Maxwell Engineering Solutions Ltd IPO
Trading
Price Band
₹150 – ₹158
Lot Size
800
Minimum Bid Quantity
1600
Minimum Investment
₹252800
Issue Size
₹57.64Cr
Opens
2026-10-30
Closes
2026-11-03
Listing
06-11-2026
Subscription Status
Qualified Institutional Buyers
259.45 x
Non-Institutional Investor
600.11 x
Retail Individual Investor
552 x
Total
489.41 x
IPO Details
Issue Type
EQUITY
Face Value
₹10
Tick Size
1
ISIN
INE1W3F01014
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Maxwell Engineering Solutions Limited is a precision engineering company engaged in the manufacturing, trading, and servicing of components used in underwater pelletising systems. The company operates through three business segments: manufacturing, services, and trading. Its product portfolio includes pelletising die plates, pelletising blades and knives, blade holders, cutter hubs, tapped driving bushes, and other spare components. The company also undertakes customised manufacturing based on customer specifications and supplies products on a white-label basis. Its services include refurbishment and repair of used die plates, intermediary support, and management consulting. The company also trades complementary components used in pelletising systems. Its products are used in industries such as polymer compounding, masterbatches, engineering plastics, cable compounds, specialty polymers, and plastics recycling. The company operates a manufacturing facility at Waghodia GIDC in Vadodara, Gujarat, which commenced operations in July 2025. It also serves customers across domestic and international markets. Use of proceeds: The IPO is a fresh issue of shares. Net proceeds from the issue will be utilised for the following purposes: Financing the capital expenditure requirement towards the purchase of new machinery, lab equipment & other utilities for the manufacturing facility — Rs 18 crore Financing the capital expenditure requirement for construction of new office building and manufacturing facility — Rs 6.5 crore Repayment/prepayment, in full or part, of certain outstanding borrowings availed by the company — Rs 4.3 crore Funding working capital requirements of the company — Rs 14 crore General corporate purposes
Pros
- • The company has reported consistent growth in revenue from operations, increasing from Rs 10.54 crore in FY24 to Rs 22.10 crore in FY25 and Rs 29.45 crore in FY26. Its profit after tax (PAT) also increased from Rs 3.16 crore in FY24 to Rs 9.17 crore in FY25 and Rs 11.86 crore in FY26.
- • The company exports its products to more than 25 countries, including Germany, the USA, the Netherlands, Israel, and Austria. Export revenue increased from Rs 8.47 crore in FY24 to Rs 18.22 crore in FY25 and Rs 24.95 crore in FY26. Exports contributed 84.34% of revenue during the four months ended July 31, 2026.
- • The company manufactures customised components based on customer specifications, including blade holders and cutter hubs with straight, inclined and custom-built designs. It also offers white-label manufacturing, allowing customers to sell products under their own brands. This enables the company to meet different equipment requirements and serve different customer segments.
Cons
- • The company depends heavily on a limited number of suppliers for raw materials and traded components. Purchases from its top 10 suppliers amounted to Rs 2.17 crore (86.83%) in FY24, Rs 4.26 crore (89.67%) in FY25 and Rs 6.69 crore (80.22%) in FY26. Their contribution stood at Rs 3.59 crore (87.10%) during the four months ended July 31, 2026. Any disruption in supplies or changes in procurement terms could delay production, affect order fulfilment and reduce profitability.
- • The company relies on imports for carbide and brazing filler, which are essential to its manufacturing operations. Imported raw material purchases amounted to Rs 0.53 crore (64.59%) in FY24, Rs 0.85 crore (65.30%) in FY25 and Rs 1.64 crore (62.35%) in FY26. Imports stood at Rs 1.18 crore (34.03%) during the four months ended July 31, 2026. Any increase in import duties, foreign exchange fluctuations, or international supply disruptions could increase production costs and affect profit margins.
- • The company has outstanding export obligations of Rs 13.10 crore under the Export Promotion Capital Goods (EPCG) Scheme, to be fulfilled by March 25, 2031. Failure to meet these obligations could result in the recovery of customs duty benefits, along with applicable interest and penalties, adversely affecting its cash flows and financial position.
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