Maxwell Engineering Solutions IPO
Maxwell Engineering Solutions shares listed on NSE SME on 6 November 2026 after an IPO priced at ₹150 to ₹158, an issue of ₹57.64 crore.
- Minimum investment
- ₹2,52,8002 lots of 800 shares, at the upper price
- Price band
- ₹150 to ₹158
- Lot size
- 800 sharesApply for 2 lots minimum
- Issue size
- ₹57.64 croreFresh issue only
- Bidding
- 30 Oct to 3 Nov
- Listing
- 6 NovNSE SME
Dates
Maxwell Engineering Solutions IPO dates
RHP cover page and Issue timetable (p. 75)- 29 OctAnchor bidding
- 30 OctBidding opens
- 3 NovBidding closes, UPI by 5 pm
- 4 NovAllotment (expected)
- 5 NovRefunds and demat credit (expected)
- 6 NovListing
Read before you apply
Maxwell Engineering Solutions IPO review: read before you apply
Worth checking
- SeriousFew customers and mostly exports
The top 10 customers gave 65.71% of FY26 revenue and 80.71% in April to July 2026. Exports were 84.73% of FY26 revenue (Risk factors 7 and 13).
- SeriousCases against a director
7 cheque-bounce cases involving ₹0.29 crore are pending against an independent director, as a director of another company (Risk factor 14).
- Very high past margins
PAT margin was 40.28% in FY26 but 25.70% in April to July 2026 (RHP, Basis for Issue Price, KPIs).
- Earlier filing withdrawn
A draft prospectus filed with BSE in September 2025 was withdrawn before this NSE filing (Risk factor 10).
- Promoters' cost below zero
The two main promoters' average cost per share is shown as -₹4.10 and -₹3.93, as they received more from share sales than they paid (Risk factor 30).
- Promoter firm in the same line
A promoter group entity works in a similar business (Risk factor 8).
Strengths
- Fast growth
Revenue grew 67.2% a year from FY24 to FY26 to ₹29.45 crore (our calculation from the restated financial information).
- Positive cash flow
Operating cash flow was positive in every period, ₹7.48 crore in FY26 (RHP, Restated cash flow statement).
- Lower P/E than listed peers
At ₹158 the P/E is 13.39x on FY26 EPS, against 99.00x and 100.65x for the two peers with a P/E (RHP, Basis for Issue Price).
- Global customers
It sells to customers in over 15 countries including the USA, Germany and Japan (RHP, Our Business).
What Maxwell Engineering Solutions does
Maxwell Engineering Solutions makes die plates, cutting blades, blade holders and driving bushes for underwater pelletizing machines. These machines turn molten plastic into pellets for polymer, masterbatch, cable compound and recycling plants. It also refurbishes used die plates and trades related parts.
It was set up in 2022 and is based in Vadodara, Gujarat, where it moved into its own plant at Waghodia GIDC in July 2025. Its promoters are Rajkumar Chaudhary, Vinubhai Kanjibhai Chavda and Ria Rajkumar Chaudhary.
Listing and subscription
Maxwell Engineering Solutions IPO subscription status
NSE bid detailsListing day
Our calculation: gain vs upper price- Issue price
- ₹158
- Listing price
- ₹300.2
- Gain at open
- +90.0%
- Day close
- ₹315.2
Subscription
- Total
- 0.00x
- Updated
- 3 Nov 2026, 7:49 pm IST
- QIB50% of offer0.00x
- NII15% of offer0.00x
- Big NII0.00x
- Small NII0.00x
- Total0.00x
As of 3 Nov 2026, 7:49 pm IST. Times subscribed is a fact about demand, not a sign of quality. Share of offer is from the RHP offer structure.
Grey market premium. GMP is unofficial. It is not regulated or published by any exchange. If we show it, it carries its source and time, never as a forecast. What GMP means
Price and lots
Maxwell Engineering Solutions IPO price band, lot size and issue size
RHP cover page and The Issue (p. 54). Up to 2,22,400 shares are reserved for the market maker. Issue size in rupees is our calculation at ₹158.| Price band | ₹150 to ₹158 |
| Lot size | 800 shares, minimum 2 lots (1,600 shares) |
| Issue size | ₹57.64 crore at the upper price, 36,48,000 shares |
| Issue type | Book built, fresh issue only |
Who gets how much of the net offer
What the company will do with the money
RHP, Objects of the Issue (p. 93 to 95)| Object of the issue | ₹ crore |
|---|---|
| New machinery, lab equipment and utilities | 18.00 |
| New office building and manufacturing facility | 6.50 |
| Repay or prepay loans | 4.30 |
| Working capital | 14.00 |
| General corporate purposes (amount set after pricing, capped at 15% of the issue or ₹10 crore) |
Minimum and maximum investment
Our calculation: at ₹158 per share| Category | Lots | Shares | Amount |
|---|---|---|---|
| Individual investor (min and max)Minimum application | 2 | 1,600 | ₹2,52,800 |
| Small NII (min) | 3 | 2,400 | ₹3,79,200 |
| Small NII (max) | 7 | 5,600 | ₹8,84,800 |
| Big NII (min) | 8 | 6,400 | ₹10,11,200 |
Retail bids are capped at ₹2 lakh and small NII bids at ₹10 lakh. In SME IPOs individual investors apply for the minimum application size only.
Valuation calculator
Our calculation: inputs from RHP, Restated Financial Information and Basis for Issue Price (p. 125 to 126)Set to the upper end of the band, ₹158. Change it to see what you would be paying for.
- Market cap
- ₹216 cr
- P/E (FY26, basic and diluted)
- 13.4x
- Price to book
- 7.8x
- Market cap to sales
- 7.3x
Based on FY26, basic and diluted EPS of ₹11.8, 1.37 crore shares, net worth of ₹27.92 crore (July 2026) and revenue of ₹29.45 crore. Shares is the post-issue count from the RHP. We have not used the RHP's industry P/E (high 5,325.45x, low -163.35x, average 32.69x, p. 126) because it does not match its own peer table.
Financials
Maxwell Engineering Solutions financials
RHP, Restated Financial Information (p. 58 to 62), ₹ croreRevenue and EBITDA
Revenue grew 67.2% a year from FY24 to FY26 (our calculation).
| ₹ crore | FY24 | FY25 | FY26 | 4M FY27 |
|---|---|---|---|---|
| Revenue from operations | 10.54 | 22.10+109.7% | 29.45+33.3% | 11.88−59.7% |
| EBITDA | 4.25 | 11.69 | 15.19 | 4.29 |
| EBITDA margin | 40.32% | 52.90% | 51.58% | 36.11% |
| Profit after tax | 3.16 | 9.18+190.5% | 11.86+29.2% | 3.05−74.3% |
| Diluted EPS (₹) | 3.16 | 9.17 | 11.80 | 3.04 |
| Total equity | 3.33 | 13.01 | 24.87 | 27.92 |
| Cash from operations | 3.58 | 7.37 | 7.48 | 3.91 |
4M FY27 is April to July 2026 and is not annualised. Other income was ₹1.31 crore in FY26.
The small figures under revenue and profit are the change from the previous full year, our calculation.
Compared with listed peers
RHP, Basis for Issue Price (p. 127 and 129). Peer prices as of 23 Oct 2026.| Company | Revenue (₹ crore) | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|---|
| Maxwell Engineering Solutions | 29.45 | 11.80 | 13.39x at ₹158 (RHP) | 47.70% |
| Kabra Extrusion Technik | 451.00 | -0.70 | N.A. | -0.54% |
| Omnitech Engineering | 511.30 | 6.42 | 99.00x | 11.28% |
| Sunita Tools | 47.31 | 10.53 | 100.65x | 10.80% |
Key performance indicatorsPAT margin, Return on equity, Return on capital employed and more
| Metric | FY24 | FY25 | FY26 | 4M FY27 |
|---|---|---|---|---|
| PAT margin | 29.98% | 41.52% | 40.28% | 25.70% |
| Return on equity | 180.58% | 112.32% | 62.63% | 11.56% |
| Return on capital employed | 62.96% | 53.31% | 38.46% | 9.87% |
| Debt to equity | 0.96 | 0.66 | 0.67 | 0.56 |
| Current ratio | 1.54 | 2.75 | 1.91 | 1.71 |
4M FY27 returns are for four months and are not annualised.
RHP, Basis for Issue Price, KPIs and ratios (p. 128 to 130)
Company
About Maxwell Engineering Solutions
Business
RHP, Our Business and Risk Factors 7 and 13Exports were 84.73% of FY26 revenue. The company plans to rely less on trading as its new plant scales up.
- Exports, FY26
- 84.73%
- Top 10 customers, FY26
- 65.71%
- Capital spending, FY26
- ₹27.06 crore
Key risks
RHP, Risk Factors- Supplier dependenceIt relies on a few key suppliers for raw materials.
- Imported inputsCarbide and brazing filler are mostly imported.
- Export obligationsIt must meet export obligations under the EPCG scheme.
- Currency riskMost revenue is from exports and some inputs are imported.
- Customer concentrationThe top 10 customers give most of revenue.
- Working capitalWorking capital needs have risen sharply.
- Job workersSome manufacturing steps are done by outside job workers.
- Growth may slowPast growth in revenue and profit may not continue.
Read before you apply puts the most important of these beside the strengths.
Promoters and shareholdingAfter-IPO figures are our calculation on 1,36,98,275 shares.
The three promoters own about 96% before the IPO and sell no shares. After-IPO figures are our calculation on 1,36,98,275 shares.
| Shareholder | Before IPO (ours) | Selling (shares) | After IPO (ours) |
|---|---|---|---|
| Vinubhai Kanjibhai Chavda (promoter) | 48.61% | Nil | 35.66% |
| Rajkumar Chaudhary (promoter) | 46.63% | Nil | 34.21% |
| Ria Rajkumar Chaudhary (promoter) | 1.00% | Nil | 0.73% |
RHP, Risk factor 30 and The Issue
IndustryIndia plastic machinery sector: USD 0.5 billion
- India plastic machinery sector
- USD 0.5 billion
- India capital goods production CY24
- ₹4,29,001 crore (from ₹2,29,533 crore in CY15)
- India process plant and machinery capacity
- USD 6.00 billion a year
The figures come from public sources quoted in the RHP, which does not give a year for the plastic machinery figure.
RHP, Industry overview (p. 147), citing IBEF
LitigationAgainst the company: 0 · Against promoters and directors: criminal (cheque bounce): 7
| Type | Cases | Amount |
|---|---|---|
| Against the company | 0 | Nil |
| Against promoters and directors: criminal (cheque bounce) | 7 | ₹0.29 crore |
RHP, Risk factor 14 (summary of outstanding litigation)
Company detailsLegal name, registered office, CIN and website
| Legal name | Maxwell Engineering Solutions Limited |
| Founded | 2022, in Vadodara |
| Promoters | Rajkumar Chaudhary, Vinubhai Kanjibhai Chavda, Ria Rajkumar Chaudhary |
| Main product | Pelletizing die plates |
RHP, General Information
Lead managers and registrar
RHP cover pageAllotment
Maxwell Engineering Solutions IPO allotment status
Out from 4 Nov 2026- Open the registrar's pageKFin Technologies Limited is the registrar. Open its allotment page.
- Select Maxwell Engineering Solutions LimitedIt appears once the basis of allotment is final.
- Enter your PAN, application number or DP IDUse the details you applied with.
- Or check on the exchangeNSE's IPO bid verification page works too.
Documents
The RHP and exchange notices are linked here from the exchange website once checked.
Questions
Maxwell Engineering Solutions IPO FAQs
When does the Maxwell Engineering Solutions IPO open and close?
The Maxwell Engineering Solutions IPO opens on Friday, 30 October 2026 and closes on Tuesday, 3 November 2026. Anchor bidding is on 29 October 2026. UPI mandates must be approved by 5 pm on the closing day.
What is the Maxwell Engineering Solutions IPO price band and lot size?
The price band is ₹150 to ₹158 per share. The lot size is 800 shares, so the minimum application is 1,600 shares, or ₹2,52,800 at the upper price.
What is the Maxwell Engineering Solutions IPO size?
The Maxwell Engineering Solutions IPO is of ₹57.64 crore at the upper end of the price band. It is a fresh issue only by None. This is a fresh issue only.
What is the Maxwell Engineering Solutions IPO allotment date?
Allotment is (expected) on Wednesday, 4 November 2026. Refunds and demat credit are expected on 5 November 2026.
What is the Maxwell Engineering Solutions IPO listing date?
Maxwell Engineering Solutions shares are due to list on NSE SME on Friday, 6 November 2026.
Who is the registrar of the Maxwell Engineering Solutions IPO?
KFin Technologies Limited is the registrar. Allotment status can be checked on its website or on NSE using your PAN or application number.
What does Maxwell Engineering Solutions do?
Maxwell Engineering Solutions is a Vadodara-based maker of die plates, blades and other parts for underwater pelletizing machines, mostly for export.
What is the Maxwell Engineering Solutions IPO price band?
₹150 to ₹158 a share, as stated in the RHP.
When does the Maxwell Engineering Solutions IPO open and close?
It opens on 30 October 2026 and closes on 3 November 2026. Listing on NSE Emerge is expected on 6 November 2026.
Does Maxwell Engineering Solutions get money from the IPO?
Yes. It is a fresh issue only, so all the money goes to the company.
What will Maxwell Engineering Solutions use the IPO money for?
₹18.00 crore for machinery, ₹6.50 crore for a new building, ₹4.30 crore to repay loans, ₹14.00 crore for working capital, and the rest for general corporate purposes.
What does Maxwell Engineering Solutions make?
Die plates, blades and other parts for underwater pelletizing machines used in plastics and polymers. Exports were 84.73% of FY26 revenue.
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