In Progress
Valuation
Market Cap
₹216.43 Cr
P/E Ratio
13.39x
P/B Ratio
6.39x
Maxwell Engineering IPO Dates
Open
Close
Allotment
Refunds
Credit
Listing
Conflicting IPOs
IPOs with overlapping timeline
Business Overview
Maxwell Engineering Solutions Limited is a Vadodara-based precision engineering company that manufactures, trades and services critical components for underwater pelletizing systems, including die plates, blades and knives, blade holders and cutter hubs, and tapped driving bushes. Incorporated in 2022, it shifted to its own plant at Waghodia GIDC in July 2025 and holds ISO 9001:2015 and ZED Bronze certifications. Exports were 84.73% of FY26 revenue, spread across 25+ countries led by Germany, the USA and the Netherlands.
Lots & IPO Size
Maxwell Engineering IPO Lot Size
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Ind (Min) | 2 | 1,600 | ₹2,52,800 |
| Ind (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 |
Market Maker
₹2.22 L
Employee
₹0.00
Shareholder
₹0.00
Maxwell Engineering IPO Size
Total
₹58 Cr
Fresh Issue
₹58 Cr
(0.36 Cr
Shares)
Offer For Sale
₹0
(0.00
Shares)
Objects of the Issue
Purchase of new machinery, lab equipment & other utilities
Construction of new office building & manufacturing facility
Repayment / prepayment of certain borrowings
Funding working capital requirements
General Corporate Purposes & issue expenses
Total
Key Risk Factors
The company relies on a few key suppliers for critical raw materials; supply disruption or price rises could hit production and margins.
Key Risk Factors
The company relies on a few key suppliers for critical raw materials; supply disruption or price rises could hit production and margins.
Tungsten carbide and brazing filler materials are largely imported; supply or currency disruptions could raise costs and delay manufacturing.
The company has export obligations under the EPCG scheme; failure to meet them could lead to duty payments, interest and penalties.
With exports at 84.73% of FY26 revenue, the company is exposed to currency fluctuations that could reduce its margins.
The business is working-capital intensive; rising inventories and receivables may require additional borrowings and strain cash flows.
Several trademark applications remain pending; failure to secure registration could limit protection of the Maxwell brand.
The company depends on few customers; its top 10 customers contributed 65.71% of FY26 revenue and the largest alone 22.15%.
Promoter group entities engaged in similar or related business may create conflicts of interest with the company.
Steel is a key input; price volatility or limited availability may affect the company's costs and profitability.
The company's earlier DRHP filed with BSE was withdrawn, and investors should weigh this prior filing history when evaluating the issue.
Maxwell Engineering IPO Details Live GMP
GMP
₹28
Est. Price
₹186
Est. Gain
17.72%
| Date | GMP (₹) | Est. Price |
|---|---|---|
| 28 Oct | ₹28 (17.7%) | ₹186 |
| 27 Oct | ₹26 (16.5%) | ₹184 |
Maxwell Engineering IPO Peer Comparison
(Rs. in crores)
| Particulars | Maxwell Engineering | Kabra Extrusion | Omnitech Engineering | Sunita Tools |
|---|---|---|---|---|
| Revenue (as per RHP) | 29.44 | 451.00 | 511.30 | 47.31 |
| PAT (as per RHP) | 11.86 | -2.44 | 79.36 | 6.18 |
| EPS (₹) | 11.80 | -0.70 | 6.42 | 10.53 |
| NAV (₹) | 24.74 | 127.92 | 55.36 | 112.10 |
| RONW | 11.80 | -0.54% | 11.28% | 10.80% |
| EBITDA | 51.56% | 2.90% | 33.46% | 19.85% |
| PAT Mrgn | 40.29% | -0.54% | 15.52% | 13.06% |
| PE Ratio | 13.39 | - | 99.00 | 100.65 |
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 October 23, 2026 for Peers
Maxwell Engineering IPO Financial Performance
(Rs. in crores)
| Particulars | Jul-26 | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|---|
| Revenue | 11.88 | 29.45 | 22.10 | 10.54 |
| Profit | 3.05 | 11.86 | 9.18 | 3.16 |
| Net Worth | 27.92 | 24.87 | 13.01 | 3.33 |
| Borrowings | 15.77 | 16.73 | 8.60 | 3.19 |
| Assets | 51.79 | 47.55 | 25.31 | 8.51 |
| NAV (₹) | 27.78 | 24.74 | 13.00 | 3.33 |
| EPS (₹) | 3.04 | 11.80 | 9.17 | 3.16 |
Key Performance Indicators (KPIs)
Debt to Equity
0.67
Current Ratio
1.91
All the data pertains to FY 2025-26. PE, PB, and market capitalization are calculated based on the Upper Price Band.
Financial Margin Trends
Maxwell Engineering IPO Financial Statements
(Rs. in crores)
| Particulars | Jul-26 | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|---|
| Revenue from Ops | 11.88 | 29.45 | 22.10 | 10.54 |
| Other Income | 0.37 | 1.31 | 0.49 | 0.32 |
| Total Income | 12.25 | 30.76 | 22.59 | 10.87 |
| Purchases/Materials Consumed | 2.55 | 8.25 | 4.70 | 2.46 |
| Changes in Inventories | 0.26 | -4.47 | -0.97 | -0.08 |
| Employee Expense | 2.43 | 5.22 | 2.92 | 2.23 |
| Finance Costs | 0.46 | 1.07 | 0.34 | 0.22 |
| Depreciation | 0.54 | 1.03 | 0.79 | 0.53 |
| Other Expenses | 2.35 | 5.26 | 3.76 | 1.69 |
| Total Expenses | 8.58 | 16.36 | 11.54 | 7.04 |
| Profit Before Tax | 3.66 | 14.40 | 11.06 | 3.83 |
| Tax Expense | 0.61 | 2.53 | 1.88 | 0.66 |
| Profit After Tax | 3.05 | 11.86 | 9.18 | 3.16 |
| EPS — Basic (₹) | 3.04 | 11.80 | 9.17 | 3.16 |
| EPS — Diluted (₹) | 3.04 | 11.80 | 9.17 | 3.16 |
| Particulars | Jul-26 | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|---|
| Equity Share Capital | 10.05 | 10.05 | 2.75 | 0.01 |
| Reserves & Surplus | 17.87 | 14.82 | 10.25 | 3.32 |
| Total Equity | 27.92 | 24.87 | 13.01 | 3.33 |
| Total Borrowings | 15.77 | 16.73 | 8.60 | 3.19 |
| Trade Payables | 3.02 | 1.85 | 1.19 | 0.41 |
| Other Liabilities | 5.08 | 4.11 | 2.51 | 1.58 |
| Total Equity & Liab | 51.79 | 47.55 | 25.31 | 8.51 |
| Fixed Assets | 29.66 | 28.97 | 9.56 | 2.98 |
| Inventories | 7.74 | 6.13 | 1.51 | 0.25 |
| ST Loans & Advances | 3.71 | 2.85 | 8.58 | 2.69 |
| Trade Receivables | 5.27 | 5.87 | 3.08 | 1.02 |
| Cash & Bank Balances | 4.04 | 2.76 | 1.80 | 1.24 |
| Other Assets | 1.37 | 0.97 | 0.77 | 0.33 |
| Total Assets | 51.79 | 47.55 | 25.31 | 8.51 |
| Particulars | Jul-26 | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|---|
| CF from Operating Activities | 3.91 | 7.48 | 7.37 | 3.58 |
| CF from Investing Activities | -1.21 | -13.58 | -12.38 | -3.72 |
| CF from Financing Activities | -1.42 | 7.06 | 5.57 | 0.75 |
| Net Change in Cash & Equivalents | 1.29 | 0.96 | 0.56 | 0.61 |
| Cash & Equivalents at End of Period | 4.04 | 2.76 | 1.80 | 1.24 |
Promoter Holding
Promoter
97.26%
Public
2.74%
Rajkumar Chaudhary
46.63%
Vinubhai Kanjibhai Chavda
48.61%
Ria Rajkumar Chaudhary
1.00%
Poonam Rajkumar Chaudhary
1.00%
Others
0.02%
Management
Rajkumar Chaudhary
Age: 51
CMD
Remuneration
₹₹10.00 L p.m. gross (₹1.20 Cr p.a.) + 1 month gross as bonus; FY26 paid ₹95.94 L
Education
Higher Secondary Certificate
Prior Experience
19 years of experience (11+ in pelletizing components); founder-promoter.
Vinubhai Kanjibhai Chavda
Age: 45
WTD
Remuneration
₹₹10.00 L p.m. gross (₹1.20 Cr p.a.) + 1 month gross as bonus
Education
B.E. (Mechanical) & MBA (Marketing), Gujarat University
Prior Experience
15 years of experience; earlier MD of Econ Machinery Pvt Ltd; co-promoter.
Pooja Lokhande
Age: 38
CFO
Remuneration
₹₹8.12 L (paid for 4M ended Jul-26; no contractual figure disclosed)
Education
M.Com & B.Com (Accounting & Financial Mgmt); CA Intermediate
Prior Experience
~10 years of experience; earlier with Aircare Projects Pvt Ltd; Group Head–Finance since Nov-2022.
Prabhat Kumar Singh
Age: 51
CEO
Remuneration
₹₹9.83 L (paid for 4M ended Jul-26; no contractual figure disclosed)
Education
B.Sc; PGDM (Financial Management)
Prior Experience
27 years in Govt. of India ministries (Finance, Home Affairs, Skill Development); CEO since Aug-2025.
Registrar & Lead Managers
Registrar
KFin Technologies
Company Details
Name: Maxwell Engineering Solutions Limited
Address: Plot 939 & 940, Waghodia GIDC, Vaghodia, Vadodara 391760, Gujarat
Number: +91 96385 42674
Email: cs@maxwells.in
Website: https://www.maxwells.in
Explore More IPOs
Discover other active and upcoming IPOs.
Live IPOs
View All
Opening Soon
View All
Recently Closed
View All
Frequently Asked Questions (FAQs)
What is Maxwell Engineering IPO?
Maxwell Engineering IPO is a SME IPO having an issue size of
₹58 Crs.
Maxwell Engineering IPO is priced at
₹150 - ₹158 per
share.
The
issue opens on 29 Oct 26
and
closes on 03 Nov 26.
When will Maxwell Engineering IPO open?
Maxwell Engineering IPO opens on
29 Oct 26 and closes on
03 Nov 26.
What is the GMP of Maxwell Engineering IPO?
The estimated Grey Market Premium of Maxwell Engineering IPO is
₹28 per share (17.72%).
What is the lot size of Maxwell Engineering IPO?
The minimum lot size of Maxwell Engineering IPO is
800 shares & the minimum application amount
is
Rs.
126400.
When is the allotment of Maxwell Engineering IPO?
The allotment date of Maxwell Engineering IPO is
04 Nov 26.
What is the listing date of Maxwell Engineering IPO?
The listing date of Maxwell Engineering IPO is
06 Nov 26.
What is the subscription of Maxwell Engineering IPO?
Maxwell Engineering IPO is subscribed
-.
What is the price band of Maxwell Engineering IPO?
Maxwell Engineering IPO is priced at
₹150 - ₹158 per
share.
How to check allotment status of Maxwell Engineering IPO?
Click the allotment link on Maxwell Engineering IPO page of IPO360.
How to apply Maxwell Engineering 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 Maxwell Engineering 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 Maxwell Engineering IPO using ASBA?
- Log in to your bank's net banking portal.
- Navigate to the 'IPO' or 'ASBA' section.
- Select Maxwell Engineering 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
Delete Comment?
Are you sure you want to delete this comment? This action cannot be undone.
Discussion
Join the discussion!
Log In to CommentNo comments yet. Be the first to share your thoughts!