Maharaja & Speedex India IPO

SME • BSE SME • Fresh capital cum OFS

LISTEDSMEBSE SME

Maharaja & Speedex India

Price band

₹177 – ₹186

Lot size

600 shares

Min investment

₹1,11,600

Issue size

₹80.13 Cr

About the company

Maharaja & Speedex India Ltd was started in 2006. It makes and distributes drinkware, with its main focus on stainless steel bottles and related products. Its range is split into two groups. Standard products are the stainless steel bottles used for everyday purposes. Novelty products cover tumblers, feeding bottles and gym shakers. The company offers these at several price points so that it can sell into the mass, premium and lifestyle segments rather than only one type of buyer. It sells across India through a distribution network of 101 distributors spread over 17 states and 2 union territories, including Maharashtra, Uttar Pradesh, Rajasthan and Punjab. It describes its strengths as long standing relationships with suppliers and customers and having both manufacturing and distribution under one roof.

Maharaja & Speedex India Ltd makes and distributes stainless steel bottles and allied drinkware, covering standard bottles as well as novelty items such as tumblers, feeding bottles and gym shakers. Running since 2006, it sells through 101 distributors across 17 states and 2 union territories.

IPO details

Issue price: ₹186
Price band: ₹177 – ₹186
Face value: ₹10
Lot size: 600
Min investment: ₹1,11,600
Issue size: ₹80.13 Cr
Sale type: Fresh capital cum OFS
Listing on: BSE SME
BSE scrip code: 7962
NSE symbol: SPEEDEX.BO

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	600	₹1,11,600
Retail (Max)	1	600	₹1,11,600
HNI (Min)	2	1,200	₹2,23,200

Investor reservation

CATEGORY	RESERVED
QIB	Not more than 50% of the Net Issue
Retail	Not less than 35% of the Net Issue
NII	Not less than 15% of the Net Issue

Objects of the issue

1Repayment and/or pre-payment, in full or part, of certain borrowings availed by the Company and its subsidiary from banks.25.05

2Funding of capital expenditure towards purchase of plant and machineries at the existing manufacturing facility of the wholly-owned subsidiary20.38

3General Corporate Purposes

Financials

Rs. Crore • restated

METRIC	30 Nov 2025	31 Mar 2025	31 Mar 2024	31 Mar 2023
Assets	51.85	47.67	26.94	16.24
Total Income	75.48	93.60	61.41	64.77
Profit After Tax	8.35	5.57	1.08	0.72
EBITDA	12.53	10.61	2.90	1.72
NET Worth	21.87	13.52	4.97	1.86
Reserves and Surplus	21.86	13.51	4.96	1.85
Total Borrowing	13.93	18.04	16.11	7.94

Key performance indicators

EPS (₹)

9.39

RoCE

42.22%

RoNW

68.03%

PAT Margin

5.95%

✓ Strengths

• Profit has grown sharply, from Rs 0.72 crore in FY2023 to Rs 1.08 crore in FY2024 and Rs 5.57 crore in FY2025, with Rs 8.35 crore earned in the eight months to 30 November 2025.

• EBITDA improved from Rs 1.72 crore in FY2023 to Rs 10.61 crore in FY2025 and Rs 12.53 crore in the latest period.

• Return ratios are among the highest in this batch, with RoNW of 68.03% and RoCE of 42.22%.

• Net worth has grown from Rs 1.86 crore in FY2023 to Rs 21.87 crore as on 30 November 2025.

• The company reduced its borrowing while growing, from Rs 18.04 crore in FY2025 to Rs 13.93 crore in the latest period.

• The distribution reach is wide for a company of this size, at 101 distributors across 17 states and 2 union territories.

• Selling across mass, premium and lifestyle price points lets it serve different buyers rather than depending on one segment.

• It has a long record of about 20 years, having started in 2006, and both manufactures and distributes rather than only trading.

⚠ Risks

• Sales are not growing steadily. Total income actually fell from Rs 64.77 crore in FY2023 to Rs 61.41 crore in FY2024 before rising to Rs 93.60 crore in FY2025.

• The financial data is old and partial for an issue opening in September 2026. The latest column is an eight month period ending 30 November 2025, not a full year, so it cannot be compared directly with the years before it.

• The P/E is not stated in the data available to us, so the issue cannot be compared with peers on earnings from here.

• The profit margin is thin at 5.95%.

• Borrowing of Rs 13.93 crore is high against a net worth of Rs 21.87 crore.

• Drinkware is a crowded consumer category with low entry barriers, competing against established national brands and against cheap imports on price.

• A part of the money, Rs 20.38 crore, goes into plant and machinery at a wholly owned subsidiary's facility rather than into the parent company.

• This is a fresh issue combined with an offer for sale, so a part of the money goes to the selling shareholders and not to the company.

• Promoter holding will come down from 87.69% to 63.93% after the issue.

• This is an SME issue. One lot is 600 shares, which is about Rs 1.12 lakh at the upper band of Rs 186, and SME shares usually trade in low volume after listing.

Promoters & holding

Rakesh Kumar Aggarwal, Kusum Aggarwal, Akash Aggarwal, Ankit Bansal, Atul Tulsian and Rohit Garg

Pre-issue promoter holding

87.69%

Post-issue promoter holding

63.93%

Data refreshed 07 Nov 2026, 04:57 pm IST. GMP is unofficial market sentiment, not investment advice.