# Merritronix Ltd.: IPO analysis > Merritronix Ltd. (CIN U32100TG1988PLC155611) has filed a Prospectus with SEBI for an IPO comprising a fresh issue of ₹70 Cr. In FY26 it reported revenue of ₹0.00 Cr (-100.0% on FY25). Promoters hold 85.2% before the IPO. Our fact-check of its claims found 1 medium or high concern across 59 claims checked. - Page: https://ipo.innerkore.com/company/U32100TG1988PLC155611/merritronix-ltd/ - CIN: U32100TG1988PLC155611 - Last updated: 11 Jun 2026 ## Key facts - **Company:** Merritronix Ltd. - **CIN:** U32100TG1988PLC155611 - **Filing stage:** Prospectus - **Latest SEBI filing:** 11 Jun 2026 - **Fresh issue:** ₹70 Cr - **Lot size:** 1000 shares - **Bidding opens:** 1 Jun 2026 - **Bidding closes:** 3 Jun 2026 - **Listing on:** BSE - **Revenue FY26:** ₹0.00 Cr - **Revenue growth:** -100.0% - **Revenue CAGR FY24 to FY25:** -4.0% - **Promoter holding (pre-IPO):** 85.2% - **Lead managers:** GYR CAPITAL ADVISORS PRIVATE LIMITED - **Registrar:** BIGSHARE SERVICES PRIVATE LIMITED - **Fact-check flags:** 0 high, 1 medium, 3 low ## Key signals (read from the filing; not investment advice) - **Growth** (concern): -4% a year. Sales FY24 to FY25; latest year -100%. - **Where the money goes** (looks fine): All new money. 100% is new shares issued by the company. - **Red flags** (look closer): 1 to review. 59 claims checked: 0 high, 1 medium concern. ## Financial snapshot (₹ crore unless stated; consolidated) | | FY24 | FY25 | FY26 | |---|---:|---:|---:| | Sales | 0.13 | 0.12 | 0.00 | | Sales growth | – | -4.0% | -100.0% | ## Use of proceeds (fresh issue) - Capital expenditure towards purchase of Machinery and equipment ₹: ₹21 crore - Funding working capital requirements ₹: ₹22 crore - Repayment/ prepayment, in full or part, of all or certain outstanding borrowings availed by our Company ₹1,271.92 4. General corporate purposes*# ₹: ₹7.9 crore ## Fact-checked claims - **MEDIUM** (SubsidiaryPerformance): The company was converted into a public limited company on January 06, 2025, and the name was changed to Merritronix Ltd.. One search result suggests that the company was converted into a Public limited company and the name was changed to 'Merritronix Limited' upon a certain conversion date. However, the search results do not specify the exact date mentioned in the DRHP claim (January 06, 2025). - **LOW** (RegulatoryAction): The issue of Equity Shares is subject to the provisions of the Companies Act, SEBI (ICDR) Regulations, 2018, and other relevant laws and regulations.. The search results confirm that Merritronix Ltd. is an entity with corporate filings, announcements, and market activity, which implies its operations are governed by relevant laws. However, the search results do not explicitly detail the specific provisions of the Companies Act or SEBI (ICDR) Regulations mentioned in the claim. - **LOW** (PromoterBackground): Neither Promoter nor entities forming part of the Promoter Group have been debarred or prohibited from accessing or operating in capital markets under any order or direction passed by SEBI or any other regulatory or governmental authority.. One search result mentions that Merritronix Ltd. was involved in proceedings related to SEBI and ICDR Regulations. Other results discuss general IPO activity and other companies, but do not directly confirm or deny the statement regarding the debarment status of the promoters. - **LOW** (PromoterBackground): The provisions of the SEBI (Listing Obligation and Disclosures) Regulations, 2015 will be applicable immediately upon the listing of Equity Shares on the SME Platform of BSE Limited.. The search results mention instances where SEBI has imposed penalties on BSE for regulatory lapses, indicating that SEBI regulations and enforcement are active. However, the results do not directly confirm or deny the claim that SEBI (Listing Obligation and Disclosures) Regulations will be applicable immediately upon listing on the SME platform. - **NONE** (LitigationStatus): A regulatory proceeding was mentioned concerning compliance.. No current web search results were found to corroborate, contradict, update, or provide any information regarding a regulatory proceeding mentioned in the claim. - **NONE** (LitigationStatus): A tax-related matter was disclosed.. No current web search results were found for the claim regarding a tax-related matter disclosed by Merritronix Ltd. Therefore, no corroboration, contradiction, or update could be determined. - **NONE** (LitigationStatus): A criminal proceeding was initiated involving a Director.. No current web search results were found to corroborate, contradict, update, or provide any information regarding a criminal proceeding initiated involving a Director of Merritronix Ltd. - **NONE** (LitigationStatus): A civil suit was filed against the Company.. No web search results were found to corroborate, contradict, update, or provide any information regarding a civil suit filed against Merritronix Ltd. - **NONE** (SubsidiaryPerformance): The company received an award from the Government of India, Ministry of Small-Scale Industries for Small Scale Entrepreneur Special Award – SC/ST Entrepreneurs for the period 2001.. No current web search results were found to corroborate, contradict, or provide any information regarding the claim that Merritronix Ltd. received an award from the Government of India, Ministry of Small-Scale Industries for Small Scale Entrepreneur Special Award – SC/ST Entrepreneurs for the period 2001. - **NONE** (SubsidiaryPerformance): Clause II of the MoA was altered to shift the registered office from the state of Andhra Pradesh to the state of Telangana on April 05, 2021, which was approved by the Regional Director, Hyderabad on July 28, 2021.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim about the alteration of Clause II of the MoA for Merritronix Ltd. in April/July 2021. - **NONE** (SubsidiaryPerformance): The Memorandum of Association was amended on July 16, 2020, to add the object to Manufacture Ventilators.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim that the Memorandum of Association of Merritronix Ltd. was amended on July 16, 2020, to add the object to Manufacture Ventilators. - **NONE** (SubsidiaryPerformance): The registered office address changed from D. No. 39-2-16A, F. No: S1, Vishnuvardhan Rao Street, Labbi Pet, Vijayawada Town, Krishna District, Andhra Pradesh, 520010 to C-22, Electronic Complex, Kushaiguda, Hyderabad, Telangana, India, 500062 on August 03, 2021.. No web search results were found to corroborate, contradict, update, or provide any information regarding the claimed change in the registered office address for Merritronix Ltd. on August 03, 2021. ## Common questions ### How big is the Merritronix Ltd. IPO? Merritronix Ltd.'s IPO comprises a fresh issue of ₹70 Cr, according to its Prospectus. The price band is not stated in that document. ### What are Merritronix Ltd.'s revenue and profit? Merritronix Ltd. reported revenue from operations of ₹0.00 Cr in FY26, -100.0% versus FY25. Revenue grew at a compound rate of -4.0% a year from FY24 to FY25. Figures are read from the Prospectus, as printed there. ### How much do promoters own in Merritronix Ltd.? Promoters and the promoter group hold 85.2% of Merritronix Ltd. before the IPO. ### How will Merritronix Ltd. use the IPO money? The fresh-issue proceeds are earmarked for: Capital expenditure towards purchase of Machinery and equipment ₹ (₹21 Cr); Funding working capital requirements ₹ (₹22 Cr); Repayment/ prepayment, in full or part, of all or certain outstanding borrowings availed by our Company ₹1,271.92 4. General corporate purposes*# ₹ (₹7.9 Cr). ### What are the red flags in Merritronix Ltd.'s Prospectus? We fact-checked 59 claims from the filing against the open web: 0 raised a high concern, 1 medium and 3 low. The most notable: One search result suggests that the company was converted into a Public limited company and the name was changed to 'Merritronix Limited' upon a certain… This is an automated screen, not a verdict; each finding links to its sources. ### What does Merritronix Ltd. do? Before you invest a single rupee in the MERRITRONIX IPO, you need to know this: SEBI has a documented history of penalizing the BSE for regulatory failures. This raises a massive red flag about whether the strict SEBI regulations will even apply to this new SME listing. ### Who manages the Merritronix Ltd. IPO? Book running lead managers: GYR CAPITAL ADVISORS PRIVATE LIMITED. Registrar to the offer: BIGSHARE SERVICES PRIVATE LIMITED. Shares are proposed to list on BSE. ### Where can I read the original Merritronix Ltd. IPO documents? All 2 filings for Merritronix Ltd. (Prospectus) are listed on this page with links to the original PDFs on SEBI's website. Every page reference cites the exact page of the source document. ## Source documents - [Merritronix Ltd.](https://www.sebi.gov.in/sebi_data/attachdocs/jun-2026/1781177415072_1283.pdf) (Prospectus, filed 11 Jun 2026) - [Merritronix Ltd.](https://www.sebi.gov.in/sebi_data/attachdocs/jun-2026/1781163008253_1279.pdf) (Prospectus, filed 11 Jun 2026) --- Source: InnerKore IPO (https://ipo.innerkore.com/). Read from public SEBI filings by automated extraction; check the linked documents. Not investment advice.