MerritronixShare price, financial results, shareholding and management
- Market cap
- ₹708 cr
- Stock P/E
- 44.2peers 28.9
- Book value
- ₹30.3
- Price to book
- 13.36
- EV / operating profit
- -
- Market cap to sales
- 4.54
- ROCE · FY26
- 41.2%
- ROE · FY26
- 46.4%
- ROE, 3-year average
- 55.9%
- Operating margin · FY26
- 17.0%peers 16.5%
- Sales growth, 3 years
- 43.3%
- Profit growth, 3 years
- +77.8%
- Debt to equity
- 0.81peers 0.30
- Borrowings
- ₹43 cr
- Interest cover
- 6.8×
- Cash from business / op. profit
- -85%
- Debtor days
- 86
- Pledged
- 0.00%
- Promoter holding
- 62.28%
- Change in promoter holding
- -
- Shareholders
- 1,000
- 52-week high / low
- ₹506 / ₹283
- 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.
Merritronix share price chart
Close on 6 Nov 2026 · -4.26% on the day · Vol 79,000
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
- -1.8%
- 3 months
- +14.8%
- Traded a day, 20 days
- ₹4.35 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +37% | +78% |
| 3 years, a year | +43% | - |
About Merritronix: business, products and customers
Merritronix builds and tests electronic circuit boards and finished electronic units for India's defence and aerospace makers at its plant in Hyderabad. Its shares trade on the BSE SME platform.
Merritronix, founded in 1988, assembles and tests circuit boards and complete electronic units at Kushaiguda in Hyderabad, almost all of them for defence and aerospace programmes. Its work has included infrared seeker assemblies for missile systems, boards for airborne radar and video recording systems for defence aircraft, and it also finds or re-engineers parts that are no longer made so that older defence systems can keep running. It has been an approved supplier to Bharat Electronics since 2009 and to Hindustan Aeronautics since 2012, and has delivered to Honeywell Aerospace since 2008.
Most of the work is turnkey: the company sources the components, builds and tests the boards and delivers the finished unit, so revenue carries the cost of the parts, which Crisil puts at 80 to 85% of operating income. That makes sales large next to the work done in the plant, ties up money in stock while orders are built, and leaves margins open to component prices; job work, where the customer supplies the parts and pays only for assembly, is now under 1% of revenue. Advances from customers pay for part of that stock, and the rest has been funded with new shares, bank loans and the listing money.
Read more about the business
A new Panasonic surface-mount line started in January 2026, and money from the June 2026 listing is set aside for more machines, including inspection and testing equipment the company says it needs to qualify for higher-specification defence programmes, along with working capital and repaying loans. In June 2026 it signed agreements to be the preferred manufacturer for Stuam Technologies (defence communications and radar) and Analinear Design Technologies (analog and mixed-signal electronics). The offer document names Centum Electronics and Vinyas Innovative Technologies as its listed industry peers in electronics manufacturing services.
From the offer document (Prospectus, June 2026), the annual report for FY26, the July 2026 investor presentation and Crisil's January 2026 rating rationale.
Read the deeper study ↓In its favour
- Sales have grown fast: 43% a year over three years.
- It earns a high return on the money it uses: ROCE 41% in FY26.
- The promoters own a large part of the company: 62.28%.
To watch
- Spending of the IPO money on machinery, working capital and loan repayment, planned for FY27 (Offer document, p.90 to 91).
- Orders from the June 2026 agreements with Stuam Technologies and Analinear Design Technologies (Investor presentation, July 2026, p.13).
- The resignation of independent directors announced in two filings on 6 October 2026, and who replaces them (BSE announcements, 6 October 2026).
- The compounding of an offence under Section 185 of the Companies Act, settled by a Regional Director's order dated 27 March 2026, and the FY25 advances to the Managing Director (Annual report FY26, p.36 and p.40).
- Its borrowings rose a lot last year: ₹43 cr, from ₹19 cr.
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.
Merritronix 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.
Merritronix half-yearly results
SME companies report every six months · ₹ crore
| H1FY26 | |
|---|---|
| Sales | 56 |
| Expenses | 48 |
| Operating profit | 8 |
| OPM | 15.0% |
| Interest | 2 |
| Depreciation | 0 |
| Profit before tax | 5 |
| Net profit | 4 |
Merritronix profit and loss
Full years to March, FY22 to FY26 · ₹ crore, consolidated where reported
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Sales | 16 | 53 | 86 | 114 | 156 |
| Expenses | 15 | 51 | 79 | 98 | 129 |
| Operating profit | 2 | 2 | 7 | 15 | 27 |
| OPM | 9.0% | 3.6% | 8.0% | 13.0% | 17.0% |
| Other income | 0 | 0 | 0 | 0 | 0 |
| Interest | 1 | 1 | 2 | 3 | 4 |
| Depreciation | 0 | 0 | 0 | 0 | 0 |
| Exceptional and other items | -1 | -1 | -1 | · | · |
| Profit before tax | 0 | 0 | 4 | 12 | 23 |
| Tax rate | 5.0% | 39.0% | 25.0% | 25.0% | 30.4% |
| Net profit | 0 | 0 | 3 | 9 | 16 |
| EPS ₹ | 13.77 | 21.35 | 210.06 | 59.64 | 12.59 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
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.
Earnings per share before FY24 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
Merritronix profitability
Margins and returns on capitalLast year the company kept more from each rupee of sales than 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
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Operating margin | 9.0% | 3.6% | 8.0% | 13.0% | 17.0% |
| Tax rate | 5.0% | 39.0% | 25.0% | 25.0% | 30.4% |
| ROCE | · | 6.1% | 27.9% | 50.8% | 41.2% |
| ROE | · | 0.0% | 46.2% | 75.0% | 46.4% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Merritronix debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. It borrowed much more last year. Its loans are smaller than its own money. Last year the business used more cash than it brought in. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take longer to pay than they did in FY24, which ties up more of the company's money in unpaid bills.
Bars below the line are cash going out.
Merritronix balance sheet
At each 31 March · ₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Equity capital | 1 | 1 | 1 | 1 | 13 |
| Reserves | 4 | 4 | 7 | 15 | 40 |
| Net worth | 5 | 5 | 8 | 16 | 53 |
| Borrowings | 9 | 14 | 16 | 19 | 43 |
| Other liabilities | 11 | 25 | 44 | 39 | 58 |
| Total liabilities | 25 | 44 | 68 | 74 | 154 |
| Fixed assets | 2 | 5 | 4 | 4 | 6 |
| Capital work in progress | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 |
| Other assets | 23 | 39 | 64 | 70 | 148 |
Merritronix cash flow
₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Cash from operations | · | -1 | 5 | -7 | -23 |
| Cash from investing | · | -3 | -2 | 4 | -3 |
| Cash from financing | · | 4 | 0 | 1 | 41 |
| Net cash flow | · | 0 | 3 | -2 | 15 |
Working capital
Days
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Debtor days | 233 | 161 | 48 | 65 | 86 |
| Inventory days | 304 | 76 | 163 | 156 | 213 |
| Days payable | 295 | 159 | 192 | 58 | 73 |
| Cash conversion cycle | 242 | 78 | 19 | 164 | 226 |
| Working capital days | 154 | 51 | 9 | 51 | 64 |
Merritronix peers and competitors
Listed SME companies in the same industryBy sales, Merritronix is number 13 of the 55 listed SME companies in industrial manufacturing.
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 |
|---|---|---|---|---|---|---|
| Patil Automation | 810 | 42.6 | 167 | 19 | 15.0% | 0.15 |
| Adisoft Technologies | 493 | 21.5 | 166 | 22.9 | 18.0% | 0.30 |
| Energy Mission Machineries (India) | 135 | 11.3 | 161 | 11.9 | 14.0% | 0.31 |
| Merritronix | 708 | 44.2 | 156 | 16 | 17.0% | 0.81 |
| Prizor Viztech | 1,421 | 67.7 | 153 | 21 | 22.0% | 0.57 |
| Kalyani Cast-Tech | 837 | 49.2 | 150 | 17 | 15.0% | 0.01 |
| Purple Wave Infocom | 421 | 32.4 | 146 | 13 | 14.0% | 0.30 |
| Tipco Engineering India | 638 | 25.5 | 145 | 25 | 26.0% | 0.41 |
| Emkay Tools | 1,232 | 21.0 | 144 | 58.7 | 55.7% | 0.00 |
| IC Electricals Company | 203 | 14.5 | 143 | 14 | 19.0% | 1.19 |
| Captain Technocast | 546 | 42.0 | 130 | 13 | 13.0% | 0.38 |
| Median of the 10 others | 592 | 29 | 148 | 18 | 16.5% | 0.30 |
Merritronix shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Big foreign and Indian funds own very little.
Merritronix 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.
| Jun 26 | |
|---|---|
| Promoters | 62.28% |
| Number of shareholders | 1,000 |
Merritronix study: the business from its own documents
Read from 6 of the company's own documentsMerritronix so far
From the company's own record
- October 1988Company formed
- 30 June 2026Promoters at 62.28%
- 29 Sept 2026Highest close since listing, ₹460.30
Merritronix key facts from the filings
Each figure with the document it comes from
- Defence and aerospace
- 97.81%
- Share of FY26 revenue from aerospace and defence customers, up from 80.26% in FY24.Annual report FY26, p.14; Offer document, p.152
- Largest customer
- 62.08%
- Share of FY26 revenue from one customer; the top ten customers made up 97.69%.Offer document, p.168
- Turnkey work
- 92.07%
- Share of FY26 revenue from turnkey and build-to-print work, where the company sources the parts; it was 80.72% in FY24.Offer document, p.151
- Order book
- ₹96.6 cr
- Orders in hand at 30 April 2026, a little over half a year of FY26 sales; ₹50.6 cr of it was from a single client.Offer document, p.154 to 155
- Surface-mount capacity
- 7.65 → 10.75 lakh boards
- Yearly capacity after the new Panasonic line started in January 2026; the through-hole and box-build lines were not expanded.Investor presentation, July 2026, p.11
Show 5 more facts
- PSU approvals
- BEL 2009, HAL 2012
- Approved supplier to Bharat Electronics and Hindustan Aeronautics for many years; the company is certified to the EN 9100 aerospace quality standard.Annual report FY26, p.14 and p.15
- Repeat customers
- 68 of 79
- Customers in FY26 who had ordered before (86.08%), up from 45 of 56 in FY25.Offer document, p.155 to 156
- Inventory
- ₹71.3 cr
- Stock held at March 2026, up from ₹39.7 cr a year earlier, as sales grew; trade receivables rose to ₹36.5 cr from ₹20.4 cr.Annual report FY26, p.59
- IPO
- ₹70.0 cr
- Raised at ₹149 a share and listed on 8 June 2026; ₹21.4 cr is for machinery, ₹22.0 cr for working capital and ₹12.7 cr for repaying loans.Annual report FY26, p.28; Offer document, p.90
- Credit rating
- Crisil BBB-/Stable
- Assigned in January 2026; in November 2025 Crisil had withdrawn an earlier rating at the company's request, noting it had received no information from management.Crisil rating rationale, 23 January 2026 and 25 November 2025, p.1
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The company says its order book stood at ₹96.6 cr at 30 April 2026, and that it plans to spend the listing money on machinery, working capital and loan repayment during FY27. It says it wants to move from board-level work towards designing complete systems, deal directly with more defence PSUs and add work in drones and electric vehicle electronics. It has given no revenue or profit guidance.
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.
Merritronix earns its money by building and testing defence electronics to a customer's design, and has grown by taking on full turnkey jobs and dealing directly with defence companies.
Its weak spots are one customer that brings in most of the revenue, orders that cover well under a year, and a business that ties up a lot of cash in stock.
WatchCan it set its own prices?Components make up most of the cost, so margins depend on parts prices and the mix of work more than on pricing strength.
AverageHow strong is it against rivals?Long approvals with defence companies and aerospace certification are hard for newcomers to match, but it is a small, single-plant firm in a crowded industry.
WatchWho are its customers?Defence and aerospace makers that keep coming back, but one of them brings in most of the revenue and none has signed long-term commitments.
WatchDoes it need a lot of money?The plant is leased and machines cost little, but stock and money owed by customers grow with every rise in orders.
AverageCan it keep finding new work?Most customers return, and new manufacturing agreements were signed in June 2026, but the order book covers only part of a year.
AverageDo good and bad years swing a lot?Sales have risen every year lately, but margins have moved a lot and work bunches into the second half of the year.
Who runs Merritronix?
Promoters, directors and officers; tap a name for the background
DADovari AmarnathPromoter and Managing Director · holds 19.85%
Holds a bachelor's degree in Computer Science from IIT Madras and has over three decades in electronics manufacturing, embedded systems and business development; a director since January 1994 and Managing Director for five years from 1 August 2025, responsible for overall leadership and technology strategy. The offer document records Dovari Amarnath as the son of Dovari Yesudas. In FY25 the company gave advances of ₹5.5 cr to Dovari Amarnath and recorded ₹5.7 cr of advances recovered in the same year.
Offer document, p.188, p.190 and p.191; Annual report FY26, p.40DYDovari YesudasPromoter, Chairman and Executive Director · holds 11.28%
Completed matriculation from Osmania University and training at ITI Eluru, with over three decades in electronics manufacturing, power supply systems and industrial fabrication; earlier the proprietor of Amar Electronics, which made DC power supplies and electronics cabinets and owns the factory the company leases until March 2030. Oversees day-to-day operations, quality and the supply chain, and is a director of Merrito Polymers (India) and Merrictro Products.
Offer document, p.188, p.190 and p.173DKDarsy Kethan ChandraPromoter, Executive Director and Chief Financial Officer · holds 8.10%
Holds a B.Tech in Electronics and Communication Engineering from JNTU Hyderabad and an M.Sc. in Business with International Management from Northumbria University, with over three years in the company's accounts, tax and reporting; a director since October 2022 and CFO since January 2025. The offer document records Darsy Kethan Chandra as the grandson of Dovari Yesudas, the nephew of Dovari Amarnath and the son of Vanaja D.
Offer document, p.190, p.191, p.198 to 199 and p.205VDVanaja DPromoter · holds 14.95%
Holds a degree in Home Science, an LL.B., an MBA, a provisional LL.M. and a Ph.D. from NALSAR University of Law; an advocate and a director of the company until 2022, and a director of Merrictro Products. The offer document records Vanaja D as the daughter of Dovari Yesudas and the sister of Dovari Amarnath.
Offer document, p.201 to 202 and p.205DTDovari ThamanPromoter · holds 8.10%
Holds a bachelor's degree in Electrical and Electronics Engineering from JNTU Hyderabad and a postgraduate programme in UI/UX design from the McCombs School of Business; earlier a business analyst, now working on sales, operations, procurement, the new surface-mount line and the ERP rollout. The offer document records Dovari Thaman as the son of Dovari Amarnath.
Offer document, p.201 and p.205MSMandava SwathiCompany Secretary and Compliance Officer
Holds a BA and an LL.B. from Osmania University and is an associate member of the ICSI, with over eight years in secretarial and compliance work at Incor Group, Colorchips New Media, Sree Godavari Kraft Papers and HBT Engineering; with the company since January 2025.
Offer document, p.198Merritronix latest news and announcements
Announcements · Documents · Corporate actionsMerritronix announcements
7 on record, latest first; each opens the filing on the exchange
- Company UpdateSubmission of non applicability of Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended 30th September, 2026PDF ↗
- Company UpdateAnnouncement under Regulation 30 (LODR)- Business UpdatePDF ↗
- Company UpdateAnnouncement under Regulation 30- Resignation of Independent DirectorPDF ↗
- Company UpdateAnnouncement under Regulation 30- Resignation of Independent DirectorPDF ↗
- AGM/EGMConsolidated Scrutinizer''s Report of AGM held on 30th September, 2026PDF ↗
- AGM/EGMOutcome of the Annual General Meeting held on 30th September, 2026PDF ↗
- Insider Trading / SASTIntimation of Trading Window ClosurePDF ↗
Merritronix annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
Merritronix 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 Merritronix'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.
- iThe shares traded on only 90 days in the past year, so the price, its range and the returns here rest on few trades.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (1,74,84,854 shares).
- !The FY26 results imply 1,30,00,000 shares at face value ₹10, which disagrees with the shareholding pattern; the pattern is used.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- !Earnings per share changes basis between FY24 (₹210.06) and FY25 (₹59.64) 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, FY22 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Merritronix
What does Merritronix do?
Merritronix builds and tests electronic circuit boards and finished electronic units for India's defence and aerospace makers at its plant in Hyderabad. Its shares trade on the BSE SME platform.
What is the share price of Merritronix?
₹405 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Merritronix?
₹708 cr at the close on 6 Nov 2026, on 1,74,84,854 shares.
What is the P/E of Merritronix?
44.2 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Merritronix's revenue and profit?
Revenue ₹156 cr and profit after tax ₹16 cr in FY26.
Who are the promoters of Merritronix?
Dovari Amarnath, Dovari Yesudas, Darsy Kethan Chandra, Vanaja D, Dovari Thaman; promoters held 62.28% at 30 June 2026.
What is Merritronix's website?
www.merritronix.com
More SME companies like Merritronix
Other listed SME companies in industrial manufacturing, the closest in size first, each read from its own documents.
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- Sunita ToolsSUNITATOOL · BSE SME · Industrial ManufacturingMarket cap ₹634 cr
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- Taurian MPSTAURIAN · NSE Emerge · Industrial Manufacturing · listed 2025Market cap ₹579 cr
Built from 2 annual reports, 2 credit rating notes, 1 offer document, 1 investor presentation, 7 exchange announcements, 1 shareholding patterns and 5 years of reported results. Every figure carries its source; where the documents are silent, the page says so.