What’s new

• Marushika's service revenue leapt to Rs 49.61 crore, up 184.6% and now nearly 45% of total revenue.
• Total revenue hit Rs 110.53 crore, beating internal projections with a 14.4% EBITDA margin.
• The company is expanding its data-center portfolio into hardware (servers, storage) and scaling defense auto-tech for the Navy.

Why it matters

This is a nano-cap company executing a sharp pivot. Service revenue, which carries higher margins, now makes up nearly half the business. That shift, combined with a beat on both top line and margin, explains management's confidence in continued expansion.

What we’re watching

• Whether the Navy contract translates into repeat orders and a larger defense book.
• The margin trajectory as the company spends on new hardware verticals.
• Execution on the Rs 35+ crore order book for FY27.

The full read

Marushika Technology pulled off a strong FY26, with total revenue hitting Rs 110.53 crore up 36.6% and beating internal targets. The standout was service revenue, which ballooned 184.6% to Rs 49.61 crore and now makes up nearly 45% of the business. That shift into higher-value solutions drove margin expansion of 180 basis points to a 14.4% EBITDA margin. Management isn't slowing down. The company is pushing its data-center portfolio into hardware (servers, storage, switches) and is scaling defense auto-tech beyond the Indian Army to the Navy. With a cited order book of Rs 35+ crore for FY27, the growth story is moving from past performance to new verticals.

Primary source: NSE