About Maharaja & Speedex India IPO
Maharaja & Speedex India IPO Details
Maharaja & Speedex India IPO is a book-built SME issue of ₹80.13 crore, comprising a fresh issue of ₹64.10 crore and an offer for sale of ₹16.03 crore. The company is offering 43.08 lakh equity shares of face value ₹10 each, with a price band of ₹177–₹186 per share. The lot size is 600 shares, while retail investors must apply for a minimum of 1,200 shares (two lots), requiring an investment of ₹2,23,200 at the upper price band.
The IPO will open for subscription on Thursday, September 10, 2026, and close on Tuesday, September 15, 2026. Choice Capital Advisors Private Limited is the book-running lead manager and Maashitla Securities Pvt Ltd is the registrar to the issue. The equity shares are proposed to be listed on the BSE SME platform.
Maharaja & Speedex India IPO Date & Timeline
Maharaja & Speedex India Limited filed its draft offer document and received in-principle approval for its proposed BSE SME listing. The company has now announced the public-issue terms. The anchor-investor bidding date is Tuesday, September 9, 2026. The public issue will open on Thursday, September 10, 2026, and close on Tuesday, September 15, 2026.
The basis of allotment is expected to be finalised on Wednesday, September 16, 2026. Refunds are expected to be initiated and allotted shares credited to eligible investors' demat accounts on Thursday, September 17, 2026. The equity shares are tentatively scheduled to list on the BSE SME platform on Friday, September 18, 2026.
Maharaja & Speedex India IPO Timeline
| IPO Open Date | Thu, Sep 10, 2026 |
| IPO Close Date | Tue, Sep 15, 2026 |
| Basis of Allotment | Wed, Sep 16, 2026 |
| Initiation of Refunds | Thu, Sep 17, 2026 |
| Credit of Shares to Demat | Thu, Sep 17, 2026 |
| Listing Date | Fri, Sep 18, 2026 |
| Cut-off time for UPI mandate confirmation | - |
Maharaja & Speedex India IPO Details
| Detail | Description |
|---|---|
| IPO Date | 10 to 15 Sep, 2026 |
| Listing Date | 18 Sep, 2026 |
| Face Value | ₹ 10 Per Equity Share |
| Issue Price Band | ₹ 177 to ₹ 186 |
| Lot Size | 600 Shares |
| Sale Type | Fresh capital cum OFS |
| Total Issue Size | 43,08,000 shares (agg. up to ₹ 80 Cr) |
| Reserved for Market Maker | 2,16,000 shares (agg. up to ₹ 4 Cr) |
| Fresh Issue(Ex Market Maker) | 32,30,400 shares (agg. up to ₹ 60 Cr) |
| Offer for Sale | 8,61,600 shares of ₹10 (agg. up to ₹ 16 Cr) |
| Net Offered to Public | 40,92,000 shares (agg. up to ₹ 76 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Share Holding Pre Issue | 1,28,98,740 shares |
| Share Holding Post Issue | 1,63,45,140 shares |
Maharaja & Speedex India IPO GMP
A “Grey Market Premium”, or GMP, refers to the unofficial premium at which IPO shares may trade in the unregulated grey market before listing on a stock exchange.
The Maharaja & Speedex India IPO GMP is currently trading at ₹30, reflecting the sentiment of unofficial investors before the official listing. This premium suggests a potential listing price of ₹216, which is 16.13% above the issue price. While the Grey Market Premium is a key indicator of demand and investor appetite, it is important to remember that GMP is highly volatile and should not be the sole factor in your investment decisions.
IPO Estimated Listing Return
Based on the IPO Price of ₹186 (highest price band), the latest uploaded Grey Market Premium (GMP) of ₹30 and a lot size of 600 shares.
Maharaja & Speedex India IPO GMP TREND (DAILY UPDATES)
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| 13 Sep 2026 | ₹186 | ₹30 | 13 Sep, 202605:37 PM |
| 12 Sep 2026 | ₹186 | ₹30 | 12 Sep, 202611:02 AM |
| 11 Sep 2026 | ₹186 | ₹30 | 11 Sep, 202612:06 PM |
| 10 Sep 2026 | ₹186 | ₹30 | 10 Sep, 202609:38 AM |
| 9 Sep 2026 | ₹186 | ₹30 | 10 Sep, 202609:38 AM |
| 8 Sep 2026 | ₹186 | ₹30 | 8 Sep, 202606:17 PM |
| 07 Sep, 2026 | ₹186 | ₹15 | 07 Sep, 202611:16 AM |
Company Background
Maharaja & Speedex India Limited was originally incorporated in 2006 as Maharaja Cookers Private Limited and is headquartered in New Delhi. The company is a stainless-steel drinkware manufacturer and distributor, focused on vacuum-insulated bottles, tumblers, shakers, and infant feeding bottles across mass-to-premium price points.
The company operates a hybrid model combining its own proprietary brands (including Speedex and Dewdrop) with OEM/private-label supply for institutional and corporate customers. It has in-house manufacturing capabilities supported by its subsidiary, modern machinery, and advanced production facilities at leased premises in Sonipat, Haryana. The company serves both B2C and B2B customers through a pan-India distributor network alongside growing online sales.
Operations & Product Range
Maharaja & Speedex India Limited manufactures and markets stainless-steel vacuum bottles, drinkware, and infant feeding products across branded and OEM channels. Its principal product offerings include:
- • Stainless-steel bottles and tumblers: Vacuum-insulated and standard drinkware products for mass, premium, and lifestyle segments.
- • Infant feeding bottles and gym shakers: Value-added drinkware products catering to specific consumer needs.
- • OEM and private-label manufacturing: Contract manufacturing for corporate gifting programs, institutional buyers, and brand partners.
- • Branded products: Proprietary Speedex and Dewdrop brands sold through distribution networks and online channels.
The company's product portfolio is aligned with growing consumer demand for durable, hygienic, reusable, and sustainable alternatives to plastic drinkware. It combines contract manufacturing for institutional clients with its proprietary brands, having recently converted from a pure trading firm into an integrated producer by acquiring its manufacturing operations directly from its promoters.
Facilities & Capacity
Maharaja & Speedex India's operating infrastructure is based on in-house manufacturing capabilities at leased facilities in Sonipat, Haryana. The company's business depends on maintaining efficient production, product quality, and customisation capabilities to serve both branded and OEM customers.
The company operates modern machinery and advanced production facilities through its wholly owned subsidiary, supporting its manufacturing and distribution capabilities. Its hybrid model allows it to cater to high-value orders while maintaining flexibility across price segments and customer types.
Brands & Market Presence
Maharaja & Speedex India operates in the Indian stainless-steel drinkware market, focusing on both mass and premium segments. Its proprietary brands include Speedex and Dewdrop, which are sold through a pan-India distributor network and growing online sales channels.
The company also serves B2B customers through OEM and private-label manufacturing solutions for corporate gifting programs, institutional buyers, and brand partners. Its diversified product portfolio across price segments and its integrated manufacturing and distribution capabilities are key operational strengths.
Revenue Streams & Business Model
Maharaja & Speedex India Limited generates revenue principally from the sale of stainless-steel drinkware products. Its key revenue streams include:
- • Sale of branded products: Revenue from Speedex and Dewdrop branded bottles, tumblers, and other drinkware sold through distribution networks and online channels.
- • OEM and private-label manufacturing: Revenue from contract manufacturing for corporate gifting programs, institutional buyers, and brand partners.
- • Value-added products: Revenue from infant feeding bottles, gym shakers, and other specialised drinkware products.
The business model relies on maintaining efficient manufacturing operations, product quality, and customisation capabilities to serve both B2C and B2B customers. Revenue is affected by consumer demand for stainless-steel drinkware, competition in the drinkware market, raw material prices, and the company's ability to maintain and expand its distribution network.
Financial Performance
Maharaja & Speedex India Limited has reported strong financial performance over the last three completed financial years. Revenue increased from ₹61.41 crore in FY2024 to ₹93.60 crore in FY2025 and ₹122.74 crore in FY2026, while profit after tax (PAT) rose from ₹1.08 crore to ₹5.57 crore and ₹15.34 crore, respectively.
The company's total assets increased from ₹26.94 crore in FY2024 to ₹47.67 crore in FY2025 and ₹81.98 crore in FY2026. Key performance indicators include an ROE of 80.47%, ROCE of 54.60%, EBITDA margin of 18.36%, and PAT margin of 12.51% for FY2026. The company's EPS for FY2026 is ₹11.89 (basic).
Management & Shareholding
Maharaja & Speedex India Limited is promoted by Rakesh Kumar Aggarwal, Kusum Aggarwal, Akash Aggarwal, Ankit Bansal, Atul Tulsian, and Rohit Garg. The IPO comprises a fresh issue of ₹64.10 crore and an offer for sale of ₹16.03 crore by promoters Rakesh Kumar Aggarwal and Akash Aggarwal (4,30,800 shares each, aggregating to ₹8.01 crore per seller).
Before the IPO, the promoters and promoter group hold 87.68% of the pre-issue equity share capital. Following the fresh issue and OFS, their holding is expected to be diluted to around 63.93% of the post-issue equity share capital. The public shareholding will increase from 12.32% pre-issue to 36.07% post-issue.
Board & Key Management
The leadership of Maharaja & Speedex India Limited is led by Mr. Rakesh Kumar Aggarwal, Chairman and Managing Director, supported by Mr. Akash Aggarwal, Executive Director & CEO, Mr. Rohit Garg, Executive Director, and Ms. Kusum Aggarwal, Non-Executive Director. The Board also includes Independent Directors Mr. Subhash Chand Gupta and Ms. Asha K. Sharma, providing independent oversight and governance. The key management team includes Mr. Ankit Bansal, Chief Financial Officer, Ms. Mansee Agarwal, Company Secretary & Compliance Officer, and Mr. Atul Tulsian, Chief Operating Officer, who oversees day-to-day operations. Together, the leadership team brings operational, financial and governance expertise to support the company’s growth.
Maharaja & Speedex India IPO Financial Information
Latest Revenue
₹ 122.65 Cr
Profit After Tax
₹ 15.34 Cr
Net Worth
₹ 26.74 Cr
Total Borrowing
₹ 26.66 Cr
| Period Ended | Assets | Revenue | Profit (PAT) | Net Worth | Reserves | Borrowing |
|---|---|---|---|---|---|---|
| 31 Mar 2026 (Consolidated) | 81.98 | 122.65 | 15.34 | 26.74 | 15.96 | 26.66 |
| 31 Mar 2025 (Consolidated) | 47.67 | 93.51 | 5.57 | 13.52 | 13.51 | 18.04 |
| 31 Mar 2024 (Consolidated) | 26.94 | 61.32 | 1.08 | 4.97 | 4.96 | 16.11 |
| Amount in ₹ Crore | ||||||
Maharaja & Speedex India Key Performance Indicator
| KPI | Values(31 Mar 2026) |
|---|---|
| ROCE | 54.60 % |
| Debt/Equity | 0.92 |
| RoNW | 80.47 % |
| PAT Margin | 12.51 % |
| EBITDA Margin | 18.36 % |
| NAV | 20.73 |
| Price to Book Value | 8.97 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 11.89 | 9.39 |
| P/E (x) | 15.64 | 19.81 |
Maharaja & Speedex India IPO Objectives
The company proposes to utilise the net proceeds from the fresh issue towards:
- • ₹25.05 crore for repayment and/or prepayment, in full or part, of certain borrowings availed by the Company and its subsidiary from banks.
- • ₹20.38 crore for funding of capital expenditure towards the purchase of plant and machinery at the existing manufacturing facility of the wholly owned subsidiary.
- • General corporate purposes (balance of net proceeds).
The proposed use of funds indicates that Maharaja & Speedex India intends to reduce its borrowings, strengthen its manufacturing capacity through capex, and retain flexibility for general corporate purposes.
Maharaja & Speedex India IPO Review
Maharaja & Speedex India operates in the stainless-steel drinkware segment, with a hybrid model combining proprietary brands (Speedex and Dewdrop) with OEM/private-label manufacturing. The company's integrated manufacturing and distribution capabilities, diversified product portfolio across price segments, and seasoned management team are key operational strengths.
Its financial performance has improved significantly over FY2024–FY2026, with revenue increasing from ₹61.41 crore to ₹122.74 crore, PAT rising from ₹1.08 crore to ₹15.34 crore, and strong profitability metrics (ROE 80.47%, ROCE 54.60%, PAT margin 12.51%). However, investors should assess the company's dependence on a limited number of suppliers and key customers, concentration of revenue in certain states, reliance on leased premises, and potential channel conflicts between OEM and branded products.
Conclusion
The Maharaja & Speedex India IPO offers investors exposure to a stainless-steel drinkware manufacturing and distribution business with proprietary brands and OEM capabilities. The company's integrated manufacturing and distribution capabilities, diversified product portfolio across price segments, and strong financial performance over FY2024–FY2026 are key operational strengths. Its revenue increased from ₹61.41 crore to ₹122.74 crore, PAT rose from ₹1.08 crore to ₹15.34 crore, and key profitability metrics remain robust.
Overall, this is a BSE SME issue with a relatively high minimum retail investment of ₹2.23 lakh at the upper price band. Investors should evaluate the pricing, supplier and customer concentration risks, reliance on leased premises, regional revenue concentration, and SME-market liquidity before investing.
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Competitive Strengths
Integrated manufacturing and distribution: In-house manufacturing capabilities at leased Sonipat facilities combined with a pan-India distribution network.
Diversified product portfolio: Stainless-steel bottles, tumblers, infant feeding bottles, and gym shakers across mass to premium segments.
Hybrid business model: Combination of proprietary brands (Speedex and Dewdrop) with OEM/private-label manufacturing for B2B customers.
Strong financial performance: Revenue increased from ₹61.41 crore in FY2024 to ₹122.74 crore in FY2026, while PAT rose from ₹1.08 crore to ₹15.34 crore.
Robust profitability metrics: ROE of 80.47%, ROCE of 54.60%, EBITDA margin of 18.36%, and PAT margin of 12.51% for FY2026.
Seasoned management team: Promoters and management with complementary expertise in manufacturing, distribution, and brand building.
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IPO Lot Size
| Investors | No.of lots | Shares Offered | Max Bid Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 2 | 1,200 | 2,23,200 |
| Individual investors (Retail) (Max) | 2 | 1,200 | 2,23,200 |
| S-HNI (Min) | 3 | 1,800 | 3,34,800 |
| S-HNI (Max) | 8 | 4,800 | 8,92,800 |
| B-HNI (Min) | 9 | 5,400 | 10,04,400 |