Maxwell Engineering SolutionsIPO Review — Financials, Valuation & Peers
A data-only look at the Maxwell Engineering Solutions 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 | 10.87 | 3.16 | 4.25 | 3.33 | 8.51 | 3.19 | — |
| FY 2025 | 22.59 | 9.18 | 11.69 | 13.01 | 25.31 | 8.6 | — |
| FY 2026 | 30.76 | 11.86 | 15.19 | 24.87 | 47.55 | 16.73 | — |
| Jul 2026 (interim) | 12.25 | 3.05 | 4.29 | 27.92 | 51.79 | 15.77 | 11.8 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March. Interim periods cover part of a year and are not comparable to the full-year rows.
KPIs & Valuation
- P/E (pre-issue)
- 13.39x
- P/E (post-issue)
- 23.65x
- RoNW
- 10.93%
- RoE
- 11.56%
- RoCE
- 9.87%
- Debt / Equity
- 0.56
- EPS (pre-issue)
- ₹11.8
- EPS (post-issue)
- ₹6.68
- EBITDA Margin
- 36.11%
- PAT Margin
- 25.7%
- P/BV
- 5.69x
- NAV / share
- ₹27.78
- Market Cap
- ₹216.43 Cr
As of 31 Jul 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 | P/BV | Statements |
|---|---|---|---|---|---|---|
| Maxwell Engineering Solutions | 11.8 | — | 13.39x | 47.7% | — | — |
| Kabra Extrusiontechnik Ltd. | -0.7 | 127.92 | — | -0.54% | 5.34x | Standalone |
| Omnitech Engineering Ltd. | 6.42 | 55.36 | 99x | 11.28% | 11.55x | Standalone |
| Sunita Tools Ltd. | 10.53 | 112.1 | 100.65x | 10.8% | 9.46x | Standalone |
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>Rajkumar Chaudhary, Vinubhai Kanjibhai Chavda, Ria Rajkumar Chaudhary</p>
- Holding (pre-issue)
- 97.26%
- Holding (post-issue)
- 71.36%
- Dilution
- 25.9%
Analysis in brief
Margin and return profile
Away from the price multiples, the offer document also discloses the shape of the underlying business. Maxwell Engineering Solutions operates at an EBITDA margin of 36.11% and a net (PAT) margin of 25.7% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 9.87% and a return on equity (RoE) of 11.56%. At the upper band, the post-issue market capitalisation works out to about ₹216.43 crore. These are offer-document figures for the latest reported period (as of 31 Jul 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 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.
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.
Frequently asked questions
- What is the reservation split in the Maxwell Engineering Solutions IPO?
- Of the total shares offered, retail investors get 35.03%, QIBs 19.94% (plus 29.89% anchor), non-institutional investors 15.13%.
- Who are the promoters of Maxwell Engineering Solutions and what is their holding?
- The promoters are <p>Rajkumar Chaudhary, Vinubhai Kanjibhai Chavda, Ria Rajkumar Chaudhary</p>. Promoter holding is 97.26% before the issue and 71.36% after listing.
- What is the P/E ratio of the Maxwell Engineering Solutions IPO?
- At the upper price band, the Maxwell Engineering Solutions IPO is valued at 13.39× pre-issue earnings and 23.65× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Maxwell Engineering Solutions IPO?
- The net proceeds go primarily toward financing the capital expenditure requirement towards purchase of new machineries, lab equipment & other utilities for manufacturing facility, among 5 disclosed objects.