Merritronix Ltd
Incorporated in October 1988, Merritronix
Limited is an Electronics Systems Design
and Manufacturing (ESDM) company.[1]
- Market Cap ₹ 706 Cr.
- Current Price ₹ 404
- High / Low ₹ 506 / 283
- Stock P/E 43.8
- Book Value ₹
- Dividend Yield 0.00 %
- ROCE 41.1 %
- ROE 46.0 %
- Face Value ₹ 10.0
Pros
- Company has a good return on equity (ROE) track record: 3 Years ROE 51.3%
Cons
- Debtor days have increased from 66.2 to 85.6 days.
- Working capital days have increased from 41.3 days to 64.2 days
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Industrials Capital Goods Industrial Manufacturing Industrial Products
Part of BSE SME IPO
Half Yearly Results
Figures in Rs. Crores
Profit & Loss
Figures in Rs. Crores
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| 16 | 53 | 86 | 114 | 156 | |
| 15 | 51 | 79 | 98 | 129 | |
| Operating Profit | 2 | 2 | 7 | 15 | 27 |
| OPM % | 9% | 3.6% | 8% | 13% | 17% |
| 0 | 0 | 0 | 0 | 0 | |
| Interest | 1 | 1 | 2 | 3 | 4 |
| Depreciation | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | 0 | 0 | 4 | 12 | 23 |
| Tax % | 5% | 39% | 29% | 30% | 30% |
| 0 | 0 | 3 | 9 | 16 | |
| EPS in Rs | 0.18 | 0.27 | 2.70 | 7.94 | 12.59 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 43% |
| TTM: | 37% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 273% |
| TTM: | 86% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 44% |
| 3 Years: | 51% |
| Last Year: | 46% |
Balance Sheet
Figures in Rs. Crores
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Equity Capital | 1 | 1 | 1 | 1 | 13 |
| Reserves | 4 | 4 | 7 | 15 | 40 |
| 9 | 14 | 16 | 19 | 43 | |
| 11 | 24 | 44 | 39 | 58 | |
| Total Liabilities | 25 | 44 | 68 | 74 | 154 |
| 2 | 5 | 4 | 4 | 6 | |
| CWIP | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 |
| 23 | 39 | 64 | 70 | 148 | |
| Total Assets | 25 | 44 | 68 | 74 | 154 |
Cash Flows
Figures in Rs. Crores
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| -1 | 5 | -7 | -23 | ||
| -3 | -2 | 4 | -3 | ||
| 4 | 0 | 1 | 41 | ||
| Net Cash Flow | 0 | 3 | -1 | 15 | |
| Free Cash Flow | -4 | 2 | -7 | -26 | |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | -39% | 74% | -36% | -72% |
Ratios
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Debtor Days | 233 | 161 | 48 | 65 | 86 |
| Inventory Days | 304 | 76 | 163 | 156 | 213 |
| Days Payable | 295 | 159 | 192 | 58 | 73 |
| Cash Conversion Cycle | 242 | 78 | 19 | 164 | 226 |
| Working Capital Days | 154 | 51 | 9 | 51 | 64 |
| ROCE % | 10% | 30% | 51% | 41% |
Insights
In beta| Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|
| Repeat Customer Rate % |
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| Top 1 Customer Revenue Share % |
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| Bank Limit Utilization % |
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| Installed Production Capacity units |
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Extracted by Screener AI
Documents
Announcements
-
Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
- Submission of non applicability of Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended 30th September, 2026.
-
Business Update
- H1 FY27 revenue rose 90.15% to ₹106.37 Cr; order book ₹101.64 Cr; capex commissioning expected by 2026.
-
Announcement under Regulation 30 (LODR)-Resignation of Director
- Independent Director Ramalakshmana Rao Pavuluri resigned effective October 6, 2026, citing personal and professional commitments.
-
Announcement under Regulation 30 (LODR)-Resignation of Director
- Mr. Ramalakshmana Rao Pavuluri resigned as Independent Director effective October 6, 2026.
-
Shareholder Meeting / Postal Ballot-Scrutinizer''s Report
- Merritronix disclosed 38th AGM voting results; all three resolutions passed on September 30, 2026.
Concalls
-
Jul 2026PPT
Business Profile:[1]
Merritronix is an Electronics Systems Design
and Manufacturing (ESDM) company focused
on high-reliability and mission-critical electronic assemblies and systems for defence, aerospace, telecommunications and industrial electronics. The company provides B2B electronics manufacturing services including component sourcing, PCB assembly, system integration, testing, box-build solutions and finished product delivery.