Maxwell Engineering Solutions IPO

Lot size and investment

Reservation

QIB

17,07,200 shares (49.84% of the Offer)

NII

5,18,400 shares (15.13% of the Offer)

Retail

12,00,000 shares (35.03% of the Offer)

Current GMP

₹70

▲+44.30%

Estimated listing price

₹228

Issue price ₹158

Highest

₹70

29 Oct

Lowest

₹27

27 Oct

GMP by day (₹ per share)

Subject to sauda

₹42,600

GMP is an unofficial indicator from an unregulated market. It is shown for information only and is not a prediction of the listing price or a recommendation to apply.

P/E Ratio

23.65

EPS (₹)

6.68

RoE

11.56%

RoCE

9.87%

RoNW

10.93%

PAT Margin

25.70%

EBITDA Margin

36.11%

Debt / Equity

0.56

NAV (₹)

27.78

Separate pre- and post-issue P/E are not available for this IPO; the P/E shown is as disclosed for the issue.

Peers are other recent IPOs from the same industry, closest in issue size. Ratios are as disclosed at the time of each issue. This is not the listed-peer table from the offer document.

How Maxwell Engineering Solutions plans to use the money raised, as stated in the offer document.

1. Financing the capital expenditure requirement towards Purchase of New Machineries, Lab Equipment & Other utilities for Manufacturing Facility₹18 Cr
2. Financing the capital expenditure requirement for construction of New Office Building and Manufacturing facility₹6.5 Cr
3. Repayment / prepayment, in full or part, of certain outstanding borrowings availed by Company₹4.3 Cr
4. Funding working capital requirements of Company₹14 Cr
5. General Corporate Purposes

Maxwell Engineering Solutions Limited was incorporated in September 2022. It makes, trades and services critical components for underwater pelletizing systems, such as die plates, blades and knives, blade holders, cutter hubs and driving bushes. Its products serve polymer compounding, masterbatch, engineering plastics, cable compounds, specialty polymers and plastics recycling. The company also makes to customer specifications and offers white-label manufacturing. It works in three segments: manufacturing, services and trading. It began operations at its own plant at Waghodia GIDC, Vadodara, in July 2025 and has moved work there from its earlier leased unit at Makarpura. The plant has VMC, CNC, milling, EDM, wire-cut, lathe and surface-grinding machines. Heat treatment, hardening and coating are given to job workers. The company sells in India and abroad, including the USA, Germany, the Netherlands, Israel, Saudi Arabia, Japan, Australia and Italy. It holds ISO 9001:2015 certification and a ZED Bronze certificate, received in November 2025. It also repairs and refurbishes used die plates and gives management consulting services. It had 71 full-time employees on 30 September 2026, excluding directors.

Promoters and shareholding

Rajkumar Chaudhary, Vinubhai Kanjibhai Chavda and Ria Rajkumar Chaudhary

Promoter holding, pre-issue

97.26%

Promoter holding, post-issue

71.36%