Marushika Technology Ltd(MARUSHIKA)

NSE: MARUSHIKA

₹ 118+8.01%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 101 crWebsite: www.marushika.in/Updated: 24 Oct 2026

About

Marushika Technology Limited is an Indian technology solutions company that supplies IT infrastructure, communication systems, defense AutoTech services, and data-centre solutions primarily to government agencies, PSUs, and defence establishments. In FY26 the company reported consolidated revenue of ₹11,643 lakhs (₹116.43 crore), up 36.6% year-on-year. Service revenue nearly tripled to ₹4,961 lakhs in FY26, becoming the primary margin driver and lifting EBITDA margin to 13.7%.^[1][2]

Business segments

IT infrastructure and communication systems: the core business supplying IP-PBX, communication infrastructure, and related systems to government and PSU customers, as seen in the Delhi Metro Phase-IV contract worth ~₹31.19 crore (FY26).^[1]
Defense AutoTech: a vertical initiated ~1.5 years before FY26, covering modernisation, refurbishment, and reverse engineering for Army and Navy platforms; cited as a meaningful profitability contributor in FY26.^[1]
Data centre solutions: includes physical infrastructure (HVAC, humidity, ventilation) and, as of FY26, electronics assets (servers, storage, switches) following closure of three initial orders in the electronics sub-segment.^[1]
Service revenue: ₹4,961 lakhs in FY26 vs ₹1,744 lakhs in FY25, representing the fastest-growing revenue stream and the primary driver of margin expansion.^[1]

Key operating numbers

Consolidated revenue grew 36.6% YoY to ₹11,643 lakhs in FY26, from ₹8,525 lakhs in FY25.^[1]
EBITDA margin was 15.1% in H2 FY26 vs 11.7% in H1 FY26, and 13.7% for the full year FY26, up 105 bps YoY.^[1]
Order book exceeded ₹35 crore as of May 2026 (Q1 FY27).^[1]
Delhi Metro Phase-IV communication systems project (contract ~₹31.19 crore) was approximately 58% executed as of H2 FY26.^[1]

Customers and distribution

Primary customers are central government agencies and PSUs; the company is expanding into state government agencies and smaller state-level bodies as of FY26.^[1]
The Navy was added as a new customer vertical during FY26, alongside the existing Army relationship within the defense AutoTech segment.^[1]

Products and partnerships

Signed a strategic partnership with Graymatics India Private Limited, appointed as non-exclusive distributor and reseller for AI-based video analytics and smart surveillance targeting smart city and enterprise markets (FY26).^[1]
Signed a Master Business Partner Agreement with Sanare Medical Private Limited on 23 September 2026 for distribution and marketing of ExoAtlet II in the Government Territory.^[3]
An LMS and SaaS platform has been under development for approximately one year as of FY26, with revenue generation targeted for FY27.^[1]

Recent developments

Received an order from Trisatya Equipments India Private Limited valued at ₹354.64 lakhs for refurbishment of ZIL lorries (announced FY26).^[1]
Closed three initial orders in the data centre electronics sub-segment (servers, storage, switches), marking the company's entry into electronics assets within the data centre vertical (FY26).^[1]
16th Annual General Meeting held on 25 September 2026; standalone and consolidated financial statements for FY2025-26 adopted at that meeting.^[4]
Management in discussions with a large data centre firm for a strategic partnership on the electronics/server segment as of the Q4 FY26 earnings call.^[1]

Expansion plans

Data centre electronics sub-segment expected to add 15 - 20% incremental business to existing data centre revenues in FY27.^[1]
AI/Graymatics partnership targeted to contribute 5 - 10% of total business over time; managed services and recurring income streams also being added to the portfolio.^[1]
Management has set an aspirational revenue milestone of ₹500 crore, described as 'not very far' as of the Q4 FY26 earnings call.^[1]

Market Cap

₹101 Cr

High / Low

₹123 / 78

Stock P/E

10.7

Price / Book

0.0

Book Value

₹55

EPS

₹10.5

No. of Shares

0.85 Cr

ROCE

28.3%

ROE

18.9%

OPM

13.2%

Debt / Equity

0.15

Sales

₹116 Cr

Net Profit

₹9 Cr

Promoter holding

58.2%

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