Maharaja and Speedex
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Big non-institutionalbNII · above ₹10 lakh
- 1.34×
- Small non-institutionalsNII · ₹2–10 lakh
- 0.79×
- Retail individualRII · up to ₹2 lakh
- 0.54×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 7 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 13 Sept 2026 | ₹45 | +24.19% | ₹20,500 | ₹231 | ₹27,000 |
| 12 Sept 2026 | ₹48 | +25.81% | ₹21,900 | ₹234 | ₹28,800 |
| 11 Sept 2026 | ₹30 | +16.13% | ₹13,700 | ₹216 | ₹18,000 |
| 10 Sept 2026 | ₹30 | +16.13% | ₹13,700 | ₹216 | ₹18,000 |
| 09 Sept 2026 | ₹30 | +16.13% | ₹13,700 | ₹216 | ₹18,000 |
| 08 Sept 2026 | ₹30 | +16.13% | ₹13,700 | ₹216 | ₹18,000 |
| 07 Sept 2026 | ₹15 | +8.06% | ₹6,800 | ₹201 | ₹9,000 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 10 Sept 2026 – 15 Sept 2026
- Listing date
- 18 Sept 2026
- Face value
- ₹10 per share
- Price band
- ₹177 – ₹186
- Lot size
- 600 shares
- Sale type
- Fresh capital cum OFS
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹80.13 Cr
- Fresh issue
- ₹60.09 Cr 32,30,400 shares
- Offer for sale
- ₹16.03 Cr 8,61,600 shares
- Market cap at offer price
- ₹304 Cr
- Promoter holding
- 87.69% → 63.93% pre-issue → post-issue
- ISIN
- INE0SVD01012
- CIN
- U28997DL2006PLC146383
- Registrar
- Maashitla Securities Pvt.Ltd.
- Lead managers
- Choice Capital Advisors Pvt.Ltd.
- Registered office
- Kh. No. 53/27 GT Karnal Road Village Alipur, Near Alipur Police Station, New Delhi – 110 036, India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 8,18,400 | 28.57% | 26.56% |
| Anchor investor · within QIB | 12,27,000 | — | 39.82% |
| NII (HNI) | 6,13,800 | 21.42% | 19.92% |
| bNII > ₹10L · within NII | 4,08,600 | — | 13.26% |
| sNII < ₹10L · within NII | 2,05,200 | — | 6.66% |
| Retail (RII) | 14,32,800 | 50.01% | 46.50% |
| Employee | 0 | — | 0.00% |
| Market maker | 2,16,000 | — | 7.01% |
| Total issue | 30,81,000 | — | 100.00% |
Net offer to the public of 28,65,000 shares, out of a total issue of 30,81,000. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 600 shares per lot, in multiples, at ₹186
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 600 | ₹1,11,600 |
| S-HNI (min) | 2 | 1,200 | ₹2,23,200 |
| S-HNI (max) | 8 | 4,800 | ₹8,92,800 |
| B-HNI (min) | 9 | 5,400 | ₹10,04,400 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹186 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 11.89 | 9.39 |
| P/E (×) | 15.64 | 19.81 |
| Price to book (×) | 8.97 | — |
| Market cap | — | ₹304 Cr |
Key performance indicators
Latest reported period, consolidated
- Return on net worth
- 80.47%
- ROCE
- 54.60%
- Debt / equity
- 0.92
- PAT margin
- 12.51%
- EBITDA margin
- 18.36%
- NAV per share
- ₹20.73
- Price to book
- 8.97
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Consolidated ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 122.74 | 93.6 | 61.41 |
| Revenue from operations | 122.65 | 93.51 | 61.32 |
| Other income | 0.09 | 0.1 | 0.09 |
| Total expenses | 103.55 | 86.11 | 59.96 |
| Operating profit | 19.19 | 7.49 | 1.45 |
| Operating margin | 15.63% | 8.00% | 2.36% |
| Profit before tax | 19.19 | 7.49 | 1.45 |
| Profit after tax | 15.34 | 5.57 | 1.08 |
| PAT margin | 12.50% | 5.95% | 1.76% |
| Balance sheet | |||
| Total assets | 81.98 | 47.67 | 26.94 |
| Current assets | 65.46 | 40.71 | 22.69 |
| Current liabilities | 48.82 | 26.78 | 17.19 |
| Total liabilities | 53.11 | 34.15 | 21.97 |
| Net worth | 28.86 | 13.52 | 4.97 |
| Current ratio | 1.34× | 1.52× | 1.32× |
| Return on equity | 53.15% | 41.20% | 21.73% |
| Cash flow | |||
| Operating cash flow | 3.66 | 2.05 | 2.13 |
| Investing cash flow | -11.61 | -1.65 | -2.68 |
| Financing cash flow | 7.23 | 0.04 | 0.81 |
| Net cash flow | -0.72 | 0.44 | 0.26 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Repayment and/or pre-payment of certain borrowings availed by the Company and its subsidiary from banks ₹24.1 Cr
The company proposes to utilize funds towards repayment and/or prepayment, in full or in part, of certain outstanding borrowings availed by the company and its subsidiary, including any accrued interest thereon.
2 Funding of capital expenditure towards purchase of plant and machineries at the existing manufacturing facility of wholly-owned subsidiary ₹21.42 Cr
The company proposes to utilize funds towards capital expenditure for the purchase of plant and machinery at the existing manufacturing facility of its wholly owned subsidiary to expand manufacturing capacity.
3 General Corporate Purposes —
The company proposes to deploy the balance net proceeds towards general corporate purposes including funding strategic initiatives, growth opportunities, working capital requirements, and other corporate contingencies.
1 of 3 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About Maharaja and Speedex
Maharaja & Speedex India Limited is a drinkware manufacturing and distribution company focused on stainless-steel bottles and allied drinkware products, catering to both retail consumers and institutional customers across India. The company operates an integrated, asset-backed business model with in-house manufacturing capabilities through its subsidiary, producing 223 SKUs across drinkware product categories with an installed production capacity of approximately 45,24,000 units per annum. The company's operations are supported by a Pan-India distribution network comprising 101 distributors across 17 states and 2 Union Territories, enabling it to reach customers across multiple geographies through both B2C and B2B markets. The company continues to focus on product innovation, expansion of value-added categories, strengthening distribution reach and operational efficiencies to support its long-term growth and scalability.
Management
Rakesh Kumar Aggarwal
MD
Akash Aggarwal
CEO
Rohit Garg
Director
Kusum Aggarwal
Director
Asha K Sharma
Director
Subhash Chand Gupta
Director
Ankit Bansal
CFO
Mansee Agarwal
Director of Operations
Atul Tulsian
COO
Strengths
As stated in the offer document
Long-standing relationships with suppliers and customers
The company has developed stable relationships with trusted vendors and enduring relationships with institutional customers over extended periods, supporting revenue stability and creating long-term growth opportunities.
Integrated Manufacturing and Distribution Capabilities
The company operates two manufacturing units with installed capacity of approximately 62,82,000 units per annum and leverages a Pan-India distributor network comprising 101 distributors across 17 states and 2 union territories.
Diversified product portfolio across price segments
The company offers a diversified portfolio of stainless-steel consumer products across multiple price points, ranging from mass market offerings to premium products, reducing reliance on any single product category.
Seasoned Management Team with Complementary Expertise
The company is led by a seasoned management team with the Managing Director bringing more than 19 years of experience in the kitchenware and stainless-steel products industry, supporting disciplined execution and operational efficiency.
Risk factors
As stated in the offer document
Supplier Concentration Risk
The company sources a significant portion of raw materials from a limited number of suppliers, with top 10 suppliers contributing 87.38% of total purchases in Fiscal 2026. Any disruption in supply or deterioration of relationships could materially disrupt the supply chain and affect operations.
Customer Concentration Risk
The company derives substantial revenue from key customers, with top 10 customers contributing 48.70% of revenue in Fiscal 2026. Loss of key customers or delays in orders may adversely impact business operations and financial performance.
Distribution Network Dependency
The company is dependent on a network of about 101 distributors across India for 90.09% of revenue from offline sales in Fiscal 2026. Any disruption in the distribution network could adversely affect sales performance and market penetration.
Leased Premises Risk
The company does not own any operational premises and operates entirely from leased properties including manufacturing units and registered office. Termination or non-renewal of lease agreements could disrupt operations and require costly relocation.
Geographic Revenue Concentration
Revenue is concentrated in certain states with Delhi (21.50%), Haryana (18.31%), Maharashtra (17.20%) and Uttar Pradesh (9.72%) contributing significant portions in Fiscal 2026. Adverse developments in these regions could materially affect business performance.
Inventory Management and Demand Forecasting Risk
The company's inventory turnover days increased from 62 days in Fiscal 2024 to 150 days in Fiscal 2026. Inability to accurately forecast demand may result in surplus stock, cash flow issues, and adverse effects on operations.
Manufacturing Capacity Under-utilization Risk
Manufacturing capacity utilization was 88.41% in Fiscal 2026. Under-utilization due to supply disruptions, labor issues, or demand decline could result in operational inefficiencies and increased per-unit costs affecting financial performance.
Regulatory Compliance and Legal Proceedings Risk
The company and promoters are involved in legal proceedings with aggregate amount of ₹230.79 lakhs. There have been instances of procedural non-compliances and delays in ROC filings that may expose the company to regulatory actions and penalties.
Negative Cash Flow from Investing Activities
The company experienced negative cash flows from investing activities of ₹1,160.50 lakhs, ₹164.64 lakhs and ₹267.81 lakhs for Fiscal 2026, 2025 and 2024 respectively. Sustained negative cash flows could adversely impact business operations and growth plans.
Indebtedness and Financial Covenant Risk
As of August 14, 2026, the company had total outstanding borrowings of ₹2,800.51 lakhs including ₹390.08 lakhs in recallable unsecured loans from promoters. Inability to comply with repayment covenants could adversely affect business and financial condition.
Peer comparison
The comparable listed companies named in the offer document, as on 31 Mar 2026
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| Maharaja & Speedex India Ltd. THIS ISSUE | 11.89 | 20.73 | 19.81, computed at the offer price | 8.97, computed at the offer price | 80.47% |
| 6.24 | 74.12 | 38.23 | — | 9.30% | |
| 14.70 | 101.62 | 25.69 | — | 14.35% |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/E and P/BV here are computed at the offer price, on the post-issue share count, and are comparable to a listed peer's.