MAHARAJA & SPEEDEX INDIA IPO
MAHARAJA & SPEEDEX INDIA is a SME IPO with a current status of OPEN. The price band is 177 - 186. The issue opens on 10 SEP and closes on 15 SEP. The listing date is 18 SEP.
Price Band
177 - 186
Unofficial GMP
₹40
Lot Size
600 shares
Minimum Investment
₹2,23,200
MAHARAJA & SPEEDEX INDIA IPO GMP
The latest available GMP is ₹40. Grey Market Premium is unofficial, may change frequently and does not guarantee the listing price, listing gains or investment returns.
Estimated Listing Price
₹226.00
Estimated Gain
+21.5%
MAHARAJA & SPEEDEX INDIA IPO GMP History
30
09 SEP
30
10 SEP
30
11 SEP
48
12 SEP
40
13 SEP
MAHARAJA & SPEEDEX INDIA IPO Details
- IPO Type
- SME
- Status
- OPEN
- Price Band
- 177 - 186
- Issue Size
- 80.13 Cr
- Issue Type
- Book Build Issue
- Fresh Issue
- ₹60.09 Cr
- Offer for Sale
- ₹16.03 Cr
- Face Value
- 10
- Lot Size
- 600
- Minimum Investment
- 2,23,200
- Exchange
- BSE SME
- Registrar
- Maashitla Securities Pvt.Ltd.
- Lead Managers
- Choice Capital Advisors Pvt.Ltd.
- Market Maker
- ₹4.02 Cr
MAHARAJA & SPEEDEX INDIA IPO Dates
- Open Date
- 10 SEP
- Close Date
- 15 SEP
- Allotment Date
- 16 SEP
- Refund Date
- 17 SEP
- Demat Credit Date
- 17 SEP
- Listing Date
- 18 SEP
MAHARAJA & SPEEDEX INDIA IPO Subscription
- QIB
- 0.10x
- NII / HNI
- 0.80x
- Retail
- 0.56x
- Total
- 0.48x
MAHARAJA & SPEEDEX INDIA IPO Financials
Revenue
FY2026
₹122.65 Cr
+31.16% vs FY2025
PAT
FY2026
₹15.34 Cr
+175.90% vs FY2025
Total Assets
FY2026
₹81.97 Cr
+71.95% vs FY2025
| Particulars | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue | 61.32 | 93.51 | 122.65 |
| Net Profit | 1.08 | 5.56 | 15.34 |
| Total Assets | 26.93 | 47.67 | 81.97 |
MAHARAJA & SPEEDEX INDIA IPO Valuation
- Market Cap (Post IPO)
- ₹304.02 Cr
- EPS
- 11.89
- P/E Ratio
- 15.64x
- Price to Book Value
- 8.97
- ROCE
- 54.60%
- RONW
- 80.47%
- Debt / Equity
- 0.92%
- PAT Margin
- 12.51%
- EBITDA Margin
- 18.36%
- Valuation
- FAIR
MAHARAJA & SPEEDEX INDIA Peer Comparison
| Peer | Revenue | PAT | EPS | P/E | ROE | RONW | Debt / Equity |
|---|---|---|---|---|---|---|---|
| Cello World Ltd | 2,323.71 cr | 331.51 cr | 14.70 | 25.69x | 12.98% | 14.35% | 0.01x |
| Borosil Limited | 1,195.92 | 74.66 Cr | 6.24 | 38.23x | 9% | 9.30% | 0.15x |
| Maharaja & Speedex India Ltd | 122.65 cr | 15.34 cr | 11.89 | 15.64x | 80.47% | 80.47% | 0.92x |
MAHARAJA & SPEEDEX INDIA IPO Market Lot
| Category | Lots | Shares | Investment |
|---|---|---|---|
| Retail Minimum | 2 | 1,200 | ₹2,23,200 |
| Retail Maximum | 2 | 1,200 | ₹2,23,200 |
| Small HNI | 3 | 1,800 | ₹3,34,800 |
| Big HNI | 9 | 5,400 | ₹10,04,400 |
MAHARAJA & SPEEDEX INDIA IPO Reservation
- QIB
- 49.99%
- NII / HNI
- 15.00%
- Retail
- 35.01%
MAHARAJA & SPEEDEX INDIA Promoter Holding and Anchor Allocation
- Pre-IPO Promoter Holding
- 87.69%
- Post-IPO Promoter Holding
- 63.93%
- Anchor Allocation
- 12,27,000 SHARE
MAHARAJA & SPEEDEX INDIA Company Overview
Maharaja & Speedex India Limited was originally incorporated in 2006 as Maharaja Cookers Private Limited. The company is engaged primarily in the manufacturing and marketing of stainless-steel consumer products, particularly drinkware products sold under the Speedex brand. Its portfolio includes single-wall and double-wall vacuum insulated bottles, tumblers, travel mugs, fitness shakers, feeding bottles, vacuum flasks and related lifestyle products. The company operates through two manufacturing units in Sonipat, Haryana. Its primary unit has installed capacity of approximately 62.82 lakh units per annum, while the second unit supports activities such as polishing, printing, packaging and storage. It has built a distribution network across India and sells products across different price segments, from mass-market to premium categories.
MAHARAJA & SPEEDEX INDIA Business Model
The company's business model combines in-house manufacturing, branded sales, OEM/private-label manufacturing and distribution. Besides selling products under its own Speedex brand, it manufactures products for third-party brands through OEM and private-label arrangements. Maharaja & Speedex has a pan-India network of around 101 distributors across 17 states and 2 union territories. Its product range caters to household, school, office, fitness and lifestyle applications. A diversified portfolio across mass-market, premium and lifestyle segments helps it serve customers with different price points and product requirements.
MAHARAJA & SPEEDEX INDIA Objects of the Issue
Object of Issue Amount Repayment/prepayment of certain borrowings of the company and subsidiary ₹24.10 Cr Capital expenditure for plant & machinery at subsidiary's existing manufacturing facility ₹21.42 Cr General Corporate Purposes Balance amount Fresh Issue Size Approx. ₹60 Cr The IPO also includes an Offer for Sale of approximately ₹16 Cr, but OFS proceeds go to the selling shareholders and not to the company.
MAHARAJA & SPEEDEX INDIA Strengths
1. Integrated manufacturing and distribution capabilities: The company has developed manufacturing capabilities supported by two facilities along with a sizeable distribution network. This allows it to control several stages of production, finishing and product distribution. 2. Diversified product portfolio: Maharaja & Speedex offers stainless-steel products across multiple categories and price points. This includes regular water bottles, vacuum-insulated bottles, tumblers, travel mugs, shakers and feeding bottles. Such diversification reduces dependence on a single product category. 3. Pan-India distribution network: The company has approximately 101 distributors, providing access to customers across 17 states and 2 union territories. A wider distribution network can support brand penetration and expansion into new markets. 4. OEM and private-label capabilities: Apart from its own Speedex brand, the company manufactures for third-party brands. This provides an additional revenue channel and allows better utilisation of manufacturing capacity. 5. Established operating history: The business dates back to 2006, giving it nearly two decades of operating experience and established relationships with customers and suppliers.
MAHARAJA & SPEEDEX INDIA Risks
1. High supplier concentration: The company's top 10 suppliers accounted for 87.38% of raw-material purchases in FY2026. Any disruption involving these suppliers, deterioration in commercial relationships or raw-material shortages could affect production and profitability. 2. Customer concentration: The top 10 customers contributed 48.70% of FY2026 revenue. Loss of a major customer or reduction/delay in orders could materially affect revenue and cash flows. 3. Distribution-network dependency: Around 90.09% of FY2026 offline revenue was dependent on its distributor network. Any disruption or deterioration in distributor relationships could adversely affect sales. 4. Leased-premises risk: The company's operational premises, including manufacturing facilities and registered office, are operated from leased properties. Failure to renew leases or adverse lease terms may affect operations. 5. OEM competition/channel-conflict risk: The company manufactures products for third-party brands while simultaneously selling its own Speedex-branded products. This may create competitive overlap or channel conflict with OEM/private-label customers. 6. Geographic concentration: A significant share of revenue is generated from markets such as Delhi, Haryana, Maharashtra and Uttar Pradesh, exposing the business to regional demand fluctuations.
MAHARAJA & SPEEDEX INDIA Frequently Asked Questions
What is the MAHARAJA & SPEEDEX INDIA IPO price band?
The MAHARAJA & SPEEDEX INDIA IPO price band is 177 - 186.
What is the latest MAHARAJA & SPEEDEX INDIA IPO GMP?
The latest available MAHARAJA & SPEEDEX INDIA IPO GMP in the IPOWEB database is ₹40. GMP is unofficial and does not guarantee a listing gain.
When does the MAHARAJA & SPEEDEX INDIA IPO open and close?
The MAHARAJA & SPEEDEX INDIA IPO opens on 10 SEP and closes on 15 SEP.
When is the MAHARAJA & SPEEDEX INDIA IPO allotment date?
The MAHARAJA & SPEEDEX INDIA IPO allotment date is 16 SEP.
When is the MAHARAJA & SPEEDEX INDIA IPO listing date?
The MAHARAJA & SPEEDEX INDIA IPO listing date is 18 SEP.
What is the MAHARAJA & SPEEDEX INDIA IPO subscription?
The latest total subscription available for the MAHARAJA & SPEEDEX INDIA IPO is 0.48x.