Maharaja & Speedex India IPO

Maharaja & Speedex India Limited, incorporated in February 2006, is engaged in manufacturing, branding, marketing and distribution of stainless-steel bottles and allied drinkware products. Its portfolio includes standard products such as stainless-steel bottles and novelty products such as tumblers, feeding bottles and gym shakers. The company serves mass, premium and lifestyle segments across B2C and B2B markets and also undertakes OEM and private-label manufacturing. Its wholly owned subsidiary, Dewdrop Bottles Private Limited, operates two manufacturing facilities in Sonipat, Haryana, with an installed capacity of approximately 45.24 lakh units annually across 223 SKUs. The company has a pan-India distribution network covering 17 states and two Union Territories.

Maharaja & Speedex India Limited IPO Overview

Maharaja & Speedex India Limited is launching a bookbuilding IPO aggregating up to ₹80.13 crore. The issue comprises a fresh issue of 34,46,400 shares aggregating up to ₹64.10 crore and an offer for sale of 8,61,600 shares aggregating up to ₹16.03 crore. The IPO will open for subscription on 10 September 2026 and close on 15 September 2026. The price band is fixed at ₹177 to ₹186 per share, while the lot size is 600 shares. Individual investors must apply for at least two lots, or 1,200 shares, requiring ₹2,23,200 at the upper price band. The allotment is scheduled for 16 September, followed by refunds and demat credit on 17 September. The tentative listing date is 18 September 2026 on BSE SME. Choice Capital Advisors Pvt. Ltd. is the book-running lead manager, Maashitla Securities Pvt. Ltd. is the registrar and Choice Equity Broking Pvt. Ltd. is the market maker.

Maharaja & Speedex India Limited IPO Details

Particulars	Details
IPO Date	10 to 15 September 2026
Listing Date	18 September 2026
Face Value	₹10 per share
Issue Price Band	₹177 to ₹186 per share
Lot Size	600 Shares
Total Issue Size	43,08,000 shares (aggregating up to ₹80.13 Cr)
Fresh Issue	34,46,400 shares (aggregating up to ₹64.10 Cr)
Offer for Sale	8,61,600 shares (aggregating up to ₹16.03 Cr)
Issue Type	Bookbuilding IPO
Listing At	BSE SME
Share Holding Pre Issue	1,28,98,740 shares
Share Holding Post Issue	1,63,45,140 shares
Market Maker Portion	2,16,000 shares

Maharaja & Speedex India Limited IPO Reservation

Investor Category	Shares Offered
QIB	Not more than 50% of the Net Issue
Retail	Not less than 35% of the Net Issue
NII	Not less than 15% of the Net Issue

Maharaja & Speedex India Limited IPO Lot Size

Application	Lots	Shares	Amount
Retail (Min)	2	1,200	₹2,23,200
Retail (Max)	2	1,200	₹2,23,200
S-HNI (Min)	3	1,800	₹3,34,800
S-HNI (Max)	8	4,800	₹8,92,800
B-HNI (Min)	9	5,400	₹10,04,400

Maharaja & Speedex India Limited IPO Promoter Holding

Shareholding Status	Percentage
Pre-Issue	87.69%
Post-Issue	63.93%

Maharaja & Speedex India Limited IPO Valuation Overview

KPI	Value
Earnings Per Share (EPS)	₹9.39
Price/Earnings (P/E) Ratio	19.81x
Return on Net Worth (RoNW)	80.47%
Net Asset Value (NAV)	₹20.73
Return on Equity	80.47%
Return on Capital Employed (ROCE)	54.60%
EBITDA Margin	18.36%
PAT Margin	12.51%
Debt to Equity Ratio	0.92x

Objectives of the Proceeds

1. ₹24.10 crore will be used for repayment or prepayment, partly or fully, of borrowings availed from banks by the company and subsidiary.

2. ₹21.42 crore will fund capital expenditure for purchasing plant and machinery at the existing subsidiary manufacturing facility.

3. Balance proceeds will be utilised for general corporate purposes, subject to applicable regulations and issue-related requirements.

Key Financials (in ₹ crore)

Particulars	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	81.98	47.67	26.94
Revenue	122.74	93.60	61.41
Profit After Tax	15.34	5.57	1.08
Reserves and Surplus	15.96	13.51	4.96
Total Borrowings	26.66	18.04	16.11

IPO Strengths

1. Pan-India distribution network.

2. OEM and private-label manufacturing capabilities.

3. Diversified product portfolio across price segments.

4. Integrated manufacturing and distribution capabilities.

5. Focus on product innovation and value-added drinkware.

6. Long-standing relationships with suppliers and customers.

7. Seasoned management team with complementary expertise.

Peer Group Comparison

Company Name	EPS (₹)	NAV (₹)	P/E (x)	RoNW (%)
Maharaja & Speedex India Ltd.	11.89	20.73	15.64	80.47
Peer Group
Borosil Ltd.	6.24	74.12	38.23	9.30
Cello World Ltd.	14.70	101.62	25.69	14.35