Marushika Technology Ltd — Q4 FY26 earnings call

Call held 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

  • 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

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

Key financials

  1. Revenue ₹116.43 Cr +36.6%YoY
  2. EBITDA ₹15.94 Cr +48%YoY
  3. EBITDA Margin 13.7%
  4. PAT ₹8.95 Cr +42.5%YoY
  5. Service Revenue ₹49.61 Cr +184.5%YoY

What they filed

₹ Cr · quarterly
Line itemQ4 FY26
Revenue68
EBITDA10
Net profit6
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Order book

high confidence

Total value

₹35 Cr

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

Revenue

  • Data Center Electronics New Business Contribution Revenue · going forward · Medium confidence 15-20%
    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.

    — Monicca Agarwaal

  • AI-based Solutions Revenue Contribution Revenue · coming time · Medium confidence 5-10%
    we expect in coming time, we will have at least 5-10% of business coming from this sector as well.

    — Monicca Agarwaal

  • Overall Growth Pace Revenue · going forward · Low confidence same pace as current
    So, as far as the projections are concerned, we hope to grow at the same pace that we are growing right now.

    — Monicca Agarwaal

Margin

  • EBITDA Margin for Complete System Integration Projects Margin · going forward · Medium confidence 15-18%
    The margin ranges from 15 to 18 percent. It may go up to 20% also.

    — Monicca Agarwaal

  • EBITDA Margin for Non-System Integration Projects Margin · going forward · Medium confidence 6-8%
    when you are not working with directly PSU or the system integrators, then it may come down to 6 to 7-8 percent.

    — Monicca Agarwaal

  • Overall Margin Growth Margin · going forward · Low confidence grow with same pace as turnover
    we expect not only the turnover, but also the margins to grow with the same pace.

    — Monicca Agarwaal

What to watch in Q1 FY27

Data Center Electronics New Business Contribution

coming time
Current Newly added, expected to grow
Target Progress 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

  • Share price decline post-IPO

    medium

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

    while the IPO came at 115, today the shares are quoted around 90. So, there's an erosion of about 25 percent

    Analyst acknowledged

Q&A highlights

8 direct
Growth targets for defense and data center segments Direct
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

Current order book and executable pipeline for FY27 Direct
Currently, we have already built 14 crores of the turnover and we are standing on strong order book of more than 35 crores.

Quantifies the current order book, a key indicator for future revenue visibility and execution.

Asked by Rishabh Sharma

Sustainability of EBITDA margin improvement Direct
We are adding the service income. We are adding the recurring income with the managed service solutions... we expect not only the turnover, but also the margins to grow with the same pace.

Explains the strategic drivers for margin expansion, including higher-value solutions and recurring revenue, which are crucial for profitability.

Asked by Rishabh Sharma

Business verticals driving the next phase of growth Direct
we are definitely focusing on data centers, cyber security, defense... we are adding more and more government agencies to work with... we are strengthening ourselves to cater to the market in a better way.

Clarifies the company's strategic focus areas and expansion into new client segments (state governments, Navy), indicating future growth avenues.

Asked by Rishabh Sharma

Adding new products Direct
the LMS and SAAS is a very new product that we have developed in the past. It's a one-year-old... we are expecting this to roll on and start giving us business.

Highlights new product development in high-margin technology solutions (LMS, SaaS) and their expected contribution to future business.

Asked by Rishabh Sharma

Revenue contribution from Graymatics partnership Direct
we expect in coming time, we will have at least 5-10% of business coming from this sector as well.

Provides a specific revenue target for a new strategic partnership in AI-based video analytics solutions, indicating its potential impact.

Asked by Rishabh Sharma

Margins on government and PSU projects Direct
The margin ranges from 15 to 18 percent. It may go up to 20% also. And, you know, when you are not working with directly PSU or the system integrators, then it may come down to 6 to 7-8 percent.

Differentiates margin profiles based on project type and client engagement model, providing insight into profitability drivers.

Asked by Rishabh Sharma

Investor returns post-IPO and management's plan Direct
while the IPO came at 115, today the shares are quoted around 90. So, there's an erosion of about 25 percent... we will definitely do the earnings call so that you know what we are doing. And we will make sure as the management that you are aware of what the company is getting, what we are doing, how we are proceeding, what new partnerships are we doing, what new orders are we generating.

Addresses a direct investor concern about share price performance post-IPO and outlines management's commitment to transparency and communication to rebuild confidence.

Asked by CA Shaishav Vohra

2 min read 5 chapters

Detailed narrative

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.

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.

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.

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%.

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.

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