk appetite may consider the IPO from medium to long-term perspective.
FAQs
What is Merritronix IPO GMP today?
Merritronix IPO GMP today is currently updating in the grey market. Investors should monitor live GMP movement closer to listing for better market sentiment indication.
What is the Merritronix IPO price band?
Merritronix IPO price band is fixed at Rs. 141 to Rs. 149 per share.
What is the Merritronix IPO lot size?
The minimum lot size for Merritronix IPO is 1,000 shares while retail investors need to apply for minimum 2 lots comprising 2,000 shares.
When will Merritronix IPO list?
Merritronix IPO is expected to list on BSE SME on 08 June 2026.