Marushika's service revenue tripled, beating its own targets
FY26 revenue grew 36.6% on a surge in higher-value solutions. The company is now expanding into data-center hardware and naval defense tech.
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 this 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.
Questions answered
- How much did service revenue grow, and what does that mean for the business mix?
- Service revenue surged 184.6% to Rs 49.61 crore, accounting for roughly 45% of total FY26 revenue. This signals a decisive shift toward higher-value solutions from a previously more hardware-focused base.
- How did the company's profitability change?
- EBITDA margin expanded 180 basis points to 14.4% alongside the 36.6% revenue growth, indicating the top-line surge wasn't just bought with discounts.
- What are the new strategic bets?
- Management is expanding its data-center portfolio into electronics like servers and storage, and taking its defense auto-tech vertical beyond the Indian Army to the Navy.
- What is the forward visibility on revenue?
- The company cited an order book of Rs 35+ crore for FY27, giving a baseline for near-term revenue and suggesting momentum is continuing.