Maharaja & Speedex India Limited is an upcoming BSE SME IPO operating in the stainless-steel drinkware and home-appliances segment. The company manufactures, brands, markets and distributes stainless-steel bottles and allied drinkware products for retail consumers as well as institutional customers.
The company offers standard stainless-steel bottles along with novelty products such as tumblers, feeding bottles and gym shakers. It also undertakes OEM and private-label manufacturing for corporate gifting programmes, institutional buyers and brand partners. Its operations are supported by its wholly owned subsidiary, Dewdrop Bottles Private Limited, which operates manufacturing facilities in Sonipat, Haryana.
The Maharaja & Speedex India IPO is a book-built SME issue comprising 43,08,000 equity shares. The issue consists of a fresh issue of 34,46,400 shares and an Offer for Sale of 8,61,600 shares. The reported price band is ₹177 to ₹186 per share, taking the issue size to approximately ₹80.12 crore at the upper price band. The IPO is scheduled to open on 10 September 2026 and close on 15 September 2026, with listing scheduled for 18 September 2026 on BSE SME.
Table of Contents
Maharaja & Speedex India IPO Details Information
| Particulars | Details |
|---|---|
| IPO Name | Maharaja & Speedex India IPO |
| Company Name | Maharaja & Speedex India Limited |
| IPO Type | SME IPO |
| Issue Type | Book Building |
| Listing Exchange | BSE SME |
| Face Value | ₹10 per equity share |
| IPO Price Band | ₹177 to ₹186 per share |
| Total Issue Size | 43,08,000 shares |
| Issue Size | Approximately ₹80.12 Crore |
| Fresh Issue | 34,46,400 shares |
| Offer for Sale | 8,61,600 shares |
| Market Maker Portion | 2,16,000 shares |
| IPO Opening Date | 10 September 2026 |
| IPO Closing Date | 15 September 2026 |
| Basis of Allotment | 16 September 2026 |
| Refund Initiation | 17 September 2026 |
| Credit of Shares to Demat | 17 September 2026 |
| Listing Date | 18 September 2026 |
| Lot Size | 600 shares |
| Minimum Retail Application | 2 lots / 1,200 shares |
| Minimum Investment at Upper Band | ₹2,23,200 |
| Registrar | Maashitla Securities Private Limited |
| Lead Manager | Choice Capital Advisors Private Limited |
| Market Maker | Choice Equity Broking Private Limited |
The current issue information reports a price band of ₹177–₹186, a total issue of 43,08,000 shares and a lot size of 600 shares. The issue comprises 34,46,400 fresh shares and 8,61,600 shares offered by existing shareholders.
Maharaja & Speedex India IPO Dates & Timeline
| IPO Event | Date |
|---|---|
| Anchor Investor Bidding Date | 9 September 2026 |
| IPO Opening Date | 10 September 2026 |
| IPO Closing Date | 15 September 2026 |
| Basis of Allotment | 16 September 2026 |
| Initiation of Refunds | 17 September 2026 |
| Credit of Shares to Demat Account | 17 September 2026 |
| IPO Listing Date | 18 September 2026 |
The reported IPO schedule places the bidding period from 10 September to 15 September 2026. Allotment is scheduled for 16 September, followed by refunds and demat credit on 17 September and listing on 18 September 2026.
Maharaja & Speedex India IPO Reservation
| Investor Category | Reservation |
|---|---|
| Qualified Institutional Buyers (QIB) | Not more than 50% of Net Issue |
| Non-Institutional Investors (NII) | Not less than 15% of Net Issue |
| Retail Individual Investors | Not less than 35% of Net Issue |
| Anchor Investors | Up to 60% of QIB Portion |
| Market Maker | 2,16,000 shares |
The issue follows the stated SME IPO reservation structure, with not more than 50% of the net offer available for QIBs, not less than 15% for NIIs and not less than 35% for retail investors.
QIB : Qualified Institutional Buyers can be allocated up to 50% of the net issue, subject to the final allocation process.
NII : The NII category is entitled to not less than 15% of the net issue.
Retail : Retail Individual Investors are entitled to not less than 35% of the net issue. The minimum retail application is two lots based on the reported 600-share lot size.
Maharaja & Speedex India IPO Lot Size
The Maharaja & Speedex India IPO lot size is 600 shares. At the upper price band of ₹186, one lot is worth ₹1,11,600. The minimum retail application is two lots, requiring 1,200 shares and an investment of ₹2,23,200.
| Application | Lots | Shares | Amount at ₹186 |
|---|---|---|---|
| Minimum Individual Application | 2 | 1,200 | ₹2,23,200 |
| Minimum sHNI Application | 3 | 1,800 | ₹3,34,800 |
| 5 Lots | 5 | 3,000 | ₹5,58,000 |
| 10 Lots | 10 | 6,000 | ₹11,16,000 |
About Maharaja & Speedex India Limited
Maharaja & Speedex India Limited was originally incorporated on 15 February 2006 as Maharaja Cookers Private Limited. The company initially operated primarily as a trading business and subsequently expanded into manufacturing and distribution of stainless-steel drinkware.
The company changed its name to Maharaja & Speedex India Private Limited in February 2024 and was subsequently converted into a public limited company. The fresh certificate of incorporation reflecting the public limited status was issued on 15 January 2026.
The company’s registered office is located at Kh. No. 53/27 GT Karnal Road, Village Alipur, near Alipur Police Station, New Delhi – 110036. Its website identifies its activities as manufacturing and supplying stainless-steel water bottles, feeding bottles, insulated bottles and other drinkware products.
Maharaja & Speedex India official website
Business Operations
Stainless-Steel Drinkware : The company’s core business is the manufacturing, branding, marketing and distribution of stainless-steel bottles and allied drinkware products.
Standard Products : Standard products include stainless-steel bottles designed for routine everyday usage. These products are sold across different price points and customer segments.
Novelty Products : Novelty products include tumblers, feeding bottles and gym shakers. These products allow the company to target premium and lifestyle-oriented consumers.
OEM and Private-Label Manufacturing : The company also undertakes OEM and private-label manufacturing for corporate gifting programmes, institutional customers and brand partners. This provides an additional B2B revenue channel apart from its own branded products.
Manufacturing Facilities : Manufacturing is supported by its wholly owned subsidiary Dewdrop Bottles Private Limited, which operates two manufacturing facilities in Sonipat, Haryana.
The combined installed manufacturing capacity is approximately 45.24 lakh units per annum across 223 SKUs.
Distribution Network : The company has developed a pan-India distribution network comprising approximately 101 distributors across 17 states and 2 Union Territories. It also uses modern trade and online channels to reach customers.
Customer Segments : The company serves both B2C and B2B customers, including retail consumers, distributors, institutional buyers, corporate gifting programmes and private-label customers.
Industry Overview
Indian Kitchenware Market : The Indian kitchenware industry is supported by household consumption, urbanisation, increasing disposable income, organised retail and the expansion of e-commerce.
The market is also witnessing premiumisation, with consumers increasingly considering durability, design, hygiene and material quality while purchasing kitchen and drinkware products.
Stainless-Steel Drinkware : Stainless steel is widely used for bottles and drinkware because of its durability, reusability and resistance to corrosion. Increasing consumer interest in reusable alternatives to single-use plastic products can support demand.
Growth of Organised Retail : The expansion of organised retail and e-commerce provides manufacturers with additional distribution channels and wider access to customers beyond traditional wholesale markets.
Consumer Preference : Consumers are increasingly looking for products that combine functionality with design and durability. This creates opportunities for manufacturers offering standard as well as premium and lifestyle-oriented drinkware.
Business Strategy
Increase Manufacturing Capacity : The company intends to invest in plant and machinery at the existing manufacturing facility of its wholly owned subsidiary, Dewdrop Bottles Private Limited. This is expected to support production capacity and operational growth.
Repayment of Borrowings : A significant portion of the fresh issue proceeds is intended for repayment or prepayment of borrowings availed by the company and its subsidiary. The reported DRHP objective included approximately ₹25.05 crore for this purpose, while subsequent issue information reports approximately ₹24.10 crore. The final RHP should be treated as controlling for the exact amount.
Product Expansion : The company aims to expand its portfolio beyond standard stainless-steel bottles into tumblers, feeding bottles, gym shakers and other value-added drinkware products.
OEM and Private Label : Increasing OEM and private-label manufacturing can allow the company to serve institutional buyers and established brands without relying exclusively on its own branded products.
Digital and Online Distribution : The acquisition and rebranding of Gulika Apparel as Speedex Online Private Limited is intended to strengthen the company’s online and digital distribution capabilities.
Financial Information
Maharaja & Speedex India has reported significant improvement in revenue and profitability. Revenue increased from ₹93.50 crore in FY2025 to ₹113.15 crore on the latest annualised basis. EBITDA increased from ₹10.60 crore to ₹18.78 crore, while PAT increased from ₹5.56 crore to ₹12.53 crore.
The company also improved its debt position. Total debt was ₹18.03 crore in FY2025 compared with ₹13.92 crore in the latest financial period, while the debt-to-equity ratio declined from 1.33x to 0.64x.
Maharaja & Speedex India Financial Summary
Amount in ₹ Crore
| Financial Year | Latest / Nov 2025 Annualised | FY2025 | FY2024 | FY2023 |
|---|---|---|---|---|
| Revenue | 113.15 | 93.50 | 61.32 | 64.72 |
| EBITDA | 18.78 | 10.60 | 2.90 | 1.72 |
| PAT | 12.53 | 5.56 | 1.07 | 0.72 |
| Total Assets | 51.84 | 47.67 | 26.93 | 16.23 |
| Net Worth | 21.89 | 13.51 | 4.96 | 1.86 |
| Total Debt | 13.92 | 18.03 | 16.10 | 7.93 |
The latest financial column is presented on an annualised basis where applicable. The balance-sheet figures correspond to the latest reported period ending 30 November 2025, while the annualised income statement reflects the comparable annualised performance used in IPO analysis.
Maharaja & Speedex India IPO Key Performance Indicators
| KPI | Latest / Nov 2025 | FY2025 | FY2024 | FY2023 |
|---|---|---|---|---|
| EBITDA Margin | 16.60% | 11.34% | 4.73% | 2.66% |
| PAT Margin | 11.07% | 5.95% | 1.74% | 1.11% |
| EPS | ₹6.48 | ₹4.49 | ₹0.89 | ₹0.59 |
| ROE | 38.15% | 41.15% | 21.57% | 38.71% |
| ROCE | 39.94% | 42.22% | 18.88% | 24.59% |
| ROA | 16.11% | 11.66% | 3.97% | 4.44% |
| Debt-to-Equity | 0.64x | 1.33x | 3.25x | 4.26x |
| NAV | ₹15.31 | — | — | — |
The latest reported figures show a substantial improvement in EBITDA and PAT margins compared with FY2025. The debt-to-equity ratio also declined materially.
Objects of the Maharaja & Speedex India IPO
The fresh issue proceeds are proposed to be used for the following purposes:
- Repayment and/or pre-payment of certain borrowings availed by the company and its subsidiary from banks.
- Funding capital expenditure towards purchase of plant and machinery at the existing manufacturing facility of Dewdrop Bottles Private Limited.
- General corporate purposes.
- Supporting capacity expansion and strengthening the company’s operating infrastructure.
The DRHP identified ₹25.05 crore for repayment/prepayment of borrowings and ₹20.37 crore for plant and machinery. Later issue reports have cited ₹24.10 crore and ₹21.42 crore respectively, so the final RHP should be used for the final object-wise amounts.
Maharaja & Speedex India IPO Listing Performance
| Particulars | Details |
|---|---|
| IPO Price Band | ₹177 – ₹186 |
| Listing Exchange | BSE SME |
| Listing Date | 18 September 2026 |
| Issue Price | To be finalised within the ₹177–₹186 band |
| Listing Price | To be updated after listing |
| Listing Gain/Loss | To be updated after listing |
| Opening Price | To be updated after listing |
| Closing Price on Listing Day | To be updated after listing |
| Current Market Price | To be updated after listing |
The listing is scheduled for 18 September 2026. Actual listing price and listing-day performance can only be confirmed after trading begins.
Maharaja & Speedex India IPO Subscription Status
| Category | Subscription |
|---|---|
| QIB | To be updated |
| NII | To be updated |
| Retail | To be updated |
| Total | To be updated |
The IPO is scheduled to open on 10 September 2026. Therefore, final subscription figures will be available only after bidding begins and closes.
Maharaja & Speedex India IPO Review
Maharaja & Speedex India operates in the stainless-steel drinkware segment and has developed an integrated business model combining manufacturing, branding, distribution and OEM/private-label production.
The company has demonstrated strong improvement in its recent financial performance. Revenue increased from ₹93.50 crore in FY2025 to ₹113.15 crore on the latest annualised basis, while PAT increased from ₹5.56 crore to ₹12.53 crore. EBITDA margin also improved from 11.34% to 16.60%.
Another positive is the company’s manufacturing infrastructure. Its subsidiary operates two facilities in Sonipat with an installed capacity of approximately 45.24 lakh units per year and 223 SKUs. The company also has a broad distributor network covering 17 states and 2 Union Territories.
The fresh issue proceeds are intended partly for debt repayment and partly for plant and machinery, which could strengthen the balance sheet and support production capacity.
However, investors should also consider the risks associated with the highly competitive kitchenware and consumer-products market, dependence on distributors and customers, raw-material costs, changing consumer preferences and SME-stock liquidity.
The IPO also includes an Offer for Sale, meaning a portion of the issue proceeds will go to selling shareholders rather than the company. Investors should therefore evaluate the final valuation, post-issue capital structure and use of fresh issue proceeds before making an investment decision.
Maharaja & Speedex India IPO Strengths
- Established operating history dating back to 2006.
- Focused presence in stainless-steel drinkware and allied products.
- Integrated manufacturing, branding, marketing and distribution model.
- Product portfolio covers standard and novelty drinkware.
- OEM and private-label manufacturing capabilities.
- Approximately 45.24 lakh units annual manufacturing capacity.
- Portfolio includes approximately 223 SKUs.
- Distribution network of approximately 101 distributors.
- Presence across 17 states and 2 Union Territories.
- Serves both B2C and B2B markets.
- Revenue increased to ₹113.15 crore on the latest annualised basis.
- PAT increased to ₹12.53 crore.
- EBITDA margin improved to 16.60%.
- Debt-to-equity ratio declined to 0.64x.
- Fresh IPO proceeds are planned partly for debt reduction and capacity expansion.
Maharaja & Speedex India IPO Risk Factors
- The company operates in a highly competitive kitchenware and consumer-products market.
- Demand can be affected by changing consumer preferences and fashion trends.
- Stainless-steel and other raw-material prices can affect production costs and margins.
- The company depends on distributors and other sales channels for market reach.
- Competition from larger established kitchenware and drinkware brands may affect pricing.
- OEM and private-label business can create dependence on institutional customers.
- Manufacturing operations require continuous investment in machinery and infrastructure.
- Expansion plans may face execution and commissioning risks.
- The company has historically carried debt, although its debt-to-equity ratio has improved.
- The company may face working-capital requirements associated with inventory and receivables.
- The SME listing may involve lower liquidity and greater share-price volatility.
- An Offer for Sale component means part of the IPO proceeds will go to selling shareholders.
- Consumer demand can be affected by economic conditions and discretionary spending.
- The company’s online and digital distribution initiatives may require additional investment.
- Any disruption at manufacturing facilities could affect production and customer deliveries.
Maharaja & Speedex India IPO Promoters
The promoters identified in the public issue documentation are Rakesh Kumar Aggarwal, Kusum Aggarwal, Akash Aggarwal, Ankit Bansal, Atul Tulsian and Rohit Garg.
| Promoter | Status |
|---|---|
| Rakesh Kumar Aggarwal | Promoter |
| Kusum Aggarwal | Promoter |
| Akash Aggarwal | Promoter |
| Ankit Bansal | Promoter |
| Atul Tulsian | Promoter |
| Rohit Garg | Promoter |
| Total Promoter Group | To be updated from final post-issue shareholding |
The DRHP public announcement identifies all six individuals as promoters.
Maharaja & Speedex India Management Team
| Name | Designation |
|---|---|
| Rakesh Kumar Aggarwal | Managing Director |
| Kusum Aggarwal | Director |
| Akash Aggarwal | Director / CEO |
| Rohit Garg | Director / CFO |
| Mansee Agarwal | Company Secretary & Compliance Officer |
Available company and corporate records identify Rakesh Kumar Aggarwal as Managing Director, Kusum Aggarwal and Akash Aggarwal as directors, and Rohit Garg as a director/CFO. The IPO public announcement identifies Mansee Agarwal as Company Secretary and Compliance Officer.
Maharaja & Speedex India IPO Registrar Details
| Particulars | Details |
|---|---|
| Registrar | Maashitla Securities Private Limited |
| Address | 451, Krishna Apra Business Square, Netaji Subhash Place, Pitampura, New Delhi – 110034 |
| Telephone | +91 11 47581432 |
| [email protected] | |
| IPO Status | Maashitla IPO Allotment Status |
| Website | Maashitla Securities Private Limited |
Maashitla Securities Private Limited is identified as the registrar to the issue in the company’s public issue documentation.
Maharaja & Speedex India IPO Lead Manager Details
| Particulars | Details |
|---|---|
| Lead Manager | Choice Capital Advisors Private Limited |
| Address | Sunil Patodia Tower, Plot No. 156–158, J.B. Nagar, Andheri East, Mumbai – 400099 |
| Telephone | +91 22 6707 9999 / 7919 |
| [email protected] | |
| Investor Grievance Email | [email protected] |
| SEBI Registration No. | INM000011872 |
| Website | Choice Capital Advisors |
Choice Capital Advisors Private Limited is the Book Running Lead Manager for the Maharaja & Speedex India IPO.
Maharaja & Speedex India Company Contact Details
| Particulars | Details |
|---|---|
| Company | Maharaja & Speedex India Limited |
| CIN | U28997DL2006PLC146383 |
| Registered Office | Kh. No. 53/27 GT Karnal Road, Village Alipur, Near Alipur Police Station, New Delhi – 110036 |
| Phone | 9650589457 |
| [email protected] | |
| Website | Maharaja & Speedex India Limited |
| Contact Person | Mansee Agarwal, Company Secretary & Compliance Officer |
The company’s public issue announcement provides the registered-office address, website, email and compliance contact details.
How to Check Maharaja & Speedex India IPO Allotment Status
The Maharaja & Speedex India IPO allotment is scheduled for 16 September 2026. Investors can check their allotment status after the basis of allotment is finalised.
Check Through Registrar
- Visit the Maashitla IPO allotment-status page.
- Select Maharaja & Speedex India IPO.
- Enter PAN, application number or other required details.
- Submit the information.
- The allotment status will be displayed when available.
Check Through BSE
Investors can also check the relevant IPO/allotment information through the BSE website after the allotment process is completed.
Maharaja & Speedex India IPO Conclusion
Maharaja & Speedex India IPO is a BSE SME book-built issue comprising 43,08,000 equity shares, including 34,46,400 fresh shares and 8,61,600 shares through an Offer for Sale. The reported price band is ₹177–₹186 per share and the issue is scheduled to open on 10 September 2026 and close on 15 September 2026. The listing is scheduled for 18 September 2026.
The company has an established presence in stainless-steel drinkware and operates through a combination of manufacturing, branding, distribution, OEM and private-label businesses. Its latest financial performance shows substantial improvement in revenue, EBITDA and PAT, while its debt-to-equity ratio has also improved.
The company’s manufacturing capacity, distributor network and product diversification are important positives. At the same time, investors should assess competition, raw-material costs, customer and distributor dependence, working-capital requirements, SME liquidity and the valuation implied by the final issue price.
Investors should review the final RHP and applicable issue documents before making an investment decision.
Maharaja & Speedex India IPO FAQs
What is Maharaja & Speedex India IPO?
Maharaja & Speedex India IPO is a book-built SME IPO of Maharaja & Speedex India Limited. The company manufactures and distributes stainless-steel bottles and allied drinkware products and is proposed to be listed on BSE SME.
What is Maharaja & Speedex India IPO price band?
The reported Maharaja & Speedex India IPO price band is ₹177 to ₹186 per equity share.
What is Maharaja & Speedex India IPO lot size?
The reported lot size is 600 shares.
What is the minimum investment in Maharaja & Speedex India IPO?
At the upper price band of ₹186, the minimum application of two lots, or 1,200 shares, requires ₹2,23,200.
When will Maharaja & Speedex India IPO open?
The IPO is scheduled to open on 10 September 2026.
When will Maharaja & Speedex India IPO close?
The IPO is scheduled to close on 15 September 2026.
What is Maharaja & Speedex India IPO allotment date?
The reported basis of allotment date is 16 September 2026.
What is Maharaja & Speedex India IPO listing date?
The reported listing date is 18 September 2026 on the BSE SME platform.
What is Maharaja & Speedex India IPO GMP?
The currently reported GMP is ₹0 on some unofficial tracking platforms. GMP is an unofficial and unregulated indicator and is not an official company, BSE or SEBI figure. It can change before listing and should not be treated as a guaranteed listing gain.
Who is the registrar of Maharaja & Speedex India IPO?
Maashitla Securities Private Limited is the registrar to the Maharaja & Speedex India IPO.
Who is the lead manager of Maharaja & Speedex India IPO?
Choice Capital Advisors Private Limited is the Book Running Lead Manager of the Maharaja & Speedex India IPO.
Is Maharaja & Speedex India IPO a fresh issue or OFS?
The IPO contains both a fresh issue and an Offer for Sale. The current reported structure comprises 34,46,400 fresh shares and 8,61,600 OFS shares.
How much is the Maharaja & Speedex India IPO issue size?
At the reported upper price band of ₹186, the 43,08,000-share issue represents approximately ₹80.12 crore.
