MerritronixIPO Review — Financials, Valuation & Peers
A data-only look at the Merritronix IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 86.01 | 3.05 | 6.73 | 7.58 | 68.44 | 15.82 | — |
| FY 2025 | 114.04 | 8.66 | 15.18 | 16.23 | 74.18 | 18.57 | — |
| FY 2026 | 156.25 | 16.1 | 27.22 | 52.52 | 154.4 | 43.2 | 12.6 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- P/E (pre-issue)
- 11.83x
- P/E (post-issue)
- 16.18x
- RoNW
- 30.66%
- RoE
- 46.03%
- RoCE
- 45.26%
- Debt / Equity
- 0.81
- EPS (pre-issue)
- ₹12.6
- EPS (post-issue)
- ₹9.21
- EBITDA Margin
- 17.42%
- PAT Margin
- 10.33%
- P/BV
- 3.59x
- NAV / share
- ₹41.56
- Market Cap
- ₹260.52 Cr
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV |
|---|---|---|---|---|---|
| Merritronix | 13.92 | 41.56 | — | 30.66% | — |
| Centum Electronics Ltd | — | 233.36 | — | -15.09% | 12.99x |
| Vinyas Innovative Technologies Limited | 15.43 | 116.77 | 62.85x | 13.22% | 8.35x |
Peer group as disclosed in the offer document, figures as of 28 Mar 2026. The issuer’s P/E is computed at the upper price band.
Promoters & Shareholding
Promoters: Dovari Yesudas, Dovari Amarnath, Vanaja D, Darsy Kethan Chandra and Dovari Thaman
- Holding (pre-issue)
- 85.17%
- Holding (post-issue)
- 62.28%
- Dilution
- 22.89%
Analysis in brief
Anchor book
13 anchor investors participated in the Merritronix IPO ahead of the public offer, together allocated ₹19.87 crore. Anchor investors are institutions allotted shares at the issue price a day before bidding opens, in exchange for a mandatory post-listing lock-in — their names and cheque sizes are disclosed, which is why the anchor book is read as an institutional signal. The largest allocations went to MERU INVESTMENT FUND PCC-CELL 1 (₹5.39 crore), SANSHI FUND-I (₹3.37 crore) and EMERGE CAPITAL OPPORTUNITIES SCHEME (₹1.01 crore). Investor categories represented include Other, FII/FPI and Bank. The lock-in on half the anchor shares ends on 3 Jul 2026, with the remainder locked until 1 Sept 2026.
Margin and return profile
The offer document gives a read on the operating engine behind the issue. Merritronix operates at an EBITDA margin of 17.42% and a net (PAT) margin of 10.33% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 45.26% and a return on equity (RoE) of 46.03%. At the upper band, the post-issue market capitalisation works out to about ₹260.52 crore. These are offer-document figures for the latest reported period (as of 31 Mar 2026); they describe the business as disclosed, not how the stock will trade.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward funding working capital requirements (₹21.95 crore), alongside capital expenditure towards purchase of machinery and equipment (₹21.36 crore). In all, 5 objects are disclosed.
Financials
In FY2026, Merritronix reported revenue of ₹156.25 crore and a net profit of ₹16.1 crore. Revenue grew from ₹86.01 crore in FY2024 to ₹156.25 crore in FY2026 (+82.0%). Net worth stood at ₹52.52 crore at the end of FY2026. At the upper band, that puts the issue at roughly 11.8× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 16.18× post-issue earnings and 3.59× book value, against a return on net worth of 30.66% and a debt-to-equity ratio of 0.81. These ratios come from the offer document and are for comparison, not a recommendation.
Promoters
The promoters of the company are Dovari Yesudas, Dovari Amarnath, Vanaja D, Darsy Kethan Chandra and Dovari Thaman. Promoter holding stands at 85.17% before the issue and comes down to 62.28% after listing.
Frequently asked questions
- What is the reservation split in the Merritronix IPO?
- Of the total shares offered, retail investors get 35.04%, QIBs 19.98% (plus 29.93% anchor), non-institutional investors 15.05%.
- Who are the promoters of Merritronix and what is their holding?
- The promoters are Dovari Yesudas, Dovari Amarnath, Vanaja D, Darsy Kethan Chandra and Dovari Thaman. Promoter holding is 85.17% before the issue and 62.28% after listing.
- What is the P/E ratio of the Merritronix IPO?
- At the upper price band, the Merritronix IPO is valued at 11.83× pre-issue earnings and 16.18× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Merritronix IPO?
- The net proceeds go primarily toward funding working capital requirements, among 5 disclosed objects.