Merritronix Ltd.
MERRITSME
Ask IPO
Overview
Merritronix Ltd. is a Hyderabad-based electronics systems design and manufacturing company focused on high-reliability, mission-critical electronic assemblies and systems for defence, aerospace, telecommunications and specialized industrial applications. Merritronix provides end-to-end services including component sourcing, PCB assembly, SMT and THT manufacturing, box-build integration, testing, turnkey build-to-print execution, obsolescence management for legacy electronics, and component trading. The company operates an integrated manufacturing facility with annual installed capacity of 10.75 lakh SMT boards, 6.00 lakh THT boards and 4.20 lakh box-build units, and derives the vast majority of its revenue from aerospace and defence customers.
Opening Date
Jun 01, 2026
Closing Date
Jun 03, 2026
Listing Date
Jun 08, 2026
IPO Type
SME
IPO Status
Upcoming
Issue Size
4.7 Cr
Fresh Issue
70.03 Cr
Offer for Sale
0 Cr
Price Band
₹141 - ₹149
Lot Size
1000
IPO Timeline
Financials
Revenue
Profit After Tax (PAT)
IPO Objective
The main objectives of the issue are to strengthen Merritronix Ltd.'s manufacturing capabilities, support business growth and improve its balance sheet.
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Funding capital expenditure of about ₹21.36 crore for purchase of machinery and equipment, including advanced SMT line equipment, inspection systems, X-ray, ICT, vacuum reflow oven, cleaning systems and related automation to expand capacity, improve quality control and support higher-specification defence, aerospace and industrial PCB assembly requirements.
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Funding working capital requirements of about ₹21.95 crore to support higher order execution, maintain adequate inventory of critical and long-lead electronic components, manage receivables linked to project-based and defence customers, make supplier advances where necessary, and sustain day-to-day operating requirements as the business scales.
- •
Repayment or prepayment, in full or in part, of certain outstanding borrowings of about ₹12.72 crore to reduce indebtedness, lower debt servicing costs, improve the debt-equity profile and create additional financial flexibility for future business expansion.
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Meeting general corporate purposes, including supporting strategic business initiatives, operational strengthening, brand visibility and other corporate requirements within the regulatory limit specified for such use.
Key Performance Indicator
P/E Ratio
11.83
EPS
12.6
ROE
46.03%
ROCE
45.26%
RONW
30.66%
Debt to Equity Ratio
—
PAT Margin
10.33%
EBITDA Margin
17.42%
P/B
3.59
SWOT Analysis
Strengths
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Established three-decade track record in mission-critical defence and aerospace electronics manufacturing.
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Integrated capabilities across sourcing, PCB assembly, system integration, testing and obsolescence management.
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High exposure to aerospace and defence, which contributed about 97.81% of FY2026 revenue from operations.
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Strong customer retention and order visibility, with repeat customer rate of 86.08% and order book of ₹96.65 crore as of April 30, 2026.
Weaknesses
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Revenue concentration in aerospace and defence makes performance dependent on a narrow industry mix.
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Working capital intensity is high due to inventory stocking, receivable cycles and advance payments for critical components.
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Operations are concentrated in a single manufacturing facility in Hyderabad, creating location concentration risk.
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Some planned machinery purchases are based on quotations and not yet backed by definitive supply agreements, leaving room for cost escalation or delays.
Opportunities
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Rising domestic electronics manufacturing, defence indigenisation and China+1 sourcing trends can expand outsourcing opportunities.
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Planned investment in advanced SMT, inspection and testing equipment can help qualify for higher-specification defence and aerospace programs.
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Growth in obsolescence management for legacy defence and aerospace systems can increase higher-value service revenue.
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Expansion into adjacent segments such as UAVs, EV power electronics and complex industrial PCBA can diversify the customer base.
Threats
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Supply-chain disruptions or shortages in semiconductors and specialized imported components can delay execution and raise costs.
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Dependence on defence and institutional procurement exposes the company to tender delays, approvals and budget-related risks.
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Competitive pressure from larger domestic and global EMS players may affect pricing, margins and customer acquisition.
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Regulatory, quality or certification lapses in high-reliability sectors could impact customer trust and future program eligibility.
Subscription Rate
Frequently Asked Questions about Merritronix Ltd.
Merritronix Ltd. is a Hyderabad-based electronics systems design and manufacturing company focused on high-reliability, mission-critical electronic assemblies and systems for defence, aerospace, telecommunications and specialized industrial applications. Merritronix provides end-to-end services including component sourcing, PCB assembly, SMT and THT manufacturing, box-build integration, testing, turnkey build-to-print execution, obsolescence management for legacy electronics, and component trading. The company operates an integrated manufacturing facility with annual installed capacity of 10.75 lakh SMT boards, 6.00 lakh THT boards and 4.20 lakh box-build units, and derives the vast majority of its revenue from aerospace and defence customers.
The Merritronix Ltd. IPO is scheduled to open for subscription on Jun 01, 2026 and close on Jun 03, 2026. Investors can apply for shares during this period through eligible platforms.
The price band for the Merritronix Ltd. IPO is ₹141 to ₹149. Investors can place bids within this range once the issue opens.
The minimum lot size for the Merritronix Ltd. IPO is 1000 shares. The minimum investment amount ₹1,49,000.
The total issue size of the Merritronix Ltd. IPO is approximately ₹4.70. Issue size represents the total value of shares offered to the public.
As per the latest available information, the Merritronix Ltd. IPO has been subscribed data will be available once the issue opens. Subscription levels can change significantly during the offer period.
The Grey Market Premium (GMP) for the Merritronix Ltd. IPO is not available as of now. GMP reflects unofficial market sentiment and should not be considered a guarantee of listing performance.
The shares of Merritronix Ltd. are expected to list on stock exchanges on Jun 08, 2026, subject to completion of the allotment process and regulatory approvals.
The net proceeds from the Merritronix Ltd. IPO are proposed to be used for The main objectives of the issue are to strengthen Merritronix Ltd.'s manufacturing capabilities, support business growth and improve its balance sheet., Funding capital expenditure of about ₹21.36 crore for purchase of machinery and equipment, including advanced SMT line equipment, inspection systems, X-ray, ICT, vacuum reflow oven, cleaning systems and related automation to expand capacity, improve quality control and support higher-specification defence, aerospace and industrial PCB assembly requirements., Funding working capital requirements of about ₹21.95 crore to support higher order execution, maintain adequate inventory of critical and long-lead electronic components, manage receivables linked to project-based and defence customers, make supplier advances where necessary, and sustain day-to-day operating requirements as the business scales., Repayment or prepayment, in full or in part, of certain outstanding borrowings of about ₹12.72 crore to reduce indebtedness, lower debt servicing costs, improve the debt-equity profile and create additional financial flexibility for future business expansion., Meeting general corporate purposes, including supporting strategic business initiatives, operational strengthening, brand visibility and other corporate requirements within the regulatory limit specified for such use.
Before applying for the Merritronix Ltd. IPO, investors generally review the company’s business model, financial performance, valuation, industry outlook, and risk factors mentioned in the offer document.
