Marushika Technology Lists At ₹120 On NSE SME, Trades 4% Lower at ₹115.20 Amid Intraday Volatility

Mumbai, February 19, 2026: Marushika Technology Limited debuted on the NSE SME platform at ₹120 per share on Thursday, marking a premium of 2.56% over its issue price of ₹117. The stock, however, pared early gains and was trading at ₹115.20 as of 12:16 PM IST, down 4.00% from the opening price, according to exchange data.

The weakness followed intraday volatility after the scrip touched a high of ₹123 and a low of ₹115.15 in early trade, indicating selling pressure after listing.

Listing Price and Intraday Trading Snapshot

The equity shares were admitted to dealings in the Special Trading (ST) series on NSE SME. After opening at ₹120, the stock briefly extended gains to ₹123 before slipping below the issue price during the session so far.

As of 12:16 PM IST, the stock quoted ₹115.20. The volume-weighted average price (VWAP) stood at ₹120. The previous close reference price was ₹117, which corresponds to the issue price discovered through the book-building process.

IPO Structure and Issue Composition

The initial public offering was a book-built issue aggregating ₹26.97 crore and comprising a fresh issue of 23,05,200 equity shares.

The IPO was priced at ₹117 per share within a band of ₹111 to ₹117. The lot size was fixed at 1,200 shares. Post-issue, the company’s equity base expanded to 85,36,768 shares from 62,31,568 shares prior to the offering.

At the issue price, the pre-IPO market capitalisation stood at ₹99.88 crore.

Subscription Data at Close of Bidding

The IPO closed on February 16, 2026 and was subscribed 17.94 times overall by 6:55 PM IST on Day 3, as per exchange data.

The non-institutional investor (NII) portion was subscribed 41.00 times, while the retail individual investors’ segment saw subscription of 16.51 times. The qualified institutional buyers (QIB), excluding anchor investors, subscribed 2.92 times.

In aggregate, bids were received for 27,571,200 shares against 1,537,200 shares on offer.

Financial Performance Snapshot (Restated Consolidated)

According to the restated consolidated financials disclosed in the offer document, total assets stood at ₹62.68 crore as of September 30, 2025, compared with ₹53.94 crore as of March 31, 2025, and ₹48.37 crore as of March 31, 2024.

Total income for the half-year ended September 30, 2025, was ₹48.71 crore. For the financial year ended March 31, 2025, total income was ₹85.63 crore, compared with ₹60.83 crore in FY24.

Profit after tax was ₹3.14 crore for the six months ended September 30, 2025. The company had reported a profit after tax of ₹6.29 crore in FY25 and ₹3.14 crore in FY24.

EBITDA stood at ₹5.64 crore for the six-month period ended September 2025, while it was ₹10.47 crore in FY25 and ₹5.67 crore in FY24.

Net worth increased to ₹18.51 crore as of September 30, 202,5 from ₹15.37 crore as of March 31, 2025, and ₹8.45 crore as of March 31, 2024. Total borrowings were ₹18.92 crore as of September 30, 202,5 compared with ₹21.37 crore at the end of FY25. All financial figures are in ₹ crore.

Source: https://www.nseindia.com/get-quote/equity/MARUSHIKA/Marushika-Technology-Limited