Merritronix IPO

IPO Details 

• Open Date: 1 June 2026  
• Close Date: 3 June 2026  
• Minimum Investment: ₹2,98,000  
• Lot Size: 2,000 shares  
• Price Range: ₹141 to ₹149 per Share  
• Listing: BSE, SME  
• Issue Size: ₹70.03 Crore  
• Listing Date: 8 June 2026  

IPO Timeline 

• Bidding Start: 1 June 2026  
• Bidding Ends: 3 June 2026  
• Allotment Finalisation: 4 June 2026  
• Refund Initiation: 5 June 2026  
• Demat Transfer: 5 June 2026  
• Listing: 8 June 2026  

 About Merritronix Limited 

Merritronix Limited, incorporated in October 1988, is an Electronics Systems Design and Manufacturing (ESDM) company focused on producing mission-critical electronic assemblies. The company serves defence, aerospace, telecom, industrial electronics, and utility sectors. Its services include component sourcing, PCB assembly, system integration, testing, and finished product delivery. Merritronix operates advanced manufacturing facilities with significant production capacity and holds EN 9100:2018 certification for aerospace and defence manufacturing standards. With over three decades of experience, the company has established strong capabilities in high-reliability electronics manufacturing. 

Merritronix Limited IPO Overview 

Merritronix IPO is a bookbuilding issue valued at ₹70.03 crore and consists entirely of a fresh issue of 47,00,000 shares. The IPO opens for subscription on 1 June 2026 and closes on 3 June 2026. The allotment is expected on 4 June 2026, with refunds and Demat transfers scheduled for 5 June 2026. The shares are proposed to list on BSE SME on 8 June 2026. The price band is fixed at ₹141 to ₹149 per share. GYR Capital Advisors Pvt. Ltd. is the book-running lead manager, while Bigshare Services Pvt. Ltd. serves as the registrar. 

Merritronix Limited IPO Details 

Particulars	Details
IPO Date	1 June 2026 to 3 June 2026
Listing Date	8 June 2026
Face Value	₹10 per share
Issue Price Band	₹141 to ₹149 per share
Lot Size	1,000 Shares
Total Issue Size	47,00,000 shares (aggregating up to ₹70.03 Cr)
Fresh Issue	47,00,000 shares (aggregating up to ₹70.03 Cr)
Offer for Sale	NA
Issue Type	Bookbuilding IPO
Listing At	BSE SME
Share Holding Pre Issue	1,27,84,854 shares
Share Holding Post Issue	1,74,84,854 shares
Market Maker Portion	2,36,000 shares

Merritronix Limited IPO Reservation 

Investor Category	Shares Offered
QIB	Not more than 50% of the Net Issue
Retail	Not less than 35% of the Net Issue
NII (HNI)	Not less than 15% of the Net Issue

Merritronix Limited IPO Lot Size 

Application	Lots	Shares	Amount
Retail (Min)	2	2,000	₹2,98,000
Retail (Max)	2	2,000	₹2,98,000
S-HNI (Min)	3	3,000	₹4,47,000
S-HNI (Max)	6	6,000	₹8,94,000
B-HNI (Min)	7	7,000	₹10,43,000

Merritronix Limited IPO Promoter Holding 

Shareholding Status	Percentage
Pre-Issue	85.17%
Post-Issue	To be updated

Merritronix Limited IPO Valuation Overview 

KPI	Value
Earnings Per Share (EPS)	₹12.60
Price/Earnings (P/E) Ratio	11.83x
Return on Net Worth (RoNW)	30.66%
Net Asset Value (NAV)	₹41.56
Return on Equity	46.03%
Return on Capital Employed (ROCE)	45.26%
EBITDA Margin	17.42%
PAT Margin	10.33%
Debt to Equity Ratio	0.81

 Objectives of the Proceeds 

• Capital expenditure for machinery and equipment purchase worth ₹21.36 crore 
• Funding working capital requirements to support business expansion ₹21.95 crore 
• Repayment or prepayment of outstanding company borrowings worth ₹12.72 crore 
• General corporate purposes and strategic operational requirements 

Key Financials (in ₹ crore) 

Particulars	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	154.40	74.18	68.44
Revenue	156.25	114.04	86.01
Profit After Tax	16.10	8.66	3.05
Reserves and Surplus	40.34	15.39	6.73
Total Borrowings	43.20	18.57	15.82

SWOT Analysis of Merritronix Limited 

Strengths and Opportunities	Weaknesses and Threats
Three decades of expertise in defence and aerospace electronics manufacturing	High dependence on defence and aerospace sector demand
Strong order book ensures revenue visibility and business continuity	Exposure to regulatory and compliance-related risks
Advanced manufacturing infrastructure supports high-quality production	Customer concentration may impact revenue stability
Rising demand for indigenous electronics manufacturing in India	Competition from established listed electronics manufacturers
Certified quality standards enhance client trust globally	Dependence on component supply chain availability
Expansion opportunities in aerospace and industrial electronics markets	Economic slowdowns may delay project execution

Merritronix Limited IPO Strengths 

• Three decades of operating legacy in mission-critical defence and aerospace electronics.  
• Established track record in high-reliability defence and aerospace programmes.  
• Strong capabilities in obsolescence management and lifecycle extension services.  
• Modern SMT infrastructure with IPC-A-610 Class 3 assembly capability.  
• Strong order book providing revenue visibility and business stability.  
• Experienced promoters and senior management with deep industry expertise.  
• Certified manufacturing standards enhancing credibility in regulated sectors.  
• Growing demand for indigenous electronics manufacturing supports future expansion.  

Peer Group Comparison 

Company Name	EPS (Basic)	EPS (Diluted)	NAV (₹ per share)	P/E (x)	RoNW (%)	P/BV Ratio
Merritronix Ltd.	13.92	13.92	41.56	NA	30.66	NA
Peer Group
Centum Electronics Ltd	NA	NA	233.36	NA	-15.09	12.99
Vinyas Innovative Technologies Limited	15.43	15.43	116.77	62.85	13.22	8.35

FAQs 

How can I apply for Merritronix Limited IPO? 

You can apply for Merritronix Limited IPO through HDFC Sky using the UPI-based ASBA process. 

What is the minimum investment required for Merritronix Limited IPO? 

Retail investors need a minimum investment of ₹2,98,000 for applying to the IPO. 

When will Merritronix Limited IPO be listed? 

Merritronix Limited IPO is scheduled to list on BSE SME on 8 June 2026. 

What is the price band of Merritronix Limited IPO? 

The IPO price band has been fixed between ₹141 and ₹149 per share.