Incorporated in October 1988, Merritronix Limited is an Electronics Systems Design and Manufacturing (ESDM) company specializing in high-reliability, mission-critical electronic assemblies for defence, aerospace, telecom…
Incorporated in October 1988, Merritronix Limited is an Electronics Systems Design and Manufacturing (ESDM) company specializing in high-reliability, mission-critical electronic assemblies for defence, aerospace, telecom, and industrial electronics.It offers B2B services, including component sourcing, PCB assembly, system integration, testing, box-building, and delivery of finished electronics. products, all to India's defense and aerospace standards.As of December 31, 2025, the company's manufacturing facility has an installed capacity of 7,65,000 boards for SMT assembly, 6,00,000 boards for Through-Hole Technology (THT) assembly, and 4,20,000 units for product assembly/box build, aggregating to a total installed capacity of 17,85,000 production units per annum.The Company received EN 9100:2018 certification for manufacturing PCBAs for aerospace and defence, equivalent to AS 9100D, JISQ 9100:2016, and includes ISO 9001:2015 standards.The company's clients include those in defence, aerospace, electrical engineering, heavy industries, power, and utilities.As of March 31st, 2026, the company had 57 employees in various departments.Competitive StrengthThree decades of Operating Legacy in Mission-Critical Defence and Aerospace Electronics.Established Track Record in Mission-Critical Defence and Aerospace programs.Strong Capabilities in Obsolescence Management and Lifecycle Extension.Modern SMT Infrastructure and IPC-A-610 Class 3 Assembly Capability.Strong Order Book providing revenue visibility.Experienced Promoters and Senior Management
Incorporated in October 1988, Merritronix Limited is an Electronics Systems Design and Manufacturing (ESDM) company specializing in high-reliability, mission-critical electronic assemblies for defence, aerospace, telecom, and industrial electronics.It offers B2B services, including component sourcing, PCB assembly, system integration, testing, box-building, and delivery of finished electronics. products, all to India's defense and aerospace standards.As of December 31, 2025, the company's manufacturing facility has an installed capacity of 7,65,000 boards for SMT assembly, 6,00,000 boards for Through-Hole Technology (THT) assembly, and 4,20,000 units for product assembly/box build, aggregating to a total installed capacity of 17,85,000 production units per annum.The Company received EN 9100:2018 certification for manufacturing PCBAs for aerospace and defence, equivalent to AS 9100D, JISQ 9100:2016, and includes ISO 9001:2015 standards.The company's clients include those in defence, aerospace, electrical engineering, heavy industries, power, and utilities.As of March 31st, 2026, the company had 57 employees in various departments.Competitive StrengthThree decades of Operating Legacy in Mission-Critical Defence and Aerospace Electronics.Established Track Record in Mission-Critical Defence and Aerospace programs.Strong Capabilities in Obsolescence Management and Lifecycle Extension.Modern SMT Infrastructure and IPC-A-610 Class 3 Assembly Capability.Strong Order Book providing revenue visibility.Experienced Promoters and Senior Management
Merritronix Ltd IPO Analysis
Pros
ROE of 46.03% indicates good return on equity.
ROCE of 45.26% shows efficient capital usage.
PAT margin of 10.33%.
Cons
Detailed analysis available after listing.
Pros and cons are machine generated. Please exercise caution and do your own analysis.
Merritronix Ltd IPO Subscription Status
Consolidated figures
221.04× overall
Metric
QIB
NII (HNI)
Retail
Total
Subscription
90.97×
477.18×
296.28×
221.04×
Shares
22,28,000
6,72,000
15,64,000
44,64,000
Bids
20,26,83,000
32,06,65,000
46,33,86,000
98,67,34,000
▼ Category-wise Detailed Breakdown
Category
Subscription
Offered
Bid Shares
Amt (₹ Cr)
QIB
90.97×
22,28,000
20,26,83,000
₹3,019.98
NII (HNI)
477.18×
6,72,000
32,06,65,000
₹4,777.91
Retail
296.28×
15,64,000
46,33,86,000
₹6,904.45
Market Maker
1.00×
2,36,000
2,36,000
₹3.52
Total
221.04×
44,64,000
98,67,34,000
₹14,705.86 Cr
Applications: -Total Bid Amount: ₹14,705.86 Cr
Merritronix Ltd IPO Profit & Loss
Figures in ₹ Crores / Amount in ₹ Crore
Metric
31 Mar 2026
31 Mar 2025
31 Mar 2024
Revenue
156.25
114.04
86.01
EBITDA
27.22
15.18
6.73
Profit After Tax
16.10
8.66
3.05
Net Worth
52.52
16.23
7.58
Total Assets
154.40
74.18
68.44
Reserves
40.34
15.39
6.73
Borrowings
43.20
18.57
15.82
Sales Growth
3 Years:
-45%
Latest:
86.01 Cr
Profit Growth
3 Years:
-81.1%
Latest PAT:
3.05 Cr
Return on Equity
ROE:
46.03%
ROCE:
45.26%
Merritronix Ltd IPO Key Financial Ratios
Profitability
ROE46.03%
ROCE45.26%
RONW30.66%
PAT Margin10.33%
EBITDA Margin17.42%
Valuation
Pre EPS12.60
Post EPS9.21
Pre P/E11.83×
Post P/E16.18×
P/BV3.59×
Leverage & Growth
Debt / Equity0.81×
Sales Growth (3yr)-45%
Profit Growth (3yr)-81.1%
Latest Revenue86.01 Cr
Latest PAT3.05 Cr
Merritronix Ltd IPO Objects of the Issue
1Capital expenditure towards purchase of Machinery and equipment₹21.36 Cr
2Funding working capital requirements₹21.95 Cr
3Repayment/ prepayment, in full or part, of all or certain outstanding borrowings availed by the Company₹12.72 Cr