Maxwell Engineering Solutions IPO

The Maxwell Engineering Solutions SME IPO is open between 30 Oct 2026 and 3 Nov 2026, offered at a price band of ₹150–158 per share, and is set to list on NSE. The IPO seeks to raise ₹57.64 crore. Retail investors bid in lots of 800 shares, a minimum application of ₹2,52,800.

Issue structure

The IPO is structured entirely as a fresh issue of ₹54.12 crore, so the full proceeds flow to the company to fund its stated objects of the issue.

Objects of the issue

Per the offer document, the company intends to deploy the net proceeds primarily toward financing the capital expenditure requirement towards purchase of new machineries, lab equipment & other utilities for manufacturing facility (₹18 crore), alongside funding working capital requirements of company (₹14 crore). In all, 5 objects are disclosed — the full break-up is in the table above.

Financials

In FY2026, Maxwell Engineering Solutions reported revenue of ₹12.25 crore and a net profit of ₹3.05 crore. Revenue grew from ₹10.87 crore in FY2024 to ₹12.25 crore in FY2026 (+13.0%). Net worth stood at ₹27.92 crore at the end of FY2026. At the upper band, that puts the issue at roughly 13.4× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.

Valuation

At the upper band, the issue is priced at 23.65× post-issue earnings and 5.69× book value, against a return on net worth of 10.93% and a debt-to-equity ratio of 0.56. These ratios come from the offer document and are for comparison, not a recommendation.

Peer comparison

The offer document names listed peers including Omnitech Engineering Ltd. and Sunita Tools Ltd., with a median peer P/E of about 99.8×. The issue's own post-issue P/E works out to 23.65×.

Promoters

The promoters of the company are <p>Rajkumar Chaudhary, Vinubhai Kanjibhai Chavda, Ria Rajkumar Chaudhary</p>. Promoter holding stands at 97.26% before the issue and comes down to 71.36% after listing.

Grey market premium (GMP)

In the unofficial grey market, Maxwell Engineering Solutions shares are quoted at a premium of ₹27 implying an expected listing around ₹185, about +17.1% 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 Maxwell Engineering Solutions 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 Maxwell Engineering Solutions

Maxwell Engineering Solutions is a precision engineering company that manufactures, trades, and services critical components used in underwater pelletizing systems . The company specializes in various products, such as Pelletizing die plates, Pelletizing blades/knives, Blade holders/cutter hubs, Tapped driving bushes, and other spare parts for pelletizing systems. Its die plates are used in various applications, including White, black &amp; color masterbatches, Cable compounds (HFFR, XLPE, PVC, etc.), Engineering plastics (PA, PBT, PC, etc.), and Recycled resins (PET, PP, PE, etc.). These products are widely used in industries like compounding, masterbatches, recycling, petrochemicals, and bioplastics. The company serves customers across India and internationally in countries like the USA, Germany, Japan, Australia, Saudi Arabia, and many more. In FY 2025, the company derived 82.43% of revenue from exports and remaining 17.57% from domestic sales. Additionally, the company also offers various services, including Refurbishment &amp; repair services, custom manufacturing solutions, white-label manufacturing, trading of select pelletizing components, marketing &amp; intermediary services for CJTEK components, and management consulting for customer acquisition. Manufacturing facility : Vadodara, Gujarat. The facility is well equipped with VMC, CNC, EDM, wire cut, milling, lathe, and other high-precision machines. As of March 31, 2025, its workforce comprised 59 permanent employees. Competitive Strengths: Experienced Promoters and Management Team Existing client relationship Quality Services Well established systems and procedures Revenue from multiple geographies Customized Product Offering