IPO Overview
Originally incorporated on February 15, 2006, as “Maharaja Cookers Private Limited,” the company was initially engaged in trading activities. In 2017, it diversified into the trading of stainless-steel bottles, which quickly became a key revenue segment. Today, Maharaja & Speedex India Limited is a drinkware manufacturing and distribution company focused on stainless-steel bottles and allied drinkware products. Its portfolio includes Standard Products and Novelty Products, marketed under its own brands — Speedex and Dewdrop — as well as through OEM and private-label arrangements. Manufacturing is undertaken through its wholly-owned subsidiary, Dewdrop Bottles Private Limited, which operates two units in Sonipat, Haryana. With 223 SKUs, established manufacturing infrastructure, and a network of 101 distributors across 17 states and 2 Union Territories, the company has developed a scalable business platform.
The company is launching its IPO on the BSE SME platform, aiming to raise ₹80.13 crore at the upper price band. The offer size is 43,08,000 equity shares of face value ₹10 each, with a price band of ₹177–₹186 per share. The IPO opens on 10 September 2026 and closes on 15 September 2026, with allotment expected on 16 September 2026 and listing on BSE SME tentatively scheduled for 18 September 2026.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – SME |
| Listing Exchange | BSE SME |
| Anchor Bidding Date | 9 September 2026 |
| IPO Open Date | 10 September 2026 |
| IPO Close Date | 15 September 2026 |
| Allotment Date | 16 September 2026 (Expected) |
| Credit to Demat | 17 September 2026 |
| Listing Date | 18 September 2026 (Tentative) |
| Price Band | ₹177 – ₹186 per share |
| Face Value | ₹10 per share |
| Lot Size | 600 shares |
| Minimum Investment (Retail) | ₹2,23,200 (2 lots = 1,200 shares) |
| Minimum Investment (HNI) | ₹3,34,800 (3 lots = 1,800 shares) |
| Issue Size | ₹80.13 crore (at upper band) |
| Fresh Issue | 33,08,000 shares (~₹61.53 crore) |
| Offer For Sale (OFS) | 10,00,000 shares (~₹18.60 crore) |
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | ~50% |
| Non-Institutional Investors (NII/HNI) | ~15% |
| Retail Individual Investors (RII) | ~35% |
| Market Maker | Reserved Portion |
OFS / Selling Shareholders
The promoters of the company are Rakesh Kumar Aggarwal, Kusum Aggarwal, Akash Aggarwal, Ankit Bansal, Atul Tulsian, and Rohit Garg. The OFS component of 10,00,000 shares represents partial promoter exit, with proceeds going directly to the selling shareholders. Promoter holding will decline from 87.69% before the IPO to 63.93% after the issue.
Objects of the Issue (Fund Utilization)
The company will deploy the fresh issue proceeds for the following purposes:
- Repayment / prepayment of borrowings availed by the company and its subsidiary — ₹25.05 crore
- Capital expenditure towards purchase of plant and machinery at the existing manufacturing facility of its wholly-owned subsidiary — ₹20.38 crore
- General corporate purposes — remaining proceeds
Note: The OFS proceeds will go directly to the selling shareholders and will not be received by the company.
Lead Managers & Registrar
- Book Running Lead Manager: Choice Capital Advisors Private Limited
- Registrar to the Issue: Maashitla Securities Private Limited
- Market Maker: Choice Equity Broking Pvt. Ltd.
Promoters & Management
- Chairman & Managing Director: Mr. Rakesh Kumar Aggarwal
- Other Promoters: Mrs. Kusum Aggarwal, Mr. Akash Aggarwal, Mr. Ankit Bansal, Mr. Atul Tulsian, Mr. Rohit Garg
In Fiscal 2021, Dewdrop Bottles Private Limited, an entity owned by the current promoters and directors, commenced manufacturing of stainless-steel products from its facility in Sonipat, Haryana. To consolidate manufacturing operations, the company acquired Dewdrop Bottles Private Limited as a wholly owned subsidiary pursuant to a Share Purchase Agreement dated January 27, 2025.
Company Details
Maharaja & Speedex India Limited is a drinkware manufacturing and distribution company focused on stainless-steel bottles and allied drinkware products. Its portfolio includes Standard Products and Novelty Products, marketed under its own brands — Speedex and Dewdrop — as well as through OEM and private-label arrangements. Manufacturing is undertaken through its wholly-owned subsidiary, Dewdrop Bottles Private Limited, which operates two units in Sonipat, Haryana. The company’s products are distributed through a pan-India network of 101 distributors across 17 states and 2 Union Territories, along with modern trade and online channels.
Sectors / Channels Served:
- Retail (Traditional Trade & Modern Trade)
- Institutional Clients
- OEM & Private Label
- Online / E-Commerce (via Speedex Online Pvt. Ltd.)
Key Products:
- Stainless-Steel Bottles (Standard & Novelty)
- Allied Drinkware Products
- 223 SKUs across brands Speedex and Dewdrop
Key Capabilities:
- Integrated manufacturing through wholly-owned subsidiary Dewdrop Bottles Pvt. Ltd.
- Pan-India distribution with 101 distributors across 17 states and 2 Union Territories
- In Fiscal 2025, the company acquired Gulika Apparel Private Limited as its wholly owned subsidiary, which was subsequently rebranded as “Speedex Online Private Limited” to strengthen its online sales and digital distribution presence.
Registered Office:
Kh. No. 53/27, GT Karnal Road, Village Alipur, Near Alipur Police Station, New Delhi – 110036
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) |
| FY24 | ₹61.41 | ₹1.08 |
| FY25 | ₹93.60 | ₹5.57 |
| FY26 | ₹122.65 | ₹15.34 |
Key Financial Metrics
Total income increased from ₹61.41 crore in FY2024 to ₹122.74 crore in FY2026. Profit after tax rose from ₹1.08 crore to ₹15.34 crore during the same period. In FY2026, revenue grew 31% and PAT jumped 176%. ROCE of 54.60% and RoNW of 80.47% reflect strong capital efficiency. However, borrowings increased to ₹26.66 crore, while debt-to-equity stood at 0.92.
Company Strengths
- Rapidly growing revenue and profitability — revenue nearly doubled in 2 years and PAT grew over 14x from FY24 to FY26
- Well-established consumer brands — Speedex and Dewdrop — with 223 SKUs catering to multiple price points and customer segments
- Broad pan-India distribution reach — 101 distributors across 17 states and 2 Union Territories, supplemented by modern trade and online channels
- Strong ROCE of 54.60% and RoNW of 80.47%, reflecting efficient capital utilization
- Consumer preference shift towards durable and sustainable stainless-steel drinkware products creates long-term tailwind
- Recently acquired Speedex Online Pvt. Ltd. to build a dedicated e-commerce channel, expanding reach further
Key Risks & Challenges
- OFS component — partial promoter exit: 10,00,000 shares being sold by promoters via OFS; promoter holding drops from 87.69% to 63.93% post-IPO
- Rising debt levels: Borrowings have increased to ₹26.66 crore with a debt-to-equity ratio of 0.92, even as IPO proceeds are being used partly for repayment
- Highly competitive market: The stainless-steel drinkware segment is fragmented and competitive, with both organized and unorganized players competing on price and distribution
- Subsidiary-dependent manufacturing: All manufacturing is done through Dewdrop Bottles Pvt. Ltd. — any operational disruption at the Sonipat facility could impact the entire business
- SME IPO liquidity risk: Limited post-listing trading volumes on BSE SME platform; investors may find it difficult to exit at desired prices
- Customer and channel concentration risk: Dependence on a distributor-led model across limited states; any disruption to the distribution network could affect revenue
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
