Synopsis:-In a filing dated April 29, 2026, under Regulation 30 of SEBI’s LODR, Marushika Technology Limited has disclosed the receipt of a comprehensive Annual Maintenance Contract worth Rs. 45.06 crore from HFCL Limited, running through January 2031.
Shares of a leading IT and telecom infrastructure distribution company came into focus on Wednesday after it disclosed the receipt of a high-value maintenance contract from HFCL Limited, one of India’s prominent telecom infrastructure firms. The disclosure was made via NSE filing. At the time of writing, the stock was trading near its lower end of the 52-week band.
With a market capitalisation of Rs. 83.7 crore, the shares of Marushika Technology Limited were trading at Rs. 98.05 per share, down 8.82 percent from its previous closing price of Rs. 90.10 apiece.
Marushika Technology has secured a Comprehensive Annual Maintenance Contract from HFCL Limited, a domestic entity, valued at approx Rs. 45.06 crore. The contract runs through January 31, 2031, a tenure of nearly five years from award.
The scope is broad. Under the agreement, Marushika will provide end-to-end support covering hardware, software, firmware, licensing, consumables, field rectification, preventive maintenance, technical support, upgrades, and obsolescence management across all delivered equipment and associated infrastructure. Site-level service restoration obligations are included within stated timelines.
The company has confirmed that neither the promoters nor any promoter group entity holds an interest in HFCL, and the transaction does not fall under the related party category. The contract is a domestic arrangement, with no cross-border complexity.
From a scale perspective, the contract is notable. At Rs. 45 crore spread over five years, it implies annualised revenue of roughly Rs. 9 crore per year, about 10.5 percent of the company’s full-year FY25 revenue of Rs. 85.25 crore. For an SME-listed company, that is a meaningful, recurring income stream, and one that carries lower execution risk than project-based orders given the contractual maintenance structure.
Business Overview
Marushika Technology Limited is an IT and telecom infrastructure distribution and solutions company, operating as a value-added distributor and system execution partner primarily for government and PSU-led infrastructure projects. The company is listed on the NSE SME platform under the symbol MARUSHIKA. In FY25, the company reported revenues of Rs. 85.25 crore against Rs. 60.66 crore in FY24, a growth of approximately 41 percent year-on-year.
Net profit came in at Rs. 6.29 crore versus Rs. 3.14 crore in the prior year, doubling on the back of improved operating margins which expanded from 10.4 percent to 12.74 percent. Debtor days remain elevated at 172 days, a risk factor worth tracking given the company’s working capital-intensive model.
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Trade Brains Technologies Private Limited or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
