Marushika Technology Limited held its H1 FY27 earnings conference call on November 4, 2026. The company reported strong growth across revenue, EBITDA and profit for the first half of the financial year ended September 30, 2026. Revenue grew 71.59% year on year and profit after tax more than doubled.
The call was attended by Managing Director Ms. Monicca Agarwaal, Whole-time Director Mr. Jai Prakash Pandey, and Chief Financial Officer Ms. Sonika Aggarwal. Investors and analysts from multiple family offices and portfolio management services participated in the call.
Revenue Crosses ₹83 Crore in First Half
Revenue from operations for H1 FY27 came in at ₹8,346.21 lakh, which is approximately ₹83.46 crore. In the same period last year, revenue was ₹4,863.94 lakh. That is a year-on-year increase of 71.59%.
The company attributed this growth to its ability to secure direct projects with government clients, increase service income, and win annual maintenance contract orders. Management said the company is now more actively bidding directly with the government rather than routing through system integrators.
EBITDA and Margins Move Higher
EBITDA for H1 FY27 came in at ₹1,025.37 lakh. EBITDA margin expanded by 12.29 percentage points on a year-on-year basis. The company reported that this improvement came from a better revenue mix, including more direct government orders which carry higher margins.
CFO Sonika Aggarwal noted on the call that EBITDA margin was lower than the full year FY26 margin of 13.7% because employee costs and purchase costs have increased in this half. She said as direct government order share increases, purchase costs are expected to come down. The full year FY27 EBITDA margin is expected to be higher than FY26.
Profit After Tax Up 126.29%
Profit After Tax for H1 FY27 is ₹704.19 lakh. In H1 FY26, PAT was ₹311.18 lakh. That is a growth of 126.29% year on year. PAT margin for H1 FY27 is 8.44%.
Managing Director Monicca Agarwaal said the company's focus on bigger projects and direct government bidding is what is driving this margin expansion. "Our business scales profitably as we take on bigger volumes," she said during the call.
Key Financial Numbers at a Glance
| Metric | H1 FY27 | H1 FY26 | Growth |
|---|---|---|---|
| Revenue from Operations | ₹8,346.21 lakh | ₹4,863.94 lakh | +71.59% |
| EBITDA | ₹1,025.37 lakh | — | +80.02% |
| EBITDA Margin | 12.29% | — | +12.29 bps |
| Profit After Tax | ₹704.19 lakh | ₹311.18 lakh | +126.29% |
| PAT Margin | 8.44% | — | — |
| Total Equity | ₹5,433.04 lakh | ₹4,728.85 lakh | — |
Balance Sheet Strengthens
Total equity at the end of H1 FY27 stood at ₹5,433.04 lakh, up from ₹4,728.85 lakh at the end of FY26. Return on investment and return on equity together came in at 52.77%, while return on capital employed was 26.88%.
Management said the company is well capitalised and structurally secure for the next phase of growth. The IPO listing on the NSE SME platform in 2026 provided additional market credibility and capital access.
Key Projects Driving Revenue
Two major projects were highlighted as significant contributors to H1 FY27 performance.
The Delhi Metro Phase 4 communication project, valued at ₹31.19 crore, is now 85% complete and moving rapidly towards full execution. This is a high-value IT and telecom infrastructure contract.
The RailCloud project, a high-specification data center hardware contract valued at ₹24.83 crore, was 100% completed and delivered during H1 FY27. This delivery contributed to the strong top-line and bottom-line numbers for the period.
New Orders in the Pipeline
Marushika has secured two new orders that will drive revenue in the coming quarters.
The company, as part of a three-organisation consortium, has been awarded a smart parking mandate from NASEC KUM valued at ₹30 crore. This project runs through July 2027. Marushika's share in the consortium is 33%, which translates to approximately ₹10 crore of work for the company. The company will handle the IT and telecom component, including the SITC of IT and telecom systems for the project.
The National Highways Authority of India has awarded Marushika an order of ₹2.5 crore for centralized control and monitoring of streetlights across national highways. Management said repeat orders from NHAI are also expected.
Revenue Mix: Government vs Private
Whole-time Director Jai Prakash Pandey explained on the call how the company's revenue splits between government and private clients. Currently, direct orders from government account for 25% of total revenue. The remaining 75% comes from master system integrators and system integrators who service government projects.
The company expects the direct government share to grow as it bids more aggressively for projects on its own. Orders like the NHAI CCM and the NASEC smart parking project are examples of this direct bidding strategy.
Three Business Pillars
Marushika operates across three business verticals. IT and telecom infrastructure is the primary business, contributing 99.27% of consolidated vertical revenue. This includes data centers, cybersecurity networks, server systems, network integration, and IPBX solutions.
Smart city solutions is the second vertical. This covers intelligent street lighting, smart parking management, and automated urban grids. The NASEC smart parking project and the NHAI streetlight order fall under this vertical.
Defense auto tech is the third and newest vertical. The company has received an order of ₹2.5 crore in this space and has a pipeline of approximately ₹10 crore. The focus is on combat vehicle and light commercial vehicle repair, refurbishment, and reverse engineering. Management said this vertical is early-stage and they are still exploring how far they will take it.
OEM Partnerships and Customer Base
Marushika works with OEM partners including Rittal, Matrix, Delta, LG, and Barco. These partnerships allow the company to integrate advanced technology at competitive volume rates.
The company's customer base includes the Parliament of India, Ministry of Home Affairs, Indian Army, Navy, Air Force, Tata, and LSTOM. Management said these long-standing relationships are a key operational moat for the company and reflect its track record in handling sensitive, high-value government infrastructure projects.
Cybersecurity and AI: Complementary, Not Competing
An investor on the call asked about the company's view on cybersecurity and AI, given the rise of both themes globally. Managing Director Monicca Agarwaal said these trends actually benefit Marushika rather than threatening it.
"The more you expand in cybersecurity, the more you expand in AI, we have the solution," she said. Her point was that every new cybersecurity or AI deployment needs physical infrastructure to run on. Data centers, server systems, and network layers cannot be replaced by software. Marushika builds exactly that infrastructure.
SaaS Learning Management System in the Works
Beyond its core infrastructure business, Marushika has developed a proprietary cloud-native SaaS learning management system. The company has launched four compliance-tailored platforms under this initiative.
Medilect is designed for medical education. LuminAID is built for police training, census tracking, and similar government training needs. Finilect and Unilect are aimed at banking, NBFCs, and universities.
The company has completed demos and presentations at multiple states and multiple levels. Management said it expects to receive its first two LMS orders in the next quarter. Revenue from LMS is not included in the ₹170 crore full year guidance, so any orders received would be additive to the stated target.
Strategic Partnership with Senar
Marushika has also signed a strategic partnership with Senar, a medical technology company working on AI-based robotic technology for rehabilitation and healthcare. This is a new product line for the company, and management said it plans to bring this into the market this year.
Full Year Revenue Target: ₹170 Crore
Management set a full year FY27 revenue target of ₹170 crore. With H1 FY27 revenue at approximately ₹83.46 crore, the company needs to generate roughly ₹86.54 crore in H2 to meet this target.
Whole-time Director Pandey said the order execution pattern tends to follow a 60-40 split, with more execution happening in H2. Management expressed confidence in achieving the ₹170 crore target, citing the strong order pipeline and repeat business from existing government clients.
Growth Journey: From ₹50 Crore to NSE-Listed Enterprise
Marushika has been building steadily over 15 years. The company crossed the ₹50 crore turnover mark in 2020. In 2023, it stepped up its capabilities with a Singapore subsidiary and secured the Rittal data center order. In 2024, it expanded into defense auto engineering and heavy vehicle hydraulic systems. It also completed the UP Dial 112 project and again crossed ₹50 crore in that year.
In 2026, the company listed on the NSE SME platform through a public IPO. The listing brought market transparency and additional capital access to fund the next phase of growth. The company now operates across 17 states and has delivered over 150 projects to its clients.
Marushika Technology Limited is formerly known as Marushika Technology Advisors Limited and before that as Marushika Technology Advisors Private Limited. It is headquartered in New Delhi and specialises in building secure, smart, and scalable infrastructure for government and large enterprise clients.