Maharaja & Speedex India Limited IPO

Incorporated in 2006, Maharaja & Speedex India Limited manufactures, brands, markets and distributes stainless-steel bottles and allied drinkware products. Its product portfolio includes standard products such as stainless-steel bottles and novelty products such as tumblers, feeding bottles and gym shakers. The company operates from its manufacturing facility in New Delhi and serves customers through domestic distribution and sales channels. Its product range is positioned across different customer requirements and applications within the drinkware segment. The company has also built relationships with suppliers and customers over time. The promoters are Rakesh Kumar Aggarwal, Kusum Aggarwal, Akash Aggarwal, Ankit Bansal, Atul Tulsian and Rohit Garg.

Maharaja & Speedex India IPO is a ₹80.13 crore book-built SME issue comprising a fresh issue of ₹64.10 crore and an offer for sale of ₹16.03 crore at ₹177 to ₹186 per share. The company proposes to use the fresh issue proceeds primarily for repayment or pre-payment of borrowings and capital expenditure toward plant and machinery at its wholly-owned subsidiary, with the balance for general corporate purposes. At the upper price band, the post-issue P/E is 19.81x based on FY2026 diluted EPS of ₹9.39, while FY2026 NAV is ₹20.73 and reported price-to-book is 8.97x. FY2026 revenue increased to ₹122.74 crore and PAT rose sharply to ₹15.34 crore, with EBITDA margin improving to 18.36%. Key strengths include strong recent earnings growth, improving margins and an established product and customer base, while key risks include SME liquidity, working-capital requirements, leverage and dependence on consumer demand. The IPO valuation is above book value but remains supported by strong FY2026 earnings growth and an 80.47% RoNW. The company should nevertheless be evaluated carefully against the execution and scalability of its future expansion plans.