Merritronix Limited IPO

Incorporated in October 1988, Merritronix Ltd specializes in high-reliability electronic manufacturing services including PCB assembly, system integration, testing, box-build solutions and finished electronic products for defence and aerospace applications.

The company provides end-to-end B2B manufacturing solutions covering component sourcing, SMT assembly, Through-Hole Technology (THT) assembly, testing and delivery of mission-critical electronic systems compliant with Indian defence and aerospace quality standards.

Its manufacturing facility has installed annual production capacity of approximately 17.85 lakh units including SMT assemblies, THT assemblies and product assembly units. The company has received EN 9100:2018 certification for aerospace and defence PCB manufacturing standards.

Merritronix serves clients across defence, aerospace, heavy industries, power, utilities and industrial electronics sectors. As of March 31, 2026, the company had 57 employees across manufacturing, engineering and operations.

Merritronix IPO is a bookbuilding SME issue aggregating to approximately Rs 70.03 Cr through a completely fresh issue of shares at a price band of Rs 141-149 per share.

The IPO proceeds will be utilized towards purchase of machinery and equipment, working capital requirements, repayment or prepayment of borrowings and general corporate purposes.

The company has demonstrated strong financial growth with significant increase in revenue and profitability over recent years supported by growing defence electronics demand and expanding manufacturing capabilities.

Key strengths include three decades of operating experience, defence and aerospace certifications, strong order book visibility, advanced SMT infrastructure and experienced management team. Key risks include dependence on defence sector demand, working capital intensity, technology obsolescence and SME liquidity risks.