Merritronix Ltd
Incorporated in October 1988, Merritronix
Limited is an Electronics Systems Design
and Manufacturing (ESDM) company.[1]
- Market Cap ₹ 729 Cr.
- Current Price ₹ 417
- High / Low ₹ 506 / 283
- Stock P/E 45.3
- 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
| Sep 2025 | |
|---|---|
| 56 | |
| YoY Sales growth | |
| 48 | |
| Operating Profit | 8 |
| OPM % | 15% |
| 0 | |
| Interest | 2 |
| Depreciation | 0 |
| Profit before tax | 5 |
| Tax % | 30% |
| 4 | |
| EPS in Rs | 3.24 |
| Raw PDF |
Profit & Loss
Figures in Rs. Crores
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| 16 | 53 | 86 | 114 | 156 | |
| Sales growth | +222% | +61% | +33% | +37% | |
| 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
-
Board Meeting Intimation for Prior Intimation Under Regulation 29 Of SEBI (LODR) Regulations, 2015 For The Board Meeting Scheduled To Be Held On Saturday, November 14, 2026.
- Board meeting on 14 November 2026 to approve half-year unaudited financial results; trading window closed from 1 October.
-
Announcement under Regulation 30 (LODR)-Monitoring Agency Report
- Monitoring agency report for Q2 FY27 shows no deviation in Rs70.03 crore IPO proceeds use.
-
Announcement under Regulation 30 (LODR)-Credit Rating
- CRISIL reaffirmed Merritronix's Rs20 crore loan rating at BBB-/Stable, with watch developing implications.
-
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.
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.