Maharaja & Speedex India IPO- Company Analysis
Maharaja & Speedex India IPO under the SME IPO category is a book-built issue of Rs. 80.13 Cr by Maharaja & Speedex India Limited, which is a corporation that produces, markets, and distributes stainless-steel bottles and related drinkware items. The company offers a wide range of drinkware items that are divided into two categories: standard products and novelty products. Tumblers, feeding bottles, and gym shakers are examples of novelty products, but stainless-steel bottles make up the majority of standard products.
Its products are available at mass, premium, and lifestyle pricing points, serving a wide spectrum of institutional and retail clients. The company offers bespoke drinkware solutions for corporate gifting programs, institutional purchasers, and brand partners in addition to branded items. It also engages in OEM and private-label production.
Maharaja & Speedex India IPO Details
The Maharaja & Speedex India IPO date of opening is 10 Sep 2026; its initial public offering will end on 15 Sep, IPO allotment on Sep 16 and refund initiation on Sep 17, 2026.
The Rs. 80.13 crore new SME IPO comprises a combination of a fresh issue of 34.46 lakh shares (Rs. 64.10 Cr) and an offer for sale of 8.62 lakh shares (Rs. 16.03 Cr).
The Maharaja & Speedex India IPO listing date (expected) might be Friday, Sep 18, 2026, and the listing on the BSE and SME.
The Maharaja & Speedex India IPO price band is Rs. 177 to Rs. 186.
IPO Timetable (Tentative)
|
Events |
Date |
|
IPO Opening Date |
Sep 10, 2026 |
|
IPO Closing Date |
Sep 15, 2026 |
|
IPO Allotment Date |
Sep 16, 2026 |
|
Refund Initiation |
Sep 17, 2026 |
|
IPO Listing Date |
Sep 18, 2026 |
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Company Financials
(Amount in Cr)
|
Particulars |
31 Mar 2026 |
31 Mar 2025 |
31 Mar 2024 |
|
Assets |
81.98 |
47.67 |
26.94 |
|
Total Income |
122.74 |
93.60 |
61.41 |
|
Profit After Tax |
15.34 |
5.57 |
1.08 |
|
EBITDA |
22.52 |
10.61 |
2.90 |
|
Net Worth |
26.74 |
11.39 |
4.97 |
|
Reserves and Surplus |
15.96 |
13.51 |
4.96 |
|
Total Borrowing |
26.66 |
18.04 |
16.11 |
Cash Flows
(Amount in Lac)
|
Net Cash Flow |
31 Mar 2026 |
31 Mar 2025 |
31 Mar 2024 |
|
Net Cash Flow Operating Activities |
366.30 |
204.72 |
213.08 |
|
Net Cash Flow Investing Activities |
(1,160.50) |
(164.64) |
(267.81) |
|
Net Cash Flow Financing Activities |
722.62 |
4.0671 |
80.59 |
(Source: RHP)
The Objective of the Issue
The Company desires to use the Net Proceeds from the Issue to fulfill its following goals:
-
Repayment and/or pre-payment, in full or part, of certain borrowings availed by the Company and its subsidiary from banks. ~ Rs. 24.10 Cr.
-
Funding of capital expenditure towards purchase of plant and machinery at the existing manufacturing facility of the wholly-owned subsidiary. ~ Rs. 21.42 Cr.
-
General Corporate Purposes.
Listed Peers of Maharaja & Speedex India Ltd.
|
Name of the Company |
Face Value (₹) |
P/E |
EPS (Basic) (₹) |
|
Borosil Limited |
1 |
38.23 |
6.24 |
|
Cello World Limited |
5 |
25.69 |
14.70 |
Valuation
|
KPI |
Value (Mar 31, 2026) |
|
ROCE |
54.60% |
|
Debt/Equity |
0.92 |
|
RoNW |
80.47% |
|
PAT Margin |
12.51% |
|
EBITDA Margin |
18.36% |
Evaluation of P/E Ratio
Considering the period ended on FY 2026 with an EPS of Rs. 11.89 from the last year, the resulting P/E ratio is 15.64x.
|
Valuation Metric |
Pre IPO |
Post IPO |
|
EPS (₹) |
11.89 |
9.39 |
|
P/E (x) |
15.64 |
19.81 |
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IPO's Strengths
-
Pan-India distribution network.
-
OEM and private-label manufacturing capabilities.
-
Diversified product portfolio across price segments.
-
Integrated manufacturing and distribution capabilities.
IPO's Weaknesses
-
In addition to e-commerce marketplaces, its website, and other digital channels, the company depends on its Indian distribution network, which consists of over 101 offline distributors. Any interruption in these channels could have a negative impact on financial performance, cash flows, and business.
-
Producing comparable stainless-steel goods for third parties under OEM and private-label contracts could result in competitive overlap with the company's own brands, which could have an impact on growth strategy and brand positioning.
-
There are legal procedures involving the company, some promoters, directors, KMPs, senior management, and subsidiaries. Unfavorable decisions or fines may raise costs and present or future obligations, which would negatively impact operations and business.
Maharaja & Speedex India IPO GMP
Maharaja & Speedex India IPO GMP today is Rs. 30 as of 09 September, 2026, while writing this information.
Maharaja & Speedex India IPO Summary
|
IPO Opening & Closing Date |
10 Sep, 2026 to 15 Sep, 2026 |
|
Face Value |
Rs. 10 per Share |
|
Issue Price |
Rs. 177 to Rs. 186 per Share. |
|
Lot Size |
600 Shares |
|
Issue Size |
43,08,000 Shares (Rs. 80 Cr) |
|
Offer for Sale |
8,61,600 Shares (Rs. 16 Cr) |
|
Fresh Issue |
32,30,400 Shares (Rs. 60 Cr) |
|
Market Makers |
2,16,000 Shares (Rs. 4 Cr) |
|
Issue Type |
Bookbuild Issue |
|
Registrar |
Maashitla Securities Pvt. Ltd. |
IPO Lot Details
Retail investors can invest in a minimum and maximum of 2 Lots (1200 Shares) for Rs. 2,23,200, and in multiples thereof, while HNI investors can invest in a minimum of 3 Lots (1800 Shares) for Rs. 3,34,800.
|
Minimum Lot Investment (Retail) |
2 Lots |
|
Maximum Lot Investment (Retail) |
2 Lots |
|
HNI (Min) |
3 Lots |
Maharaja & Speedex India IPO Allotment Status
To check the Maharaja & Speedex India IPO Allotment Status, visit the official Registrar’s website or BSE website. Below are the website links for you.
Using BSE Website - BSE IPO allotment status
Promoters And Management of Maharaja & Speedex India Ltd.
-
Rakesh Kumar Aggarwal
-
Kusum Aggarwal
-
Akash Aggarwal
-
Ankit Bansal
-
Atul Tulsian
-
Rohit Garg.
|
Pre-Issue Promoter Shareholding |
87.69% |
|
Post-Issue Promoter Shareholding |
63.93% |
IPO Lead Managers
- Choice Capital Advisors Pvt. Ltd.
Dividend Policy
The company has not paid a dividend during the last three FYs.
Conclusion
Maharaja & Speedex India IPO shows strong growth potential supported by rising revenues, improving profitability, and an established distribution network. The company’s diversified product portfolio, OEM capabilities, and healthy return ratios provide positive growth prospects.
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Hope you enjoyed the Finowings IPO Analysis. We tried our best to give every required detail about the company that you should know before applying to the IPO.
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