Minimum Investment
About Company
Company Name: Maxwell Engineering Solutions Limited
Industry / Sector: Precision Engineering / Polymer Processing Components
Founded Year: September 2022
Promoters: Rajkumar Chaudhary, Vinubhai Kanjibhai Chavda, Ria Rajkumar Chaudhary
Incorporated in September 2022, Maxwell Engineering Solutions Limited is a precision engineering company engaged in the manufacturing, trading, and servicing of critical components for underwater pelletizing systems. The company manufactures a range of components including pelletizing die plates, pelletizing blades and knives, blade holders, cutter hubs, tapped driving bushes, and other spare parts. Its products cater to polymer compounding, masterbatches, engineering plastics, cable compounds, specialty polymers, and plastics recycling industries. The company also undertakes customised manufacturing based on customer specifications and offers white-label manufacturing. Its business operates through three segments: manufacturing, services, and trading. It commenced operations at its company-owned manufacturing facility at Waghodia GIDC, Vadodara, Gujarat, in July 2025. The company serves customers across India and international markets, including the USA, Germany, the Netherlands, Israel, Saudi Arabia, Japan, Australia, and Italy. It holds ISO 9001:2015 certification and received ZED Bronze Certification under the MSME Sustainable Certification Scheme in November 2025. As of September 30, 2026, it had 71 full-time employees.
IPO Basic Details
| Company Name | Maxwell Engineering Solutions Limited |
| IPO Type | SME IPO |
| Price Band | ₹150 – ₹158 |
| Lot Size | 800 Shares |
| Total Issue Size | 36,48,000 Equity Shares (₹57.64 Cr) |
IPO Strengths & Risks
Strengths
- Diversified business segments (manufacturing, services, trading)
- Quality standards and certifications (ISO 9001:2015, ZED Bronze)
- International market presence across 10+ countries
- Customised and white-label manufacturing capabilities
- In-house manufacturing and R&D capabilities
- Specialised product portfolio for high-growth polymer and recycling industries
- Established customer relationships
- Strong financial profile with EBITDA margin of 36.11% and PAT margin of 25.70% (as of July 31, 2026)
Risks
- Customer concentration risk inherent in a B2B precision engineering model
- Dependence on the cyclical polymer and plastics processing industry
- Technology obsolescence risk in precision engineering components
- Raw material price volatility affecting margins
- SME IPO with limited liquidity and smaller scale of operations
- Execution risks related to capacity expansion plans
- Competition from domestic and international precision engineering players
IPO Important Dates
| IPO Open Date | 30 Oct 2026 |
| IPO Close Date | 03 Nov 2026 |
| Basis of Allotment | 04 Nov 2026 |
| Refund Initiation | 05 Nov 2026 |
| Demat Credit Date | 05 Nov 2026 |
| Listing Date | 06 Nov 2026 |
| Anchor Investor Date | - |
| UPI Mandate Deadline | - |
IPO Objectives
- Capital expenditure for machinery and equipment – -
- Funding working capital requirements – -
- Debt repayment – -
- General corporate purposes – -
Investor Reservation
| QIB Quota | 49.84% of the Net Issue (17,07,200 shares) |
| Retail Quota | 35.03% of the Net Issue (12,00,000 shares) |
| HNI Quota | - |
| Employee Quota | - |
| Shareholder Quota | - |
| Anchor Investor Allocation | - |
Market Lot Details
| Application | Lot Size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 Lots | 1,600 | ₹2,52,800 (at upper band) |
| Retail Maximum | 2 Lots | 1,600 | ₹2,52,800 (at upper band) |
| S-HNI Minimum | 3 Lots | 2,400 | ₹3,79,200 (at upper band) |
| S-HNI Maximum | 7 Lots | 5,600 | ₹8,84,800 (at upper band) |
| B-HNI Minimum | 8 Lots | 6,400 | ₹10,11,200 (at upper band) |
Key Performance Indicators (KPI)
| ROE | 11.56% (Jul 31, 2026), 62.63% (Mar 31, 2026) |
| ROCE | 9.87% (Jul 31, 2026), 38.46% (Mar 31, 2026) |
| RoNW | - |
| PAT Margin | 25.70% (Jul 31, 2026), 40.28% (Mar 31, 2026) |
| EBITDA Margin | 36.11% (Jul 31, 2026), 51.58% (Mar 31, 2026) |
| EPS | ₹11.80 (Pre-IPO), ₹6.68 (Post-IPO) |
| NAV per share | - |
| Debt to Equity | 0.56 (Jul 31, 2026), 0.67 (Mar 31, 2026) |
| P/E Ratio | 13.39 (Pre-IPO), 23.65 (Post-IPO) |
| Industry P/E | - |
Company Financial Data
| Period | Assets | Total Income | PAT | EBITDA | Net Worth | Borrowings |
|---|---|---|---|---|---|---|
| Jul 31, 2026 (4 months) | ₹51.79 Cr | ₹12.25 Cr | ₹3.05 Cr | ₹4.29 Cr | ₹27.92 Cr | ₹15.77 Cr |
| FY2026 (Mar 31, 2026) | ₹47.55 Cr | ₹30.76 Cr | ₹11.86 Cr | ₹15.19 Cr | ₹24.87 Cr | ₹16.73 Cr |
| FY2025 (Mar 31, 2025) | ₹25.31 Cr | ₹22.59 Cr | ₹9.18 Cr | ₹11.69 Cr | ₹13.01 Cr | ₹8.60 Cr |
| FY2024 (Mar 31, 2024) | ₹8.51 Cr | ₹10.87 Cr | ₹3.16 Cr | ₹4.25 Cr | ₹3.33 Cr | ₹3.19 Cr |
Grey Market Premium
| GMP Price | ₹70 (as of 30 Oct 2026, 12:00 PM) |
| Kostak Rate | Not Available |
| Subject to Sauda | Not Available |
| Last Updated | 30 Oct 2026 |
| Estimated Listing Price | ₹228 (approx. 44.3% premium over upper price band) |
IPO Subscription Data
| Total Subscription | 536.80x (Day 3, Nov 03, 2026, 5:55 PM) |
| QIB (Ex Anchor) | 259.45x |
| HNI Subscription | 857.65x |
| Retail Subscription | 556.09x |
| Anchor | - |
IPO Intermediaries
Registrar: KFin Technologies Limited
Registrar Website: https://www.kfintech.com
IPO Lead Manager(s)
Company Information
Address: Plot 939 & 940, Waghodia GIDC, Vaghodia, Vadodara, Gujarat, 391760
Website: https://www.maxwells.in
Email: cs@maxwells.in
Phone: +91 96385 42674
IPO Documents
Frequently Asked Questions (FAQ)
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