Maharaja & Speedex IPO

Maharaja & Speedex India Limitedspeedexind.com

ListedSMEConsumer DiscretionaryBSE SME

Price band: ₹177 – ₹186
Issue size: ₹80.13 Cr
Lot size: 600 sh
Bidding: 10 – 15 Sep
Grey market: —

Market data to 30 Oct 2026. Company figures are as filed, sourced 16 Oct 2026. Every figure’s origin is listed under Sources.

The question this issue poses

In one sentence

Maharaja & Speedex India Limited sells stainless-steel drinkware — bottles, tumblers and flasks, own-brand and OEM — and the record's description puts manufacturing in wholly owned subsidiary Dewdrop Bottles Private Limited, at two plants at Akbarpur Barota, Sonipat. Revenue was Rs 61.32 Cr in FY24, Rs 93.51 Cr in FY25 and Rs 122.65 Cr in FY26; EBITDA over the same three years was Rs 2.90 Cr, Rs 10.61 Cr and Rs 22.52 Cr, or 4.73%, 11.35% and 18.36% of those revenues. The Rs 80.13 Cr issue was priced at Rs 177–186 and split Rs 64.10 Cr fresh (80.00%) and Rs 16.03 Cr offer for sale (20.00%), and was subscribed 32.41 times on day three. The shares listed on BSE SME on 18 September 2026 at Rs 250 against the band top of Rs 186, and last traded at Rs 240.10 on 23 October 2026.

IPOVista score

How this issue scores, and why

Every pillar opens to show the raw metric, the curve it was mapped through, the sub-score and its weight. Disagree with the weighting if you like — the arithmetic is all here.

79Strong

IPOVista score

Broadly well-balanced

49% of the scoring model was backed by disclosed data for Maharaja & Speedex, giving low confidence. Weights for anything missing were redistributed rather than scored as zero.

How this score is built

PillarScoreWeight

Below the line: market sentiment. Capped at 8 of 100 points so a hot grey market can tilt a score but never carry one.

Read this before the number

SME platform listing
SME issues trade in larger lot sizes with thinner volumes than mainboard listings, which makes exiting a position harder.

The IPOVista Score is a transparent summary of disclosed fundamentals and issue terms. It is research, not investment advice, and it cannot predict listing performance.

The company

What the business actually does

Founded 2006 · New Delhi, Delhi · 431 employees

Maharaja & Speedex India makes and sells stainless-steel drinkware — single-wall and double-wall vacuum bottles, plus tumblers, feeding bottles and gym shakers, which it groups as Standard and Novelty products. Manufacturing runs through its wholly owned subsidiary Dewdrop Bottles Private Limited, which operates two plants at Akbarpur Barota, Sonipat, Haryana, producing 223 SKUs. The company sells two ways: under its own brands through 101 distributors across 17 states and two union territories, plus modern-trade and online channels; and as an OEM and private-label manufacturer for corporate gifting programmes, institutional buyers and other brand owners. It was incorporated in Delhi in February 2006 as Maharaja Cookers Private Limited, a trading business, and diversified into stainless-steel bottles in 2017.

Revenue is the sale of drinkware: ₹122.65 crore from operations in FY26, against ₹61.32 crore in FY24. The economics turn on a shift from trading to making — in-house manufactured goods were 88.85% of FY26 revenue versus 0.00% in FY24, and EBITDA margin moved from 4.73% to 18.36% across the same span. The dominant input cost is stainless steel: raw material consumed was ₹53.41 crore in FY26. OEM and private-label work was 54.87% of FY26 revenue, own brands 41.81%; offline channels were 90.09%. The structural constraint is working capital and line capacity — net working capital ran 116 days in FY26, borrowings stood at ₹26.66 crore, and the Sonipat lines ran at 88.41% utilisation.

The company on paper

Legal name: Maharaja & Speedex India Limited
IncorporatedThe legal entity is often incorporated years before the brand you know, and may have traded under another name first: 15 Feb 2006
CINCorporate Identity Number — the unambiguous handle for looking this company up at the MCA: U28997DL2006PLC146383
Sector: Consumer Discretionary · Stainless-steel drinkware — bottles, tumblers and flasks, own-brand and OEM
Employees: 431
Registered office: New Delhi, Delhi
Promoters: Rakesh Kumar Aggarwal, Kusum Aggarwal, Akash Aggarwal, Ankit Bansal, Atul Tulsian, Rohit Garg
Promoter holding, pre-issue: 87.7%
Promoter holding, post-issue: 63.9%
Website: speedexind.com

The numbers

Financial performance

Revenue has compounded at 41.4% a year across the 3 reported financial years.

Revenue and profit

Figures in ₹ crore, as reported in the prospectus. Interim quarters are not annualised.

Revenue
Profit after tax

Margin trend

Profit and operating margin as a percentage of revenue

Net margin
EBITDA margin

Net worth and borrowings

At each period end, in ₹ crore. Gearing below each period is borrowings over net worth, from these same figures.

Net worth
Total borrowings

The price

Valuation

What the issue asks for the business, set against what the business earns.

No valuation ratios are recorded for this issue. The price band and the reported financials above are what this record holds.

The terms

How the issue is structured

80% of the money raised is fresh capital that goes to the company; the rest goes to shareholders selling down.

Fresh issueNew shares — proceeds go to the company: ₹64.10 Cr
Offer for saleExisting shares — proceeds go to the selling shareholders: ₹16.03 Cr
Total issue size: ₹80.13 Cr
Shares offered in the OFS: —
Pre-issue shares outstanding: —
Employee discount: —
Market maker portionSME issues require a market maker to provide two-way quotes: 2,16,000

What the issue does to ownership

Share of paid-up equity before and after the offer. The promoters give up 23.8% of the company.

Promoters
Everyone else

Hover or focus a segment to see who it is. The two bars are the same company, measured before and after the offer.

Percentages are of paid-up equity, and the “after” column assumes the offer is fully subscribed, which is how the offer document states it. This record does not disclose a pre- and post-issue share count, so the part of the company actually changing hands is not split out — everyone who is not a promoter is shown together.

Demand

What the market is bidding

Subscription is hard exchange data. Grey-market premium is not — it is an unofficial quote, shown because readers want it and labelled because it deserves the label.

Subscription by category

Cumulative bid multiples at the end of day 3. Anchor allocations are excluded.

Hover or focus a category to see who bids in it.

Total subscription32.41×

A category subscribed above 1× is oversubscribed; allotment in that category then runs as a lottery or on a proportionate basis.

Grey market premium

Unofficial over-the-counter sentiment

No grey-market quotes have been recorded for this issue.

Outcome

How it actually listed

Issue price: ₹186.00
Listed at: ₹250.00
Listing gain: up 34.4%
Since listing: up 2.0%
Against the issue price: up 37.1%

Work it out

What this means for one application

Three calculations, each stating the assumption it rests on.

What one application costs

Shares are applied for in whole lots at the cut-off price. The full amount is blocked in your bank account under ASBA, not debited, until allotment.

Lots

Shares applied for: 1,200
At cut-off price: ₹186.00
Amount blocked: ₹2,23,200

One lot is 600 shares at ₹1,11,600. This issue requires a minimum of 2 lots, so the smallest application is ₹2,23,200. That is how the SME board is built rather than a quirk of this issue: the minimum application is set above the ₹2,00,000 that caps a retail bid on the mainboard — two lots rather than one. The smallest bid here still sits in the individual investors’ category, the one the subscription figures call retail, and when that category is oversubscribed the minimum application is allotted by draw of lots — so the odds beside this apply directly.

Odds of getting an allotment

When the retail category is oversubscribed, SEBI requires a lottery for the minimum lot. Every application has the same chance, whatever its size.

~5%

chance of one lot, per application

Retail subscription: 19.65×
Applicants per share available: 19.6× the retail quota

This is an estimate of a lottery, not a prediction. Actual odds depend on the final basis of allotment, how many applications were at the minimum lot, and rejections for technical reasons. Applying from multiple distinct PANs is the only legitimate way to hold more tickets in that lottery.

What it actually did

This issue has listed, so there is a real number instead of a prediction. The grey-market premium is shown beside it for comparison.

₹250.00

listed at, 34.4% against the issue price

Issue price: ₹186.00
Premium said: —
If allotted 600 shares: ₹38,400

Listing-day figures are as reported by the exchanges.

Our read

The case for and against

Grounded only in figures disclosed in the prospectus. This is analysis, not a recommendation.

What works

Revenue was Rs 61.32 Cr in FY24 and was higher in each year after: Rs 93.51 Cr in FY25, up 52.50%, and Rs 122.65 Cr in FY26, up 31.16%.
Both margins the record permits are higher in each successive year. EBITDA of Rs 2.90 Cr on revenue of Rs 61.32 Cr is 4.73% in FY24, Rs 10.61 Cr on Rs 93.51 Cr is 11.35% in FY25 and Rs 22.52 Cr on Rs 122.65 Cr is 18.36% in FY26; profit after tax of Rs 1.08 Cr, Rs 5.57 Cr and Rs 15.34 Cr on those same revenues is 1.76%, 5.96% and 12.51%.
Borrowings set against EBITDA are lower in each of the three years on record: Rs 16.11 Cr against Rs 2.90 Cr is 5.56x in FY24, Rs 18.04 Cr against Rs 10.61 Cr is 1.70x in FY25, and Rs 26.66 Cr against Rs 22.52 Cr is 1.18x in FY26.
The single subscription entry the record carries, day three on 15 September 2026, shows the issue subscribed 32.41 times overall — QIB 48.82 times, NII 40.32 times and retail 19.65 times.

What to weigh against it

Total borrowings were Rs 16.11 Cr in FY24 and were higher in each year after: Rs 18.04 Cr in FY25, up 11.98%, and Rs 26.66 Cr in FY26, up 47.78%.
The record's business description names working capital and line capacity as the structural constraint, citing net working capital of 116 days and Sonipat line utilisation of 88.41% in FY26, and names stainless steel as the dominant input cost, with raw material consumed of Rs 53.41 Cr in FY26 — 43.55% of that year's Rs 122.65 Cr revenue. The financials carry no expenses line for any of the three years, so that cost cannot be traced across FY24 and FY25 from this record.
The same description puts OEM and private-label work at 54.87% of FY26 revenue, own brands at 41.81% and offline channels at 90.09%. The record's key-customer list is empty, so concentration within that OEM and private-label book is not shown here.
Promoter holding is 87.68% before the issue and 63.93% after, a fall of 23.75 percentage points, and Rs 16.03 Cr of the Rs 80.13 Cr raised was an offer for sale rather than proceeds to the company.

Easy to miss in the prospectus

The price path the record carries: listed at Rs 250, closed day one at Rs 262.50, and Rs 240.10 as of 23 October 2026 — 8.53% below the day-one close and 29.09% above the band top of Rs 186.
The record lists no offer objects, so what the Rs 64.10 Cr fresh issue was raised for is not stated here.
Net worth, total assets, operating cash flow and expenses are empty for FY24, FY25 and FY26, and the valuation, allocation, anchor and peer sections are absent, so returns, cash conversion and the issue multiple cannot be computed from this record.

Straight from the filing

Read it yourself

Every figure on this page comes out of these. Go and check them.

Maharaja & Speedex — Red Herring Prospectus dated 2026-09-033 Sep 2026The document the issue was bid on. Carries the price band and the dates.Opens on speedexind.com

Served by the issuer, the exchange or the regulator — never a copy hosted here, so what you open is the filing itself.

The paperwork

Who is running the issue

Lead managers: Choice Capital Advisors Private Limited
RegistrarAllotment status is checked on the registrar's own site: Maashitla Securities Private Limited

How these figures were checked

Reconciled to Maharaja & Speedex's own prospectus and to exchange disclosures, then cross-checked against 7 other independently published compilations of the same filing. Where a stated ratio disagreed with the line items it should come from, the disagreement was settled against the prospectus itself.

Red Herring Prospectus (406pp), Maharaja & Speedex India Ltd — company website · read 16 Oct 2026
BSE — Corporate Information, SPEEDEX / scrip 544925 (ISIN, CIN, market lot, listing date, face value) · read 16 Oct 2026
BSE — quote page, SPEEDEX / 544925 (listing announcement dated 18/09/2026) · read 16 Oct 2026

The prospectus is the authoritative document. Check anything that matters against it before you act.

At a glance

Board: SME platform
Opens: 10 Sep 2026
Closes: 15 Sep 2026
Allotment: 16 Sep 2026
Lists: 18 Sep 2026
Revenue (FY26): ₹123 Cr
Profit (FY26): ₹15.34 Cr

Timeline

Every step in this issue's calendar has passed.

Tap a step for what it means. Dates are as disclosed in the prospectus and can move.

On this page

IPOVista publishes research and data compiled from public filings and exchange disclosures. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security. Figures can contain errors and sources can be stale — verify against the prospectus before you act, and speak to a SEBI-registered adviser. Investing in securities carries risk, including loss of capital.