Maxwell Engineering Solutions IPO 2026: Price Band, GMP, Dates, Lot Size & Review

Maxwell Engineering Solutions Limited IPO
ME
Maxwell Engineering Solutions Limited IPO
Precision Engineering · Underwater Pelletizing Systems · Vadodara, Gujarat
📋 NSE SME IPO Fresh Issue Only NSE SME
₹158
Upper Price
₹57.64 Cr
Issue Size
Nov 6, 2026
Listing Date
₹216.43 Cr
Market Cap
📅 IPO Timetable
All dates tentative
🟢
IPO Opens
Friday, 30 October 2026
Bidding starts — apply before close
🔒
IPO Closes
Tuesday, 3 November 2026
Last day to bid — closes at 5:00 PM IST
📊
Basis of Allotment
Wednesday, 4 November 2026
Allotment finalised by registrar
🔄
Refund & Share Credit
Thursday, 5 November 2026
Unallotted funds returned; shares credited to demat
🏷️
Friday, 6 November 2026
Trading begins on NSE SME from 10:00 AM IST
📋 IPO Details
IPO Open Date30 October 2026 (Fri)
IPO Close Date3 November 2026 (Tue)
Listing Date6 November 2026 (Fri)
Face Value₹10 per share
Price Band₹150 to ₹158
Issue Price (Upper Band)₹158 per share
Issue TypeBookbuild IPO — Fresh Issue Only
Lot Size800 shares (Min App: 2 Lots / 1,600 Shares)
Total Issue Size36,48,000 shares (₹57.64 Cr)
Fresh Issue36,48,000 shares (₹57.64 Cr)
Offer for Sale (OFS)0 shares (₹0 Cr)
Market Maker Portion2,22,400 shares (₹3.51 Cr)
Net Offered to Public34,25,600 shares (₹54.12 Cr)
Pre-Issue Shares1,00,50,275
Post-Issue Shares1,36,98,275
Promoter Holding (Pre → Post)97.26% → 71.36%
Market Cap (Pre-IPO)₹158.79 Cr
Market Cap (Post-IPO)₹216.43 Cr
Listing ExchangeNSE SME
Lead ManagerJDA Capital Services Ltd.
RegistrarKfin Technologies Ltd.
Market MakerJda Capital Services Ltd.
💰 Lot Size & Minimum Investment
At upper price ₹158
Investor TypeLotsSharesAmount
Retail — Minimum21,600₹2,52,800
Retail — Maximum21,600₹2,52,800
S-HNI (sNII) — Min32,400₹3,79,200
S-HNI (sNII) — Max75,600₹8,84,800
B-HNI (bNII) — Min86,400₹10,11,200
⚠️ Note: Investors can bid for a minimum of 1,600 shares (2 lots) and in multiples of 800 shares thereafter. Market Maker reservation comprises 2,22,400 shares.
👥 Investor Reservation
Allocated portion of Net Offer
49.84%
QIB Portion
17,07,200 Shares
35.03%
Retail Portion
12,00,000 Shares
15.13%
NII Portion
5,18,400 Shares
📍 The QIB portion (17,07,200 shares) includes an Anchor Investor reservation of 10,24,000 shares (28.07% of Net Issue), leaving 6,83,200 shares exclusively for QIBs (excluding Anchors).
📊 Subscription Status
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📈 Company Financials
Restated · ₹ Crore
Metric31 Jul 202631 Mar 202631 Mar 202531 Mar 2024
Total Assets51.7947.5525.318.51
Total Income12.2530.7622.5910.87
PAT3.0511.869.183.16
EBITDA4.2915.1911.694.25
Net Worth27.9224.8713.013.33
Reserves & Surplus17.8714.8210.253.32
Total Borrowing15.7716.738.603.19
Income Growth
FY 2023–24₹10.87 Cr
FY 2024–25₹22.59 Cr
FY 2025–26₹30.76 Cr
🎯 Key Performance Indicators
62.63%
ROE (Mar 26)
11.56% (Jul 26)
0.67
Debt/Equity (Mar 26)
0.56 (Jul 26)
38.46%
ROCE (Mar 26)
9.87% (Jul 26)
40.28%
PAT Margin (Mar 26)
25.70% (Jul 26)
51.58%
EBITDA Margin (Mar 26)
36.11% (Jul 26)
47.70%
RoNW (Mar 26)
10.93% (Jul 26)
6.39x
Price/Book (Mar 26)
5.69x (Jul 26)
₹24.74
NAV (Mar 26)
₹27.78 (Jul 26)
⚖️ Valuation & EPS
Pre-IPO EPS
₹11.80
FY26 earnings + pre-issue shares
P/E: 13.39x
Post-IPO EPS
₹6.68
Annualised post-issue basis
P/E: 23.65x
Price to Book Value
6.39x
At upper price band ₹158
Market Cap
₹216.43 Cr
At upper offer price ₹158
ℹ️ Pre-IPO EPS (₹11.80) relies on a pre-issue equity base of 1,00,50,275 shares and restated FY26 PAT of ₹11.86 Cr. Post-issue EPS (₹6.68) applies annualized Q1 FY27 earnings to an expanded post-issue equity of 1,36,98,275 shares following the fresh issuance of 36,48,000 shares. Post-IPO Market Capitalisation reaches ₹216.43 Cr at the upper band.
🎯 Objects of the Issue
Net proceeds utilisation
1
Financing the capital expenditure requirement towards Purchase of New Machineries, Lab Equipment & Other utilities for Manufacturing Facility
₹18.00 Cr
2
Financing the capital expenditure requirement for construction of New Office Building and Manufacturing facility
₹6.50 Cr
3
Funding working capital requirements of Company
₹14.00 Cr
4
Repayment / prepayment, in full or part, of certain outstanding borrowings availed by Company
₹4.30 Cr
5
General Corporate Purposes
Balance
Total Identified Proceeds Goal ₹42.80 Cr
🏢 About Maxwell Engineering Solutions Ltd.
Est. 2022 · Vadodara, Gujarat · Precision Engineered Components & Pelletizing Systems

Maxwell Engineering Solutions Limited, incorporated in September 2022, is a niche precision engineering enterprise engaged in the manufacturing, trading, and servicing of critical wear parts and components for advanced underwater pelletizing systems. The company manufactures specialized components including pelletizing die plates, precision blades and knives, blade holders, cutter hubs, and tapped driving bushes. These components serve mission-critical applications across polymer compounding, masterbatch formulation, engineering plastics, cable compounds, and specialty plastics recycling sectors. Over 80% of its sales are export-led, servicing customers in the USA, Germany, the Netherlands, Israel, Saudi Arabia, Japan, Australia, and Italy.

The business operates through three integrated segments: manufacturing, specialized services (such as die plate refurbishment), and trading/intermediary supply of CJTEK components. After initially operating out of a leased premise in Makarpura, the firm expanded into a new company-owned manufacturing facility at Waghodia GIDC, Vadodara, in July 2025. This site integrates advanced precision testing equipment alongside VMC, CNC, wire-cut, and EDM milling machineries. Recognized with ISO 9001:2015 and the ZED Bronze Certification under the MSME Sustainable framework, the company efficiently provides custom manufacturing as well as white-label production solutions, allowing clients to brand products under their own portfolios. As of September 30, 2026, the company operated with 71 full-time employees, pushing significant revenue growth that nearly tripled from FY24 to FY26.

Brand Ecosystem
⚙️
Precision Manufacturing
CNC/VMC-machined underwater pelletizing die plates, cutter hubs, and precision blades.
🏷️
White-Label & Customization
Providing customized OEM parts allowing clients to independently brand and market products.
🛠️
Specialized Servicing
Comprehensive repair, re-machining, and advanced refurbishment for highly-worn die plates.
🌎
Export & Intermediary Trade
Facilitating global exports to 8+ countries and intermediary supply of CJTEK parts.
Competitive Strengths
🏆Specialized product portfolio targeting a high-barrier precision engineering niche for polymer systems.
🌐Strong international market footprint, with exports accounting for consistently over 80% of total sales.
🔬Dedicated in-house Research & Development capabilities focusing on energy efficiency and material innovation.
📈Outstanding financial performance with an EBITDA margin of 51.58% and a PAT margin of 40.28% in FY26.
Company Promoters
RC
Rajkumar Chaudhary, Vinubhai Kanjibhai Chavda & Ria Rajkumar Chaudhary
Promoters, Maxwell Engineering Solutions Ltd.
📅 Key Dates
IPO Opens30 Oct 2026
IPO Closes3 Nov 2026
Allotment4 Nov 2026
Refund & Share Credit5 Nov 2026
Listing Day6 Nov 2026
💡 Quick Summary
Price Band₹150 – ₹158
Upper Price₹158 / share
Lot Size800 shares
Min. Investment (Retail)₹2,52,800 (2 Lots)
Issue Size₹57.64 Cr
ListingNSE SME
🏦 Registrar & Lead Manager
Registrar
KFin Technologies Limited
📞 040-79615565
[email protected]
Lead Manager
JDA Capital Services Limited
📍 Registered Address
Maxwell Engineering Solutions Ltd.
Plot 939 & 940, Waghodia GIDC,
Vaghodia, Vadodara,
Gujarat — 391760
📞 96385 42674
[email protected]
🛡️ Regulatory Note: SME IPO investments are subject to SEBI regulations and higher lot size restrictions. Always read the Prospectus/RHP before applying. Consult a SEBI-registered advisor before investing.
⚠️ Disclaimer: This page presents publicly available information from the Maxwell Engineering Solutions IPO RHP for informational purposes only. This format is generated adhering to the required structure as specified in the IPO NEW FORMAT source file. It does not constitute investment advice. IPO investments are subject to market risk. Please read all offer documents and consult a SEBI-registered advisor before investing.
📊
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