Maharaja & Speedex India IPO IPO
Maharaja & Speedex India IPO is a BSE SME book-built issue scheduled to open on September 10, 2026 and close on September 15, 2026. The current issue structure comprises 43,08,000 equity shares, including a fresh issue of 34,46,400 shares and an offer for
Maharaja & Speedex India IPO IPO Details
Maharaja & Speedex India Limited is a drinkware manufacturing and distribution company focused on stainless-steel bottles and allied products. Its portfolio includes standard stainless-steel bottles, vacuum-insulated bottles, tumblers, feeding bottles, gym shakers, travel mugs and customised drinkware solutions. The company serves both retail and institutional customers and also undertakes OEM and private-label manufacturing for corporate gifting programmes, institutional buyers and brand partners. Its manufacturing operations are supported by wholly owned subsidiary Dewdrop Bottles Private Limited, which operates two manufacturing facilities in Sonipat, Haryana. The company has a pan-India distribution network covering 101 distributors across 17 states and two Union Territories.
Maharaja & Speedex India IPO IPO GMP
The latest available grey-market indication for Maharaja & Speedex India IPO is ₹0. GMP is an unofficial and unregulated indicator and should not be treated as a guarantee of the actual listing price.
Maharaja & Speedex India IPO IPO Timeline (Tentative)
The IPO is scheduled to open on September 10 and close on September 15, 2026. The basis of allotment is scheduled for September 16, followed by refund initiation and demat credit on September 17. The proposed listing date is September 18, 2026 on BSE SME.
| Event | Tentative Date |
|---|---|
| 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 |
| Anchor Investor Bidding | September 9, 2026 |
| IPO Opens | September 10, 2026 |
| IPO Closes | September 15, 2026 |
| Basis of Allotment | September 16, 2026 |
| Refund Initiation | September 17, 2026 |
| Shares Credit to Demat | September 17, 2026 |
| Listing | September 18, 2026 |
Maharaja & Speedex India IPO IPO Lot Size
The IPO lot size has not yet been announced. Therefore, application quantities and investment amounts cannot be calculated reliably until the final price band and lot size are disclosed.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail Minimum | N.A. | N.A. | N.A. |
| Retail Maximum | N.A. | N.A. | N.A. |
| S-HNI Minimum | N.A. | N.A. | N.A. |
| S-HNI Maximum | N.A. | N.A. | N.A. |
| B-HNI Minimum | N.A. | N.A. | N.A. |
Maharaja & Speedex India IPO IPO Reservation
The Maharaja & Speedex India IPO proposes to reserve not more than 50% of the net offer for Qualified Institutional Buyers, not less than 15% for Non-Institutional Investors and not less than 35% for Retail Individual Investors. Up to 60% of the QIB portion may be available for anchor investors.
Maharaja & Speedex India IPO IPO Subscription
The IPO is yet to open for subscription. Subscription figures will be updated after bidding begins.
| Category | Subscription (times) |
|---|---|
| QIB | N.A. |
| NII | N.A. |
| RII | N.A. |
| Total | N.A. |
About Maharaja & Speedex India IPO
Maharaja & Speedex India Limited was originally incorporated in 2006 as Maharaja Cookers Private Limited and initially operated as a trading business. The company later expanded into manufacturing and distribution of stainless-steel drinkware and was converted into a public limited company in January 2026.
The company manufactures, brands, markets and distributes stainless-steel bottles and other drinkware products for mass, premium and lifestyle segments. Its product portfolio includes standard bottles, vacuum-insulated bottles, tumblers, feeding bottles, gym shakers and other novelty products. It also provides OEM and private-label solutions for corporate gifting, institutional customers and brand partners.
Manufacturing is supported by Dewdrop Bottles Private Limited, which operates two integrated facilities in Sonipat, Haryana. The facilities have an installed capacity of approximately 45.24 lakh units per annum and manufacture products across 223 SKUs. The company also has a distribution network of 101 distributors across 17 states and two Union Territories.
Strengths
- Integrated manufacturing, branding and distribution model for stainless-steel drinkware.
- Diverse portfolio covering bottles, tumblers, feeding bottles, gym shakers and other drinkware.
- OEM and private-label manufacturing capabilities for institutional and corporate customers.
- Manufacturing capacity of approximately 45.24 lakh units annually.
- 223 SKUs across its product categories.
- Distribution network covering 101 distributors across 17 states and two Union Territories.
- Presence across both B2C and B2B customer segments.
- Revenue and profitability improved substantially in FY2026.
- FY2026 EBITDA increased to approximately ₹18.78 crore from ₹10.60 crore in FY2025.
Risks to Consider
- The company operates in a competitive consumer drinkware and homeware market.
- Its business depends on continued demand for stainless-steel and reusable drinkware products.
- The company has only recently transitioned from a predominantly trading model toward integrated manufacturing.
- Manufacturing operations are concentrated through its subsidiary's facilities in Sonipat, Haryana.
- The company carries borrowings, with total debt reported at approximately ₹26.66 crore as of March 2026.
- Customer and distributor relationships are important to maintaining sales growth.
- SME-listed securities can experience comparatively lower liquidity and higher price volatility.
Maharaja & Speedex India IPO Financials (₹ Cr)
Maharaja & Speedex India has reported significant improvement in revenue and profitability, particularly during FY2025 and FY2026. The company reported FY2026 revenue of approximately ₹122.65 crore and PAT of ₹15.34 crore. Total assets increased to approximately ₹81.97 crore and net worth to ₹26.73 crore as of March 2026.
| Period | Revenue | PAT | Total Assets | Net Worth |
|---|---|---|---|---|
| FY2024 | ₹61.41 Cr | ₹1.08 Cr | ₹26.94 Cr | ₹4.97 Cr |
| FY2025 | ₹93.60 Cr | ₹5.57 Cr | ₹47.67 Cr | ₹13.52 Cr |
| FY2026 | ₹122.65 Cr | ₹15.34 Cr | ₹81.97 Cr | ₹26.73 Cr |
KPIs & Valuation
The following key performance indicators are based on the latest FY2026 financial information available before the final IPO price band. The FY2026 indicators show strong profitability, with RoNW of 80.47%, ROCE of 54.60%, EBITDA margin of 18.36% and PAT margin of approximately 12.51%. The P/E ratios cannot be calculated until the final IPO price is announced.
Objects of the Issue
The company proposes to utilise the net proceeds from the fresh issue for the following purposes:
- Repayment and/or pre-payment, in full or part, of certain borrowings availed by the company and its subsidiary from banks – approximately ₹24.10 crore.
- Funding capital expenditure towards purchase of plant and machinery at the existing manufacturing facility of its wholly owned subsidiary – approximately ₹21.42 crore.
- General corporate purposes from the remaining proceeds.
Promoters, Lead Managers & Registrar
Choice Capital Advisors Private Limited is the Book Running Lead Manager for the Maharaja & Speedex India IPO, while Maashitla Securities Private Limited is appointed as the registrar to the issue.
Promoters
Lead Managers (BRLM)
Registrar
| Name | Maashitla Securities Private Limited |
|---|---|
| Phone | +91 11 47581432 |
| investor.ipo@maashitla.com | |
| Website | https://www.maashitla.com/ |
Maharaja & Speedex India IPO IPO Review
Maharaja & Speedex India has reported strong improvement in financial performance over recent years. Total income increased from ₹61.41 crore in FY2024 to ₹93.60 crore in FY2025, while FY2026 revenue reached approximately ₹122.65 crore. PAT increased from ₹1.08 crore in FY2024 to ₹5.57 crore in FY2025 and approximately ₹15.34 crore in FY2026.
The proposed fresh capital is primarily directed toward debt reduction and manufacturing capacity expansion. The issue also includes an OFS component. Investors should consider the company's recent shift toward manufacturing, debt levels, competitive environment and the absence of a final price band before assessing the IPO valuation.
How to Apply
Investors can apply for the Maharaja & Speedex India IPO through supported brokers, banks and IPO application platforms using UPI or ASBA during the bidding period.
Through UPI
- Log in to your broker or supported IPO application platform.
- Select Maharaja & Speedex India IPO.
- Enter the required number of lots once the final lot size is announced.
- Provide your UPI ID.
- Submit the IPO application.
- Approve the UPI mandate received from your bank.
- Ensure sufficient funds remain available until the allotment process is completed.
Prospectus & Documents
The company's DRHP was filed with the BSE SME platform in April 2026. The issue documents contain the company's business details, financial information, risk factors, issue structure and objects of the issue. The final RHP should be referred to once filed for the final issue terms.
Last updated Sep 7, 2026.