Merritronix Ltd., a Defence & Aerospace-Focused ESDM Company, Files RHP for Rs 70.03 Cr IPO on BSE SME – Backed by Veteran Investor Madhu Kela
Hyderabad (Telangana) [India], June 1: Merritronix Ltd. is a 36-year-old electronics manufacturing company specialising in defence and aerospace applications. The company is hitting the capital markets with a 100% fresh issue IPO of up to 47 lakh equity shares on BSE SME, aiming to raise ₹70.03 Cr at a price band of ₹141–₹149 per share (lot size: minimum 2,000 shares and in multiples of 1,000 equity shares thereafter).
The IPO proceeds are proposed to be utilised primarily towards machinery capex, working capital requirements, and repayment of debt. The anchor investor date is May 29, 2026, and the issue will be open for public subscription from June 01 to June 03, 2026.
The company is backed by Madhu Kela through Founders Collective Fund, which holds a 3.61% stake in Merritronix Ltd.
Book Running Lead Manager: GYR Capital Advisors Private Limited
Total Issue Size: Up to 47.00 lakh equity shares (100% fresh issue)
Market Maker Portion: Up to 2.36 lakh equity shares
Anchor Investor Portion: Up to 13.36 lakh equity shares
Net QIB Portion: Up to 8.92 lakh equity shares
Non-Institutional Investors: Not less than 6.72 lakh equity shares
Retail Individual Investors: Not less than 15.64 lakh equity shares
Utilisation of Net Proceeds
Capital expenditure towards purchase of Machinery and equipment
Upto ₹ 2,136.43 Lakhs
Funding working capital requirements
Upto ₹ 2,195.21 Lakhs
Repayment/ prepayment, in full or part, of all or certain outstanding borrowings availed by our Company
Upto ₹1,271.92 Lakhs
General corporate purposes
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Financial Highlights
Particulars
FY2026
FY2025
FY2024
Revenue from Operations (₹ Lakhs)
15,589.56
11,356.38
8,569.91
EBITDA (₹ Lakhs)
2,721.68
1,518.11
672.64
EBITDA Margin (%)
17.42%
13.31%
7.82%
PAT (₹ Lakhs)
1,610.30
865.95
305.03
PAT Margin (%)
10.33%
7.63%
3.56%
Net Worth (₹ Lakhs)
5,252.28
1,623.47
757.52
Debt- Equity Ratio
0.81
1.10
1.93
AboutMerritronix
Merritronix is led by Managing Director Mr. Dovari Amarnath, a Computer Science Engineering graduate from IIT Madras with over three decades of experience in the electronics manufacturing industry.
Incorporated in 1988 and headquartered in Hyderabad, Telangana, Merritronix operates from the Electronic Complex, Kushaiguda, offering end-to-end ESDM services – PCB design, SMT/THT assembly, component sourcing, testing, and logistics – with a sharp focus on mission-critical defence and aerospace applications. The company holds long-standing approvals with BEL (since 2009) and HAL (since 2012), exports to Europe via Honeywell Aerospace since 2008, and has executed programmes spanning missile seeker assemblies, airborne radar systems, and defence aircraft DVRS.
Obsolescence management & reverse engineering – Specialises in keeping legacy defence systems operational through FFF replacements and system redesign
CERN vendor via TIFR – Selected as a vendor for CERN projects routed through TIFR
EN 9100:2018 certified – The globally recognised quality standard for aerospace and defence manufacturing, equivalent to AS9100D and JISQ 9100:2016. A mandatory prerequisite for most aerospace supply chains globally
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