Maxwell Engineering
What they do: The company manufactures and trades pelletizing die plates, blades, holders, bushes and other components for underwater pelletizing systems. It also earns revenue from refurbishing and repair, intermediary support and management consulting services.
By IPO Milega Research · Published
FY2026 revenue was ₹29.45 crore and net profit was ₹11.86 crore, with a 40.28% net margin.
- GMP (unofficial)
- +17.09%
- ₹27 a share
- Opens
- 30 Oct
- in 2 days
- Min. investment
- ₹2,52,800
- 1600 shares
GMP is an unofficial grey market indication. GMP updated 28 Oct, 11:05 IST.
- Price band
- ₹150-158
- Lot size
- 1600 shares
- Min. investment
- ₹2,52,800
- Issue size
- Approx 57.64 Crores
- Open30 Oct 2026
- Close3 Nov 2026
- Allotment4 Nov 2026
- Listing6 Nov 2026
Overview
₹185 (+17.09%)
GMP trend
Unofficial grey market quotes, times in IST
Where the money goes
- To the company
- ₹57.64 Cr
- Fresh issue
- Financing the capital expenditure requirement towards Purchase of New Machineries, Lab Equipment & Other utilities for Manufacturing Facility₹18 Cr42%
- Financing the capital expenditure requirement for construction of New Office Building and Manufacturing facility₹6.5 Cr15%
- Repayment / prepayment, in full or part, of certain outstanding borrowings availed by Company₹4.3 Cr10%
- Funding working capital requirements of Company₹14 Cr33%
- General Corporate PurposesNot stated
Outer ring: estimated gain
How the score adds up
The overall score is the average of these five, nudged by QIB demand once bidding closes.
- Financials7.0
- Performance7.0
- Flexibility7.0
- Timing5.0
- Risk4.0
Strong revenue growth, high profitability and positive operating cash flow support moderate fundamentals-based upside. Export and customer concentration, borrowings, single-site dependence and reduced comparability of FY2026 profit temper the potential; without valuation data, the estimate remains uncertain.
Strengths4
- Revenue increased from ₹1,054.33 lakh in FY2023–24 to ₹2,944.83 lakh in FY2025–26.
- PAT reached ₹1,186.17 lakh in FY2025–26; operating cash flow was ₹747.95 lakh.
- Began operating its company-owned Waghodia facility on July 1, 2025.
- Capitalised ₹151.69 lakh of eligible development expenditure in FY2025–26, including work on the D-500 die plate.
Concerns5
- The top 10 suppliers account for 80.22%–89.67% of purchases, with no long-term or fixed-price supply agreements; imported inputs and unhedged currency exposure increase disruption and cost risks.
- Exports contribute 80.38%–84.73% of revenue and the top 10 customers contribute 65.71%–80.71%, creating significant exposure to trade disruption and customer concentration.
- Steel represented 65.96% of raw-material purchases for the period ended July 31, 2026; raw-material price changes and rising working-capital requirements may pressure margins and liquidity.
- Operations depend on one manufacturing facility in Waghodia, Gujarat, and face employee attrition, labour disruption, key-person retention and employee error risks.
- The MAXWELL device-mark application is opposed and another is pending; an EPCG export obligation of ₹1,309.62 lakhs is due by March 25, 2031.
Who gets shares
- QIB50%
- NII15%
- Retail35%
- Retail Minimum2,52,8002 lots, 1600 shares
- Retail Maximum2,52,8002 lots, 1600 shares
- S-HNI Minimum3,79,2003 lots, 2400 shares
- S-HNI Maximum8,84,8007 lots, 5600 shares
- B-HNI Minimum10,11,2008 lots, 6400 shares
| Application | Lot size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 2 | 1600 | 2,52,800 |
| Retail Maximum | 2 | 1600 | 2,52,800 |
| S-HNI Minimum | 3 | 2400 | 3,79,200 |
| S-HNI Maximum | 7 | 5600 | 8,84,800 |
| B-HNI Minimum | 8 | 6400 | 10,11,200 |
Timing
5.0/10The book-built structure includes allocations for institutional, non-institutional and individual investors, with anchor participation permitted. These features support a broad investor base, but the issue information gives no market-cycle indicators, valuation details or business performance trends to show that the timing is especially advantageous. The company’s recent operating history and recent promoter change also leave limited evidence of a mature readiness milestone.
- Time to market
- The company is pursuing public-market funding through an established SME issue structure, with monitoring arrangements for proceeds. The information does not explain why this is the optimal point to raise capital or provide enough context to judge readiness against market conditions.
- How allotment works
- Basis of allotment finalized and shares credited to demat
- Market timing
- Neutral
- Time to market
- 5.0
- Listing on
- NSE SME
Key milestones
- 30 Oct 2026IPO Opens
- 3 Nov 2026IPO Closes
- 4 Nov 2026Basis of Allotment
- 5 Nov 2026Refunds Initiated
- 5 Nov 2026Credit to Demat Account
- 6 Nov 2026Listing Date
Financials
7.0/10- Revenue
- ₹30.76 Cr
- +36.2%
- Profit after tax
- ₹11.86 Cr
- +29.2%
- Net margin
- 38.6%
- -2.1 pts
- Assets
- ₹47.55 Cr
- +87.9%
- Return on equity
- 62.63%
- Debt to equity
- 0.56
- Current ratio
- 1.91
- Revenue CAGR
- 67.15%
- ROCE
- 38.46%
- Return on net worth
- 47.70%
- NAV per share (₹)
- 24.74
Financial performance trend
Amount ₹ in croresFY2026 revenue was ₹29.45 crore and net profit was ₹11.86 crore, with a 40.28% net margin. Revenue grew at a 67.15% CAGR from FY2024 to FY2026. Strong profitability and growth are balanced by borrowings and an export-heavy revenue mix.
Total borrowings were ₹15.77 Cr as of July 31, 2026, equal to about 0.56 times equity. The IPO proposes up to ₹4.30 Cr for repayment or prepayment of borrowings. Debt is meaningful relative to equity, though the planned repayment would reduce it.
None; no offer for sale is stated.
The company is raising fresh capital for machinery and manufacturing-facility construction, working capital, general corporate purposes and up to ₹4.30 Cr of borrowing repayment. No existing shareholders are cashing out through an offer for sale.
Risk
4.0/10Read this score as a safety rating: 10/10 means the lowest risk, 1/10 the highest.
Where the risks sit
- Financial risks4
- Market risks5
- Operational risks4
- Regulatory risks4
Supplier, customer and export concentration, volatile imported steel costs, working-capital needs and sole-site dependence create material operating and financial exposure.
How the company offsets these
The company plans to allocate ₹1,400 lakhs of Issue proceeds to working capital. It reported no borrowing repayment defaults as of July 31, 2026; trade payables then had no overdue balances.
Financial risks4
- Rising working-capital requirements; ₹1,400 lakhs of Issue proceeds are planned for working capital.
- Raw-material price and currency volatility may affect margins; the company reports no hedging.
- Borrowings carry floating interest rates that lenders may revise.
- Future fundraising may dilute shareholders; dividends are not assured.
Market risks5
- High reliance on a limited supplier base and concentrated customer sales.
- High export dependence exposes revenue to trade, geopolitical and export-market disruption.
- Steel’s large share of raw-material purchases exposes the company to input-price volatility.
- Trading may be volatile or illiquid, and major-shareholder sales may depress share prices.
- Global financial instability, public-health emergencies and natural disasters may disrupt markets.
Operational risks4
- Dependence on one manufacturing facility in Waghodia, Gujarat.
- Employee attrition, labour disruption, difficulty retaining or integrating personnel, and employee misconduct or errors.
- Failure to sustain growth, implement the growth strategy or use Issue proceeds as planned.
- Supply interruptions may disrupt production and operations.
Regulatory risks4
- The MAXWELL device-mark application is opposed and another application is pending.
- The ₹1,309.62 lakh EPCG export obligation is due by March 25, 2031.
- Changes in laws, taxes and foreign-investment rules, and listed-company compliance costs or penalties.
- The Issue may be delayed or withdrawn; the prior BSE filing was withdrawn in December 2025.
Performance
7.0/10Maxwell Engineering Solutions manufactures precision components for underwater pelletizing systems and earns revenue from component sales, trading, refurbishment and repair, CJTEK intermediation, and consulting. Revenue and profit grew strongly through FY2025–26, supported by a company-owned facility and product development. Customer and export concentration, outsourced processes, and a change in depreciation method temper the assessment.
- Historical growth
- Revenue rose from ₹1,054.33 lakh in FY2023–24 to ₹2,944.83 lakh in FY2025–26, a two-year CAGR of approximately 67%. FY2025–26 revenue growth was 33.3%. PAT increased from ₹316.14 lakh to ₹1,186.17 lakh over the same period, though FY2025–26 profit was affected by the depreciation-method change., Revenue CAGR: approximately 67% from FY2023–24 to FY2025–26. PAT CAGR: approximately 94% over the same period.
- Market comparison
- The company operates in a specialised precision-components niche and describes its products as serving import substitution. No named peers, peer financials or comparative market-share data are disclosed here, so relative performance cannot be assessed.
- Future potential
- The new facility, product development and exposure to exports provide possible avenues for growth, but no company-specific forecast or quantified capacity target is stated. Export dependence and customer concentration could make performance sensitive to a small number of buyers and overseas demand.
- Operational consistency
- The company remained profitable and generated positive operating cash flow across all three full financial years. However, 80.71% of July 2026-period revenue came from its top 10 customers, exports accounted for 84.34%, and the company relies on job workers and outsourced heat treatment, hardening and coating. FY2025–26 profit comparability is also affected by a depreciation-method change.
- Experience
- The disclosed leadership includes a Chairman and Managing Director, Whole-Time Director, CEO and CFO. The supplied information does not state their years of industry or management experience.
- Track record
- The company has delivered three consecutive profitable financial years and growing revenue. The depreciation change increased FY2025–26 profit before tax by ₹179.97 lakh, which reduces comparability with earlier years.
Key achievements
- 01Revenue increased from ₹1,054.33 lakh in FY2023–24 to ₹2,944.83 lakh in FY2025–26.
- 02PAT reached ₹1,186.17 lakh in FY2025–26; operating cash flow was ₹747.95 lakh.
- 03Began operating its company-owned Waghodia facility on July 1, 2025.
- 04Capitalised ₹151.69 lakh of eligible development expenditure in FY2025–26, including work on the D-500 die plate.
Flexibility
7.0/10The company serves polymer, masterbatch, engineering plastics and recycling applications, exports more than 80% of revenue, and offers customer-specific and white-label products. Export and customer concentration create exposure to changes in a limited number of markets and accounts.
FY2025-26 revenue was ₹29.45 crore and net worth was ₹24.87 crore, with a current ratio of 1.91 and PAT margin of 40.28%. The issue proposes working capital funding and repayment or prepayment of borrowings. Expansion depends partly on proposed issue proceeds and internal accruals.
The company can route orders through manufacturing, trading or services and has shifted production to a larger owned facility. Capacity utilization varied by product in FY2025-26, while heat treatment, hardening and coating remain outsourced where required.
Maxwell Engineering Solutions has meaningful flexibility through customized manufacturing, repair services, trading and exports to more than 20 countries. Its new owned facility and planned equipment investment support a shift toward manufacturing. Adaptability is tempered by concentrated exports and customers, reliance on outsourced processes, and execution requirements for planned expansion.
- Product diversification
- The portfolio includes die plates, blades and knives, blade holders, driving bushes, other spare parts, refurbishment and repair, and intermediary and consulting services. Die plates accounted for 55.48% of FY2025-26 revenue, leaving revenue weighted toward one product category.
- Future adaptability
- Additional machinery, testing equipment and facility construction could expand production capacity, precision, customization and product development. R&D includes work on oil-heated and large-format die plates and blades. Delivery depends on completing planned investment; export exposure, customer concentration and reliance on external job workers remain constraints.
The data on this page has been reviewed manually by the IPO Milega research team. It is not investment advice, and IPO Milega accepts no responsibility for losses arising from any investment decision. Investments in the securities market are subject to market risks. Read all the related documents, including the full prospectus, carefully before investing.