Maharaja & Speedex India SME IPO
Maharaja & Speedex India IPO — date, price band, lot size & details 2026
Maharaja & Speedex India listed on 18 Sep 2026 at ₹250, 34.4% above the ₹186 issue price.
Maharaja & Speedex India Ltd makes and distributes stainless steel bottles and allied drinkware, covering standard bottles as well as novelty items such as tumblers, feeding bottles and gym shakers. Running since 2006, it sells through 101 distributors across 17 states and 2 union territories.
Stock price
Maharaja & Speedex India is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 23 October.
- Open 10 Sep 2026
- Close 15 Sep 2026
- Allotment 16 Sep 2026
- Refund/credit 17 Sep 2026
- Listing 18 Sep 2026
Issue summary
The terms of the offer, as filed.
| IPO Dates | 10 to 15 Sep, 2026 |
|---|---|
| Price Band | ₹177 – ₹186 |
| Face Value | ₹10 |
| Lot Size | 600 Shares |
| Issue Size | ₹80.13 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE SME |
| Registrar | Maashitla Securities Private Limited |
| Min Investment | ₹ 2,23,200 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 600 shares at the ₹186 cut-off. The SME retail application is a fixed 2 lots; HNI starts at 3.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 2 | 1,200 | ₹2,23,200 |
| Retail (max) | 2 | 1,200 | ₹2,23,200 |
| HNI (min) | 3 | 1,800 | ₹3,34,800 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 8
- 01Profit has grown sharply, from Rs 0.72 crore in FY2023 to Rs 1.08 crore in FY2024 and Rs 5.57 crore in FY2025, with Rs 8.35 crore earned in the eight months to 30 November 2025.
- 02EBITDA improved from Rs 1.72 crore in FY2023 to Rs 10.61 crore in FY2025 and Rs 12.53 crore in the latest period.
- 03Return ratios are among the highest in this batch, with RoNW of 68.03% and RoCE of 42.22%.
- 04Net worth has grown from Rs 1.86 crore in FY2023 to Rs 21.87 crore as on 30 November 2025.
- 05The company reduced its borrowing while growing, from Rs 18.04 crore in FY2025 to Rs 13.93 crore in the latest period.
- 06The distribution reach is wide for a company of this size, at 101 distributors across 17 states and 2 union territories.
- 07Selling across mass, premium and lifestyle price points lets it serve different buyers rather than depending on one segment.
- 08It has a long record of about 20 years, having started in 2006, and both manufactures and distributes rather than only trading.
Risks · 10
- 01Sales are not growing steadily. Total income actually fell from Rs 64.77 crore in FY2023 to Rs 61.41 crore in FY2024 before rising to Rs 93.60 crore in FY2025.
- 02The financial data is old and partial for an issue opening in September 2026. The latest column is an eight month period ending 30 November 2025, not a full year, so it cannot be compared directly with the years before it.
- 03The P/E is not stated in the data available to us, so the issue cannot be compared with peers on earnings from here.
- 04The profit margin is thin at 5.95%.
- 05Borrowing of Rs 13.93 crore is high against a net worth of Rs 21.87 crore.
- 06Drinkware is a crowded consumer category with low entry barriers, competing against established national brands and against cheap imports on price.
- 07A part of the money, Rs 20.38 crore, goes into plant and machinery at a wholly owned subsidiary's facility rather than into the parent company.
- 08This is a fresh issue combined with an offer for sale, so a part of the money goes to the selling shareholders and not to the company.
- 09Promoter holding will come down from 87.69% to 63.93% after the issue.
- 10This is an SME issue. One lot is 600 shares, which is about Rs 1.12 lakh at the upper band of Rs 186, and SME shares usually trade in low volume after listing.
Three years of numbers
All figures in ₹ crore, as reported in the Maharaja & Speedex India offer document.
| Metric | 30 Nov 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 51.85 | 47.67 | 26.94 | 16.24 |
| Total Income | 75.48 | 93.60 | 61.41 | 64.77 |
| Profit After Tax | 8.35 | 5.57 | 1.08 | 0.72 |
| EBITDA | 12.53 | 10.61 | 2.90 | 1.72 |
| NET Worth | 21.87 | 13.52 | 4.97 | 1.86 |
| Reserves and Surplus | 21.86 | 13.51 | 4.96 | 1.85 |
| Total Borrowing | 13.93 | 18.04 | 16.11 | 7.94 |
See how this IPO compares — view listing performance of all SME IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Maharaja & Speedex India RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Maharaja & Speedex India IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Post-Issue |
|---|---|
| EPS (₹) | ₹9.39 |
| Market Cap at Offer Price (₹ Cr) | ₹165.40 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹186 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹45.43 Cr of the issue is earmarked to named objects.
About the company
Its range is split into two groups. Standard products are the stainless steel bottles used for everyday purposes. Novelty products cover tumblers, feeding bottles and gym shakers. The company offers these at several price points so that it can sell into the mass, premium and lifestyle segments rather than only one type of buyer.
It sells across India through a distribution network of 101 distributors spread over 17 states and 2 union territories, including Maharashtra, Uttar Pradesh, Rajasthan and Punjab. It describes its strengths as long standing relationships with suppliers and customers and having both manufacturing and distribution under one roof.
Interested in this IPO? Check the live subscription status or browse all upcoming SME IPOs.
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The bankers & the filings
Who is running the book, and the documents this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
Choice Capital Advisors Pvt.Ltd.
7 issues handled (5 mainboard, 2 SME)Best listing: Adroit Industries (India) (+75.4%). Weakest: Sonaselection India (+3.3%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of Maharaja & Speedex India?
The current Grey Market Premium is ₹28, or 15.05% over the issue price.
What is the Maharaja & Speedex India IPO price band?
₹177 to ₹186, on a face value of ₹10.
When is the allotment?
The basis of allotment is 16 September 2026, with listing on 18 September 2026.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — Maashitla Securities Private Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every SME and Mainboard issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
