IPO Analysis
Maxwell Engineering IPO Analysis: GMP, Financials, Valuation & Risks
Maxwell Engineering’s IPO is an NSE SME book-building issue with a price band of ₹150 to ₹158 per share. The issue opens on October 30, 2026.
· 4 min read
AI wrote this article from prospectus and exchange data, and software checked its figures against that data before publishing. How our content is made
Summary
Maxwell Engineering’s upcoming NSE SME IPO is a book-building issue with a price band of ₹150 to ₹158 per share. The issue is approximately ₹57.64 crore and consists of a fresh issue; the offer-for-sale figure is not available.
The company makes precision components for underwater pelletizing systems and sells in domestic and international markets. Its financial figures, valuation measures and key operating risks are set out below. See our Maxwell Engineering IPO analysis page for related IPO coverage.
IPO snapshot
| Detail | Information |
|---|---|
| Price band | ₹150 to ₹158 per share |
| Lot size | Retail: 1,600 shares; S-HNI minimum: 2,400 shares; B-HNI minimum: 6,400 shares |
| Issue size | Approximately ₹57.64 crore |
| Issue type | Book-building issue, fresh issue |
| Open date | October 30, 2026 |
| Close date | November 3, 2026 |
| Listing date | November 6, 2026 |
The retail minimum and maximum applications are both 1,600 shares, with an amount of ₹2,52,800 each. S-HNI applications range from 2,400 shares for the minimum to 5,600 shares for the maximum. The B-HNI minimum is 6,400 shares.
Business
Maxwell Engineering Solutions manufactures, trades and services components for underwater pelletizing systems. Its products include die plates, blades and knives, blade holders, cutter hubs, tapped driving bushes and other spare parts.
The products are used in polymer compounding, masterbatches, engineering plastics, cable compounds, specialty polymers and plastics recycling. Maxwell operates manufacturing units in Vadodara, Gujarat, with precision machining and testing equipment. It supplies domestic and international markets, including the USA, Germany, the Netherlands, Israel, Saudi Arabia, Japan, Australia and Italy.
Financials
The financial figures below are shown as reported. The unit is not stated here, so we haven't assigned one.
| Period ended | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2024 | 10.87 | 7.04 | 3.16 | 8.51 |
| 2025 | 22.59 | 11.54 | 9.18 | 25.31 |
| 2026 | 30.76 | 16.36 | 11.86 | 47.55 |
| July 2026 | 12.25 | 8.58 | 3.05 | 51.79 |
Valuation
| Measure | Figure |
|---|---|
| Basic EPS | 11.80 |
| P/E ratio | N/A |
| ROE | 62.63% |
| ROCE | 38.46% |
| EBITDA margin | 51.58% |
| PAT margin | 40.28% |
| RONW | 47.70% |
| NAV | 24.74 |
| Debt-to-equity ratio | Not available |
The P/E ratio is listed as N/A. These figures don't provide a basis for comparing Maxwell’s valuation with other companies without additional comparable data.
GMP
The unofficial grey market premium (GMP) was ₹27 as of October 28, 2026, at 9:05 am IST. GMP is an unofficial quote, not an exchange figure. Listings often land away from grey market quotes, and the quote can change.
Strengths
- Revenue and profit rose across the 2024, 2025 and 2026 periods in the financial table.
- The company makes a range of components for underwater pelletizing systems and serves multiple end-use industries.
- It has manufacturing units in Vadodara and supplies both domestic and international markets.
Risks
- The top 10 suppliers account for 80.22%–89.67% of purchases. There are no long-term or fixed-price supply agreements, and imported inputs and unhedged currency exposure add supply and cost risks.
- Exports contribute 80.38%–84.73% of revenue. The top 10 customers contribute 65.71%–80.71%, creating exposure to customer concentration and trade disruption.
- Steel accounted for 65.96% of raw-material purchases for the period ended July 31, 2026. Raw-material price changes and higher working-capital requirements may pressure margins and liquidity.
- Operations depend on one manufacturing facility in Waghodia, Gujarat. Employee attrition, labour disruption, key-person retention and employee error are also identified 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.
- Promoter ownership may be up to 70.61%. Potential future dilution or share sales, uncertain dividends, trading volatility and possible issue delays may affect investor returns.
Important dates
| Event | Date |
|---|---|
| Issue opens | October 30, 2026 |
| Issue closes | November 3, 2026 |
| Allotment | November 4, 2026 |
| Refunds | November 5, 2026 |
| Credit to demat | November 5, 2026 |
| Listing | November 6, 2026 |
Promoters
The promoters are Rajkumar Chaudhary, Vinubhai Kanjibhai Chavda and Ria Rajkumar Chaudhary.
FAQs
When does the Maxwell Engineering IPO open and close?
It opens on October 30, 2026, and closes on November 3, 2026.
What is the price band?
The price band is ₹150 to ₹158 per share.
What is the lot size for a retail application?
The retail minimum and maximum are both 1,600 shares, for an amount of ₹2,52,800.
What is the latest GMP quote?
The unofficial grey market premium was ₹27 at 9:05 am IST on October 28, 2026. It is not an exchange figure, and a listing can differ from the quote.
When is the IPO scheduled to list?
The scheduled listing date is November 6, 2026.