Merritronix was incorporated on October 14, 1988. The company is an Electronics Systems Design and Manufacturing (ESDM) services provider specializing in high-reliability electronic assemblies and systems for defence, aerospace, telecommunications, and industrial applications. It offers end-to-end B2B electronic manufacturing services, including component sourcing, PCB assembly, system integration, testing, and delivery of finished products meeting stringent quality standards
| Bidding Dates |
|---|
| 01 Jun 2026 - 03 Jun 2026 |
| Subscription |
|---|
| 293.31x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹2,82,000 | 2 | 2 | 1000 | 4.7 M | ₹141 - ₹149 | 62.28 % | ₹662.7 M - ₹700.3 M | RHP DOC |
Merritronix IPO SUBSCRIPTION STATUS
03 Jun '26Merritronix IPO overall subscription rate was 293.31 times the total available shares
Merritronix IPO retail subscription rate was 395.41 times in the retail segment
Merritronix IPO non-institutional investor subscription rate was 635.17 times in the non-institutional investor category
Merritronix IPO Qualified Institutional Bidder subscription rate was 119.27 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 35% | 15% | 50% |
03 Jun 2026 (Day 3) | 395.41x | 635.17x | 119.27x |
02 Jun 2026 (Day 2) | 118.56x | 143.11x | 1.64x |
01 Jun 2026 (Day 1) | 30.05x | 28.8x | - |
Merritronix FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| FY26 | 155.9 | 16.1 | -23.4 | -26.0 | 17.4% |
| FY25 | 113.6 | 8.7 | -6.6 | -6.7 | 13.3% |
| FY24 | 85.7 | 3.1 | 4.5 | 2.3 | 7.8% |
Merritronix IPO SUBSCRIPTION STATUS DETAILS
Merritronix had 4.7 M shares on offer
Merritronix IPO offer price was in the range ₹141 - ₹149
Merritronix IPO minimum Investment was ₹282000
Merritronix IPO issue size was ₹ 662.7 M - ₹ 700.3 M
Merritronix had a minimum lot size of 1000 Shares per application
Merritronix NUMBER OF SHARES ON OFFER
Merritronix IPO IMPORTANT DATES
| Issue Open Date | 01 Jun 2026 |
| Issue close Date | 03 Jun 2026 |
| Allotment Date | 04 Jun 2026 |
| Refund Date | 05 Jun 2026 |
| Demat Account Credit Date | 05 Jun 2026 |
| Listing Date | 08 Jun 2026 |
| Listing on Exchange(s) | BSE |
| Merritronix Allotment Status | Exchange/ Registrar |
Merritronix IPO subscription opened on 01 Jun 2026, and closed on 03 Jun 2026
IPO allotment for Merritronix was finalized on Thursday, 04 Jun 2026
IPO listing for Merritronix was on BSE on Monday, 08 Jun 2026
Merritronix IPO LISTING GAINS
| Issue Price (adjusted) | 149.0 |
| Listing Open Price | 283.1 |
| Listing Close Price | 297.3 |
| Listing Gain% | 90.0% |
| Current Gain% | 136.7% |
Merritronix Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Merritronix Ltd. | 352.8 | 616.8 | 38.3 | 0.4 | 3.9 | 30.3 | 10.4 | 156.2 | 37 | 16.1 | 86 | 9.2 | 86 |
| KRN Heat Exchanger and Refrigeration Ltd. | 1208.4 | 7511 | 98.2 | 2.2 | 12.5 | 13.3 | 8.2 | 609.8 | 38.1 | 76.5 | 44.6 | 12.3 | 44.6 |
| Centum Electronics Ltd. | 3851.8 | 5684.9 | -110.6 | 0 | 4.6 | -13.6 | -3.6 | 968.6 | -16.8 | -46.7 | -1999.6 | -34.8 | -2567.5 |
| Cyient DLM Ltd. | 685.6 | 5442.1 | 66.3 | 3.7 | 4 | 7.2 | 4.5 | 1297.7 | -16 | 73.3 | 7.6 | 10.3 | 18.1 |
| Marine Electricals (India) Ltd. | 336.9 | 4659.1 | 79.8 | 1.5 | 5.3 | 11.8 | 6.6 | 893.2 | 14.5 | 58.4 | 51.9 | 4.2 | 51.9 |
| Hind Rectifiers Ltd. | 1310.2 | 4503.4 | 100.1 | 4.7 | 4.5 | 21.6 | 6.8 | 1000.8 | 52.4 | 45 | 21.3 | 13.1 | 21.3 |
Merritronix INFORMATION ON IPO ISSUE
About Merritronix
Merritronix was incorporated on October 14, 1988. The company is an Electronics Systems Design and Manufacturing (ESDM) services provider specializing in high-reliability electronic assemblies and systems for defence, aerospace, telecommunications, and industrial applications. It offers end-to-end B2B electronic manufacturing services, including component sourcing, PCB assembly, system integration, testing, and delivery of finished products meeting stringent quality standards
Object of the Issue
- Capital expenditure towards purchase of machinery and equipment
- Funding working capital requirements
- Repayment/ prepayment, in full or part, of all or certain outstanding borrowings availed by the company
- General corporate purposes
Merritronix - PROMOTERS
| Name |
|---|
| Dovari Amarnath |
| Dovari Yesudas |
| Darsy Kethan Chandra |
| Dovari Thaman |
| Vanaja. D |
Merritronix - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Dovari Amarnath | Managing Director |
| Dovari Yesudas | Chairman & Executive Director |
| Darsy Kethan Chandra | Executive Director |
| Maj Ravi Bandreddi | Non-Executive Independent Director |
| Sridevi Madati | Non-Executive Independent Director |
| Ramalakshmana Rao Pavuluri | Non-Executive Independent Director |
Merritronix Book Running Lead Manager
GYR Capital Advisors Private Limited
merritronix.ipo@gyrcapitaladvisors.in
Merritronix Registrar to the issue
Bigshare Services Private Limited
ipo@bigshareonline.com
Merritronix Strengths
Established defence & aerospace electronics player
The company operates in a niche electronics manufacturing segment focused on low-volume, high-complexity, and high-reliability solutions for defence, aerospace, and industrial sectors. Its integrated capabilities in sourcing, assembly, testing, and quality control help ensure precision, traceability, and compliance with stringent industry standards
Operational capabilities
The company has expertise in obsolescence management for legacy electronic systems, including reverse engineering, component replacement, and system redesign for defence and aerospace applications. Its capabilities help extend the operational life of critical platforms and position it as a specialist provider within India’s growing defence electronics ecosystem
Strong order book
The company maintains a diversified order book across defence, aerospace, and industrial sectors, providing strong revenue visibility and supporting efficient capacity and working capital planning. Long-term customer relationships, multi-stage project cycles, and a high repeat customer rate reflect sustained confidence in its technical capabilities and execution reliability
Merritronix Risks
Competitive bidding
The company’s growth depends significantly on its ability to qualify for and win competitive bids from defence PSUs and related customers. Failure to meet evolving bid eligibility, technical qualifications, or competitive requirements could adversely affect its order inflows, revenues, and profitability
Approvals & licences
The company’s operations depend on obtaining, renewing, and maintaining various statutory approvals, licenses, and regulatory permits. Any failure to comply with applicable regulations or maintain required approvals could disrupt operations, increase costs, and adversely affect its business and financial performance
Quality & reputation
Any failure in the company’s quality control processes could result in defective products, customer returns, product recalls, or legal claims, adversely affecting its reputation and financial performance. Inability to consistently maintain product quality may also lead to loss of customer trust, increased costs, and operational disruptions
IPO FAQs
The promoters of the company are Dovari Amarnath, Dovari Yesudas, Darsy Kethan Chandra, Dovari Thaman and Vanaja. D.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.
The price band of the IPO is Rs 141.0 - 149.0.
The IPO application opens on Jun 01, 2026 and closes on Jun 03, 2026.
The minimum lot size for the IPO is 2000. The maximum lot size for the IPO is 2000.
For all category investors, the minimum application amount for this IPO is Rs. 282,000.0, the maximum value for this IPO is Rs 298,000.0.
This IPO will be allotted on Jun 04, 2026.
The refund will be credited to your account on Jun 05, 2026.
The allotted shares will be credited to your demat on Jun 05, 2026.
Merritronix Ltd.’s shares listed on the stock exchanges on Jun 08, 2026.