Maharaja & Speedex India SME IPO Details
SME
Upcoming
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.
Open
10 Sep
2026
Close
15 Sep
2026
Allotment
16 Sep
2026
Listing
18 Sep
2026
IPO Review
Coming Soon
IPO GMP
₹ 0
(--)
IPO Subscription Subscription
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IPO Summary
IPO Dates
10 to 15 Sep, 2026
Price Band
₹177 to ₹186
Face Value
₹10
Lot Size
600 Shares
Issue Size
₹80.13 Cr
Sale Type
Fresh capital cum OFS
Listing On
BSE SME
Min Investment
₹ 2,23,200
What is the Maharaja & Speedex India IPO Timetable?
Track the IPO schedule and key events.
| Event | Date | Day |
|---|---|---|
| IPO Open Date | 10 Sep, 2026 Thu | Thursday |
| IPO Close Date | 15 Sep, 2026 Tue | Tuesday |
| Basis of Allotment | 16 Sep, 2026 Wed | Wednesday |
| Refunds Initiated | 17 Sep, 2026 Thu | Thursday |
| Credit to Demat | 17 Sep, 2026 Thu | Thursday |
| Listing Date | 18 Sep, 2026 Fri | Friday |
What is the Maharaja & Speedex India IPO Lot Size?
Bidding in multiples of 600 shares.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 1200 | ₹2,23,200 |
| Retail (Max) | 2 | 1200 | ₹2,23,200 |
| HNI (Min) | 3 | 1800 | ₹3,34,800 |
About Maharaja & Speedex India
Maharaja & Speedex India Ltd was started in 2006. It makes and distributes drinkware, with its main focus on stainless steel bottles and related products.
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.
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.
Maharaja & Speedex India Key Performance Indicators (KPIs)
Eps
7.41
Roce
42.22%
Ronw
68.03%
Pat margin
5.95%
Objects of the Issue
| Issue Object | Estimate Amount |
|---|---|
| Repayment and/or pre-payment, in full or part, of certain borrowings availed by the Company and its subsidiary from banks. | ₹25.05 Cr. |
| Funding of capital expenditure towards purchase of plant and machineries at the existing manufacturing facility of the wholly-owned subsidiary | ₹20.38 Cr. |
| General Corporate Purposes |
Issue Object
Repayment and/or pre-payment, in full or part, of certain borrowings availed by the Company and its subsidiary from banks.
Estimate Amount
₹25.05 Cr.
Issue Object
Funding of capital expenditure towards purchase of plant and machineries at the existing manufacturing facility of the wholly-owned subsidiary
Estimate Amount
₹20.38 Cr.
Issue Object
General Corporate Purposes
Estimate Amount
Strengths & Risks
Strengths
- ✓ Profit 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.
- ✓ EBITDA improved from Rs 1.72 crore in FY2023 to Rs 10.61 crore in FY2025 and Rs 12.53 crore in the latest period.
- ✓ Return ratios are among the highest in this batch, with RoNW of 68.03% and RoCE of 42.22%.
- ✓ Net worth has grown from Rs 1.86 crore in FY2023 to Rs 21.87 crore as on 30 November 2025.
- ✓ The company reduced its borrowing while growing, from Rs 18.04 crore in FY2025 to Rs 13.93 crore in the latest period.
- ✓ The distribution reach is wide for a company of this size, at 101 distributors across 17 states and 2 union territories.
- ✓ Selling across mass, premium and lifestyle price points lets it serve different buyers rather than depending on one segment.
- ✓ It has a long record of about 20 years, having started in 2006, and both manufactures and distributes rather than only trading.
Risks
- ⚠ Sales 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.
- ⚠ The 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.
- ⚠ The P/E is not stated in the data available to us, so the issue cannot be compared with peers on earnings from here.
- ⚠ The profit margin is thin at 5.95%.
- ⚠ Borrowing of Rs 13.93 crore is high against a net worth of Rs 21.87 crore.
- ⚠ Drinkware is a crowded consumer category with low entry barriers, competing against established national brands and against cheap imports on price.
- ⚠ A 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.
- ⚠ This 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.
- ⚠ Promoter holding will come down from 87.69% to 63.93% after the issue.
- ⚠ This 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.
Company Financials
The Maharaja & Speedex India company's financial performance (in ₹ Cr.) is summarized below:
| 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 |
IPO Reservation
| Investor Category | Reservation |
|---|---|
| QIB | Not more than 50% of the Net Issue |
| Retail | Not less than 35% of the Net Issue |
| NII | Not less than 15% of the Net Issue |
Promoters and Shareholding Details
Rakesh Kumar Aggarwal, Kusum Aggarwal, Akash Aggarwal, Ankit Bansal, Atul Tulsian and Rohit Garg
| Particular | % Share |
|---|---|
| Promoter Holding Pre Issue | 87.69% |
| Promoter Holding Post Issue | 63.93% |
Frequently Asked Questions
What is the GMP of Maharaja & Speedex India?
The current Grey Market Premium (GMP) of Maharaja & Speedex India is ₹ 0.
What is the Maharaja & Speedex India IPO Price Band?
The price band for Maharaja & Speedex India IPO is ₹177 to ₹186.
When is the Maharaja & Speedex India IPO Allotment?
The allotment date for Maharaja & Speedex India IPO is September 16, 2026.
How to check Maharaja & Speedex India IPO Allotment Status?
You can check the allotment status on the IPO Allotment Status page or on the registrar's website (Maashitla Securities Private Limited).
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