Merritronix IPO 2026: GMP, Dates, Valuation Figures & Key Facts
· 5 min read · Written by the BuyUnlistedShares desk. Information only, not investment advice.
Explore Merritronix IPO 2026 facts including IPO dates, price band, GMP updates, lot size, financials, valuation ratios and risks.
Last Updated: May 2026
Background
Revenue rose from ₹86 crore in FY2024 to ₹156 crore in FY2026.
This is an SME IPO, which carries risks of limited liquidity and high concentration.
Merritronix IPO Key Details
| Item | Value | As of |
|---|---|---|
| Price band | ₹141 – ₹149 | 30 Jul 2026 |
| Lot size | 2000 shares | 30 Jul 2026 |
| Issue size | ₹70.03 Cr | 30 Jul 2026 |
| Exchange | BSE SME | 30 Jul 2026 |
| Issue type | SME | 30 Jul 2026 |
| Opens | 1 Jun 2026 | 30 Jul 2026 |
| Closes | 3 Jun 2026 | 30 Jul 2026 |
| Allotment | 5 Jun 2026 | 30 Jul 2026 |
| Listing | 8 Jun 2026 | 30 Jul 2026 |
Merritronix IPO Lot Size & Investment Amount
The minimum application lot for retail investors is 2,000 shares. Given the price band of ₹149 (upper cap), the minimum investment works out to ₹2,98,000. This is significantly higher than most mainboard IPOs.
IPO Quota / Investor Reservation
Note: The anchor investor allocation details are yet to be officially disclosed. They will be updated once announced ahead of the IPO opening.
Promoters & Shareholding Pattern
The promoters of Merritronix Limited are: Dovari Yesudas, Dovari Amarnath, Vanaja D, Darsy Kethan Chandra, and Dovari Thaman.
Promoter holding before the IPO is 85.17%.
Objects of the Issue – Use of IPO Proceeds
The company intends to deploy the net proceeds from the IPO for the following purposes:
The allocation is roughly one-third towards capital expansion, one-third towards working capital requirements, and one-fifth towards debt reduction.
Merritronix Financial Performance
Revenue grew from ₹86 crore in FY2024 to ₹156 crore in FY2026. PAT rose from ₹3.05 crore in FY2024 to ₹16.10 crore in FY2026.
Points from these figures:
• The revenue CAGR over FY2024-FY2026 is around 34.7%.
• PAT grew faster than revenue over the same period.
• Total assets rose in FY2026, from ₹74 crore to ₹154 crore.
• The PAT margin rose from 3.5% in FY2024 to 10.3% in FY2026.
IPO Valuation & Key Financial Ratios
Based on FY2026 financials and the upper price band of ₹149 per share:
Implied P/E at the upper band is ~10.7x, based on FY2026 financials. ROE and ROCE are 46% and 45% respectively. These figures are calculated using FY2026 profits, which constitute one fiscal year’s worth of figures.
Debt/equity is 0.81; a portion of IPO money would be used to reduce debts.
Peer Group Comparison
Merritronix has limited direct listed peers in the ESDM / defence electronics manufacturing space. The company's RHP cites the following comparables:
Vinyas has a P/E multiple of 62.85x; Merritronix's P/E at the upper band is about 10.7x. Merritronix is a small-cap company; its business faces risks related to competition within the B2B sector and concentration of orders.
Merritronix IPO GMP (Grey Market Premium)
GMP stands for Grey Market Premium, which serves as an unofficial measure of the demand of the IPO before its listing. There are no regulations attached to the GMP; it cannot be considered an indicator of guaranteed gains from listing.
At the time of publishing this article, IPO has not opened yet (opening date - June 1, 2026). As soon as GMP is calculated from the unofficial grey market, it will be included in the table below.
Strengths stated in the offer document
• Revenue CAGR of 34.7% during FY2024-FY2026.
• ROE is 46%; ROCE is 45%.
• 35+ years in the ESDM space and adherence to standards of the aerospace/defence sectors.
• P/E of ~10.7x at the upper cap.
• Annual production capacity of 17.85 lakh units.
• Part of the IPO proceeds will be used to pay down debt.
Risk Factors
• Listing of the company in the BSE SME segment implies low liquidity compared to stocks listed in the main market. Downturns may not be immediate for such companies.
• High minimum application of ₹2,98,000 limits retail participation.
• Promoter group shareholding is above 85%.
• PAT (FY2024) was ₹3 crore.
• Business model involves trading in B2B markets/procurement by the government implying erratic income flows.
• Debt-Equity ratio of 0.81.
• Names of anchor investors subscribing to the IPO are not known at the time of writing.
Company Background
Location of Merritronix Ltd.: C-22, Electronic Complex, Kushaiguda, Hyderabad, Telangana - 500062. Merritronix Ltd. was incorporated in 1988. This makes its manufacturing experience of over three decades in the electronics industry.
Gry Capital Advisors Pvt. Ltd. is the lead manager to the issue while the registrar to the issue is Bigshare Services Pvt. Ltd.
Important IPO Dates at a Glance
How to Apply for Merritronix IPO
The Merritronix IPO application can be made in the following ways:
- ASBA (Application Supported by Blocked Amount) using the net banking option in the online portal/banking mobile application of the bank
- Online ASBA through UPI using the brokerage account from various trading platforms.
- Physical application through your bank branch or brokerage.
In case of ASBA, the bid amount gets blocked in the bank account and released only in case the shares get allotted.
Frequently Asked Questions
Q:1 Introduction of Merritronix IPO
Merritronix IPO is an SME IPO that is getting listed in the BSE SME segment. This company will get an amount of ₹70.03 crores from a new share issuance at a price band of ₹141 to ₹149 per share. Merritronix is an ESDM company catering to the defence, aerospace, telecom, and industrial industries.
Q:2 When will the Merritronix IPO start and end?
This IPO starts on June 1, 2026, and will be closed on June 3, 2026.
What will be the price band of Merritronix IPO?
The price band of Merritronix IPO will be ₹141 to ₹149 per share. The face value of the equity share would be ₹10.
Q:3 What will be the minimum application of Merritronix IPO?
The minimum lot size would be 2,000 shares (2 lots). Considering the higher price band of ₹149, the minimum application amount will be ₹2,98,000.
In which stock exchange will Merritronix list?
Merritronix IPO will list itself on the BSE SME segment on June 8, 2026.
Q:4 What is Merritronix IPO allotment date?
Allotment basis is estimated on June 4, 2026. Allotment will happen on June 5, 2026, when shares are credited to demat accounts.
Q:5 Who are the promoters of Merritronix Limited?
Promoters of Merritronix are Dovari Yesudas, Dovari Amarnath, Vanaja D, Darsy Kethan Chandra, and Dovari Thaman. The promoter pre-IPO holding is 85.17%.
Q:6 What is Merritronix IPO investor category allocation?
QIB: 50% (inclusive of anchor), NII/HNI: 15%, Retail: 35%.
Q:7 What is Merritronix IPO grey market premium (GMP)?
GMP for Merritronix IPO will be listed here as soon as grey market data gets available closer to the time of IPO bidding. Currently, no GMP data has been reported yet.
Disclaimer:
This is written for educational and informational purposes only. Nothing here constitutes investment advice or a recommendation to buy or sell securities. All data is sourced from publicly available information. Investments in securities markets are subject to market risks — please read all offer documents carefully before investing.
