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InvestmentsIPOMerritronix IPO

Merritronix IPO

SME

Open Date

1 Jun 2026

Close Date

3 Jun 2026

Min Investment

₹ 2,98,000

Lot Size

1,000

Issue Size

₹ 70.03 Cr

Price Range

₹ 141 - ₹ 149

Subscribed

-
Pre-Apply Now
status

This IPO is Open for Pre Apply.

IPO Timeline
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IPO Offer Start
1 Jun 2026
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IPO Offer Ends
3 Jun 2026
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Allotment Finalisation
4 Jun 2026
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Refund Initialisation
5 Jun 2026
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Non-Institutional Buyers (sHNI)
5 Jun 2026
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Listing of Shares
8 Jun 2026
IPO Subscription Details as on 30 May 2026, 09:38 PM

No Subcription Details for this IPO

IPO subscription details, if any,
will appear here

Note: This information is provided for general guidance only. Dates may be subject to change.
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About the Company
The company is a specialized electronics manufacturing services provider focused on high-reliability and mission-critical applications, particularly in defence and aerospace sectors. The company operates through four main business segments: turnkey manufacturing/build-to-print (92.07% of revenue), obsolescence management including component procurement and engineering support (6.53%), trading sales (0.64%), and job work services (0.76%). The company's manufacturing facility has an installed capacity of 10,75,000 boards for SMT assembly, 6,00,000 boards for Through-Hole Technology assembly, and 4,20,000 units for product assembly/box build. The company has achieved EN 9100:2018 certification for aerospace and defence applications and serves primarily defence and aerospace customers (97.81% of revenue in FY2026).
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Founded In

1988

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CEO

Mr. Dovari Yesudas

Financials of Merritronix IPO

Income Statement
Balance Sheet
Cash Flows
Total Income
Total Expenses
Total Profit
Key Performance IndicatorsMar 2024Mar 2025Mar 2026
Operating Revenue85.70113.56155.90
Other Income0.310.480.35
Total Income
86.01114.04156.25
Total Expenses
81.72101.64133.23
Profit Before Tax4.2912.4023.02
Total Profit
3.058.6616.10

All figures are in crores (₹)

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Utilisation of Proceeds

All figures are in crores (₹)

PurposeAmount
The company proposes to procure equipment including Screen Printer, Board Handling Units, Solder Paste Inspection System, Reflow Oven and 3D AOI systems to enhance surface mount technology assembly capabilities, improve manufacturing efficiency, strengthen quality control processes and support production of high-density and complex PCB assemblies for defence, aerospace and industrial electronics applications.21
The company proposes to utilize proceeds towards funding working capital requirements for executing increased order volumes, managing high inventory levels, high debtors, advance payments to suppliers and requirement of security deposits. The company requires additional working capital due to the working capital-intensive nature of the electronic manufacturing services business.22
The company proposes to utilize proceeds for repayment or prepayment, in full or part, of certain outstanding borrowings availed from various banks and financial institutions. The outstanding loan facilities include secured and unsecured borrowings in the form of loan against property and personal guarantees of Directors and Promoters.13
The company proposes to utilize proceeds for general corporate purposes, with the amount not exceeding fifteen percent of the gross proceeds or ten crores whichever is lower, in accordance with SEBI ICDR Regulations.-
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  • Three decades of Operating Legacy in Mission-Critical Defence and Aerospace Electronics: The company has positioned itself as a reliable provider of high-reliability and high-complexity electronic solutions with defence and aerospace applications accounting for 97.81% of revenue from operations in Fiscal 2026, reflecting deep integration into India's strategic electronics manufacturing ecosystem.
  • Established Track Record in Mission-Critical Defence and Aerospace programs: The company has executed projects involving imaging infrared seeker assemblies for missile systems, electronic assemblies for airborne radar systems (ARS), and digital video recording systems (DVRS) for defence aircraft platforms with advanced assembly capabilities including Ball Grid Array (BGA) and micro-BGA component placement.
  • Strong Capabilities in Obsolescence Management and Lifecycle Extension: The company possesses capabilities and experience in obsolescence management of legacy electronic systems, including reverse engineering, development of Form-Fit-Function (FFF) replacements, alternate component qualification, and system redesign to extend operational life of legacy platforms.
  • Modern SMT Infrastructure and IPC-A-610 Class 3 Assembly Capability: The company's manufacturing capabilities include SMT and through-hole assembly, high-density interconnect boards, BGA and micro-BGA components, conformal coating, potting, and box builds with system integration, operating Panasonic NPM D3A and Juki 2060 high-speed SMT lines with installed capacity of 10,75,000 boards for SMT assembly.
  • Strong Order Book providing revenue visibility: The company maintains a healthy and diversified order book with repeat customer rate of 86.08% for the period ended March 31, 2026, and order book standing at ₹9,664.91 lakhs as of April 30, 2026, providing revenue visibility over near to medium term.
  • Experienced Promoters and Senior Management: The company is led by experienced management team with Mr. Dovari Yesudas having over three decades of industry experience and Mr. Dovari Amarnath, a computer science engineering graduate from IIT Madras, associated with the company for over three decades in strengthening technical competencies.
  • High Customer Retention Reflecting Long-Term Programme Relationships: The company achieved repeat customer rate of 86.08% for the period ended March 31, 2026, with 68 of 79 active customers representing returning engagements, demonstrating continuity of customer relationships where switching costs are high and supplier qualification is lengthy.

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