Marushika Technology Limited Has 33% of Nashik Parking Order

In its H1 FY27 earnings call, Marushika Technology Limited said it has a 33% share of the Rs 30 crore Nashik smart-parking consortium order, equivalent to about Rs 9.9 crore. Marushika said its role covers the supply, installation, testing and commissioning of the information-technology and telecom component, while management said execution was on track for the July 2027 schedule raised by an analyst.

What is Marushika’s share of the Nashik smart-parking order?

Marushika’s allocated share is 33% of the Rs 30 crore Nashik smart-parking project, or about Rs 9.9 crore based on the stated percentage. Management gave that figure directly in response to an analyst’s question on the company’s revenue share, margin, working-capital needs and execution status through July 2027.

The 33% share is based on a responsibility matrix among three consortium members, rather than ownership of every part of the Rs 30 crore project. Jayaprakash Pandey said the consortium has three organisations and that Marushika’s responsibilities had been defined as 33% of the overall project value.

Marushika did not disclose a separate operating margin, billing plan or working-capital amount for its approximately Rs 9.9 crore portion. That leaves the project-level profitability unquantified, even though the company reported a 12.29% earnings before interest, tax, depreciation and amortisation, or EBITDA, margin for H1 FY27.

What work will Marushika execute in the Nashik consortium?

Marushika will execute the supply, installation, testing and commissioning, or SITC, of the project’s IT and telecom component. Pandey distinguished this scope from the civil construction work and the Internet of Things, or IoT, solution that other consortium participants will provide.

One consortium member will handle the civil and construction side, including what management described as an MLCP-type setup. The IoT solution will come from original equipment manufacturer Iram, while Marushika will deliver the execution layer for IT and telecom, separating its scope from both the civil structure and the IoT supplier’s role.

This scope matches Marushika’s wider focus on IT, telecom and smart-city projects. Management said these three sectors drove the company’s 71.59% H1 FY27 top-line expansion, alongside higher service income, annual maintenance contract orders and a greater number of directly secured projects.

The company also described its revenue route as largely government-linked. Direct government orders accounted for 25% or more of total revenue at the time of the call, while more than 75% came through solution providers or system integrators working on government projects.

Is the Nashik smart-parking project on track for July 2027?

Yes, management said the Nashik smart-parking project was on track when specifically asked about the July 2027 execution schedule. Monicca Agarwaal said the work was under process, and Pandey said Marushika was ready to execute its assigned scope without issues.

Management said meetings were taking place among the three consortium companies and that everything was in line. The call did not provide a construction milestone, installation date, completed billing amount or a percentage of the Rs 30 crore project already executed, so progress cannot be measured beyond management’s readiness statement.

Pandey’s wider order-execution comment indicated that supply for National Highways Infrastructure projects and smart-parking work would mostly occur in the current financial year, while implementation could extend into the following year. He described the broad execution timing as “60-40” but did not define whether that split referred to order value, supply, implementation or revenue recognition.

That supply-versus-implementation distinction is relevant to the July 2027 date because the Nashik project has separate civil, IoT and IT-telecom workstreams. Marushika’s confirmation covers the preparedness of its 33% scope, not the completion status of the other 67% assigned to consortium partners.

How does the Nashik order fit Marushika’s FY26-27 plan?

The Nashik order forms part of Marushika’s smart-city activity, but management did not state how much of its approximately Rs 9.9 crore share is included in the Rs 170 crore FY26-27 revenue target. Agarwaal said the company was positive about meeting that target after reporting 71.59% revenue growth in H1 FY27.

Management attributed the H1 FY27 growth to direct projects, service income and annual maintenance contracts. It said the company was bidding regularly for new direct government projects, with direct orders then representing 25% or more of revenue and the balance primarily sourced through solution providers and system integrators.

Marushika’s H1 FY27 EBITDA margin of 12.29% was 0.59 percentage points above the 11.7% cited for the last half financial year, but 1.41 percentage points below the 13.7% FY26 full-year margin. Sonika Agarwal attributed the H1 level to higher employee and purchase costs and said management expects direct government orders to reduce purchase and other expenses over the full year.

What other projects could affect Marushika’s execution mix?

Marushika has a Rs 2.5 crore defence auto-tech order awaiting a go-ahead from the defence side and about Rs 10 crore of pipeline in that segment, according to management. It said prior defence auto-tech orders had been executed, but the Rs 2.5 crore order cannot proceed until the customer-side approval arrives.

Management said one defence auto-tech project was expected to be executed in the next two to three months. The company is exploring work in control-panel management, refurbishment and reverse engineering after handling repair and refurbishment opportunities involving combat vehicles and light commercial vehicles, but it did not provide a segment revenue target.

The company also expects its first two learning-management-system orders in the next quarter, according to Agarwaal. These potential orders were not included in the Rs 170 crore FY26-27 target because Marushika was still awaiting its first contracts after demonstrations and presentations in multiple states.

Marushika has introduced four compliance-focused software platforms: Medilect for medical education, LuminAID for areas including police training and census tracking, Finilect for banking and non-banking financial companies, and Unilect for universities. Management described this as potential add-on revenue, but did not disclose order values or a timetable beyond its expectation for the first two orders next quarter.

Conclusion

Marushika has clarified that its exposure to the Rs 30 crore Nashik smart-parking order is a 33% share, or about Rs 9.9 crore, focused on the IT and telecom SITC scope. The remaining 67% is assigned to other consortium members for civil construction and the IoT solution, meaning the project is not a wholly executed Marushika contract.

The next disclosures to watch are whether supply occurs mainly in FY26-27 and implementation extends into the following year, as management indicated, while the July 2027 schedule remains on track. Management’s Rs 170 crore FY26-27 revenue target, expected first two learning-management-system orders next quarter, and defence-side clearance for the Rs 2.5 crore auto-tech order are also scheduled or unresolved items that could affect the execution mix.