- NEGATIVE
Annual Revenue Maharaja Speedex Mar-2024 Annual Revenue is Rs 61 Cr which is growth of -5.2% YoY.
- POSITIVE
Annual Net Profit Maharaja Speedex Mar-2024 Annual Net Profit is Rs 1 Cr which is growth of 32.5% YoY.
Maharaja & Speedex India was incorporated on February 15, 2006. The company manufactures, brands, markets and distributes stainless-steel bottles and allied drinkware products for retail and institutional customers across India. Its diversified portfolio focuses on durable, hygienic and reusable drinkware solutions to meet evolving consumer preferences
| Bidding Dates |
|---|
| 10 Sep 2026 - 15 Sep 2026 |
| Subscription |
|---|
| 30.21x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹212,400 | 2 | 2 | 600 | 4.3 M | ₹177 - ₹186 | 63.93 % | ₹762.5 M - ₹801.3 M | RHP DOC |
Maharaja Speedex IPO SUBSCRIPTION STATUS
15 Sep '26Total30.21x
Retail Individual Investor19.65x
HNI (NII) Investors30.09x
Qualified Institutional Buyers48.82x
Maharaja Speedex IPO overall subscription rate was 30.21 times the total available shares
Maharaja Speedex IPO retail subscription rate was 19.65 times in the retail segment
Maharaja Speedex IPO non-institutional investor subscription rate was 30.09 times in the non-institutional investor category
Maharaja Speedex IPO Qualified Institutional Bidder subscription rate was 48.82 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 35% | 15% | 50% |
15 Sep 2026 (Day 3) | 19.65x | 30.09x | 48.82x |
11 Sep 2026 (Day 2) | 0.56x | 0.86x | 0.1x |
10 Sep 2026 (Day 1) | 0.22x | 0.63x | 0x |
Maharaja Speedex FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| FY26 | 122.7 | 15.3 | 3.7 | -7.4 | 18.4% |
| FY25 | 93.5 | 5.6 | 2.0 | 2.5 | 11.4% |
| FY24 | 61.3 | 1.1 | 2.1 | 1.9 | 4.7% |
Maharaja Speedex IPO SUBSCRIPTION STATUS DETAILS
Maharaja Speedex had 4.3 M shares on offer
Maharaja Speedex IPO offer price was in the range ₹177 - ₹186
Maharaja Speedex IPO minimum Investment was ₹212400
Maharaja Speedex IPO issue size was ₹ 762.5 M - ₹ 801.3 M
Maharaja Speedex had a minimum lot size of 600 Shares per application
Maharaja Speedex NUMBER OF SHARES ON OFFER
Total4.3 M
Fresh Issue3.4 M
Offer for Sale861.6 K
Post Issue Promoter Holding %63.93 %
Maharaja Speedex IPO IMPORTANT DATES
| Issue Open Date | 10 Sep 2026 |
| Issue close Date | 15 Sep 2026 |
| Allotment Date | 16 Sep 2026 |
| Refund Date | 17 Sep 2026 |
| Demat Account Credit Date | 17 Sep 2026 |
| Listing Date | 18 Sep 2026 |
| Listing on Exchange(s) | BSE |
| Maharaja Speedex Allotment Status | Exchange/ Registrar |
Maharaja Speedex IPO subscription opened on 10 Sep 2026, and closed on 15 Sep 2026
IPO allotment for Maharaja Speedex was finalized on Wednesday, 16 Sep 2026
IPO listing for Maharaja Speedex was on BSE on Friday, 18 Sep 2026
Maharaja Speedex IPO LISTING GAINS
| Issue Price (adjusted) | 186.0 |
| Listing Open Price | 250.0 |
| Listing Close Price | 262.5 |
| Listing Gain% | 34.4% |
| Current Gain% | 37.1% |
Maharaja Speedex Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Maharaja & Speedex India Ltd. | 255 | 416.8 | 27.2 | 0.2 | 3.4 | 53.2 | 18.7 | 122.7 | 31.1 | 15.3 | 175.7 | 9.4 | 175.7 |
| Cello World Ltd. | 327.7 | 7238.4 | 23.1 | -4.6 | 3.1 | 14.5 | 11 | 2378.8 | 9.1 | 331.5 | -2.2 | 14.2 | -5 |
| Borosil Renewables Ltd. | 386.6 | 5690.9 | 13.4 | 0 | 3.5 | 8.5 | 7.1 | 1580.8 | 4.4 | 129.1 | 285.5 | 28.9 | 327.2 |
| Hawkins Cookers Ltd. | 7600.8 | 4019.2 | 29.6 | 1.7 | 3 | 29.5 | 19.1 | 1265.9 | 12.1 | 131.2 | 14.4 | 256.5 | 17.3 |
| Borosil Ltd. | 286.4 | 3425 | 43.2 | -5 | 2.7 | 8.4 | 5.8 | 1225.6 | 8 | 74.7 | 0.6 | 6.6 | -8.6 |
| La Opala RG Ltd. | 141.3 | 1568.2 | 16.8 | -3.2 | 5 | 11.2 | 10.3 | 341.3 | -10.1 | 92.3 | -4.4 | 8.4 | -5.2 |
Annual
Balance Sheet
Ratios
Cash Flow
Maharaja Speedex annual results: revenue, profit, P&L, and margins as of Mar 2024 – 11 year history
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| Indicator | Graph | Mar '24 | Mar '23 | Mar '22 |
|---|---|---|---|---|
| 61.4 | 64.8 | 42.6 | ||
Operating Exp. Ann. | 58.6 | 62.9 | 41.5 | |
Operating Profit Ann. | 2.7 | 1.8 | 1.2 | |
OPM Ann. % | 4.43% | 2.76% | 2.74% | |
| 60 | 63.7 | 41.9 | ||
EBITDA Ann. | 2.8 | 1.8 | 1.2 | |
EBITDA Ann. margin % | 4.62% | 2.82% | 2.80% | |
Interest Ann. | 1 | 0.5 | 0.3 | |
Depr. | 0.4 | 0.2 | 0.1 | |
PBT Ann. | 1.5 | 1.1 | 0.8 | |
Tax Ann. | 0.4 | 0.3 | 0.2 | |
| 1.1 | 0.8 | 0.6 | ||
Net Profit Ann. | 1.1 | 0.8 | 0.6 | |
NPM Ann. % | 1.76% | 1.26% | 1.36% | |
EPS Adj. latest Ann. | 0.7 | 0.5 | 0.4 |
*All financials are in INR Cr and price data in INR
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Total Rev. Ann.
1Y CHG
-5.2%
2Y CAGR
20.1%
Net Profit Ann.
1Y CHG
37.5%
2Y CAGR
35.4%
Operating Exp. Ann.
1Y CHG
-6.8%
2Y CAGR
18.8%
Maharaja Speedex INFORMATION ON IPO ISSUE
About Maharaja Speedex
Maharaja & Speedex India was incorporated on February 15, 2006. The company manufactures, brands, markets and distributes stainless-steel bottles and allied drinkware products for retail and institutional customers across India. Its diversified portfolio focuses on durable, hygienic and reusable drinkware solutions to meet evolving consumer preferences
Object of the Issue
- Repayment and/or pre-payment, in full or part, of certain borrowings availed by the company and its subsidiary from banks
- Funding of capital expenditure towards purchase of plant and machineries at the existing manufacturing facility of their wholly-owned subsidiary
- General corporate purposes
Maharaja Speedex - PROMOTERS
| Name |
|---|
| Rakesh Kumar Aggarwal |
| Akash Aggarwal |
| Rohit Garg |
| Kusum Aggarwal |
| Ankit Bansal |
| Atul Tulsian |
Maharaja Speedex - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Rakesh Kumar Aggarwal | Chairman & Managing Director |
| Akash Aggarwal | Executive Director & CEO |
| Rohit Garg | Executive Director |
| Kusum Aggarwal | Non-Executive Director |
| Asha K Sharma | Independent Director |
| Subhash Chand Gupta | Independent Director |
Maharaja Speedex Book Running Lead Manager
Choice Capital Advisors Private Limited
msil.ipo@choiceindia.com
Maharaja Speedex Registrar to the Offer
Maashitla Securities Private Limited
investor.ipo@maashitla.com
Maharaja Speedex Strengths
Diversified product portfolio
The company offers a diversified portfolio of stainless-steel consumer products across mass-market and premium price segments, enabling it to serve consumers with varied preferences, usage requirements and purchasing power. The broad portfolio reduces dependence on any single product category, while allowing the company to leverage manufacturing, procurement and distribution efficiencies, improve capacity utilisation and introduce new products with limited additional investment
Strength
Client relationship
The company has established long-standing relationships with customers and suppliers based on consistent product quality, reliable delivery and responsive service, supporting stable supply of key raw materials and efficient production planning. Its ability to provide customised products, timely delivery and consistent service has driven repeat business and customer retention, while regular customer engagement helps identify evolving needs, support revenue stability and create long-term growth opportunities
Strength
Integrated manufacturing & distribution capabilities
The company’s integrated manufacturing systems covering procurement, production planning, quality assurance and logistics enable efficient inventory management, material utilisation and production scheduling. Its pan-India distributor network of approximately 101 distributors across 17 states and 2 union territories, supported by online sales channels, enables wider market reach, timely order fulfilment and supply chain continuity
Strength
Maharaja Speedex Risks
Counterparty credit risk
The company is exposed to counterparty credit risk as it extends credit to customers, and delays or defaults in receiving payments could increase receivables and adversely affect its cash flows and financial performance. Customers facing financial difficulties due to adverse macroeconomic conditions may seek extended payment terms or default on their obligations, and the company may also face challenges in accurately assessing their creditworthiness
Risk
Working capital intensive
The company may require additional capital to fund working capital, operating expenses, expansion and future business growth, which may not be available on favourable terms or at all. Additional debt could impose restrictive covenants and increase interest and repayment obligations, while equity funding may dilute shareholders, limiting the company’s financial flexibility and ability to pursue growth opportunities
Risk
Employee misconduct & error risk
The company may face financial, regulatory and reputational risks from employee misconduct, negligence or errors that may be difficult to detect or prevent despite its internal controls. Such incidents could result in claims, regulatory action, financial losses and damage to the company’s reputation, business and financial performance
Risk
IPO FAQs
This IPO consists of an offer for sale of up to Rs 16.0 crore, of 861,600 shares. It also consists of a fresh issue of Rs 64.1 crore.
The promoters of the company are Rakesh Kumar Aggarwal, Akash Aggarwal, Rohit Garg, Kusum Aggarwal, Ankit Bansal and Atul Tulsian.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.
The price band of the IPO is Rs 177.0 - 186.0.
The IPO application opens on Sep 10, 2026 and closes on Sep 15, 2026.
The minimum lot size for the IPO is 1200. The maximum lot size for the IPO is 1200.
For all category investors, the minimum application amount for this IPO is Rs. 212,400.0, the maximum value for this IPO is Rs 223,200.0.
This IPO will be allotted on Sep 16, 2026.
The refund will be credited to your account on Sep 17, 2026.
The allotted shares will be credited to your demat on Sep 17, 2026.
Maharaja & Speedex India Ltd.’s shares listed on the stock exchanges on Sep 18, 2026.