Merritronix Ltd., a Defence & Aerospace-Focused ESDM Company, Files RHP for Rs 70.03 Cr IPO on BSE SME – Backed by Veteran Investor Madhu Kela
Hyderabad (Telangana) [India], June 1: Merritronix Ltd. is a 36-year-old electronics manufacturing company specialising in defence and aerospace applications. The company is hitting the capital markets with a 100% fresh issue IPO of up to 47 lakh equity shares on BSE SME, aiming to raise ₹70.03 Cr at a price band of ₹141–₹149 per share (lot size: minimum 2,000 shares and in multiples of 1,000 equity shares thereafter).
The IPO proceeds are proposed to be utilised primarily towards machinery capex, working capital requirements, and repayment of debt. The anchor investor date is May 29, 2026, and the issue will be open for public subscription from June 01 to June 03, 2026.
The company is backed by Madhu Kela through Founders Collective Fund, which holds a 3.61% stake in Merritronix Ltd.
Book Running Lead Manager: GYR Capital Advisors Private Limited
Issue Structure
- Total Issue Size: Up to 47.00 lakh equity shares (100% fresh issue)
- Market Maker Portion: Up to 2.36 lakh equity shares
- Anchor Investor Portion: Up to 13.36 lakh equity shares
- Net QIB Portion: Up to 8.92 lakh equity shares
- Non-Institutional Investors: Not less than 6.72 lakh equity shares
- Retail Individual Investors: Not less than 15.64 lakh equity shares
Utilisation of Net Proceeds
| Capital expenditure towards purchase of Machinery and equipment | Upto ₹ 2,136.43 Lakhs |
| Funding working capital requirements | Upto ₹ 2,195.21 Lakhs |
| Repayment/ prepayment, in full or part, of all or certain outstanding borrowings availed by our Company | Upto ₹1,271.92 Lakhs |
| General corporate purposes | [●] |
Financial Highlights
| Particulars | FY2026 | FY2025 | FY2024 |
| Revenue from Operations (₹ Lakhs) | 15,589.56 | 11,356.38 | 8,569.91 |
| EBITDA (₹ Lakhs) | 2,721.68 | 1,518.11 | 672.64 |
| EBITDA Margin (%) | 17.42% | 13.31% | 7.82% |
| PAT (₹ Lakhs) | 1,610.30 | 865.95 | 305.03 |
| PAT Margin (%) | 10.33% | 7.63% | 3.56% |
| Net Worth (₹ Lakhs) | 5,252.28 | 1,623.47 | 757.52 |
| Debt- Equity Ratio | 0.81 | 1.10 | 1.93 |
About Merritronix
Merritronix is led by Managing Director Mr. Dovari Amarnath, a Computer Science Engineering graduate from IIT Madras with over three decades of experience in the electronics manufacturing industry.
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