Maharaja & Speedex India IPO

The Maharaja & Speedex India SME IPO is open between 10 Sept 2026 and 15 Sept 2026, offered at a price band of ₹177–186 per share, and is set to list on BSE. The IPO seeks to raise ₹80.13 crore. Retail investors bid in lots of 600 shares, a minimum application of ₹2,23,200.

Issue structure

The offer combines a fresh issue of ₹60.09 crore with an offer for sale (OFS) of ₹16.03 crore by existing shareholders. Money raised through the fresh issue goes to the company for its stated objects, while OFS proceeds go to the selling shareholders rather than the business.

Objects of the issue

Per the offer document, the company intends to deploy the net proceeds primarily toward repayment and/or pre-payment, in full or part, of certain borrowings availed by the company and its subsidiary from banks. (₹24.1 crore), alongside funding of capital expenditure towards purchase of plant and machineries at the existing manufacturing facility of the wholly-owned subsidiary (₹21.42 crore). In all, 3 objects are disclosed — the full break-up is in the table above.

Financials

In FY2026, Maharaja & Speedex India reported revenue of ₹122.74 crore and a net profit of ₹15.34 crore. Revenue grew from ₹61.41 crore in FY2024 to ₹122.74 crore in FY2026 (+100.0%). Net worth stood at ₹26.74 crore at the end of FY2026. At the upper band, that puts the issue at roughly 15.6× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.

Valuation

At the upper band, the issue is priced at 19.81× post-issue earnings and 8.97× book value, against a return on net worth of 80.47% and a debt-to-equity ratio of 0.92. These ratios come from the offer document and are for comparison, not a recommendation.

Peer comparison

The offer document names listed peers including Borosil Ltd. and Cello World Ltd., with a median peer P/E of about 32×. The issue's own post-issue P/E works out to 19.81×.

Promoters

The promoters of the company are <p>Rakesh Kumar Aggarwal, Kusum Aggarwal, Akash Aggarwal, Ankit Bansal, Atul Tulsian, Rohit Garg</p>. Promoter holding stands at 87.69% before the issue and comes down to 63.93% after listing.

Grey market premium (GMP)

In the unofficial grey market, Maharaja & Speedex India shares are quoted at a premium of ₹0 implying an expected listing around ₹186, about +0.0% over the upper band. Grey market premium is a sentiment indicator set by private dealers, not the company or the exchange — it moves quickly and is not a reliable predictor of the actual listing price.

What to weigh

When evaluating the Maharaja & Speedex India IPO, the data points most investors look at are the fresh-issue-versus-OFS split, the revenue and profitability trend and the grey market premium. Grey market premium and subscription figures reflect short-term sentiment rather than long-term fundamentals; the figures on this page are for information only and are not investment advice.

About Maharaja & Speedex India

The Company was incorporated on February 15, 2006, as &ldquo;Maharaja Cookers Private Limited&rdquo; under the Companies Act, 1956, and was initially engaged in trading activities. In 2017, the Company diversified into the trading of stainless-steel bottles, which emerged as a key revenue segment and contributed significantly to its turnover. In Fiscal 2021, Dewdrop Bottles Private Limited, an entity owned by the current Promoters and Directors at that time, commenced manufacturing of stainless-steel products from its facility in Sonipat, Haryana. To consolidate manufacturing operations, the Company acquired Dewdrop Bottles Private Limited as a wholly owned subsidiary pursuant to a Share Purchase Agreement dated January 27, 2025. Further, in Fiscal 2025, the Company acquired Gulika Apparel Private Limited as its wholly owned subsidiary pursuant to a Share Purchase Agreement dated February 4, 2026, which was subsequently rebranded as &ldquo;Speedex Online Private Limited&rdquo; to strengthen its online sales and digital distribution capabilities. Maharaja &amp; Speedex India Limited is engaged in the manufacturing, branding, marketing and distribution of stainless-steel bottles and allied drinkware products, catering to both retail and institutional customers across India. The Company operates through a pan-India distribution network comprising 101 distributors across 17 states and 2 Union Territories.