Maharaja and Speedex IPO
IPO Open Now
₹2,12,400 / 1,200 shares
Price Range: ₹177 – ₹186 per share
Bidding Dates10 Sept, 2026 – 15 Sept, 2026
Min Investment₹2,12,400
Lot Size600
Issue Size₹80.13 Cr.
IPO Overview
IPO Subscription Details
Retail Subscription0.54x
Non-Institutional Buyers (sHNI)0.79x
Non-Institutional Buyers (bHNI)1.34x
Qualified Institutional Buyers (QIB)0x
Total Subscription0.52xOver-subscribed
IPO Timeline
IPO Offer Start10 Sept, 2026
IPO Offer Ends15 Sept, 2026
Allotment Finalisation16 Sept, 2026
Refund Initiation17 Sept, 2026
Listing of Shares18 Sept, 2026
IPO Analysis
Strengths
- The company has developed stable relationships with trusted vendors and enduring relationships with institutional customers over extended periods, supporting revenue stability and creating long-term growth opportunities.
- The company operates two manufacturing units with installed capacity of approximately 62,82,000 units per annum and leverages a Pan-India distributor network comprising 101 distributors across 17 states and 2 union territories.
- The company offers a diversified portfolio of stainless-steel consumer products across multiple price points, ranging from mass market offerings to premium products, reducing reliance on any single product category.
Risks
- The company sources a significant portion of raw materials from a limited number of suppliers, with top 10 suppliers contributing 87.38% of total purchases in Fiscal 2026. Any disruption in supply or deterioration of relationships could materially disrupt the supply chain and affect operations.
- The company derives substantial revenue from key customers, with top 10 customers contributing 48.70% of revenue in Fiscal 2026. Loss of key customers or delays in orders may adversely impact business operations and financial performance.
- The company is dependent on a network of about 101 distributors across India for 90.09% of revenue from offline sales in Fiscal 2026. Any disruption in the distribution network could adversely affect sales performance and market penetration.
Objects of the Issue
The company proposes to utilize funds towards repayment and/or prepayment, in full or in part, of certain outstanding borrowings availed by the company and its subsidiary, including any accrued interest thereon.
The company proposes to utilize funds towards capital expenditure for the purchase of plant and machinery at the existing manufacturing facility of its wholly owned subsidiary to expand manufacturing capacity.
The company proposes to deploy the balance net proceeds towards general corporate purposes including funding strategic initiatives, growth opportunities, working capital requirements, and other corporate contingencies.
Yearly Financial Results
Consolidated — ₹ Crores
| Annual Financials | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Revenue | 61.32 | 93.51 | 122.65 |
| Expenses | 59.96 | 86.11 | 103.55 |
| Other Income | 0.09 | 0.10 | 0.09 |
| Total Revenue | 61.41 | 93.60 | 122.74 |
| Profit Before Tax | 1.45 | 7.49 | 19.19 |
| Net Profit | 1.08 | 5.57 | 15.34 |
Balance Sheet
Consolidated — ₹ Crores
| Balance Sheet | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Total Assets | 26.94 | 47.67 | 81.98 |
| Current Assets | 22.69 | 40.71 | 65.46 |
| Fixed Assets | 4.25 | 6.97 | 16.52 |
| Total Equity & Liabilities | 26.94 | 47.67 | 81.98 |
| Total Liabilities | 21.97 | 34.15 | 53.11 |
| Current Liabilities | 17.19 | 26.78 | 48.82 |
| Non Current Liabilities | 4.77 | 7.37 | 4.30 |
| Total Equity | 4.97 | 13.52 | 28.86 |
Cash Flow
Consolidated — ₹ Crores
| Cash Flow | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Net Cash Flow | 0.26 | 0.44 | -0.72 |
| Investing Activities | -2.68 | -1.65 | -11.61 |
| Operating Activities | 2.13 | 2.05 | 3.66 |
| Financing Activities | 0.81 | 0.04 | 7.23 |
About Maharaja and Speedex
Maharaja & Speedex India Limited is a drinkware manufacturing and distribution company focused on stainless-steel bottles and allied drinkware products, catering to both retail consumers and institutional customers across India. The company operates an integrated, asset-backed business model with in-house manufacturing capabilities through its subsidiary, producing 223 SKUs across drinkware.
Documents
Source: DRHP
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