Maxwell Engineering Solutions

Maxwell Engineering SME IPO

Upcoming

NSE SMEOpens 30 October 2026Closes 3 November 2026

Maxwell Engineering Solutions Limited is a precision engineering company that manufactures, trades and services critical components used in underwater pelletizing systems. Its product range includes pelletizing die…

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Live GMPSubscriptionAllotment
Price band
₹150 - ₹158
Issue size
₹57.64 Cr
Lot size
800 shares
Type
NSE SME
GMP
₹52 (+32.9%)
Est. listing
₹210
Est. profit / app
₹83,200
Retail quota
35.00%)

Key ratios

As per RHP / filings
Face value
₹10
EPS
11.8
P/E ratio
13.39
RoNW
47.7%
ROE
62.63%
Debt / Equity
0.67
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Timeline

  1. IPO Opens

    30 Oct 2026

  2. IPO Closes

    3 Nov 2026

  3. Allotment

    4 Nov 2026

  4. Listing

    6 Nov 2026

IPO Timeline & Listing Details

EventDate
IPO Open Date30 October 2026
IPO Close Date3 November 2026
Allotment Date4 November 2026
Listing Date6 November 2026

Investment Categories

CategoryLotsAmount
Individual
2₹2,52,800
SHNI (Min)
3₹3,79,200
SHNI (Max)
7₹8,84,800
BHNIAbove ₹10,00,000
8₹10,11,200

IPO Reservation Details

CategoryReservation
QIB (Qualified Institutional Buyer)50.00%
NII (Non-Institutional Investor)15.00%
SHNI (Small Non-Institutional Investor)5.00%
BHNI (Big Non-Institutional Investor)10.00%
Retail35.00%)
Total100.00%

IPO Objectives

  • Financing the capital expenditure requirement towards purchase of New Machineries, Lab Equipment and Other utilities for the Manufacturing Facility (₹18.00 Crore / ₹1,800.00 Lakhs).
  • Financing the capital expenditure requirement for construction of a New Office Building and Manufacturing facility (₹6.50 Crore / ₹650.00 Lakhs).
  • Repayment / prepayment, in full or part, of certain outstanding borrowings availed by the Company (₹4.30 Crore / ₹430.00 Lakhs).
  • Funding working capital requirements of the Company (₹14.00 Crore / ₹1,400.00 Lakhs).
  • General Corporate Purposes.

Strengths

  • Experienced promoters and management team with in-depth industry knowledge, instrumental in the Company's consistent growth.
  • Established client relationships built on meeting customer specifications, timely delivery and consistent product quality, with comprehensive after-sales service.
  • Quality-focused service with stringent systems that reduce product rejection and support customer retention and repeat orders.
  • Well-established systems and procedures across machinery and manpower, supporting efficiency and quality.
  • Diversified revenue across multiple geographies, with exports to more than 25 countries contributing about 84.73% of FY26 revenue from operations.
  • Customized product offering tailored to customer specifications, including custom-built blade holders and cutter hubs for underwater and water-ring pelletizers.
  • Strong profitability metrics, with a FY26 EBITDA margin of 51.58% and PAT margin of 40.28%, and a niche position with few direct competitors for its core products.

Weaknesses

  • High export dependence, with about 84.73% of FY26 revenue from operations derived from exports, exposing the Company to foreign-exchange, tariff, shipping and geopolitical risks.
  • Customer concentration, with the top 10 customers contributing about 65.71% of FY26 revenue from operations (73.03% in FY25).
  • Narrow product focus on components for pelletizing systems, so a downturn in the plastics/compounding capital-equipment cycle would hit the business directly.
  • Working-capital intensive operations, with working capital requirements rising sharply and ₹14.00 Crore of proceeds earmarked for working capital.
  • Declining return ratios off a small base, with RoNW falling from 94.90% (FY24) to 70.54% (FY25) to 47.70% (FY26), and ROE and RoCE similarly compressing as the equity base grows.
  • Short operating history and recent conversion to a public company (June 2025), with a limited track record at scale.
  • Capital-expenditure execution risk, as the Company had not yet placed orders for the new machinery, lab equipment and construction to be funded from the Net Proceeds as of the RHP date.
  • Single manufacturing facility at Vadodara, creating concentration risk from any disruption at that site.
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Financial Performance

Period Ended31 Jul 202631 Mar 202631 Mar 202531 Mar 2024
Assets (₹ Cr.)51.7947.5525.318.51
Revenue (₹ Cr.)12.2530.7622.5910.87
PAT (₹ Cr.)3.0511.869.183.16
Net Worth (₹ Cr.)27.9224.8713.013.33

Peer Comparison

CompanyP/B RatioP/E RatioRONW (%)Net Worth (₹ Cr.)
Maxwell Engineering Solutions Limited6.3913.3947.7%24.87
Sunita Tools Limited11.68109.079.01%70.56
Omnitech Engineering Limited13.0785.5311.68%679.7
Kabra Extrusiontechnik Limited5.2646.950.81%441.48

Subscription Details

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Company Details

  • Maxwell Engineering Solutions Limited
  • Registered Office: Plot 939 & 940, Waghodia GIDC, Vaghodia, Vadodara - 391760, Gujarat, India
  • +91 96385 42674
  • cs@maxwells.in
  • https://www.maxwells.in

Registrar Details

Frequently Asked Questions

What is the primary business of Maxwell Engineering Solutions Limited?
Maxwell Engineering Solutions is a precision engineering company that manufactures, trades and services critical components for underwater pelletizing systems, such as die plates, blades/knives, blade holders/cutter hubs and spare parts, used in masterbatches, compounding, recycling, petrochemicals and bioplastics. It also offers refurbishment, custom and white-label manufacturing, and related services, from its Vadodara (Gujarat) plant, and is heavily export-oriented.
When does the Maxwell Engineering Solutions SME IPO open and close?
The IPO opens on Friday, October 30, 2026, and closes on Monday, November 3, 2026. The Anchor Investor bidding date is Thursday, October 29, 2026.
What is the structure of the IPO?
The Offer is a pure book-built Fresh Issue of up to 36,48,000 Equity Shares, aggregating about ₹57.64 Crore at the cap price, listing on NSE Emerge. There is no Offer for Sale. The total includes a 2,22,400-share Market Maker reservation (JDA Capital Services), leaving a Net Issue of 34,25,600 shares.
What is the price band and minimum lot size?
The price band is ₹150 to ₹158 per share (face value ₹10). The minimum application is 2 lots of 800 shares each (1,600 shares), amounting to ₹2,52,800 at the upper price band, so the minimum ticket exceeds the ₹2 Lakh retail threshold.
How did the company perform financially in FY26?
For FY2025-26 (restated), Maxwell reported Total Income of ₹30.76 Crore and Profit After Tax of ₹11.86 Crore, up about 36% and 29% respectively over FY25, with RoNW of 47.70%, RoE of 62.63%, RoCE of 38.46%, a PAT margin of 40.28% and an EBITDA margin of 51.58%.
What are the objects of the Issue?
Net Proceeds will fund capital expenditure for new machinery, lab equipment and utilities (₹18.00 Crore), construction of a new office building and manufacturing facility (₹6.50 Crore), repayment/prepayment of certain borrowings (₹4.30 Crore), working capital (₹14.00 Crore), and general corporate purposes.

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Sources

We match Maxwell Engineering SME IPO IPO numbers with official sources. For final dates and allotment results, double-check the registrar or exchange.

  • SEBIRules for IPO allotment and disclosures in India
  • NSEExchange notices, bidding data, and listing updates
  • BSEExchange notices and IPO allotment check tools
  • RHP / Offer DocumentCheck the company RHP on NSE/BSE or the IPO detail page
  • KFin Technologies LimitedOfficial site to check allotment status for this IPO

Also read our Editorial Policy, How GMP is calculated, How allotment chances work, and IPO fund allocation.

Reviewed by

Dinesh Agrawal · Lead IPO Analyst

15+ years in Indian markets and IPO research. He reviews IPO dates and key details before they go live.

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