Maharaja & Speedex India Limited IPO Details

Factual IPO information from public filings. Not investment advice.

Issue Details

Price Band: ₹177 – ₹186
Lot Size: 600 shares
Min. Investment: ₹1,11,600
Total Issue Size: ₹80.13 Cr; 43,08,000 shares
Fresh Issue: ₹64.1 Cr; 34,46,400 shares
Offer for Sale: ₹16.03 Cr; 8,61,600 shares
Face Value: ₹10 per share
Issue Type: Book-built IPO
Listing At: BSE SME
Shares Pre-Issue: 1,28,98,740
Shares Post-Issue: 1,63,45,140

Lot Size & Investment

1 lot = 600 shares

Retail (min)

2 lots · 1,200 shares

Retail (max)

2 lots · 1,200 shares

S-HNI (min)

3 lots · 1,800 shares

Application	Lots	Shares	Amount
Retail	2	1,200	₹2,23,200
Small HNI (S-HNI)	3	1,800	₹3,34,800
Big HNI (B-HNI)	9	5,400	₹10,04,400

Financial Performance

Restated figures in ₹ crore, unless stated otherwise

Financial performance by period
Period	Mar-26	Mar-25	Mar-24
Assets	81.98	47.67	26.94
Total Income	122.74	93.6	61.41
Profit After Tax	15.34	5.57	1.08
EBITDA	22.52	10.61	2.9
Net Worth	26.74	11.39	4.97
Reserves & Surplus	15.96	13.51	4.96
Total Borrowing	26.66	18.04	16.11

Key Performance Indicators

Key performance indicators
Period	Mar-26
ROCE (%)	54.6
EPS (₹)	11.89
P/E (pre-issue)	15.64
P/E (post-issue)	19.81

About Maharaja & Speedex India Limited

Incorporated in February 2006, Maharaja & Speedex India Limited is a drinkware manufacturing and distribution company engaged in the manufacturing, branding, marketing and distribution of stainless-steel bottles and allied drinkware products. The Company offers a diversified portfolio of drinkware products classified into Standard Products and Novelty Products. Standard Products primarily comprise stainless-steel bottles, while Novelty Products include tumblers, feeding bottles and gym shakers. Its products are offered across mass, premium and lifestyle price segments, catering to a broad range of retail consumers and institutional customers. In addition to branded products, the Company undertakes OEM and private-label manufacturing, providing customized drinkware solutions for corporate gifting programmes, institutional buyers and brand partners. The Company operates an integrated, asset-backed business model supported by in-house manufacturing capabilities primarily through its wholly owned subsidiary, Dewdrop Bottles Private Limited. As of the date of the Red Herring Prospectus, Dewdrop Bottles operates two manufacturing facilities in Sonipat, Haryana, with an installed production capacity of approximately 45.24 lakh units per annum across 223 SKUs. The manufacturing facilities are equipped with modern machinery and production lines that enable large-scale manufacturing and product customization across various drinkware categories. The Company also focuses on product innovation and the development of value-added drinkware products in line with changing consumer preferences. The Company has developed a Pan-India distribution network comprising 101 distributors across 17 states and 2 Union Territories, including Maharashtra, Uttar Pradesh, Rajasthan and Punjab. Its products are distributed through traditional retail channels, modern trade formats and online sales channels. The Company serves both B2C and B2B markets, while maintaining long-standing relationships with suppliers, distributors, retailers, institutional customers and brand partners. The Company has also expanded its group structure to strengthen its manufacturing and digital distribution capabilities. Dewdrop Bottles Private Limited became a wholly owned subsidiary in January 2025, consolidating the Group's stainless-steel drinkware manufacturing operations. In 2026, the Company acquired Gulika Apparel Private Limited, which was subsequently rebranded as Speedex Online Private Limited, with the objective of strengthening its online sales operations and digital distribution of branded products. As of March 31, 2026, the Company and its wholly owned subsidiary had 431 full-time employees. The Company's management team brings complementary expertise to its manufacturing, distribution and business operations. Competitive Strengths Pan-India distribution network. OEM and private-label manufacturing capabilities. Diversified product portfolio across price segments. Integrated manufacturing and distribution capabilities. Focus on product innovation and value-added drinkware. Long-standing relationships with suppliers and customers. Seasoned management team with complementary expertise.