Maxwell Engineering Solutions IPO

SME • NSE SME • Fresh capital only

LISTEDSMENSE SME

Maxwell Engineering Solutions

Price band

₹150 – ₹158

Lot size

800 shares

Min investment

₹1,26,400

Issue size

₹57.64 Cr

About the company

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.

Maxwell Engineering Solutions is a Vadodara based maker of precision components for underwater pelletizing systems. It plans to raise Rs 57.64 crore at the upper band of Rs 158 per share, all of it fresh issue, and its total income was Rs 30.76 crore in FY2026.

IPO details

Issue price: ₹158
Price band: ₹150 – ₹158
Face value: ₹10
Lot size: 800
Min investment: ₹1,26,400
Issue size: ₹57.64 Cr
Sale type: Fresh capital only
Listing on: NSE SME
BSE scrip code: MAXENGS
NSE symbol: MAXENGS-SM.NS

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	800	₹1,26,400
Retail (Max)	1	800	₹1,26,400
HNI (Min)	2	1,600	₹2,52,800

Investor reservation

CATEGORY	RESERVED
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)

Objects of the issue

1Financing the capital expenditure requirement towards Purchase of New Machineries, Lab Equipment & Other utilities for Manufacturing Facility18.00

2Financing the capital expenditure requirement for construction of New Office Building and Manufacturing facility6.50

3Repayment / prepayment, in full or part, of certain outstanding borrowings availed by Company4.30

4Funding working capital requirements of Company14.00

5General Corporate Purposes

Financials

Rs. Crore • restated

METRIC	31 Jul 2026	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	51.79	47.55	25.31	8.51
Total Income	12.25	30.76	22.59	10.87
Profit After Tax	3.05	11.86	9.18	3.16
EBITDA	4.29	15.19	11.69	4.25
NET Worth	27.92	24.87	13.01	3.33
Reserves and Surplus	17.87	14.82	10.25	3.32
Total Borrowing	15.77	16.73	8.60	3.19

Key performance indicators

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

✓ Strengths

• Total income grew 36.17% from Rs 22.59 crore in FY2025 to Rs 30.76 crore in FY2026, after Rs 10.87 crore in FY2024.

• Profit after tax rose 29.19% from Rs 9.18 crore in FY2025 to Rs 11.86 crore in FY2026, and was Rs 3.16 crore in FY2024.

• EBITDA grew from Rs 11.69 crore in FY2025 to Rs 15.19 crore in FY2026.

• Net worth rose from Rs 3.33 crore on 31 March 2024 to Rs 24.87 crore on 31 March 2026 and Rs 27.92 crore on 31 July 2026.

• The P/E is 23.65 at the upper band of Rs 158, based on post-issue EPS of Rs 6.68. The pre-issue P/E is 13.39 on pre-issue EPS of Rs 11.80.

• The issue is fresh only, so all Rs 57.64 crore goes to the company. Rs 24.50 crore is for machinery, lab equipment and a new office and plant building.

• Debt to equity is 0.56 and the source shows a return on net worth of 10.93%.

• Customers are spread across India and countries such as the USA, Germany, Japan and Australia. The company is ISO 9001:2015 certified.

⚠ Risks

• The PAT margin of 25.70% and EBITDA margin of 36.11% at the source do not match the restated table. FY2026 PAT of Rs 11.86 crore on income of Rs 30.76 crore is about 38.56%, so treat the margin figures with care.

• The latest column is for four months to 31 July 2026: total income Rs 12.25 crore and PAT Rs 3.05 crore. The post-issue EPS of Rs 6.68 is much lower than the pre-issue EPS of Rs 11.80 because of new shares, and the P/E is 23.65.

• Total borrowing rose from Rs 3.19 crore on 31 March 2024 to Rs 16.73 crore on 31 March 2026 and Rs 15.77 crore on 31 July 2026.

• The company was incorporated in September 2022 and its own plant started only in July 2025, so its record at the new site is short. Total assets rose from Rs 8.51 crore to Rs 47.55 crore between 31 March 2024 and 31 March 2026.

• Rs 14.00 crore goes to working capital and Rs 4.30 crore repays borrowings. The source gives no amount for general corporate purposes.

• The business depends on one product family used in underwater pelletizing, and the source gives no customer split, so concentration cannot be checked.

• Heat treatment, hardening and coating are outsourced to job workers.

• The promoters hold 97.26% before the issue and will hold 71.36% after it, so they keep control.

• This is an SME issue. One lot is 800 shares, which is about Rs 1.26 lakh at the upper band of Rs 158, and SME shares usually trade in low volume after listing.

Promoters & holding

Rajkumar Chaudhary, Vinubhai Kanjibhai Chavda and Ria Rajkumar Chaudhary

Pre-issue promoter holding

97.26%

Post-issue promoter holding

71.36%

Promoters hold 97.26% before the issue and will hold 71.36% after it.

Data refreshed 09 Nov 2026, 02:30 pm IST. GMP is unofficial market sentiment, not investment advice.