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 Strength
- Three 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
| Purpose | Amount (₹ Cr) |
|---|---|
| Capital expenditure towards purchase of Machinery and equipment | ₹21 |
| Funding working capital requirements | ₹22 |
| Repayment/ prepayment, in full or part, of all or certain outstanding borrowings availed by the Company | ₹13 |
| General corporate purposes | — |
| Metric | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Total Assets | 154 | 74 | 68 |
| Revenue | 156 | 114 | 86 |
| PAT | 16 | 9 | 3 |
| EBITDA | 27 | 15 | 7 |
| Net Worth | 53 | 16 | 8 |
| Reserves | 40 | 15 | 7 |
| Total Borrowing | 43 | 19 | 16 |
| Category | Sub (x) | Offered | Bid For |
|---|---|---|---|
| QIB | 90.97 | 2,228,000 | 202,683,000 |
| NII / HNI | 477.18 | 672,000 | 320,665,000 |
| Retail (RII) | 296.28 | 1,564,000 | 463,386,000 |
| Market Maker | — | 236,000 | — |
| Total | 221.04 | 4,464,000 | 986,734,000 |
* Amount calculated at upper price band (₹149) · ** Total includes all investor categories
- 1 Initiation of Refund 05 Jun 2026
- 2 Credit of Shares to Demat 08 Jun 2026
- The IPO P/E of 16x reflects a good valuation relative to typical market ranges.
- Pre-issue EPS of ₹13 compares to post-issue EPS of ₹9 after dilution.
This IPO has relatively lower interest or stretched valuation. Proceed with thorough research and caution.
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