Marushika Technology IPO

Marushika Technology is an IT and telecom infrastructure solutions provider involved in the distribution, integration, and lifecycle management of information technology and telecom products. The company offers products and services across data centre infrastructure, active networking, telecom systems, advanced surveillance, cybersecurity, and power management, as well as installation, maintenance, and system integration services. During FY25, the main business activity of the company was the sale of traded goods, which accounted for 79.55% of the company's revenue, whereas the remaining 20.45% came from the sale of services.

The company primarily operates with B2B and B2G business models, focusing heavily on infrastructure projects in the government and public sector. It caters to the central and state government departments, public sector undertakings, and private companies in the sectors of defence, IT and telecom, transport, education, and healthcare. It has clients such as Bharat Electronics Limited (BEL), Central Electronics Limited (CEL), Delhi Metro Rail Corporation (DMRC), and the National Security Guard (NSG). During FY25, IT and telecom solutions made up 97.59% of the revenue. Smart solutions contributed 2.28%, and auto-tech solutions for defence accounted for 0.13%. As per customer type, which is primarily driven by the private sector undertakings, the non-government entities contributed 78.90%, and PSU entities added 21.05%, while government departments contributed 0.05%.