Maxwell Engineering Solutions Limited
Bookbuilding IPO · NSE
- Price band
- ₹150 - ₹158
- Lot size
- 800 shares
- Issue amount
- ₹57.64 cr
- Total subscription
- 536.9×
- Opens
- 30 Oct 2026
- Closes
- 3 Nov 2026
- Allotment
- 4 Nov 2026
- Listing
- 6 Nov 2026
Offer at a glance
Issue overview
- Issue size
- 36,48,000 shares
- Face value
- ₹10 per share
- Minimum investment
- ₹1,20,000
- Fresh issue
- ₹57.64 cr
- Offer for sale
- ₹0 cr
- Registrar
- Kfin Technologies Limited
- Listing exchange
- NSE
- Maximum investment
- ₹1,26,400
- Issue type
- Bookbuilding IPO
- Shares before issue
- 1,00,50,275
- Shares after issue
- 1,36,98,275
Lot sizes
| Category | Lots | Shares | Amount |
|---|---|---|---|
| RETAIL | 2 | 1,600 | ₹2,52,800 |
| sHNI | 3 | 2,400 | ₹3,79,200 |
| bHNI | 8 | 6,400 | ₹10,11,200 |
Share reservation
Subscription & GMP
Subscription by category
Reported 3 Nov 2026
GMP history
Day-wise demand
Application-wise demand
| Category | Reserved applications | Applied applications |
|---|---|---|
| RETAIL | 750 | 4,17,078 |
| HNIs(10L +) | 144 | 53,506 |
| HNIs (2-10L) | 72 | 35,825 |
Subscription demand
Amounts in ₹ crore. HNI subcategories are included in the NII total.
| Category | Offered | Demand |
|---|---|---|
| QIBs | 10.79 | 2,800.63 |
| RETAIL | 18.96 | 10,543.73 |
| NIB | 8.19 | 7,028.27 |
| HNIs 2+ | 2.73 | 1,431.99 |
| HNIs 10+ | 5.46 | 5,596.28 |
Financial performance
Company financials
In Crores · Reported periods may include interim results.
Key performance indicators
| Metric | Jul-26 | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|---|
| EPS | 3.04 | 11.8 | 9.17 | 3.16 |
| ROE | 0 | 0 | 0 | 0 |
| ROCE | 9.87 | 38.46 | 53.31 | 62.96 |
| RONW | 10.93 | 47.7 | 70.54 | 94.9 |
| PRE IPO(PE) | 0 | 13.39 | 0 | 0 |
| POST IPO(PE) | 23.64 | 0 | 0 | 0 |
Values and labels as reported in the issue data.
Peer comparison
| Company | P/E(X) | CMP* (₹) | Face value (₹) | NAV/Share (₹) | RONW(%) | EPS (Basic) (₹) |
|---|---|---|---|---|---|---|
| Maxwell Engineering Solutions Limited | 0 | 0 | 10.00 | 24.74 | 47.70 | 11.80 |
| Kabra Extrusion Technik Limited | 0 | 0 | 5.00 | 127.92 | -0.54 | -0.70 |
| Omnitech Engineering Limited | 99.00 | 0 | 5.00 | 55.36 | 11.28 | 6.42 |
| Sunita Tools Limited | 100.65 | 0 | 10.00 | 112.10 | 10.80 | 10.53 |
Company information
Company profile
Maxwell Engineering Solutions Limited, incorporated in September 2022, is a precision engineering company engaged in manufacturing, trading and servicing critical components for 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 used in polymer compounding, masterbatches, engineering plastics, cable compounds, specialty polymers and plastics recycling industries. The company also offers customised manufacturing based on customer specifications and white-label manufacturing services, allowing customers to sell products under their own brands. Its business operates across three segments: manufacturing, services and trading. In July 2025, the company commenced operations at its company-owned manufacturing facility in Waghodia GIDC, Vadodara, Gujarat, gradually shifting production from its earlier leased facility in Makarpura, Vadodara. Its manufacturing infrastructure includes precision machining and testing equipment such as VMC, CNC, milling, EDM, wire-cut, lathe and surface-grinding machines, while specialised processes such as heat treatment, hardening and coating are outsourced to job workers. The company also provides refurbishment and repair services for used die plates, facilitates the marketing and supply of CJTEK components, and offers management consulting services to support customer relationship development. Maxwell Engineering Solutions serves customers across India and international markets, including the USA, Germany, the Netherlands, Israel, Saudi Arabia, Japan, Australia and Italy, among others. It holds ISO 9001:2015 certification for manufacturing and supplying pelletizing system components and received ZED Bronze Certification under the MSME Sustainable Certification Scheme in November 2025. Its operations are supported by an experienced promoter and management team, technical personnel, and dedicated sales and marketing capabilities. As of September 30, 2026, the company had 71 full-time employees, excluding directors, across production and operations, quality and testing, design, sales and marketing, finance, administration and other functions.
Strengths
- Experienced Promoters and Management Team: The Promoters have a combined experience of over 22 years in the underwater pelletizing systems industry, supported by skilled teams across technical, production and sales functions.
- Established Client Relationships: The Company has built long-term relationships with customers across multiple international markets, supporting repeat orders and providing greater revenue visibility.
- In-house Research and Development Capabilities: The Company has its own research and development facilities, enabling customized manufacturing and product development to meet diverse customer specifications.
Risk factors
- Dependence on Few Key Suppliers: The Company relies on a limited number of suppliers for raw materials such as steel, carbide and brazing filler. Its top 10 suppliers accounted for 80.22% of total purchases in Fiscal 2026, and the absence of long-term supply agreements increases the risk of supply disruptions.
- Export Obligations under EPCG Scheme: The Company has export obligations of ₹1,309.62 lakhs to be fulfilled within six years under the EPCG scheme. Failure to meet these obligations could result in payment of differential customs duty, along with interest and penalties.
- Dependence on Export Markets: Exports accounted for 84.73% of the Company's revenue in Fiscal 2026, making it vulnerable to changes in trade policies, tariffs, currency fluctuations and geopolitical developments in international markets.
Promoters
Rajkumar Chaudhary
Vinubhai Kanjibhai Chavda
Ria Rajkumar Chaudhary
Registrar & documents
Lead manager
JDA Capital Services Limited
Registrar & contacts
Kfin Technologies Limited
[email protected]Official registrar portal ↗IPO allotment status guide →Registered office
Plot 939 & 940, Waghodia GIDC, Vaghodia, Vadodara, Gujarat, 391760
96385 42674
[email protected]Company website ↗Understanding MAXENGS IPO data
Compare the price band and required investment with the company profile, financial results and offer documents. Subscription figures show reported demand by category; they do not establish the value of the business. GMP is an unofficial indication and can change before listing.