MARUSHIKATECHNOLOGY Q4 FY26 earnings call.
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Revenue
Pending
verification pending
Revenue YoY
36.6%
reported change
EBITDA
Pending
latest reported figure
Source
bse pending
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Marushika Technology delivered a strong FY26 with 36.6% revenue growth to Rs 11,043 lakh and 42.5% PAT growth to Rs 895 lakh, driven by 184% surge in service revenue (from Rs 1,744 lakh to Rs 4,961 lakh). EBITDA grew 48% to Rs 1,594 lakh with margin expansion of 174bps. Management attributes outperformance to execution across data center, cybersecurity, and defense verticals, with the defense auto-tech segment emerging as a key growth engine within 1.5 years. The order book stands at over Rs 35 crore with 3 new electronics orders secured. The company is adding LMS/SaaS platforms, AI-based solutions (targeting 5-10% revenue contribution), and expanding data center electronics by 15-20%. Margin sustainability is underpinned by higher-margin service income and managed services expansion. Risk includes government payment delays, though management notes zero penalties on 150+ completed projects. The stock trades ~25% below IPO price, with management committing to regular earnings calls for investor engagement.
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Guidance to track
- Expecting 15-20% new business growth from data center electronics segment (server, storage, switches) added to existing physical DC portfolio.
- Management expects to grow at the same pace as FY26 (~36% growth rate) driven by data center, cybersecurity, defense, and new verticals.
- Margins expected to grow through higher service income, managed services, LMS/SaaS platforms, and defense auto-tech segment adding profitability.
- Company sees Rs 500 crore revenue mark as achievable and not far from reach as India enters massive digital infrastructure cycle.
Risks flagged
- Working with government and PSU clients carries inherent payment cycle risks. While management states payments always come, timing delays can impact working capital. This was not raised voluntarily by management.
- Company is rapidly expanding team, adding new verticals (electronics, AI, LMS/SaaS), and targeting 36%+ growth. Maintaining zero penalty track record on 150+ projects while scaling execution could strain operations.
- Management acknowledged that margins on work through system integrators may come down to 6-8% versus 15-20% for direct system integration projects. Shift in business mix toward more sub-contracting could compress margins.
- Analyst directly asked for timeline to reach Rs 500 crore revenue target. Management gave non-committal response saying 'not very far' without specific year or timeline. This was an evasive answer to a direct question.
Key quotes
- The opportunity is very big. The market is very big. The kind of government policies are there. It is showing us lot of opportunities wherein we can work and grow.
- We have very strong order book going forward in the current months of April and May. Currently we have already built 14th year of the turnover and we are standing on strong order book of more than 35 crore.
- When it's a complete system integration project the margin ranges from 15 to 18% it may go up to 20% also and when you're working not directly with PSU or system integrators then it may come down to 6 to 7 8%.
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