Maxwell Engineering Solutions IPO
Maxwell Engineering Solutions IPO is a book-built SME issue of approximately ₹57.64 crore, consisting entirely of a fresh issue of 36,48,000 equity shares. The price band is ₹150 to ₹158 per share, with a face value of ₹10 and a lot size of 800 shares. Th
Maxwell Engineering Solutions IPO Details
Maxwell Engineering Solutions IPO is scheduled to open for subscription on October 30, 2026, and close on November 3, 2026. The allotment is expected to be finalised on November 4, 2026. Refund initiation and credit of shares to successful applicants' Demat accounts are scheduled for November 5, 2026. The tentative listing date is November 6, 2026.
Maxwell Engineering Solutions IPO Timeline (Tentative)
Maxwell Engineering Solutions IPO is scheduled to open on October 30, 2026, and close on November 3, 2026. The basis of allotment is expected on November 4, followed by refunds and Demat credits on November 5. The shares are tentatively scheduled to list on NSE Emerge on November 6, 2026.
| Event | Tentative Date |
|---|---|
| IPO Open Date | Fri, Oct 30, 2026 |
| IPO Close Date | Tue, Nov 3, 2026 |
| Basis of Allotment | Wed, Nov 4, 2026 |
| Initiation of Refunds | Thu, Nov 5, 2026 |
| Credit of Shares to Demat | Thu, Nov 5, 2026 |
| Listing Date | Fri, Nov 6, 2026 |
Maxwell Engineering Solutions IPO Lot Size
The Maxwell Engineering Solutions IPO lot size is 800 shares. At the upper price band of ₹158 per share, one lot is valued at ₹1,26,400. The minimum individual-investor application is 1,600 shares, requiring ₹2,52,800. The amounts below are calculated using the upper price band.
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 2 | 1,600 | 2,52,800 |
| Retail (Max) | 2 | 1,600 | 2,52,800 |
| S-HNI (Min) | 3 | 2,400 | 3,79,200 |
| S-HNI (Max) | 7 | 5,600 | 8,84,800 |
| B-HNI (Min) | 8 | 6,400 | 10,11,200 |
Maxwell Engineering Solutions IPO Reservation
Maxwell Engineering Solutions IPO comprises a total issue size of 36,48,000 shares. The market-maker reservation is 2,22,400 shares, leaving a net public offer of 34,25,600 shares. Based on the supplied reservation data, 17,07,200 shares are allocated to QIBs, 5,18,400 shares to NIIs and 12,00,000 shares to retail investors. The QIB allocation includes an anchor investor component.
Maxwell Engineering Solutions IPO Subscription
Maxwell Engineering Solutions IPO subscription figures will be updated after the issue opens on October 30, 2026. The final subscription data will indicate demand from QIBs, NIIs and retail investors. No subscription multiples are inserted before reliable figures are available.
| Category | Subscription (times) |
|---|---|
| QIB | |
| NII | |
| RII | |
| Total |
About Maxwell Engineering Solutions
Maxwell Engineering Solutions Limited is a precision engineering company incorporated in September 2022. It manufactures, trades and services components used in underwater pelletizing systems. Its product portfolio includes pelletizing die plates, pelletizing blades and knives, blade holders, cutter hubs, tapped driving bushes and other spare parts.
The company's products serve polymer compounding, masterbatch, engineering plastics, cable compounds, specialty polymers and plastics recycling industries. In addition to standard products, it offers customised manufacturing according to customer specifications and white-label manufacturing services that allow customers to sell components under their own brands.
The company operates through manufacturing, services and trading segments. Its company-owned manufacturing facility is located at Waghodia GIDC, Vadodara, Gujarat, and began operations in July 2025. The facility includes VMC, CNC, milling, EDM, wire-cut, lathe and surface-grinding equipment. Certain specialised processes, including heat treatment, hardening and coating, are outsourced to job workers.
Maxwell Engineering Solutions serves customers in India and overseas markets, including the USA, Germany, the Netherlands, Israel, Saudi Arabia, Japan, Australia and Italy. The company holds ISO 9001:2015 certification and received ZED Bronze Certification under the MSME Sustainable Certification Scheme in November 2025. As of September 30, 2026, it had 71 full-time employees, excluding directors.
Strengths
- Specialised product portfolio for underwater pelletizing systems.
- Three business segments: manufacturing, services and trading.
- Customised and white-label manufacturing capabilities.
- Domestic and international customer reach.
- Company-owned manufacturing facility with precision machining and testing equipment.
- ISO 9001:2015 and ZED Bronze certifications.
- Reported increase in total income and profit after tax between FY2025 and FY2026.
Risks to Consider
- Demand depends on industrial activity in polymer processing, compounding, masterbatches and plastics recycling.
- New equipment and facility investments require effective execution and capacity utilisation.
- Borrowings and working-capital requirements may affect cash flow.
- Certain specialised production processes are outsourced to third-party job workers.
- Competition can put pressure on pricing, quality, delivery and margins.
- SME-listed shares may have limited liquidity and high price volatility.
- The IPO price and any reported grey-market premium do not guarantee listing gains.
Maxwell Engineering Solutions Financials (₹ Cr)
Maxwell Engineering Solutions reported total income of ₹22.59 crore in FY2025 and ₹30.76 crore in FY2026. Profit after tax increased from ₹9.18 crore to ₹11.86 crore over the same period. As of July 31, 2026, the company reported total income of ₹12.25 crore and PAT of ₹3.05 crore. The July 2026 figure represents a period-ended result and should not be directly compared with a full financial year without accounting for the different reporting periods.
| Period | Revenue | PAT | Total Assets | Net Worth |
|---|---|---|---|---|
| 31 July 2026 | 12.25 | 3.05 | 51.79 | 27.92 |
| FY2026 | 30.76 | 11.86 | 47.55 | 24.87 |
| FY2025 | 22.59 | 9.18 | 25.31 | 13.01 |
| FY2024 | 10.87 | 3.16 | 8.51 | 3.33 |
KPIs & Valuation
The supplied KPI figures show ROE of 62.63%, ROCE of 38.46% and RoNW of 47.70% for March 31, 2026. The corresponding figures for July 31, 2026 are lower, reflecting a different reporting period and calculation basis. The valuation data reports pre-issue EPS of ₹11.80, post-issue EPS of ₹6.68 and post-issue P/E of 23.65x.
Objects of the Issue
Maxwell Engineering Solutions proposes to use the net proceeds from the fresh issue for manufacturing equipment and laboratory utilities, construction of a new office and manufacturing facility, repayment or prepayment of borrowings, working-capital requirements and general corporate purposes. The quantified allocations supplied for the first four objects total ₹42.80 crore, while the headline fresh-issue size is approximately ₹57.64 crore. The final prospectus should be used to confirm the complete allocation and issue expenses.
- Purchase of new machinery, laboratory equipment and other utilities for the manufacturing facility - ₹18.00 Cr
- Construction of a new office building and manufacturing facility - ₹6.50 Cr
- Repayment or prepayment of certain outstanding borrowings - ₹4.30 Cr
- Funding working-capital requirements - ₹14.00 Cr
- General corporate purposes
- Total of quantified objects - ₹42.800 Cr
Promoters, Lead Managers & Registrar
Maxwell Engineering Solutions Limited is promoted by Rajkumar Chaudhary, Vinubhai Kanjibhai Chavda and Ria Rajkumar Chaudhary. JDA Capital Services Limited is the book-running lead manager, KFin Technologies Limited is the registrar, and Beeline Broking Limited is the market maker.
Promoters
Lead Managers (BRLM)
Registrar
| Name | KFin Technologies Limited |
|---|---|
| Phone | 040-79615565 |
| maxwell.ipo@kfintech.com | |
| Website | https://www.kfintech.com |
Maxwell Engineering Solutions IPO Review
Maxwell Engineering Solutions operates in a specialised precision-engineering segment, manufacturing components for underwater pelletizing systems. Its products are used by customers in polymer compounding, masterbatches, engineering plastics, cable compounds, specialty polymers and plastics recycling. The company's combination of manufacturing, trading, refurbishment and customised production gives it a range of ways to serve customer needs.
The financial information supplied shows that total income increased from ₹22.59 crore in FY2025 to ₹30.76 crore in FY2026, while profit after tax increased from ₹9.18 crore to ₹11.86 crore. Assets and net worth also increased. At the same time, borrowings rose from ₹8.60 crore in FY2025 to ₹16.73 crore in FY2026, making the planned use of IPO proceeds for debt repayment, capital expenditure and working capital important areas for investors to examine.
The issue is priced at ₹150–₹158 per share. The supplied valuation data indicates a post-issue P/E of 23.65x and a post-issue market capitalisation of ₹216.43 crore at the upper band. Investors should compare these figures with relevant peers and assess the company's specialised market exposure, capital requirements, customer relationships, outsourcing arrangements and execution risks. The IPO's final object-wise allocation should also be checked against the prospectus because the quantified allocations supplied do not add up to the headline issue size. This review is informational and is not a buy or sell recommendation.
How to Apply
Investors can apply for Maxwell Engineering Solutions IPO through ASBA using a participating bank or through an eligible broker or investment platform. The issue is scheduled to open on October 30, 2026, and close on November 3, 2026. The minimum individual-investor application is 1,600 shares, or two lots, amounting to ₹2,52,800 at the upper price band.
Through UPI
-
Log in to your stockbroker's app or website.
-
Open the IPO section.
-
Select Maxwell Engineering Solutions IPO.
-
Enter the number of lots you wish to apply for according to your investor category.
-
Select a bid price within the ₹150–₹158 price band. Eligible retail applicants may choose Cut-off when available.
-
Enter your valid UPI ID.
-
Submit the application.
-
Open your UPI app when the mandate request arrives.
-
Approve the mandate using your UPI PIN before the deadline.
-
The application amount will be blocked in your bank account. If shares are allotted, the required amount will be debited; otherwise, the blocked amount will be released.
Prospectus & Documents
Investors should review the company's draft offer document and subsequent IPO documents for details of the business, financial statements, risk factors, issue structure and utilisation of proceeds. The final offer document should be used to confirm the definitive issue figures and object-wise allocation.
Last updated Oct 27, 2026.