Marushika TechnologyShare price, financial results, shareholding and management
- Market cap
- ₹105 cr
- Stock P/E
- 11.7peers 18.4
- Book value
- ₹55.4
- Price to book
- 2.22
- EV / operating profit
- 6.9
- Market cap to sales
- 0.90
- ROCE · FY26
- 34.0%
- ROE · FY26
- 28.7%
- ROE, 3-year average
- 42.1%
- Operating margin · FY26
- 13.7%peers 6.9%
- Sales growth, 3 years
- 46.5%
- Profit growth, 3 years
- +49.2%
- Debt to equity
- 0.15peers 0.22
- Borrowings
- ₹6.9 cr
- Interest cover
- 5.6×
- Cash from business / op. profit
- 10%
- Debtor days
- 182
- Pledged
- 0.00%
- Promoter holding
- 58.19%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 213
- High / low since listing
- ₹138 / ₹78
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Marushika Technology share price chart
Close on 6 Nov 2026 · +2.58% on the day · Vol 1.69 L
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- +8.0%
- 3 months
- +19.5%
- 6 months
- +36.2%
- Since IPO
- +5.2%
- Traded a day, 20 days
- ₹0.43 cr
- Taken for delivery
- 86%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +37% | +49% |
| 3 years, a year | +47% | - |
About Marushika Technology: business, products and customers
Marushika Technology supplies and installs IT and telecom equipment, such as server racks, data centre cooling, phone systems, video walls and cameras, mostly as a partner to bigger system integrators on government and metro projects. It has also started refurbishing defence vehicles, and its shares trade on NSE Emerge.
Marushika Technology, based in Delhi and Noida, buys servers, storage, racks, power and cooling gear, IP phone exchanges, surveillance cameras and video walls from equipment makers and their distributors, then installs, configures and maintains them on site. It owns no plant: goods are billed to the company and shipped straight to the customer's site.
Most work comes as a subcontractor or teaming partner to larger system integrators such as Bharat Electronics, Larsen and Toubro and Niveshan Technologies, on projects for Delhi Metro, smart cities, railways and government offices. In the six months to September 2025, 95.67% of revenue was booked to private entities and Delhi alone gave 56.64%.
Read more about the business
The labour and technical support part of each job has grown fast: service revenue was ₹49.6 cr in FY26 against ₹17.4 cr in FY25, much of it delivered through subcontracted technical staff. The company had 22 employees on its payroll at December 2025.
Newer lines are refurbishing and reverse engineering defence vehicles, AI video analytics through a non-exclusive reseller deal with Graymatics, and a learning platform the company has built. The shares listed on NSE Emerge in February 2026.
From the prospectus (February 2026), the March 2026 investor presentation, the May 2026 earnings call, press releases of March and May 2026 and the company's announcements of April to August 2026.
Read the deeper study ↓In its favour
- Sales have grown fast: 47% a year over three years.
- It earns a high return on the money it uses: ROCE 34% in FY26.
- It has little debt for its size: debt to equity 0.15.
To watch
- Completion of the Delhi Metro Phase IV package, past its scheduled date and about 58% executed in May 2026 (Investor presentation, March 2026, p.5).
- Delivery of the ZIL lorry refurbishment order for Trisatya by March 2027 (Investor presentation, March 2026, p.5).
- The five year NHAI street light control contract accepted on 25 August 2026 (Announcement, 25 August 2026, p.2).
- Turning the order book of more than ₹35 cr stated in May 2026 into sales (Earnings call, May 2026, p.9).
- It paid no dividend in the past year.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Marushika Technology revenue and profit growth
Half-yearly results · Profit and lossSales have grown fast. Last year profit grew faster than sales, so the company kept more from each rupee of sales.
SME companies report every six months.
Marushika Technology half-yearly results
SME companies report every six months · ₹ crore
| H2FY26 | |
|---|---|
| Sales | 67.79 |
| Expenses | 57.55 |
| Operating profit | 10.24 |
| OPM | 15.1% |
| Interest | 1.38 |
| Depreciation | 0.48 |
| Profit before tax | 8.41 |
| Net profit | 5.84 |
Marushika Technology profit and loss
Full years to March, FY23 to FY26 · ₹ crore, consolidated where reported
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Sales | 37 | 61 | 85 | 116.43 |
| Expenses | 35 | 54 | 74 | 100.49 |
| Operating profit | 2 | 6 | 11 | 15.94 |
| OPM | 6.0% | 10.0% | 13.0% | 13.7% |
| Other income | 0 | 0 | 0 | 0.11 |
| Interest | 1 | 2 | 2 | 2.75 |
| Depreciation | 0 | 0 | 0 | 0.70 |
| Exceptional and other items | · | · | -1 | · |
| Profit before tax | 1 | 4 | 8 | 12.59 |
| Tax rate | 100.0% | 25.0% | 25.0% | 28.9% |
| Net profit | 0 | 3 | 6 | 8.95 |
| EPS ₹ | 5.12 | 36.17 | 10.09 | 13.78 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% |
The years to FY25 come rounded to the nearest crore in the source.
Exceptional and other items: profit before tax beyond operating profit, other income, interest and depreciation, such as one-off items or a share of associates' profit, as reported.
A tax rate above 60% or below zero (FY23) comes from tax charged on a small or negative profit, as reported.
Marushika Technology profitability
Margins and returns on capitalLast year the company kept about as much from each rupee of sales as the year before. It earns a high return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Operating margin | 6.0% | 10.0% | 13.0% | 13.7% |
| Tax rate | 100.0% | 25.0% | 25.0% | 28.9% |
| ROCE | · | 28.1% | 30.8% | 34.0% |
| ROE | · | 47.4% | 50.3% | 28.7% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% |
Marushika Technology debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. It cut its borrowings last year. Its loans are smaller than its own money. Last year the business brought in less cash than it showed as profit, so part of the profit is still to be collected. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers pay faster than they did in FY24, which frees up the company's money.
Bars below the line are cash going out.
Marushika Technology balance sheet
At each 31 March · ₹ crore
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Equity capital | 0.78 | 0.87 | 6 | 8.54 |
| Reserves | 3 | 8 | 9 | 38.75 |
| Net worth | 3.78 | 8.87 | 15 | 47.29 |
| Borrowings | 10 | 20 | 21 | 6.88 |
| Other liabilities | 16.22 | 19.13 | 18 | 32.90 |
| Total liabilities | 30 | 48 | 54 | 87.07 |
| Fixed assets | 1 | 2 | 2 | 5.69 |
| Capital work in progress | 0 | 0 | 2 | 3 |
| Investments | 0 | 0 | 0 | 0 |
| Other assets | 29 | 46 | 50 | 78.38 |
| Receivables | · | · | · | 57.98 |
| Inventory | · | · | · | 0 |
| Cash | · | · | · | 2.65 |
| Trade payables | · | · | · | 25.56 |
Marushika Technology cash flow
₹ crore
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Cash from operations | -3 | -6 | 1 | 1.59 |
| Cash from investing | -1 | 0 | -3 | -6.23 |
| Cash from financing | 4 | 9 | 0 | 5.73 |
| Net cash flow | 0 | 3 | -2 | 1.09 |
| Capital spending | · | · | · | 6.32 |
Working capital
Days
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Debtor days | 238 | 237 | 172 | 182 |
| Inventory days | 0 | 0 | 0 | 0 |
| Cash conversion cycle | 238 | 237 | 172 | 182 |
| Working capital days | 23 | 25 | 44 | 112 |
Marushika Technology peers and competitors
Listed SME companies in the same industryBy sales, Marushika Technology is number 4 of the 8 listed SME companies in it - hardware.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Esconet Technologies | 365 | 59.4 | 354 | 6.2 | 2.5% | 0.17 |
| Slone Infosystems | 66 | 7.4 | 241 | 9 | 6.9% | 0.24 |
| Richa Info Systems | 136 | 18.2 | 143 | 7.5 | 7.8% | 0.11 |
| Marushika Technology | 105 | 11.7 | 116 | 9 | 13.7% | 0.15 |
| EPW India | 264 | 25.6 | 107 | 10.3 | 15.1% | 0.24 |
| Aztec Fluids & Machinery | 138 | 18.7 | 96.5 | 7.4 | 13.7% | 0.29 |
| Newjaisa Technologies | 57 | - | 40.5 | -17.4 | -41.0% | 0.22 |
| Brisk Technovision | 15 | 15.1 | 30.1 | 1 | 5.7% | 0.11 |
| Median of the 7 others | 136 | 18.5 | 107 | 7.4 | 6.9% | 0.22 |
Marushika Technology shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Foreign and Indian funds own a noticeable share. The number of shareholders has come down.
Marushika Technology shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Feb 26 | Mar 26 | |
|---|---|---|
| Promoters | 58.19% | 58.19% |
| Foreign investors (FIIs) | 4.99% | 6.17% |
| Indian institutions (DIIs) | 7.75% | 7.60% |
| HNIs (over ₹2 lakh each) | 11.10% | 14.93% |
| Small holders (up to ₹2 lakh) | 12.39% | 6.17% |
| Companies and others | 5.58% | 6.94% |
| Number of shareholders | 460 | 213 |
The named holders are at 31 March 2026, beside 17 Feb 2026, each under the group the pattern files them in.
Marushika Technology study: the business from its own documents
Read from 6 of the company's own documentsMarushika Technology so far
From the company's own record
- 19 Feb 2026Listed on NSE Emerge at ₹117
- 13 Aug 2026Order worth ₹30.00 cr
- 25 Aug 2026An order announced
- 31 March 2026Promoters at 58.19%
- 6 Nov 2026Highest close since listing, ₹123.10
Marushika Technology key facts from the filings
Each figure with the document it comes from
- Order book
- Over ₹35 cr
- Orders in hand at the May 2026 call, after ₹14 cr already billed in the first weeks of FY27.Earnings call, May 2026, p.9
- Delhi Metro package
- ₹31.2 cr
- IP phone exchange and communication work for Delhi Metro Phase IV, taken through Bharat Electronics; about 58% executed in March and still in May 2026, against a scheduled finish of 16 February 2026.Press release, 9 March 2026, p.2; Investor presentation, March 2026, p.5
- Service revenue
- ₹49.6 cr
- Installation, configuration and technical support revenue in FY26, up from ₹17.4 cr in FY25.Earnings call, May 2026, p.6
- Bought in technical work
- ₹38.3 cr
- Cost of subcontracted technical service in FY26, against ₹3.0 cr of employee costs.Investor presentation, March 2026, p.6
- Largest customer
- 28.35%
- Share of revenue in the six months to September 2025; the top ten customers gave 82.96%.Prospectus, p.198 to 199
Show 5 more facts
- Subcontracted work
- About 80%
- Share of revenue in the six months to September 2025 from work subcontracted by others rather than tenders won directly (₹39.0 cr of ₹48.6 cr; our arithmetic).Prospectus, p.198; our arithmetic
- Margin by job type
- 15% to 18%
- Margin the Managing Director gave for a complete system integration project, falling to 6% to 8% when the work is not direct with a PSU or system integrator.Earnings call, May 2026, p.11
- Defence order
- ₹3.5 cr
- Order from Trisatya Equipments India to refurbish ZIL lorries, to be executed by March 2027.Investor presentation, March 2026, p.5
- Highway order
- ₹2.4 cr
- Letter of acceptance from the National Highways Authority of India on 25 August 2026 to supply, run and maintain a street light control system in western Uttar Pradesh for five years.Announcement, 25 August 2026, p.1 to 2
- Filing penalty
- Paid
- The Registrar of Companies, Delhi, fined the company and two directors in May 2026 for filing the wrong form for the FY24 consolidated accounts; the company had applied for adjudication itself.Announcements, 23 April 2026 and 8 May 2026, p.1 to 2
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
At the May 2026 call the company said it had more than ₹35 cr of orders in hand after billing ₹14 cr in the new year. The Managing Director said the company hopes to keep growing at its current pace and expects margins to rise as service, managed service and data centre electronics work grows, and that the Graymatics tie up could in time bring 5% to 10% of business.
| What management said | When | What happened |
|---|---|---|
| Delhi Metro Phase IV communication package scheduled for completion on 16 February 2026 | March 2026 press release | About 58% executed in the March 2026 investor presentation released in May 2026 |
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Marushika Technology earns a margin on equipment it buys from makers and on the installation work it adds, mostly as a subcontractor to bigger firms on government projects.
Its weak spots are thin margins when it is far down the chain, a few large customers, little that rivals cannot copy, and money tied up before it is paid.
WatchCan it set its own prices?Prices are set by tenders and by the system integrators it works under, and the margin depends on where it sits in the chain.
WatchHow strong is it against rivals?Its strengths are empanelments and ties with equipment makers and integrators, none of them exclusive.
WatchWho are its customers?A handful of system integrators and PSUs give most of the revenue, and most of the work is in and around Delhi.
WatchDoes it need a lot of money?It needs no plant, but a lot of money is held in goods and unbilled work before customers pay, and payment on indirect government work comes through the integrator.
AverageCan it keep finding new work?It keeps winning small and medium orders and new customers, but the order book covers only a few months of sales.
WatchDo good and bad years swing a lot?The mix of customers and places changes a lot from year to year, as it rests on a few large project orders.
Who runs Marushika Technology?
Promoters, directors and officers; tap a name for the background
MAMonicca AgarwaalPromoter and Managing Director · holds 38.61%
Holds a Bachelor of Arts in economics and political science from Delhi University and an LL.B. from Chaudhary Charan Singh University, Meerut, with over 26 years in IT infrastructure and BPO. Worked at NIIT, Hindustan Times, SAB Electronics and E Roads Technology among others; a director since 2010 and Managing Director since January 2025, in charge of overall management and new projects. The prospectus states that Monicca Agarwaal is the sister of Sonika Aggarwal.
Prospectus, p.223 and p.227 to 229JPJai Prakash PandeyPromoter and Whole Time Director · holds 16.02%
Holds a Bachelor of Engineering in electronics from the University of Mumbai, with over 24 years in telecom and IT. Worked at Telecommunications Consultants India (2004 to 2010) and as Senior Vice President, Sales at Presto Infosolutions (2010 to 2015); a director since December 2016 and Whole Time Director since January 2025, running day to day operations.
Prospectus, p.224 and p.227SASonika AggarwalPromoter, Executive Director and Chief Financial Officer · holds 3.56%
Holds a Bachelor of Commerce from the University of Delhi and has been a Chartered Accountant since 2004, with over 22 years in finance, accounting, audit and tax, including AGM, Finance and Accounts at SRS Group from 2007 to 2016. With the company since January 2017 and Executive Director since February 2025.
Prospectus, p.224 to 228 and p.243; Earnings call, May 2026, p.2SJShishir JhaIndependent Director
Holds a Bachelor of Laws from the University of Delhi and a Master of Arts from Jawaharlal Nehru University. A retired Indian Revenue Service officer with 36 years of service, including as Principal Chief Commissioner of Income Tax; on the board since June 2025.
Prospectus, p.226 to 228SJSandeep JainIndependent Director
A Chartered Accountant with a Bachelor of Commerce and over 12 years in finance and tax; worked at Zee Media Corporation from 2010 to 2023 and is Finance Head at SITI Network. On the board since May 2025.
Prospectus, p.226 and p.228SJSanjay JindalIndependent Director
Holds a degree in mechanical engineering from BIT Sindri, with over 38 years in broadcast media production and consultancy, including as Project Head at Siti Network until 2017. On the board since December 2024.
Prospectus, p.225 and p.228Marushika Technology latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- Shareholding, 31 March 2026: promoters unchanged at 58.19%; Aarth AIF Growth Fund up to 2.07%.
- 25 Aug 2026: an order announced.
- 13 Aug 2026: order worth ₹30.00 cr announced.
Marushika Technology announcements
48 on record, latest first; each opens the filing on the exchange
- General UpdatesNon-applicability Certificate for Corporate Governance pursuant to Regulation 27(2) as per SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2PDF ↗
- Certificate under SEBI (Depositories and Participants) Regulations, 2018Certificate under SEBI (Depositories and Participants) Regulations, 2018PDF ↗
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015PDF ↗
- Shareholders meetingSrutinizers report of Annual General Meeting held on September 25, 2026. Further, the company has informed the Exchange regarding voting resultsPDF ↗
- Shareholders meetingProceedings of Annual General Meeting held on September 25, 2026PDF ↗
- Press Releasea press release dated September 23, 2026, titled "Marushika Technology Limited announces Commencement of Business Partnership with Sanare Medical Private LimitePDF ↗
- Address Changechange in Registered Office of the companyPDF ↗
- Updates'Shifting of registered office of Marushika Technology Limited'PDF ↗
- Copy of Newspaper PublicationAdvertisements confirming dispatch of Notice of 16th Annual General Meeting (AGM)PDF ↗
- General Updatesletter to shareholders providing weblink for Annual Report for Financial Year 2025-26PDF ↗
- Shareholders meetingNotice of Annual General Meeting to be held on September 25, 2026PDF ↗
- Copy of Newspaper PublicationRegarding 16th Annual General Meeting of the Companyto be held through Video Conferencing (VC) / Other Audio-Visual Means (OAVM)PDF ↗
Marushika Technology annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
- 31 May 2026 ↗read
- 31 May 2026 ↗read
Marushika Technology share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Marushika Technology's data · 8
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (85,36,768 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter pledge figures are within possible limits in every shareholding pattern shown.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- !Earnings per share changes basis between FY24 (₹36.17) and FY25 (₹10.09) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
- ✓Revenue and profit are reported for every year shown, FY23 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Marushika Technology
What does Marushika Technology do?
Marushika Technology supplies and installs IT and telecom equipment, such as server racks, data centre cooling, phone systems, video walls and cameras, mostly as a partner to bigger system integrators on government and metro projects. It has also started refurbishing defence vehicles, and its shares trade on NSE Emerge.
What is the share price of Marushika Technology?
₹123 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Marushika Technology?
₹105 cr at the close on 6 Nov 2026, on 85,36,768 shares.
What is the P/E of Marushika Technology?
11.7 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Marushika Technology's revenue and profit?
Revenue ₹116 cr and profit after tax ₹9 cr in FY26.
Who are the promoters of Marushika Technology?
Monicca Agarwaal, Jai Prakash Pandey, Sonika Aggarwal; promoters held 58.19% at 31 March 2026.
What was the IPO price of Marushika Technology?
₹117 a share; it listed on 19 Feb 2026.
What is Marushika Technology's website?
www.marushika.in
More SME companies like Marushika Technology
Other listed SME companies in it - hardware, the closest in size first, each read from its own documents.
- Richa Info SystemsRICHA · NSE Emerge · IT - Hardware · listed 2022Market cap ₹125 cr
- Aztec Fluids & MachineryAZTEC · BSE SME · IT - HardwareMarket cap ₹147 cr
- Slone InfosystemsSLONE · NSE Emerge · IT - Hardware · listed 2024Market cap ₹63 cr
- Newjaisa TechnologiesNEWJAISA · NSE Emerge · IT - Hardware · listed 2023Market cap ₹61 cr
- EPW IndiaEPWINDIA · NSE Emerge · IT - Hardware · listed 2025Market cap ₹285 cr
- Esconet TechnologiesESCONET · NSE Emerge · IT - Hardware · listed 2024Market cap ₹474 cr
Every listed SME company in IT - Hardware → · SME companies listed in 2026 →
Built from 2 press releases, 1 offer document, 1 result filing, 1 earnings call transcript, 1 investor presentation, 48 exchange announcements, 2 shareholding patterns and 4 years of reported results. Every figure carries its source; where the documents are silent, the page says so.