Marushika Technology Secures ₹354 Lakh Defence Order for ZIL Lorry Refurbishment

Synopsis: Marushika Technology Limited has disclosed receipt of a Rs. 354.64 lakh supply order for refurbishment of ZIL Lorries from domestic entity Trisatya Equipments India Private Limited, with execution scheduled by March 2027; the contract adds to the NSE SME-listed company’s auto-tech defence solutions pipeline and is worth monitoring in the context of its FY25 revenue base of Rs. 85.25 crore.

An NSE SME-listed IT and telecom infrastructure company came into focus on April 1, 2026, after filing a Regulation 30 disclosure with the exchange disclosing receipt of a domestic supply order valued at Rs. 354.64 lakh. The order, awarded by Trisatya Equipments India Private Limited, pertains to the refurbishment of ZIL Lorries (vehicles historically associated with defence and heavy-duty government use) and is to be fully executed by March 26, 2027.

With a market capitalisation of Rs. 82.81 crore, the shares of Marushika Technology Limited were trading at Rs. 97, up 3.74 percent from its previous close of Rs. 93.5. It is trading at a P/E of 14.8.

Order Update

The purchase order covers the refurbishment of ZIL Lorries and has been classified as a domestic supply contract. The company has confirmed that none of its promoters hold any interest in Trisatya Equipments India Private Limited, and the transaction does not fall within the related party category. Execution is to be completed by March 26, 2027.

At Rs. 354.64 lakh, the order is equivalent to approximately 4.2 percent of Marushika’s FY25 revenue of Rs. 85.25 crore. For an SME operating at this scale, a single order of this size does move the needle marginally on near-term revenue visibility. ZIL Lorry refurbishment falls squarely within the company’s stated auto-tech solutions vertical for defence clients, which sits alongside its larger IT infrastructure distribution and smart city solutions businesses. The award suggests the company is actively converting that vertical into billable contracts, not merely listing it as a capability.

The high debtor days figure (172.16 days as of FY25, down from 236.89 days in FY24) remains the key execution risk. Government and PSU-linked contracts tend to carry long payment cycles, and if Trisatya Equipments is similarly structured, working capital consumption during the execution window could be material relative to the company’s balance sheet size.

Business Overview

Marushika Technology Limited is an IT and telecom infrastructure distribution and solutions company listed on the NSE. The company operates as a value-added distributor and system execution partner, with a focus on government and PSU-led infrastructure projects across IT infrastructure, smart city solutions, and auto-tech defence segments. For FY25, it reported revenue of Rs. 85.25 crore (up 40.54 percent year-on-year) and a net profit of Rs. 6.29 crore, double the prior year’s figure of Rs. 3.14 crore.

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