MARUSHIKA
Marushika Technology financials
- Market cap
- ₹102 Cr
- Sector
- Information Technology
- Calls analysed
- 1
MARUSHIKA Q4 FY26
What went well
- 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.
What to watch
- The company's share price has seen an erosion of about 25% since its IPO, dropping from ₹115 to ₹90.
What Marushika Technology Ltd does
Marushika Technology Limited builds and executes secure, smart infrastructure solutions spanning data centers, cyber security, smart surveillance, defense auto-tech, smart transportation and telecom infrastructure. It executes communication-systems projects such as IP-PBX and communication infrastructure for Delhi Metro Phase-IV, refurbishes defense-related vehicles (ZIL Lorries), and distributes/resells AI-based video analytics and smart surveillance solutions through a partnership with Graymatics. The company earns from both product sales (stock-in-trade) and technical sub-contract services, and is building new digital offerings including an AI-enabled platform, an LMS and SaaS solutions.
Segments
- Secure Solutions
- Robust Infrastructure
- Scalable Platforms
- Smart Cities
- Intelligent Surveillance
- Defence Auto-Tech
- Delhi Metro Phase-IV project completion
- ~58% completed
- Delhi Metro Phase-IV project scope
- IP-PBX & communication infrastructure
- Business verticals
- 6 (Secure Solutions, Robust Infrastructure, Scalable Platforms, Smart Cities, Intelligent Surveillance, Defence Auto-Tech)
- Graymatics partnership role
- Non-exclusive distributor & reseller for AI-based video analytics & smart surveillance
- Trisatya order scope & timeline
- Refurbishment of ZIL Lorries, execution by March 2027
- Mission-critical sectors served
- Data centers, cyber security, smart surveillance, defense auto-tech, smart transportation, telecom infrastructure
Guidance record · Q4 FY26
what the last two calls moved 6 tracked 0 delivered 0 missed 6 open- Data Center Electronics New Business Contribution open said Q4 FY26 Promised: At least 15-20% of new business from the data center should add up in terms of the electronics sector. Q4 FY26: Guidance of 15-20% contribution from data center electronics business going forward.
All 6 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
| Line item | Q4 FY26 |
|---|---|
| Revenue | 68 |
| EBITDA | 10 |
| Net profit | 6 |
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.
Performance +5.2% YTD
YTD: ₹114 on 19 Feb 2026 → ₹119.95. High ₹119.95 (11 Sept 2026), low ₹80.95 (26 May 2026).
How the price took the results
close before → close after
- Q4 FY26
- −2.2%
- 25 May
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Balance sheet
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Equity capital | ₹1 Cr | ₹1 Cr | ₹6 Cr | ₹9 Cr |
| Reserves | ₹3 Cr | ₹7 Cr | ₹9 Cr | ₹39 Cr |
| Borrowings | ₹10 Cr | ₹20 Cr | ₹21 Cr | ₹7 Cr |
| Other liabilities | ₹17 Cr | ₹19 Cr | ₹17 Cr | ₹32 Cr |
| Total liabilities | ₹30 Cr | ₹46 Cr | ₹53 Cr | ₹87 Cr |
| Fixed assets | ₹1 Cr | ₹2 Cr | ₹2 Cr | ₹6 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹2 Cr | ₹3 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹29 Cr | ₹45 Cr | ₹50 Cr | ₹78 Cr |
| Total assets | ₹30 Cr | ₹46 Cr | ₹53 Cr | ₹87 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Mar 2026
- Promoters
- 58.2%
- FIIs
- 6.2%
- DIIs
- 7.6%
- Public
- 28.0%
Who is on the register
Named in the Mar 2026 filing
Every holder of Marushika Technology Ltd above SEBI's 1% disclosure line.
| Holder | Stake |
|---|---|
| Monicca Agarwaal | 38.61% |
| Jaiprakash Pandey | 16.02% |
| Sonika Aggarwal | 3.56% |
| NAV CAPITAL VCC - NAVnCAPITAL EMERGING STAR FUND FPI fund | 2.68% |
| NAVBHARAT INVESTMENTnTRUST-NAVBHARATnINVESTMENT OPPORTUNITIE AIF | 2.67% |
| Saint Capital Fund FPI fund | 2.47% |
| Aarth AIF Growth Fund AIF | 2.07% |
| NBFCs registered with RBI NBFC / DFI | 1.62% |
| Rajasthan Global Securities Private Limited Corporate | 1.62% |
| EXPERTPRO REALTY PRIVATEnLIMITED | 1.42% |
| Mansi Share & Stock Broking Private Limited | 1.41% |
| Nikunj Stock Brokers | 1.36% |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Learn to analyse Marushika Technology Ltd
Guides on how to read this kind of business and the numbers that matter.