Maharaja & Speedex IndiaIPO Review — Financials, Valuation & Peers
A data-only look at the Maharaja & Speedex India IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 61.41 | 1.08 | 2.9 | 4.97 | 26.94 | 16.11 | — |
| FY 2025 | 93.6 | 5.57 | 10.61 | 11.39 | 47.67 | 18.04 | — |
| FY 2026 | 122.74 | 15.34 | 22.52 | 26.74 | 81.98 | 26.66 | 11.89 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- P/E (pre-issue)
- 15.64x
- P/E (post-issue)
- 19.81x
- RoNW
- 80.47%
- RoCE
- 54.6%
- Debt / Equity
- 0.92
- EPS (pre-issue)
- ₹11.89
- EPS (post-issue)
- ₹9.39
- EBITDA Margin
- 18.36%
- PAT Margin
- 12.51%
- P/BV
- 8.97x
- NAV / share
- ₹20.73
- Market Cap
- ₹304.02 Cr
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | Statements |
|---|---|---|---|---|---|
| Maharaja & Speedex India | 11.89 | 20.73 | — | 80.47% | Consolidated |
| Borosil Ltd. | 6.24 | 74.12 | 38.23x | 9.3% | Consolidated |
| Cello World Ltd. | 14.7 | 101.62 | 25.69x | 14.35% | Consolidated |
Peer group as disclosed in the offer document, figures as of 31 Mar 2026. The issuer’s P/E is computed at the upper price band.
Promoters & Shareholding
Promoters: <p>Rakesh Kumar Aggarwal, Kusum Aggarwal, Akash Aggarwal, Ankit Bansal, Atul Tulsian, Rohit Garg</p>
- Holding (pre-issue)
- 87.69%
- Holding (post-issue)
- 63.93%
- Dilution
- 23.76%
Analysis in brief
Margin and return profile
Away from the price multiples, the offer document also discloses the shape of the underlying business. Maharaja & Speedex India operates at an EBITDA margin of 18.36% and a net (PAT) margin of 12.51% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 54.6%. At the upper band, the post-issue market capitalisation works out to about ₹304.02 crore. These are offer-document figures for the latest reported period (as of 31 Mar 2026); they describe the business as disclosed, not how the stock will trade.
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.
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.
Frequently asked questions
- Who are the promoters of Maharaja & Speedex India and what is their holding?
- The promoters are <p>Rakesh Kumar Aggarwal, Kusum Aggarwal, Akash Aggarwal, Ankit Bansal, Atul Tulsian, Rohit Garg</p>. Promoter holding is 87.69% before the issue and 63.93% after listing.
- What is the P/E ratio of the Maharaja & Speedex India IPO?
- At the upper price band, the Maharaja & Speedex India IPO is valued at 15.64× pre-issue earnings and 19.81× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Maharaja & Speedex India IPO?
- The net proceeds go primarily toward repayment and/or pre-payment, in full or part, of certain borrowings availed by the company and its subsidiary from banks., among 3 disclosed objects.