In progress
Valuation
Market Cap
₹304.02 Cr
P/E Ratio
15.64x
P/B Ratio
8.97x
Maharaja & Speedex IPO Dates
Open
Close
Allotment
Refunds
Credit
Listing
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Business Overview
Maharaja & Speedex India Limited is a drinkware manufacturing and distribution company focused on stainless-steel bottles and allied drinkware products, serving retail consumers and institutional customers across India. Incorporated in 2006 as Maharaja Cookers Private Limited, the Company diversified into stainless-steel bottle trading in 2017 and today offers a diversified portfolio of Standard Products and Novelty Products such as tumblers, feeding bottles and gym shakers, sold under its own brands and through OEM and private-label arrangements. Manufacturing is carried out through its wholly-owned subsidiary, Dewdrop Bottles Private Limited, operating two facilities in Sonipat, Haryana with installed capacity of approximately 45,24,000 units per annum across 223 SKUs. Products reach customers through a pan-India network of 101 distributors across 17 states and 2 union territories, complemented by a growing online channel through its subsidiary Speedex Online Private Limited.
Lots & IPO Size
Maharaja & Speedex IPO Lot Size
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Ind (Min) | 2 | 1,200 | ₹2,23,200 |
| Ind (Max) | 2 | 1,200 | ₹2,23,200 |
| S-HNI (Min) | 3 | 1,800 | ₹3,34,800 |
| S-HNI (Max) | 8 | 4,800 | ₹8,92,800 |
| B-HNI (Min) | 9 | 5,400 | ₹10,04,400 |
Market Maker
₹2.16 L
Employee
₹0.00
Shareholder
₹0.00
Maharaja & Speedex IPO Size
Total
₹80 Cr
Fresh Issue
₹64 Cr
(0.34 Cr
Shares)
Offer For Sale
₹16 Cr
(0.09 Cr
Shares)
Promoters₹16 Cr
Objects of the Issue
Repayment and/or pre-payment of certain borrowings availed by the Company and its subsidiary from banks
Funding of capital expenditure towards purchase of plant and machineries at the existing manufacturing facility of the wholly-owned subsidiary
General Corporate Purposes & Issue Expenses
Total
Key Risk Factors
The Company sources a significant portion of raw material requirements from a limited number of suppliers; top 10 suppliers contributed 87.38% of purchases in Fiscal 2026.
Key Risk Factors
The Company sources a significant portion of raw material requirements from a limited number of suppliers; top 10 suppliers contributed 87.38% of purchases in Fiscal 2026.
The Company derives a substantial portion of revenue from key customers; top 10 customers contributed 48.70% of revenue from operations in Fiscal 2026.
The Company is dependent on its pan-India distribution network of about 101 distributors; any disruption could adversely affect sales and distribution.
The Company's OEM and private-label manufacturing for third parties may create channel conflicts and competitive overlap with its own branded drinkware products.
The Company's revenue is concentrated in certain states; Delhi, Haryana, Maharashtra and Uttar Pradesh together contributed a significant share of Fiscal 2026 revenue.
The Company does not own any of its operating premises, including its Registered Office and manufacturing units, which are held on a leased basis.
The Company, certain Promoters, Directors, KMPs, Senior Management and Subsidiaries are involved in certain legal proceedings, including a tax matter against Promoter Rohit Garg.
The Company depends on third-party transportation and logistics providers for raw material procurement and product delivery, without long-term contractual arrangements.
Under-utilization of the Company's manufacturing capacities could adversely affect business and financial performance; capacity utilisation was 88.41% in Fiscal 2026.
The Company's inability to accurately forecast demand and manage inventory may adversely affect business, results of operations, financial condition and cash flows.
Maharaja & Speedex IPO Details Live GMP
GMP
₹31
Est. Price
₹217
Est. Gain
16.67%
| Date | GMP (₹) | Est. Price |
|---|---|---|
| 09 Sep | ₹31 (16.7%) | ₹217 |
| 08 Sep | ₹29 (15.6%) | ₹215 |
| 07 Sep | ₹16 (8.6%) | ₹202 |
Maharaja & Speedex IPO Peer Comparison
(Rs. in crores)
| Particulars | Maharaja & Speedex | Borosil Limited | Cello World Limited |
|---|---|---|---|
| Revenue | 122.65 | 1,195.92 | 2,323.71 |
| PAT | 15.34 | 74.66 | 331.51 |
| EPS (₹) | 11.89 | 6.24 | 14.70 |
| NAV (₹) | 20.73 | 74.12 | 101.62 |
| RONW | 80.47% | 9.30% | 14.35% |
| EBITDA | 18.36% | 16.59% | 22.65% |
| PAT Mrgn | 12.51% | 6.24% | 14.27% |
| PE Ratio | 15.64 | 38.23 | 25.69 |
All information pertains to FY 2025-26. PE ratio is calculated using the Upper Price Band for the Issuer and the closing price as of August 14, 2026 for Peers
Maharaja & Speedex IPO Financial Performance
(Rs. in crores)
| Particulars | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Revenue | 122.65 | 93.51 | 61.32 |
| PAT | 15.34 | 5.57 | 1.08 |
| Net Worth | 28.86 | 13.52 | 4.97 |
| Borrowings | 26.66 | 18.04 | 16.11 |
| Assets | 81.98 | 47.67 | 26.94 |
| NAV (₹) | 20.73 | 9.19 | 4.11 |
| EPS (₹) | 11.89 | 4.49 | 0.89 |
Key Performance Indicators (KPIs)
Debt to Equity
0.92
All the data pertains to FY 2025-26. PE, PB, and market capitalization are calculated based on the Upper Price Band.
Maharaja & Speedex IPO Financial Statements
(Rs. in crores)
| Particulars | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Revenue from Ops | 122.65 | 93.51 | 61.32 |
| Other Income | 0.09 | 0.10 | 0.09 |
| Total Income | 122.74 | 93.61 | 61.41 |
| Cost of Revenue | 67.71 | 63.44 | 60.35 |
| Changes in Inventories | 1.00 | -2.28 | -6.80 |
| Employee Expense | 8.61 | 5.31 | 1.62 |
| Finance Costs | 1.56 | 2.04 | 1.07 |
| Depreciation | 1.93 | 1.20 | 0.43 |
| Other Expenses | 22.75 | 16.40 | 3.30 |
| Total Expenses | 103.56 | 86.11 | 59.97 |
| Profit Before Tax | 19.18 | 7.50 | 1.44 |
| Tax Expense | 3.85 | 1.93 | 0.37 |
| Profit After Tax | 15.33 | 5.57 | 1.07 |
| EPS — Basic (₹) | 11.89 | 4.49 | 0.89 |
| EPS — Diluted (₹) | 11.89 | 4.49 | 0.89 |
| Particulars | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Equity Share Capital | 12.90 | 0.01 | 0.01 |
| Reserves & Surplus | 15.96 | 13.51 | 4.96 |
| Total Equity | 28.86 | 13.52 | 4.97 |
| Total Borrowings | 26.67 | 18.03 | 16.11 |
| Trade Payables | 20.39 | 11.07 | 4.69 |
| Other Liabilities | 6.06 | 5.05 | 1.17 |
| Total Equity & Liab | 81.98 | 47.67 | 26.94 |
| Fixed Assets | 15.16 | 6.14 | 1.58 |
| Inventories | 36.17 | 20.36 | 12.44 |
| Oth Current Assets | 9.03 | 6.53 | 1.85 |
| Trade Receivables | 19.35 | 12.54 | 6.91 |
| Cash & Bank Bal | 0.46 | 1.18 | 0.38 |
| Other Assets | 1.79 | 0.92 | 3.78 |
| Total Assets | 81.98 | 47.67 | 26.94 |
| Particulars | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|
| Cash Flow from Operating Activities | 3.66 | 2.05 | 2.13 |
| Cash Flow from Investing Activities | -11.61 | -1.65 | -2.68 |
| Cash Flow from Financing Activities | 7.23 | 0.04 | 0.81 |
| Net Change in Cash & Equivalents | -0.72 | 0.44 | 0.26 |
| Cash & Equivalents at End of Period | 0.46 | 1.18 | 0.38 |
Promoter Holding
Promoter
87.68%
Public
12.32%
Rakesh Kumar Aggarwal
24.75%
Akash Aggarwal
16.49%
Rohit Garg
13.12%
Ankit Bansal
9.35%
Gaurav Tulsian
5.22%
Others
18.75%
Management
Rakesh Kumar Aggarwal
Age: 61
CMD
Remuneration
₹₹4.00 lakhs per month basic salary (₹48 lakhs p.a.) + commission up to 1% of net profit, per Board/Shareholder resolution
Education
N/A (not disclosed)
Prior Experience
Over 19 years in the stainless steel kitchenware industry; associated with the Company since incorporation.
Akash Aggarwal
Age: 34
ED & CEO
Remuneration
₹₹3.75 lakhs per month basic salary (₹45 lakhs p.a.) + performance-linked commission, per Board/Shareholder resolution
Education
Bachelor's in Financial & Investment Analysis (University of Delhi); pursuing MBA (University of Delhi)
Prior Experience
Over 9 years in the stainless steel kitchenware industry; associated with the Company since April 2016.
Ankit Bansal
CFO
Remuneration
₹₹27.50 lakhs paid in Fiscal 2026
Education
B.Com (Honours), University of Delhi
Prior Experience
Around 20 years in accounting and finance; previously with Bansal Playwood and Timber Store; also a director at Dewdrop Bottles Private Limited.
Registrar & Lead Managers
Registrar
Maashitla Securities
Lead Managers (1)
Company Details
Name: Maharaja & Speedex India Limited
Address: Kh. No. 53/27 GT Karnal Road Village, Alipur, Near Alipur Police Station, New Delhi - 110036, India
Number: 9650589457
Email: cs@speedexind.com
Website: https://speedexind.com
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Frequently Asked Questions (FAQs)
What is Maharaja & Speedex IPO?
Maharaja & Speedex IPO is a SME IPO having an issue size of
₹80 Crs.
Maharaja & Speedex IPO is priced at
₹177 - ₹186 per
share.
The
issue opens on 10 Sep 26
and
closes on 15 Sep 26.
When will Maharaja & Speedex IPO open?
Maharaja & Speedex IPO opens on
10 Sep 26 and closes on
15 Sep 26.
What is the GMP of Maharaja & Speedex IPO?
The estimated Grey Market Premium of Maharaja & Speedex IPO is
₹31 per share (16.67%).
What is the lot size of Maharaja & Speedex IPO?
The minimum lot size of Maharaja & Speedex IPO is
600 shares & the minimum application amount
is
Rs.
111600.
When is the allotment of Maharaja & Speedex IPO?
The allotment date of Maharaja & Speedex IPO is
16 Sep 26.
What is the listing date of Maharaja & Speedex IPO?
The listing date of Maharaja & Speedex IPO is
18 Sep 26.
What is the subscription of Maharaja & Speedex IPO?
Maharaja & Speedex IPO is subscribed
-.
What is the price band of Maharaja & Speedex IPO?
Maharaja & Speedex IPO is priced at
₹177 - ₹186 per
share.
How to check allotment status of Maharaja & Speedex IPO?
Click the allotment link on Maharaja & Speedex IPO page of IPO360.
How to apply Maharaja & Speedex IPO in Zerodha?
- Go to Kite App → Tap on Bids → Tap on IPO
- Select the IPO → Tap on apply → Enter UPI ID
- Enter Qty and Price
- Submit the application
- Approve the UPI Mandate on your UPI app
How to apply Maharaja & Speedex IPO in Groww?
- Go to Groww App → Stocks Section → Select IPO option
- Select the IPO you want to apply
- Enter your bid details and price
- Enter UPI ID & submit
- Approve the UPI Mandate on your UPI app
How to apply Maharaja & Speedex IPO using ASBA?
- Log in to your bank's net banking portal.
- Navigate to the 'IPO' or 'ASBA' section.
- Select Maharaja & Speedex IPO from the list of available IPOs.
- Enter the required details: Bid quantity, Price, DP ID & Client ID, etc
- Submit the application.
- Money will remain blocked till the refund date
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