- POSITIVE
Annual Revenue Maxwell Engineering Solutions Mar-2026 Annual Revenue is Rs 31 Cr which is growth of 36.1% YoY.
- POSITIVE
Annual Net Profit Maxwell Engineering Solutions Mar-2026 Annual Net Profit is Rs 12 Cr which is growth of 29.3% YoY.
Maxwell Engineering Solutions Ltd. IPO Details
Maxwell Engineering Solutions was incorporated on September 13, 2022. The company manufactures, trades and services precision-engineered components for underwater pelletizing systems, including die plates, blades, cutter hubs and driving bushes. It also provides customised manufacturing, repair and refurbishment services. Its products are used in polymer processing, engineering plastics, cable compounds and plastics recycling industries
| Bidding Dates |
|---|
| 30 Oct 2026 - 03 Nov 2026 |
| Subscription |
|---|
| 4.17x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹240,000 | 2 | 2 | 800 | 3.6 M | ₹150 - ₹158 | 71.36 % | ₹547.2 M - ₹576.4 M | RHP DOC |
Maxwell Engineering Solutions IPO SUBSCRIPTION STATUS
30 Oct '26Total4.17x
Retail Individual Investor9.5x
HNI (NII) Investors5.65x
Qualified Institutional Buyers-
Maxwell Engineering Solutions IPO overall subscription rate was 4.17 times the total available shares
Maxwell Engineering Solutions IPO retail subscription rate was 9.5 times in the retail segment
Maxwell Engineering Solutions IPO non-institutional investor subscription rate was 5.65 times in the non-institutional investor category
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 35% | 15% | 50% |
30 Oct 2026 | 9.5x | 5.65x | - |
Maxwell Engineering Solutions 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 |
| 4MFY27 | 11.9 | 3.1 | 3.9 | 3.3 | 36.1% |
| FY26 | 29.4 | 11.9 | 7.5 | -11.5 | 51.6% |
| FY25 | 22.1 | 9.2 | 7.4 | 0.0 | 52.9% |
| FY24 | 10.5 | 3.2 | 3.6 | 1.5 | 40.3% |
Maxwell Engineering Solutions IPO SUBSCRIPTION STATUS DETAILS
Maxwell Engineering Solutions has 3.6 M shares on offer
Maxwell Engineering Solutions IPO offer price is in the range ₹150 - ₹158
Maxwell Engineering Solutions IPO minimum Investment is ₹240000
Maxwell Engineering Solutions IPO issue size is ₹ 547.2 M - ₹ 576.4 M
Maxwell Engineering Solutions has a minimum lot size of 800 Shares per application
Maxwell Engineering Solutions NUMBER OF SHARES ON OFFER
Total3.6 M
Fresh Issue3.6 M
Offer for Sale0
Post Issue Promoter Holding %71.36 %
Maxwell Engineering Solutions IPO IMPORTANT DATES
| Issue Open Date | 30 Oct 2026 |
| Issue close Date | 03 Nov 2026 |
| Allotment Date | 04 Nov 2026 |
| Refund Date | 05 Nov 2026 |
| Demat Account Credit Date | 05 Nov 2026 |
| Listing Date | 06 Nov 2026 |
| Listing on Exchange(s) | NSE |
| Maxwell Engineering Solutions Allotment Status | Exchange/ Registrar |
Maxwell Engineering Solutions IPO subscription opens on 30 Oct 2026, and closes on 03 Nov 2026
IPO allotment for Maxwell Engineering Solutions is expected to be finalized on Wednesday, 04 Nov 2026
IPO listing for Maxwell Engineering Solutions will be on NSE on Friday, 06 Nov 2026
Maxwell Engineering Solutions 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 % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Maxwell Engineering Solutions Ltd. | 158 | 216.4 | 18.2 | 0.6 | 7 | 47.7 | 24.9 | 30.8 | 36.1 | 11.9 | 29.3 | 8.7 | 29.3 |
| Cummins India Ltd. | 4452.6 | 123426.1 | 52.1 | 4.9 | 9.7 | 27.9 | 20.9 | 12660.5 | 16.8 | 2361.8 | 18.1 | 85.4 | 10.6 |
| GE Vernova T&D India Ltd. | 4020 | 102930.7 | 71.6 | 1.3 | 14.3 | 45.8 | 15.9 | 6297.2 | 44.6 | 1233.2 | 102.7 | 56.1 | 56.2 |
| 3M India Ltd. | 28990 | 32657.5 | 56.5 | 3.5 | 6.1 | 29.5 | 16.6 | 5138.5 | 13.8 | 522.3 | 9.7 | 512.8 | 16.3 |
| Kirloskar Oil Engines Ltd. | 1796.1 | 26145.1 | 47.9 | 3 | 3.3 | 15.9 | 5.3 | 7771.2 | 21.5 | 574.3 | 17.4 | 37.5 | 15.8 |
| Jyoti CNC Automation Ltd. | 905.6 | 20595.4 | 64 | -14.6 | 9.4 | 16.8 | 9.3 | 2153.6 | 17.5 | 336 | 6.3 | 14.1 | -4.4 |
Annual
Balance Sheet
Ratios
Cash Flow
Maxwell Engineering Solutions annual results: revenue, profit, P&L, and margins as of Mar 2026 – 11 year history
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Export
| Indicator | Graph | CAGR 3 Yrs | Mar '26 | Mar '25 | Mar '24 | Mar '23 |
|---|---|---|---|---|---|---|
237.7% | 30.8 | 22.6 | 10.9 | 0.8 | ||
Operating Exp. Ann. | 205.8% | 14.3 | 10.4 | 6.3 | 0.5 | |
Operating Profit Ann. | 270% | 15.2 | 11.7 | 4.3 | 0.3 | |
OPM Ann. % | 7.7% | 49.39% | 51.75% | 39.12% | 39.53% | |
201.2% | 16.4 | 11.5 | 7 | 0.6 | ||
EBITDA Ann. | 245.5% | 16.5 | 12.2 | 4.6 | 0.4 | |
EBITDA Ann. margin % | 5.9% | 53.64% | 53.93% | 42.09% | 45.22% | |
Interest Ann. | 122.4% | 1.1 | 0.3 | 0.2 | 0.1 | |
Depr. | 115.4% | 1 | 0.8 | 0.5 | 0.1 | |
PBT Ann. | 316% | 14.4 | 11.1 | 3.8 | 0.2 | |
Tax Ann. | - | 2.5 | 1.9 | 0.7 | 0 | |
290.4% | 11.9 | 9.2 | 3.2 | 0.2 | ||
Net Profit Ann. | 290.4% | 11.9 | 9.2 | 3.2 | 0.2 | |
NPM Ann. % | 24.8% | 40.27% | 41.51% | 29.98% | 20.70% | |
EPS Adj. latest Ann. | 343.1% | 8.7 | 6.7 | 2.3 | 0.1 |
*All financials are in INR Cr and price data in INR
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Total Rev. Ann.
1Y CHG
36.3%
2Y CAGR
68.1%
3Y CAGR
237.7%
Net Profit Ann.
1Y CHG
29.3%
2Y CAGR
92.8%
3Y CAGR
290.4%
Operating Exp. Ann.
1Y CHG
37.5%
2Y CAGR
50.7%
3Y CAGR
205.8%
Maxwell Engineering Solutions INFORMATION ON IPO ISSUE
About Maxwell Engineering Solutions
Maxwell Engineering Solutions was incorporated on September 13, 2022. The company manufactures, trades and services precision-engineered components for underwater pelletizing systems, including die plates, blades, cutter hubs and driving bushes. It also provides customised manufacturing, repair and refurbishment services. Its products are used in polymer processing, engineering plastics, cable compounds and plastics recycling industries
Object of the Issue
- Financing the capital expenditure requirement towards the purchase of new machinery, lab equipment & other utilities for the manufacturing facility
- Financing the capital expenditure requirement for the construction of a new office building and manufacturing facility
- Repayment/prepayment, in full or in part, of certain outstanding borrowings availed by the company
- Funding working capital requirements of the company
- General corporate purposes
Maxwell Engineering Solutions - PROMOTERS
| Name |
|---|
| Rajkumar Chaudhary |
| Vinubhai Kanjibhai Chavda |
| Ria Rajkumar Chaudhary |
Maxwell Engineering Solutions - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Rajkumar Chaudhary | Chairman & Managing Director |
| Vinubhai Kanjibhai Chavda | Whole -Time Director |
| Ria Rajkumar Chaudhary | Non-Executive Director |
| Hitenkumar Jayantilal Prajapati | Non-Executive Independent Director |
| Puja Kasera | Non-Executive Independent Director |
Maxwell Engineering Solutions Book Running Lead Manager
Jda Capital Services Limited
mbd@jdacapital.in
Maxwell Engineering Solutions Registrar to the Offer
Kfin Technologies Limited
maxwell.ipo@kfintech.com
Maxwell Engineering Solutions Strengths
Quality service
The company focuses on timely deliveries and consistent product quality through established quality checks. This helps reduce product rejections, retain customers and generate repeat orders
Strength
Operational efficiency
The company follows established systems for managing machinery, manpower and production processes. Regular equipment maintenance and workforce training help improve productivity, reduce downtime and maintain product quality
Strength
Research capabilities
The company operates an in-house research and development unit focused on product innovation, manufacturing efficiency and sustainability. Its research covers automation, energy-efficient systems and precision engineering to meet customer requirements
Strength
Maxwell Engineering Solutions Risks
Import dependence
The company relies heavily on imports of carbide and brazing filler for manufacturing. Any supply disruption, increase in import duties or currency fluctuations could raise production costs and affect profitability
Risk
Currency fluctuations
The company generates over 84% of its revenue from exports and also imports certain raw materials. The absence of foreign exchange hedging exposes it to currency fluctuations, which could affect revenue, margins and cash flows
Risk
Steel price volatility
Steel is a major raw material, accounting for ~66% of total raw material purchases during the period ended July 31, 2026. Any increase in steel prices or supply disruption could raise production costs and affect profitability, particularly as the company has no long-term supply agreements
Risk
IPO FAQs
The promoters of the company are Rajkumar Chaudhary, Vinubhai Kanjibhai Chavda and Ria Rajkumar Chaudhary.
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 150.0 - 158.0.
The IPO application opens on Oct 30, 2026 and closes on Nov 03, 2026.
The minimum lot size for the IPO is 1600. The maximum lot size for the IPO is 1600.
For all category investors, the minimum application amount for this IPO is Rs. 240,000.0, the maximum value for this IPO is Rs 252,800.0.
This IPO will be allotted on Nov 04, 2026.
The refund will be credited to your account on Nov 05, 2026.
The allotted shares will be credited to your demat on Nov 05, 2026.
Maxwell Engineering Solutions Ltd.’s shares will list on the stock exchanges on Nov 06, 2026.