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    Marushika Technology Ltd

    MARUSHIKA
    Information Technology·25 May 2026
    Management Summary

    Marushika Technology Limited reported a strong financial performance for FY26, with significant growth across revenue, EBITDA, and PAT, driven by increased service income and execution across mission-critical sectors. The company is strategically positioned in high-growth areas like data centers, cyber security, and defense, and is expanding its offerings with new products like LMS and SaaS. Management acknowledged the post-IPO share price decline and committed to enhanced transparency and performance to build investor confidence.

    Highlights

    5

    • Revenue for FY26 increased by 36.6% to ₹116.43 crores from ₹85.25 crores in FY24-25.

    • EBITDA for FY26 grew by 48% to ₹15.94 crores from ₹10.77 crores in FY24-25.

    • Profit after tax (PAT) for FY26 rose by 42.5% to ₹8.95 crores from ₹6.28 crores in FY24-25.

    • Service revenue saw a significant increase of 184.5%, reaching ₹49.61 crores in FY26 from ₹17.44 crores in FY24-25.

    • The company maintains a strong order book of more than ₹35 crores, indicating future revenue visibility.

    Concerns

    1

    • The company's share price has seen an erosion of about 25% since its IPO, dropping from ₹115 to ₹90.

    Key financials

    Single quarter

    05 metrics
    1. 01Revenue₹116.43 Cr+36.6%YoY
    2. 02EBITDA₹15.94 Cr+48%YoY
    3. 03EBITDA Margin13.7%
    4. 04PAT₹8.95 Cr+42.5%YoY
    5. 05Service Revenue₹49.61 Cr+1.8%YoY

    Order Book

    high confidence

    Total Value

    ₹ 35 crores

    as of 2026-05-25

    quantified

    "The company has a strong order book and expects continued growth from new initiatives and partnerships."

    Source:
    Q&A

    Guidance & targets

    6
    CategoryTargetPriority
    Revenue
    Data Center Electronics New Business Contribution
    15-20%
    		Medium
    Revenue
    AI-based Solutions Revenue Contribution
    5-10%
    		Medium
    Revenue
    Overall Growth Pace
    same pace as current
    		Low
    Margin
    EBITDA Margin for Complete System Integration Projects
    15-18%
    		Medium
    Margin
    EBITDA Margin for Non-System Integration Projects
    6-8%
    		Medium
    Margin
    Overall Margin Growth
    grow with same pace as turnover
    		Low

    What to watch in Q1 FY27

    5

    Data Center Electronics New Business Contribution

    coming time
    CurrentNewly added, expected to grow
    TargetProgress towards 15-20% new business from this sector

    Why it matters

    This is a key growth driver for the data center segment, indicating the success of new strategic initiatives.

    expect at least 15-20% of the new business from the data center should add up in terms of the electronics sector

    Risks & concerns

    1
    RiskSeverity

    Share price decline post-IPO

    The share price has fallen from ₹115 at IPO to ₹90, representing an erosion of about 25%, raising concerns among investors. — Analyst acknowledged

    medium

    Q&A highlights

    8

    “expect at least 15-20% of the new business from the data center should add up in terms of the electronics sector and the rest that we are doing in the physical part, we still continue to do that.”

    Provides specific growth expectations for a key new segment within data centers, indicating future revenue streams.

    asked by CA Shaishav Vohra

    2 min read5 chapters

    Detailed Narrative

    01

    Strong Financial Performance in FY26

    Marushika Technology Limited reported robust financial results for FY26, with revenue increasing by 36.6% to ₹116.43 crores from ₹85.25 crores in FY24-25. EBITDA saw a significant jump of 48% to ₹15.94 crores, while Profit After Tax (PAT) grew by 42.5% to ₹8.95 crores. A key driver for this growth was the service revenue, which surged by 184.5% to ₹49.61 crores in FY26, reflecting strong execution and higher-value solution deployments.

    02

    Strategic Focus on High-Growth Sectors

    The company is strategically positioned in mission-critical sectors including data centers, cyber security, smart surveillance, defense auto tech, smart transportation, and telecom infrastructure. Management highlighted that the defense auto tech vertical, added recently, has emerged as a promising growth engine. They anticipate at least 15-20% of new business from the electronics sector within data centers, contributing to overall growth.

    03

    New Business Initiatives and Partnerships

    Marushika is actively developing new offerings, including an AI-enabled digital platform, LMS, and SaaS solutions, which are expected to start generating business soon. The company has also forged strategic partnerships, notably with Graymatics for AI-based video analytics solutions, from which they expect 5-10% of business in the coming time. Efforts are also underway to form partnerships for data center projects in the electronic segment.

    04

    Order Book and Margin Outlook

    The company currently holds a strong order book of more than ₹35 crores. Management expects margins to grow at the same pace as turnover, driven by increased service income, recurring revenue from managed services, and direct bids. EBITDA margins for complete system integration projects are projected to range from 15-18%, potentially reaching 20%, while non-SI projects are expected to yield 6-8%.

    05

    Commitment to Investor Transparency

    Addressing investor concerns regarding the post-IPO share price decline (from ₹115 to ₹90, a 25% erosion), management reiterated its commitment to transparency and regular communication. They pledged to continue holding earnings calls and providing updates on company activities, partnerships, and new orders to build investor confidence and ensure awareness of the company's growth path.

    This is an AI-generated summary of a publicly available earnings call transcript. It is for informational purposes only and does not constitute investment advice, a recommendation, or an endorsement. inve.money is not a SEBI-registered investment advisor. Please consult a qualified financial advisor before making any investment decisions.