Marushika Technology Ltd.

•

marushika.inBSE: -NSE: MARUSHIKA

Market Cap₹ 94 Cr.

Current Price

High / Low₹ 123 / 78

Stock P/E10.4

Book Value₹ 49

Price to Book2.22

Dividend Yield0.00 %

ROCE34.3 %

ROE55.9 %

Face Value₹ 10

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AI Sector View

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Oil Gas & Consumable Fuels

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Sector economics are clouded by input volatility and uneven volume trends. WPI fuel inflation is very high at 20.05% (Jul/26), crude oil output is -5.3% YoY (2026-07), natural gas is -3.7% YoY (2026-07), and natural gas consumption is -3.0% YoY (2026-06), although refinery products grew 2.7% YoY (2026-07) and coal was 7.6% YoY (2026-07). Heavy FPI outflows of INR -15293 crore over 3 months to 2026-08-31 and negative oil-linked news flow reinforce the underweight.

Confidence

78%

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PROS

Company has a good return on equity (ROE) track record: 3 Years ROE 36.5%
Company has a healthy return on capital (ROCE) of 25.1%
Company converts assets efficiently - asset turnover of 1.7x

CONS

Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -0.94x)
Operating cash flow has been negative in recent years
Free cash flow has been persistently negative

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Oil Gas & Consumable FuelsTradingTrading

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	ADANIENT	2894.80	52.64	391875.62	0.04	-1461.54	-249.67	32923.98	49.92	13.30	15.57
2.	PREMIERENE	999.50	27.25	45372.45	0.10	471.92	53.32	2462.59	35.25	33.72	29.03
3.	CPPLUS	3715.75	92.10	43957.48	0.04	142.20	332.51	1402.42	89.51	29.48	14.52
4.	AEGISLOG	1242.80	34.86	43622.28	0.70	544.84	210.70	2356.86	37.07	19.76	30.28
5.	REDINGTON	363.00	16.68	28378.41	1.65	453.49	94.65	34922.47	34.57	18.96	2.03
6.	HONASA	470.45	61.63	15337.81	0.64	90.45	118.87	755.95	27.00	8.99	14.58
7.	LLOYDSENT	70.95	96.45	10830.89	0.21	109.98	-55.77	563.03	70.15	12.84	18.07
8.	SGMART	825.65	83.70	10406.10	0.00	455.80	1310.71	13085.70	1044.08	10.43	4.49
9.	MMTC	62.14	20.84	9321.00	0.00	104.24	135.52	0.68	-50.00	33.46	-1423.53
10.	ENTERO	1799.70	62.46	7832.85	0.00	52.05	72.17	1940.50	38.23	10.93	5.00
11.	CELLO	346.70	24.48	7658.08	0.43	73.40	-8.99	526.72	-0.43	17.15	18.80
12.	MARUSHIKA	110.00	10.49	93.90	0.00	—	—	—	—	33.45	—

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

No standalone quarterly results found

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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2023	Mar 2024	Mar 2025
	37	54	85
	35	49	74
Operating Profit	2	6	11
OPM %	6	11	13
Other Income	0	0	0
Interest	1	2	2
Depreciation	0	0	0
	1	3	9
Tax %	27	27	25
Net Profit	0	2	6
EPS	1	29	10
Dividend Payout %	0	0	0
Minority Interest	0	0	0
Share of Associates	0	0	0
Adjusted EPS	1	4	10

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: —
3 Years:: —

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: —
3 Years:: —

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: —

RETURN ON EQUITY

10 Years:: —
5 Years:: —
3 Years:: 36%
Last Year:: 56%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2023	Mar 2024	Mar 2025
LIABILITIES	-	-	-
Equity Capital	1	1	6
	3	7	9
	6	16	17
Trade Payables	15	17	12
	5	6	9
Total Liabilities	30	46	53
ASSETS	-	-	-
	1	2	2
Capital Work in Progress	0	0	2
	0	38	40
Cash & Bank	1	3	1
	28	4	9
Total Assets	30	46	53
Total Debt	10	20	21
Net Working Capital	3	7	12
Contingent Liabilities	0	5	6
Book Value per Share	48.72	89.78	24.45
Face Value	10.00	10.00	10.00

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2023	Mar 2024	Mar 2025
	-3	-7	1
Cash from Investing	-1	-0	-3
Cash from Financing	4	9	0
	1	2	-2
Free Cash Flow	-3	-7	-2
OCF / Net Profit	-7.34	-2.64	0.11
Cumulative 5-Year FCF	0	0	0

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2023	Mar 2024	Mar 2025
PER SHARE
EPS (₹)	5.15	28.63	10.34
Book Value (₹)	48.72	89.78	24.45
Dividend per Share (₹)	0.00	0.00	0.00
Cash EPS (₹)	1.09	4.50	10.96
PROFITABILITY
Operating Margin %	5.62%	10.27%	12.92%
Net Margin %	1.09%	4.57%	7.56%
ROE %	10.57%	42.85%	55.94%
ROCE %	13.87%	27.09%	34.35%
	1.32%	6.47%	12.94%
EFFICIENCY
Debtor Days	238	207	166
Inventory Days	0	0	0
Payable Days	238	146	98
	0	62	68
FINANCIAL HEALTH
Debt to Equity (x)	2.57x	2.52x	1.40x
Interest Coverage (x)	1.41x	2.57x	4.61x
	1.13x	1.19x	1.33x
GROWTH
Revenue Growth %	0.00%	47.18%	56.59%
Operating Profit Growth %	0.00%	179.28%	96.03%
Net Profit Growth %	0.00%	517.59%	159.16%
	0.00%	455.85%	-63.89%
VALUATION
P/E (x)	0.00x	0.00x	0.00x
P/B (x)	0.00x	0.00x	0.00x
Dividend Yield %	0.00%	0.00%	0.00%
	0.00x	2.97x	2.33x

Shareholding Pattern

Numbers in percentages

	Feb 2026	Mar 2026
	58.19	58.19
	4.99	6.17
	7.74	5.99
Government	0.00	0.00
	29.08	29.66

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

No announcements filed.

News

Recent coverage and analyst commentary for MARUSHIKA

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Marushika Technology Ltd.

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Name

ADANIENT

2894.80

52.64

391875.62

0.04

-1461.54

-249.67

32923.98

49.92

13.30

15.57

PREMIERENE

999.50

27.25

45372.45

0.10

471.92

53.32

2462.59

35.25

33.72

29.03

CPPLUS

3715.75

92.10

43957.48

0.04

142.20

332.51

1402.42

89.51

29.48

14.52

AEGISLOG

1242.80

34.86

43622.28

0.70

544.84

210.70

2356.86

37.07

19.76

30.28

REDINGTON

363.00

16.68

28378.41

1.65

453.49

94.65

34922.47

34.57

18.96

2.03

HONASA

470.45

61.63

15337.81

0.64

90.45

118.87

755.95

27.00

8.99

14.58

LLOYDSENT

70.95

96.45

10830.89

0.21

109.98

-55.77

563.03

70.15

12.84

18.07

SGMART

825.65

83.70

10406.10

0.00

455.80

1310.71

13085.70

1044.08

10.43

4.49

MMTC

62.14

20.84

9321.00

0.00

104.24

135.52

0.68

-50.00

33.46

-1423.53

ENTERO

1799.70

62.46

7832.85

0.00

52.05

72.17

1940.50

38.23

10.93

5.00

CELLO

346.70

24.48

7658.08

0.43

73.40

-8.99

526.72

-0.43

17.15

18.80

MARUSHIKA

110.00

10.49

93.90

0.00

—

33.45

—

Mar 2023

Mar 2024

Mar 2025

Operating Profit

OPM %

Other Income

Interest

Depreciation

Tax %

Net Profit

EPS

Dividend Payout %

Minority Interest

Share of Associates

Adjusted EPS

Mar 2023

Mar 2024

Mar 2025

LIABILITIES

Equity Capital

Trade Payables

Total Liabilities

ASSETS

Capital Work in Progress

Cash & Bank

Total Assets

Total Debt

Net Working Capital

Contingent Liabilities

Book Value per Share

48.72

89.78

24.45

Face Value

10.00

Mar 2023

Mar 2024

Mar 2025

-3

-7

Cash from Investing

-1

-0

-3

Cash from Financing

-2

Free Cash Flow

-3

-7

-2

OCF / Net Profit

-7.34

-2.64

0.11

Cumulative 5-Year FCF

Mar 2023

Mar 2024

Mar 2025

PER SHARE

EPS (₹)

5.15

28.63

10.34

Book Value (₹)

48.72

89.78

24.45

Dividend per Share (₹)

0.00

Cash EPS (₹)

1.09

4.50

10.96

PROFITABILITY

Operating Margin %

5.62%

10.27%

12.92%

Net Margin %

1.09%

4.57%

7.56%

ROE %

10.57%

42.85%

55.94%

ROCE %

13.87%

27.09%

34.35%

1.32%

6.47%

12.94%

EFFICIENCY

Debtor Days

238

207

166

Inventory Days

Payable Days

238

146

FINANCIAL HEALTH

Debt to Equity (x)

2.57x

2.52x

1.40x

Interest Coverage (x)

1.41x

2.57x

4.61x

1.13x

1.19x

1.33x

GROWTH

Revenue Growth %

0.00%

47.18%

56.59%

Operating Profit Growth %

0.00%

179.28%

96.03%

Net Profit Growth %

0.00%

517.59%

159.16%

0.00%

455.85%

-63.89%

VALUATION

P/E (x)

0.00x

P/B (x)

0.00x

Dividend Yield %

0.00%

0.00x

2.97x

2.33x

Feb 2026

Mar 2026

58.19

4.99

6.17

7.74

5.99

Government

0.00

29.08

29.66

Marushika Technology Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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Marushika Technology Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI