Merritronix IPO GMP Today ₹97 — Price Band ₹149, Listing Date, Review & Should You Apply? (June 2026)

Merritronix IPO GMP Today Jumps to ₹97 — Complete Review, Price Band ₹149 & Listing Date June 2026

Merritronix Limited, a Hyderabad-based Electronics Systems Design and Manufacturing (ESDM) company with 36+ years of experience, is opening its BSE SME IPO on June 1, 2026. The grey market is already buzzing — GMP today has jumped to ₹97 per share, signalling an expected listing gain of approximately 65% over the upper price band of ₹149. Here is everything you need to know before you apply.

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## Merritronix IPO — Key Details at a Glance

| IPO Detail | Information |
|---|---|
| IPO Open Date | June 1, 2026 (Sunday) |
| IPO Close Date | June 3, 2026 (Tuesday) |
| Price Band | ₹149 per share (upper band) |
| Lot Size | 1,000 shares |
| Minimum Investment (1 lot) | ₹1,49,000 |
| Minimum Investment (Retail – 2 lots) | ₹2,98,000 |
| Issue Size | ~₹70.03 crore |
| Issue Type | Book Build — 100% Fresh Issue |
| Listing Exchange | BSE SME |
| Allotment Date | June 4, 2026 |
| Listing Date | June 8, 2026 |
| GMP Today (May 26, 2026) | +₹97 (~65% expected listing gain) |
| Registrar | Bigshare Services Pvt. Ltd. |
| Lead Manager | GYR Capital Advisors Pvt. Ltd. |
| Market Maker | Hem Finlease Pvt. Ltd. |

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## Merritronix IPO GMP Today — May 26, 2026

🔥 **Current GMP: +₹97**

The Merritronix IPO Grey Market Premium (GMP) today stands at ₹97 per share — up significantly from ₹70–₹85 seen earlier this week. At the upper price band of ₹149, this puts the expected listing price at approximately **₹246 per share**, translating to a **~65% listing gain**.

This is one of the highest GMP figures in the SME IPO space this month, driven by strong investor interest in India's defence electronics manufacturing theme.

**GMP History:**
- May 20, 2026: ₹70
- May 22, 2026: ₹80
- May 24, 2026: ₹85
- May 26, 2026: ₹97 ⬆️ (current)

> **Disclaimer:** Grey Market Premium (GMP) is an unofficial, unregulated indicator. It can change rapidly and should not be the sole basis for investment decisions.

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## About Merritronix Limited

Incorporated in October 1988 and based in Hyderabad, Telangana, Merritronix Limited is a 36-year-old ESDM (Electronics Systems Design and Manufacturing) company specialising in mission-critical, high-reliability electronic assemblies. The company serves:

- 🛡️ **Defence & Aerospace** — primary revenue driver
- 📡 **Telecom**
- ⚙️ **Industrial Electronics**

**Core capabilities include:**
- Printed Circuit Board (PCB) assembly
- Turnkey electronic manufacturing (build-to-print)
- System integration and testing
- Component trading
- Obsolescence management
- Lifecycle product support

The company has evolved strategically from job work to high-margin, end-to-end turnkey solutions — particularly for defence and aerospace clients, a segment growing rapidly under India's Make in India and Aatmanirbhar Bharat push.

**Key Promoters:** Dovari Yesudas, Dovari Amarnath, Vanaja D, Darsy Kethan Chandra, Dovari Thaman

**Employees:** 56 permanent staff (as of January 31, 2026)

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## Merritronix Financial Performance

| Metric | FY2024 | FY2026 | Growth |
|---|---|---|---|
| Revenue from Operations | ₹85.70 crore | ₹155.90 crore | +34.87% CAGR |
| EBITDA Margin | 7.82% | 17.42% | More than doubled |
| Profit After Tax (PAT) | ₹3.05 crore | ₹16.10 crore | +427% |
| PAT Margin | ~3.6% | 10.33% | Strong improvement |

**Highlights:**
- Revenue grew at ~35% CAGR over 2 years
- PAT expanded 4x — from ₹3.05 crore to ₹16.10 crore
- EBITDA margin doubled as company shifts to high-value turnkey orders
- Strong Q3 FY2026 performance sustains momentum

**IPO proceeds utilisation:**
- Capital expenditure (machinery & equipment): ₹21.36 crore
- Working capital: ₹21.95 crore
- General corporate purposes: remaining amount

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## Merritronix IPO Valuation

At the upper price band of ₹149, Merritronix is valued at approximately ₹800 crore market capitalisation. Considering:
- 10.33% PAT margin (strong for EMS sector)
- 35% revenue CAGR
- Growing defence sector tailwinds

...the valuation appears reasonable to attractive compared to listed EMS peers.

At expected listing price of ₹246 (GMP ₹97), the market cap would be ~₹1,320 crore at listing.

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## Strengths & Risks

### ✅ Strengths
- Deep presence in India's defence & aerospace EMS — a structural growth sector
- 427% PAT growth in 2 years — exceptional profitability trajectory
- EBITDA margin expansion from 7.82% to 17.42% shows operating leverage
- Experienced promoters with 36 years in electronics manufacturing
- Beneficiary of Make in India and Aatmanirbhar Bharat in defence electronics

### ⚠️ Risks
- B2B-only model — no direct consumer brand
- SMD capacity utilisation declined from 89% to 65% in FY2026 — monitor
- Concentrated in government/defence client base
- Small team (56 employees) for a ₹155 crore revenue company

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## How to Apply for Merritronix IPO Online

1. Log in to your broker app — Zerodha, Upstox, Angel One, Groww, ICICI Direct, etc.
2. Go to the **IPO** section and search for "Merritronix"
3. Choose number of lots (minimum 1 lot = 1,000 shares = ₹1,49,000)
4. Enter your UPI ID and place the bid
5. Approve the UPI mandate in your BHIM / PhonePe / Google Pay app before the deadline
6. Alternatively, apply via ASBA through your bank's net banking

**Important dates to remember:**
- IPO Open: June 1, 2026
- IPO Close: June 3, 2026
- Allotment: June 4, 2026
- Listing (BSE SME): June 8, 2026

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## Merritronix IPO — Should You Apply?

Given:
- ✅ GMP of ₹97 (65% expected gain) — one of the highest in current SME cycle
- ✅ 427% PAT growth and doubling of EBITDA margins
- ✅ Strong sectoral tailwind — defence electronics is a multi-year growth story in India
- ✅ Reasonable valuation at ₹149 vs expected listing at ₹246

**Verdict: Strong Apply** — suitable for both short-term listing gain seekers (GMP ₹97) and medium to long-term investors looking for quality exposure to India's defence EMS sector.

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> **Disclaimer:** This article is for informational and educational purposes only and does not constitute investment advice. Grey Market Premium (GMP) figures are unofficial and can change. Please consult a SEBI-registered investment advisor before applying to any IPO. Investments in SME IPOs are subject to market risks.