Maxwell Engineering Solutions IPO

Maxwell Engineering Solutions Limited, incorporated in September 2022, is a precision engineering company specialising in the manufacturing, trading and servicing of critical components for underwater pelletizing systems. Its product portfolio includes pelletizing die plates, blades, knives, blade holders, cutter hubs and other specialised spare parts used in polymer compounding, masterbatches, engineering plastics and plastics recycling. The company also offers customised and white-label manufacturing, refurbishment and repair services. It operates a company-owned manufacturing facility at Waghodia GIDC, Vadodara, Gujarat, equipped with precision machining and testing equipment. Its customer base spans India and international markets, including the USA, Germany, Japan, Australia and the Netherlands. The company holds ISO 9001:2015 certification and received ZED Bronze Certification in November 2025.

Maxwell Engineering Solutions Limited IPO Overview

Maxwell Engineering Solutions Limited is launching a bookbuilding IPO worth ₹57.64 crore, comprising a fresh issue of 36,48,000 shares. The subscription window opens on 30 October 2026 and closes on 3 November 2026. The price band is ₹150-₹158 per share, with a face value of ₹10 per share. Investors must apply for a minimum of 1,600 shares, equivalent to two lots of 800 shares, requiring ₹2,52,800 at the upper price band. The minimum small HNI application is 2,400 shares, amounting to ₹3,79,200. The tentative allotment date is 4 November 2026, followed by refunds and demat credit on 5 November 2026. The shares are scheduled to list on NSE SME on 6 November 2026. JDA Capital Services Ltd. is the book-running lead manager and market maker, while KFin Technologies Ltd. is the registrar. The issue includes a market-maker reservation of 2,22,400 shares, with the remaining 34,25,600 shares offered to the public.

Maxwell Engineering Solutions Limited IPO Details

Particulars	Details
IPO Date	30 October 2026 to 3 November 2026
Tentative Listing Date	6 November 2026
Face Value	₹10 per share
Issue Price Band	₹150 to ₹158 per share
Lot Size	800 shares
Minimum Retail Application	1,600 shares (2 lots)
Minimum Retail Investment	₹2,52,800
Total Issue Size	36,48,000 shares (up to ₹57.64 crore)
Fresh Issue	36,48,000 shares (up to ₹57.64 crore)
Offer for Sale	Nil
Issue Type	Bookbuilding IPO
Listing At	NSE SME
Shareholding Pre-Issue	1,00,50,275 shares
Shareholding Post-Issue	1,36,98,275 shares
Market Maker Portion	2,22,400 shares (approximately ₹4 crore)
Net Issue to Public	34,25,600 shares (approximately ₹54 crore)
Lead Manager	JDA Capital Services Ltd.
Registrar	KFin Technologies Ltd.
Market Maker	JDA Capital Services Ltd.

Maxwell Engineering Solutions Limited IPO Reservation

Investor Category	Shares Offered	% of Net Issue
Qualified Institutional Buyers (QIB)	17,07,200	49.84%
Non-Institutional Investors (NII/HNI)	5,18,400	15.13%
Retail Individual Investors (RII)	12,00,000	35.03%
Total Net Issue	34,25,600	100.00%

Maxwell Engineering Solutions Limited IPO Lot Size

Application	Lots	Shares	Amount
Individual Investors (Minimum)	2	1,600	₹2,52,800
Individual Investors (Maximum)	2	1,600	₹2,52,800
Small HNI (Minimum)	3	2,400	₹3,79,200
Small HNI (Maximum)	7	5,600	₹8,84,800
Big HNI (Minimum)	8	6,400	₹10,11,200

Maxwell Engineering Solutions Limited IPO Promoter Holding

Shareholding Status	Percentage
Pre-Issue	97.26%
Post-Issue	71.36%

Maxwell Engineering Solutions Limited IPO Valuation Overview

KPI	Value
Earnings Per Share (EPS)-Pre-Issue	₹11.80
Price/Earnings (P/E) Ratio-Pre-Issue	13.39x
Return on Net Worth (RoNW)	47.70%
Net Asset Value (NAV)	₹24.74 per share
Return on Equity (ROE)	62.63%
Return on Capital Employed (ROCE)	38.46%
EBITDA Margin	51.58%
PAT Margin	40.28%
Debt-to-Equity Ratio	0.67

Objectives of the Proceeds

The company proposes to utilise the issue proceeds for the following purposes, based on the supplied IPO reference:

I. ₹18.00 crore: Finance new machinery, laboratory equipment and utilities required to strengthen manufacturing capabilities and production infrastructure.

II. ₹6.50 crore: Fund the construction of a new office building and manufacturing facility to support operational expansion.

III. ₹4.30 crore: Repayment or prepayment of company borrowings, either partially or fully, to improve the capital structure and manage finance costs.

IV. ₹14.00 crore: Working capital requirements to support day-to-day business operations, including inventory, operating expenses and other short-term funding requirements.

V. General corporate purposes

Key Financials (in ₹ crore)

Particulars	31 March 2026	31 March 2025	31 March 2024
Assets	47.55	25.31	8.51
Revenue / Total Income	30.76	22.59	10.87
Profit After Tax	11.86	9.18	3.16
Reserves and Surplus	14.82	10.25	3.32
Total Borrowings	16.73	8.60	3.19

IPO Strengths

I. Diversified Business Segments.

II. Quality Standards and Certifications.

III. International Market Presence.

IV. Customised and White-Label Manufacturing.

V. In-House Manufacturing and R&D Capabilities.

VI. Specialised Product Portfolio.

VII. Established Customer Relationships.

Peer Group Comparison

Company Name	EPS (Basic) (₹)	EPS (Diluted) (₹)	NAV (₹)	P/E (x)	RoNW (%)	P/BV (x)
Maxwell Engineering Solutions Ltd.	11.80	11.80	—	13.39	47.70	—
Peer Group
Kabra Extrusiontechnik Ltd.	-0.70	—	127.92	—	-0.54	5.34
Omnitech Engineering Ltd.	6.42	—	55.36	99.00	11.28	11.55
Sunita Tools Ltd.	10.53	—	112.10	100.65	10.80	9.46