Maxwell Engineering Solutions Limited is a Vadodara-based precision engineering company. It makes, trades and services the wear components used in underwater pelletizing systems, such as die plates and blades. Plastics compounders and recyclers are its main customers.
The company is bringing a book-built SME IPO of ₹57.64 crore on NSE SME, with a price band of ₹150–₹158 per share. The whole issue is fresh, 36.48 lakh shares with no offer for sale. Net proceeds are planned for more machinery, a new office and manufacturing building, working capital and debt repayment. The issue opens on 30 October 2026 and closes on 3 November 2026. Listing is tentatively on 6 November 2026.
IPO Details
| Parameter | Details |
| IPO Type | Book Built – SME |
| Listing Exchange | NSE SME (Emerge) |
| Anchor Bidding Date | 29 October 2026 |
| IPO Open Date | 30 October 2026 |
| IPO Close Date | 3 November 2026 |
| Allotment Date | 4 November 2026 (Expected) |
| Refund Initiation | 5 November 2026 |
| Credit to Demat | 5 November 2026 |
| Listing Date | 6 November 2026 (Tentative) |
| Price Band | ₹150 – ₹158 per share |
| Face Value | ₹10 per share |
| Lot Size | 800 shares |
| Minimum Investment (Retail) | ₹2,52,800 (2 lots = 1,600 shares) |
| Minimum Investment (S-HNI) | ₹3,79,200 (3 lots = 2,400 shares) |
| Minimum Investment (B-HNI) | ₹10,11,200 (8 lots = 6,400 shares) |
| Total Issue Size | 36,48,000 shares (₹57.64 crore at upper band) |
| Fresh Issue | 36,48,000 shares (₹57.64 crore) |
| Offer For Sale (OFS) | Nil |
| Pre-Issue Shares | 1,00,50,275 |
| Post-Issue Shares | 1,36,98,275 |
| Market Cap at Upper Band | ₹216.43 crore (post-issue) |
Note: The entire IPO is a fresh issue, so all proceeds go to the company and there is no promoter exit.
Issue Break-up
| Category | Shares | % of Total Issue |
| Market Maker ( | 2,22,400 | 6.10% |
| QIB (incl. Anchor) | 17,07,200 | 46.80% |
| NII / HNI | 5,18,400 | 14.21% |
| Retail (RII) | 12,00,000 | 32.89% |
| Total | 36,48,000 | 100% |
OFS / Selling Shareholders
There is no Offer For Sale in this IPO. The issue is entirely new shares, so no existing shareholder is selling. Every rupee raised goes to the company.
Objects of the Issue
| Object | Amount (₹ Cr) |
| Capex: new machinery, lab equipment and other utilities for the manufacturing facility | 18.00 |
| Capex: construction of new office building and manufacturing facility | 6.50 |
| Repayment / prepayment of certain borrowings | 4.30 |
| Working capital requirements | 14.00 |
| General corporate purposes | Balance (capped) |
| Identified uses | 42.80 |
- General corporate purposes are capped at the lower of 15% of the amount raised or ₹10 crore.
- The ₹18 crore machinery spend covers equipment, a solar plant and a DG set. The total machinery package is ₹21.57 crore, with the rest from internal accruals.
- The company holds quotations for the equipment but has not yet placed orders or signed vendor agreements. Spending is planned over FY27 and FY28.
Lead Managers & Registrar
- Book Running Lead Manager: JDA Capital Services Ltd. (formerly Beeline Broking Ltd.)
- Market Maker: JDA Capital Services Ltd.
- Registrar to the Issue: Kfin Technologies Ltd.
Promoters & Management
The promoters are Rajkumar Chaudhary, Vinubhai Kanjibhai Chavda and Ria Rajkumar Chaudhary.
| Particular | Pre-IPO | Post-IPO |
| Promoters (3 individuals) | 96.24% | ~70.61% |
| Promoter & Promoter Group | 97.26% | 71.36% |
| Public | 2.74% | 28.64% |
- Rajkumar Chaudhary: Chairman & Managing Director. He has over 19 years of experience, more than 11 of them in pelletizing components.
- Vinubhai Kanjibhai Chavda: Whole-time Director and co-founder.
- Ria Rajkumar Chaudhary: Non-Executive Director, daughter of Rajkumar. She was named a promoter on 18 September 2026, after the DRHP was filed.
- Independent Directors: Hitenkumar Jayantilal Prajapati and Puja Kasera.
- Key managers: Prabhat Kumar Singh (CEO), Pooja Lokhande (CFO), Krati Gupta (Company Secretary).
- A promoter group firm, Maxwell Dies & Moulds, works in a similar line of business.
Company Details
Background: Incorporated in Gujarat on 13 September 2022 and converted to a public limited company in June 2025. It is based in Vadodara.
Business: The company manufactures, trades and services critical components for underwater pelletizing systems. Products include pelletizing die plates, blades and knives, blade holders, cutter hubs and tapped driving bushes. It also does customised and white-label manufacturing, and operates through three segments: manufacturing, services and trading.
Facilities and Capacity
- Production moved on 1 July 2025 from a leased unit of about 7,500 sq ft at Makarpura to the company’s own 2,000 sq m plant at Waghodia GIDC.
- The plant has VMC, CNC, milling, EDM, wire-cut, lathe and surface-grinding machines. Heat treatment, hardening and coating are outsourced to job workers.
- In FY26 the company made 649 new die plates against capacity of 800 (about 81%). It refurbished 144 against 250, and made 1,67,753 blades against 2,50,000.
Certifications: ISO 9001:2015 and ZED Bronze Certification under the MSME scheme (November 2025).
Customer and Supplier Concentration
- The largest customer was 22.15% of FY26 revenue and 29.69% in the four months to July 2026. The top ten customers were 65.71% and 80.71% respectively.
- The top ten suppliers account for 87.11% of purchases. Carbide and brazing filler are mostly imported, and the company does not hedge currency exposure.
Other Services: refurbishment of used die plates, and marketing and representation of CJTEK components as an intermediary.
Employees: 71 full-time employees, excluding Directors, as per the RHP.
Financial Snapshot
Restated figures, ₹ crore. No subsidiary appears in the sources reviewed, so the numbers read as standalone. Margins are calculated on revenue from operations. Latest period is the four months ended 31 July 2026.
| Period | Revenue from Ops | Total Income | EBITDA | PAT |
| FY24 (Mar-24) | 10.54 | 10.87 | 4.25 | 3.16 |
| FY25 (Mar-25) | 22.09 | 22.59 | 11.69 | 9.18 |
| FY26 (Mar-26) | 29.45 | 30.76 | 15.19 | 11.86 |
| 4M FY27 (Jul-26) | 11.88 | 12.25 | 4.29 | 3.05 |
Analysis
- Revenue from operations nearly tripled from ₹10.54 crore to ₹29.45 crore over FY24–FY26, and PAT rose from ₹3.16 crore to ₹11.86 crore.
- Growth slowed in FY26 to about 33% in revenue and 29% in PAT, after +110% and +191% in FY25.
- Margins are very high but fell sharply in 4M FY27, with EBITDA margin at 36% and PAT margin at 26%. The FY26 figures were also helped by a ₹4.47 crore rise in inventory and ₹1.31 crore of other income.
- The four-month PAT of ₹3.05 crore annualises to about ₹9.2 crore, below FY26’s ₹11.86 crore.
- Borrowings rose from ₹3.19 crore to ₹16.73 crore in two years as the company built the new plant, though they eased slightly to ₹15.77 crore by July 2026.
Company Strengths
- Niche specialisation: a focused maker of die plates, blades and related wear parts for underwater pelletizing, including carbide-faced die plates.
- Export-led business: 84.73% of FY26 revenue came from overseas customers across Europe, the US and Israel.
- Very high profitability: FY26 EBITDA margin of about 52% and PAT margin of about 40%.
- Own manufacturing plant: operating at Waghodia GIDC since July 2025, with in-house machining and testing.
- Room to grow: die plate capacity was about 81% used in FY26, and the IPO funds additional machinery and a new building.
- Service mix: refurbishment, white-label and customised manufacturing add to new-part sales. The company plans to shift work from trading to its own manufacturing. indiaipo
- Certified quality: ISO 9001:2015 and ZED Bronze certifications.
- Experienced founders: both founders have about 11 years in the underwater pelletizing industry.
- Fully fresh issue: all proceeds go to the company, and promoters keep about 70% after the IPO.
Key Risks & Challenges
- Customer concentration: the top customer was 29.69% and the top ten 80.71% of revenue in 4M FY27.
- Supplier concentration and imports: top ten suppliers were 87.11% of purchases. Key inputs are imported and currency exposure is unhedged.
- Margin compression: EBITDA margin fell from 51.6% to 36.1% and PAT margin from 40.3% to 25.7% in the latest four months.
- Quality of FY26 profit: inventory build-up and other income contributed to the FY26 numbers.
- Young company: incorporated in September 2022 and in its own plant only since July 2025, so the track record is short.
- Capex execution risk: machinery quotations are in hand but no orders or vendor agreements have been signed.
- Export dependence: 84.73% of revenue is from overseas, so demand, currency and trade-policy shocks can hit hard.
- Related business: the promoter group firm Maxwell Dies & Moulds operates in a similar line, which creates a possible conflict of interest.
- Trading and compliance items: trading is 18.11% of revenue, trademark applications are pending with one under opposition, and the company has EPCG export obligations.
- Valuation: the post-IPO P/E is about 23.65x on annualised recent earnings, which are lower than FY26.
- SME liquidity risk: post-issue equity is only about ₹13.70 crore, the minimum application is ₹2.53 lakh, and trading volumes may stay thin.
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.
