Merritronix Ltd. IPO

Merritronix

• Merritronix is coming out with an initial public offering (IPO) of 47,00,000 shares in a price band of Rs 141-149 per equity share.
• The issue will open on June 1, 2026 and will close on June 3, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 14.10 times of its face value on the lower side and 14.90 times on the higher side.
• Book running lead manager to the issue is GYR Capital Advisors.
• Compliance officer for the issue is Mandava Swathi.

Profile of the company

The company is an Electronics Systems Design and Manufacturing services (ESDM) company specializing in high-reliability, mission critical electronic assemblies and systems for defence, aerospace, telecommunications, Rapid Prototyping for design houses OEMs, Engineering services Companies and specialized industrial electronics. The company is primarily engaged in business-to-business (B2B) electronic manufacturing services, encompassing component sourcing, printed circuit board ('PCB') assembly, system integration, testing, box-build solutions and delivery of finished electronic products - executed to the quality standards required by India's strategic defence and aerospace programmes.

This integrated manufacturing and design support capability enables to serve industries that require reliable and performance oriented electronic systems. A key part of its manufacturing process is Surface-Mount Technology (SMT), which involves assembling electronic components directly onto the surface of printed circuit boards (PCBs) using automated placement systems and controlled reflow processes. Its SMT capabilities include the assembly of advanced packaging technologies such as Ball Grid Array (BGA) and micro-BGA components, commonly used in high-performance and miniaturized electronic systems.

Its SMT capabilities support the use of advanced and miniaturized components required in defence, aerospace and industrial electronic systems. The largely automated nature of the SMT process - including solder paste printing, automated component placement and controlled reflow soldering - enables consistent quality and precision. It also undertakes box-build and system integration activities, comprising assembly and integration of electronic modules and subsystems into fully functional end products. It also manages mechanical enclosure fabrication and related processes, where required, through third-party vendors as part of the overall system integration process, thereby enabling customers to engage through a single, coordinated interface.

Proceed is being used for:

• Capital expenditure towards purchase of machinery and equipment
• Funding working capital requirements
• Repayment/ prepayment, in full or part, of all or certain outstanding borrowings availed by the company
• General corporate purposes

Industry overview

The Electronics System Design & Manufacturing (ESDM) industry includes electronic hardware products and components relating to information technology (IT), office automation, telecom, consumer electronics, aviation, aerospace, defence, solar photovoltaic, nano-electronics and medical electronics. The industry also includes design-related activities such as product designing, chip designing, Very Large-Scale Integration (VLSI), board designing and embedded systems. The India electronics manufacturing services market was valued at Rs 238,121.3 crores in 2024 and is expected to reach Rs 11,52,296.6 crores in 2030, registering a CAGR of 31.22% for the forecast period.

India’s Electronics Manufacturing Services (EMS) industry is poised to benefit from the continued expansion of domestic electronics production, supported by strong policy backing, rising localization initiatives, and increasing participation of global original equipment manufacturers (OEMs). Government programs aimed at strengthening the ESDM ecosystem, coupled with incentives for local value addition, are expected to enhance domestic capacity and reduce import dependence. As production volumes scale and supply chains deepen within India, EMS providers are likely to witness sustained growth in outsourcing demand and long-term revenue visibility.

The Indian EMS industry has witnessed significant momentum driven by recent policy reforms and incentive programs introduced by the Government of India. Initiatives such as the Production Linked Incentive (PLI) scheme, Design Linked Incentive (DLI), and the India Semiconductor Mission have accelerated investments across the electronics value chain. These measures have enhanced domestic manufacturing competitiveness, encouraged capacity expansion, and improved India’s positioning in the global electronics supply chain.

Pros and strengths

Three decades of operating Legacy in mission-critical defence and aerospace electronics: It operates in a niche segment of electronics manufacturing focused on low-volume, high-complexity and high-reliability applications catering primarily to the defence, aerospace, electrical engineering, power & utilities, and industrial sectors. Unlike mass-production EMS companies, its business model emphasizes precision engineering, customization and stringent quality compliance, which creates relatively higher entry barriers within this segment. It has positioned itself as a reliable provider of high-reliability and high-complexity electronic solutions by integrating sourcing, assembly, testing, and quality control within a unified execution framework. This integrated approach supports enhanced component traceability and process controls, which are an essential requirement for defence and aerospace applications. Defence and aerospace applications accounted for 97.81% of its revenue from operations in Fiscal, 2026, reflecting its deep integration into India's strategic electronics manufacturing ecosystem.

Modern SMT infrastructure and IPC-A-610 Class 3 assembly capability: Its manufacturing capabilities include SMT and through-hole assembly, high-density interconnect boards, BGA and micro-BGA components, conformal coating, potting, and box builds with system integration. It adheres to IPC-A-610 Class 3 standards, typically required for aerospace and defence electronics, and focus on maintaining strong process controls, high first-pass yields and low field failure rates, demonstrating its emphasis on quality and process discipline. Its manufacturing facility operates Panasonic NPM D3A and Juki 2060 high-speed SMT lines, supported by Maker-Ray 3D Automated Optical Inspection (AOI) and X-ray inspection systems. Its assembly capabilities encompass high-density interconnect PCBs, Ball Grid Array (BGA) and micro-BGA components, conformal coating, potting, through-hole assembly and box-build integration. All assembly operations are performed to IPC-A-610 Class 3 acceptability standards.

Strong order book providing revenue visibility: It maintains a healthy and diversified order book from customers across defence, aerospace, industrial and allied sectors, which provides revenue visibility over the near to medium term. Its order backlog reflects sustained customer confidence in its technical capabilities, quality standards and execution reliability in handling high-reliability electronic assemblies. Given the mission-critical nature of its programs, particularly in defence and aerospace applications, its projects typically involve multi-stage development, qualification and production cycles. This results in longer engagement tenures and improves revenue visibility. The visibility afforded by its order pipeline enables to undertake effective capacity planning, optimize procurement strategies and manage working capital efficiently. Defence and aerospace programmes typically involve multi-stage development, qualification and production cycles, resulting in engagement tenures of two to five years per programme which supports predictable revenue visibility over the near to medium term. Its repeat customer rate of 86.08% for the period ended March 31, 2026 reflects the stickiness of defence and aerospace customer relationships, where switching costs are high and supplier qualification is a lengthy process.

Risks and concerns

Business highly dependent on Telangana for revenue generation: The majority of its product sales and services is concentrated in the region of Telangana. For the Fiscal 2026, 2025 and 2024 its revenue from sale of products and services in Telangana accounted for 98.19%, 95.63% and 88.85% of its revenue from operations, respectively any adverse developments affecting its sales in these regions could have an adverse impact on its business, financial condition, results of operations and cash flows. Due to the geographic concentration of the sale of its products and services in Telangana state, its operations are susceptible to local and regional factors, such as economic and weather conditions, natural disasters, demographic changes, and other unforeseen events and circumstances.

Heavy reliance on limited customer base: The company derives a significant portion of its revenues from a limited number of clients. For Fiscal 2026, 2025 and 2024, revenue from its top 10 customers accounted for 89.36%, 95.22% and 92.28% of its revenue from operations, respectively, indicating a significant dependence on a limited customer base. Its business heavily relies on its customer base, and the potential loss of any of its customers could have a negative impact on its sales and, consequently, its overall business and financial performance. If it is to lose one or more of its significant or key customers or experience a reduction in the volume of business they provide, it could result in adverse consequences for its business, financial health, and cash flow.

Dependence on Aerospace & Defence industry: The business operations are significantly dependent on revenue derived from Aerospace & Defence industry in which the customers operate. The company derived significant portion of the revenue from Aerospace & Defence industry as accounted for 97.81%, 88.50% and 80.26% of the revenue from operations in 2026, 2025 and 2024 respectively, and any adverse developments in this industry may materially and adversely affect its business, financial condition, results of operations and cash flows. Further, Aerospace & Defence industry-specific risks may lead to delays, modifications or cancellations of existing orders and contracts, as well as reduced opportunities for securing new business. In addition, its ability to diversify into other industries may be limited due to factors such as lack of domain expertise, customer relationships, or increased competition.

Outlook

Merritronix is engaged in the business of manufacturing and assembly of electronic components, including engineering design and development services. Its specific focus is in turnkey electronics manufacturing and obsolescence engineering management. Its offerings primarily cater to customers in the defence, aerospace, industrial electronics, and scientific research sectors. Its business is driven by a combination of product supply and project-based engineering services and support, enabling to serve complex and high-reliability applications. On the concern side, its business model as a B2B Electronics Systems Design and Manufacturing services provider with limited brand recognition may restrict its pricing power, customer diversification and growth prospects. Further, it typically does not obtain long-term commitments from its customers and they may cancel or change their production requirements. Such cancellations or changes may adversely affect its financial condition, cash flows and results of operations.

The company is coming out with a maiden IPO of 47,00,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 141-149 per equity share. The aggregate size of the offer is around Rs 66.27 crore to Rs 70.03 crore based on lower and upper price band respectively. On performance front, the revenue from operations of the company for fiscal year 2026 was Rs 15,589.56 lakh against Rs 11,356.38 lakh for Fiscal year 2025. An increase of 37.28% in revenue from operations. Profit after tax for the Fiscal 2026 were at Rs 1,610.30 lakh against profit after tax of Rs 865.95 lakh in fiscal 2025, an Increase of 85.96%.

Meanwhile, it aims to enhance its manufacturing capacity and operational efficiency through targeted investments in machinery, automation, and process improvements to optimize labour and material utilization, thereby improving project execution timelines. The company focuses through efficient operational practices, strengthened procurement planning and inventory management frameworks. Its operations are supported by an experienced team of engineers, procurement professionals, and senior management who operate in accordance with established industry practices. Additionally, its in-house technological capabilities enable effective operational management, robust process controls, and customer responsiveness. By enhancing process efficiency, reducing turnaround times, and ensuring compliance with international quality standards, it aims to strengthen its position in the high-reliability electronics manufacturing segment.

Dhanwel Hybrid Seeds

• Dhanwel Hybrid Seeds is coming out with an initial public offering (IPO) of 27,00,000 shares in a price band of Rs 95-99 per equity share.
• The issue will open on June 24, 2026 and will close on June 29, 2026.
• The shares will be listed on SME Platform of BSE.
• The face value of the share is Rs 10 and is priced 9.50 times of its face value on the lower side and 9.90 times on the higher side.
• Book running lead manager to the issue is Wealth Mine Networks.
• Compliance officer for the issue is Parul Agarwal.

Profile of the company

Dhanwel Hybrid Seeds is engaged in the business of seed manufacturing, which includes the development, multiplication, processing, and supply of seeds for a variety of field crops and vegetables. The seed production process is carried out in a structured manner across multiple stages and involves the use of improved genetic seed material procured from recognised sources. Such seed material is multiplied, processed, conditioned, and handled in accordance with prescribed agronomic and processing practices to produce seeds suitable for agricultural use, including seeds supplied to farmers for crop cultivation.

It procures genetic seed material, including breeder and other suitable seed material, from recognised agricultural institutions, government-supported research organizations and open market. In addition, seed production is undertaken through arrangements with identified seed-growing farmers, wherein agricultural land owned by such farmers is utilised for cultivation. Under these arrangements, the company supplies the requisite seed material and provides technical guidelines and cultivation protocols. The farmers carry out sowing and related agricultural operations in accordance with its instructions, while its field staff and agronomists monitor and supervise the crop to maintain quality standards. Although the ownership of agricultural land remains with the farmers, seed production undertaken through contractual arrangements is carried out in accordance with its prescribed guidelines and supervision, and all subsequent processing, quality control, and commercial activities relating to such seeds are undertaken by it.

Its team comprises experienced agronomists, field staff, and technicians who ensure adherence to quality standards, support productivity improvements, and implement sustainable agricultural practices. Over time, it has established strong working relationships with the farming community and continues to follow an integrated approach that includes sourcing, production, quality control, and supply of seeds. Its seeds are sold under the brand name ‘Dhanwel Seeds’. The company is ISO 9001:2015 certified and is committed to maintaining consistent seed quality and supporting the agricultural sector with reliable seed solutions.

Proceed is being used for:

• Funding towards repayment or prepayment, in full or in part, of borrowings availed by the company from banks and financial institutions.
• Funding the working capital requirements of the company.
• General corporate purposes. 

Industry overview

India’s agricultural output has expanded significantly in the past decade, recording 40% growth and achieving surplus capacity for exports. In FY25, the sector grew by 5.4% year-on-year, supported by record production and higher trade volumes. Agricultural exports touched an all-time high of Rs 4,40,000 crore ($51.86 billion) in FY25, up from Rs 3,95,793 crore ($48.15 billion) in FY24. Agriculture and allied activities together contributed 17.8% to India’s GDP in 2023-24, reaffirming the sector’s importance to the national economy.

The current India seed market size stands at $3.82 billion in 2025 and is projected to reach $5.00 billion by 2030, reflecting a forecast CAGR of 5.55%. Sustained policy support, rising certified‐seed penetration, and expanding climate smart varieties continue to anchor industry resilience. Government programs such as the National Mission on High-Yielding Seeds and the Clean Plant Program are fast-tracking premium seed adoption by funding disease-free planting material hubs, demonstration plots, and village-level clusters. Row crops dominate revenue because cereals, oilseeds, and fiber crops align with food-security and import-substitution priorities, while hybrids retain farmer loyalty thanks to consistent yield premiums under erratic rainfall. Meanwhile, protected cultivation and digital traceability pilots are opening lucrative niches for specialized vegetable and high-value seed segments. Competitive intensity is low because multinational pipelines compete with regionally adapted portfolios, yet counterfeit trade and GM regulatory uncertainty exert margin pressure.

The India seed market size in open field accounted for a 99.8% share of the India seed market size in 2024, and protected cultivation seeds are forecast to expand at an 11.08% CAGR between 2025 and 2030. Break-even analysis under national subsidy schemes shows growers recouping greenhouse investment within 30 months when leveraging high-density, indeterminate tomato lines that yield 280 metric tons per hectare. Uniformity and disease resistance top trait wish-lists, prompting breeders to re-select parental lines for vertical canopy structure and synchronized fruit setting. Seed supply chains adapt by introducing small-gram, high-unit-value packets that align with greenhouse transplant schedules. Companies deploy agronomists to steer nutrient and pruning regimes, ensuring genetic potential translates to yield. As greenhouse acreage compounds, protected cultivation’s double-digit growth rate promises a steadily expanding niche within the wider India seed market. 

Pros and strengths

Wide range of seeds and its variants: The company offers a range of seeds across multiple field crops and vegetables, including groundnut, soybean, sesame, wheat, gram, cumin, fodder, bajri, onion, coriander, and among others. The product range is offered in line with market demand and operational requirements and is supplied in the ordinary course of business. The company may, from time to time, consider addition of new seed varieties or crops based on business requirements and availability.

Quality assurance: The company places importance on maintaining quality standards across its operations. The company is ISO 9001:2015 certified for manufacturing, processing, and supply of seeds. Quality considerations form part of routine business activities across sourcing, processing, and packing. Where considered appropriate, seeds are tested through government laboratories and other approved agencies.

Customer satisfaction: It considers customer satisfaction to be an important aspect of its business operations. The company supplies its products to customers in the ordinary course of business and seeks to meet customer requirements through consistent product standards and routine commercial engagement. Ongoing business interactions and repeat transactions form part of normal business operations and support continuity of customer relationships.

Risks and concerns

Seasonal and climatic dependencies: Its operations are closely aligned with agricultural cycles and are seasonal in nature. The demand for its seed products is largely dependent on monsoon patterns, timing and quantum of rainfall, sowing seasons, cropping patterns and farmers’ sowing decisions. Any delay, deficiency or excess in rainfall, or occurrence of unfavourable weather conditions, pest attacks or other natural factors, may adversely affect agricultural activity and reduce demand for its products. As a result of the seasonal nature of its business, a substantial portion of its revenues is generated during specific periods of the year, and its sales volumes and operating results may fluctuate significantly from quarter to quarter and year to year. Adverse climatic conditions during peak sowing seasons may have a material adverse effect on its business, financial condition, results of operations and cash flows. 

Substantial revenue dependence on key customers: The substantial portion of its revenues has been dependent upon few customers. Its top ten customers accounted for around 64.27%, 22.23% and 17.26% of its revenue from operations for the Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively. It has not entered into long term agreements with its customers and the success of its business is accordingly significantly dependent on it maintaining good relationships with them. The loss of one or more of these significant customers or a reduction in the amount of business it obtains from them could have an adverse effect on its business, results of operations, financial condition and cash flows. 

Concentration of revenue in oil seed products: The sale of Oil seeds is the largest contributor towards its total revenue, and contributed 56.67%, 55.41% and 65.39% to its revenue from operations in Fiscal 2026, Fiscal 2025 and Fiscal 2024 respectively. As a result, its business is exposed to risks related to product concentration. Its inability to produce sufficient quantities of its existing products in a timely manner or at all, its failure to develop new products that meet the evolving demands of its end consumers or to obtain the regulatory approvals for such products, the development of successful products by its competitors and general economic conditions. It cannot assure that the performance of its oil seeds will continue to meet its customers’ expectations. In addition, its business, financial condition, results of operations and prospects could be materially and adversely affected if one or more of these uncertainties or disruptions occur.

Outlook

Dhanwel Hybrid Seeds is engaged in the business of seed manufacturing, which includes the development, multiplication, processing, and supply of seeds for a variety of field crops and vegetables. It offers a range of seeds across multiple field crops and vegetables, including groundnut, soybean, sesame, wheat, gram, cumin, fodder, bajri, onion, coriander, and among others. The product range is offered in line with market demand and operational requirements and is supplied in the ordinary course of business. On the concern side, the substantial portion of its purchases has been dependent upon few suppliers. Its top ten suppliers accounted for 58.55%, 24.61%, and 13.63% of its total purchase for the Fiscal 2026, Fiscal 2025 and Fiscal 2024, respectively. It has not entered into long term agreements with its suppliers and the success of its business is accordingly significantly dependent on its maintaining good relationships with them for regular supply of its raw material. The inability of a supplier to meet these requirements, the loss of a significant supplier, or any labour issues or work stoppages at a significant supplier could disrupt the supply of raw materials and parts to its facilities, preventing the company from delivering to its customers, or cause returns of products.

The company is coming out with a maiden IPO of 27,00,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 95-99 per equity share. The aggregate size of the offer is around Rs 25.65 crore to Rs 26.73 crore based on lower and upper price band respectively. On performance front, the revenue from operations of the company for FY25-26 was Rs 7,458.69 lakh as against Rs 4,412.94 lakh for FY24-25, an increase of 69.02%. Profit after tax for the FY 25-26 was at Rs 611.54 lakh against profit after tax of Rs 215.74 lakh in FY 24-25, an increase of 183.46%.

The company seeks to strengthen its presence in existing markets while gradually expanding its reach to additional geographies, based on market opportunities and demand conditions. It intends to cater to the requirements of its existing customers and, where feasible, broaden its customer base through increased distribution reach. Its focus remains on maintaining long-term relationships with dealers, distributors, and farmers through consistent business engagement and reliable supply of products. Further, the company markets its products under the brand name ‘Dhanwel’. It intends to continue efforts aimed at enhancing brand visibility and recognition in existing and potential markets. Brand-related initiatives are focused on reinforcing customer awareness and recall through consistent product quality and market presence, which supports sustained demand for its products.

Pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended from time to time, and other applicable SEBI circular(s), Shayona Engineering has informed that the company has received a Purchase Order from a domestic customer for supply industrial piping. The broad consideration / size of the aforesaid Purchase Order is Rs. 25,55,906/- Including GST at 18%. The name of the customer is not disclosed in this intimation due to contractual confidentiality / nondisclosure obligations. The Company shall provide such details to the Stock Exchange(s) / regulatory authority, if required, subject to applicable confidentiality safeguards. The details required under Regulation 30 of the SEBI Listing Regulations read with the applicable SEBI Master Circular and Industry Standards on Regulation 30 are enclosed as Annexure I. 

The above information is a part of company’s filings submitted to BSE.

Pursuant to Regulation 30 and other applicable Regulations, if any, of the Listing Regulations, Titagarh Rail Systems has informed that it enclosed copies of newspaper advertisements of the Notice issued to the shareholders of the Company pursuant to the provisions of Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 for transfer of shares in respect of which dividend has remained unclaimed/unpaid for a period of seven consecutive years, as published today, 23rd June, 2026, in the newspapers: Financial Express (English) and Ekdin (Bengali). The advertisement is also available on the website of the Company at www.titagarh.in.