Maharaja Speedex India
- Market cap
- ₹ 398 Cr.
- P/E
- 25.8x
- P/B
- 11.17x
- 52-week range
- 225.7 – 274
- ROE
- 73%
- ROCE
- 48%
- Debt / equity
- 0.92
- Sector
- Consumer Durables
- Industry
- Houseware
- Listed on
- BSE
About
Maharaja & Speedex India Limited is a drink ware manufacturing and distribution company. The Company is focused on stainless-steel bottles and allied drink ware products, catering to both retail consumers and institutional customers across India. It is engaged in the manufacturing, branding, marketing and distribution of stainless-steel bottles and value-added drink ware products, with a diversified portfolio designed to address consumer preferences for durable, hygienic and reusable drink ware solutions. The Company's product portfolio is broadly classified into Standard Products and Novelty Products. Standard Products include stainless steel bottles catering to routine usage, while Novelty Products comprise tumblers, feeding bottles and gym shakers, designed to meet evolving consumer preferences. These products are offered across multiple price points and consumer segments, including mass, premium and lifestyle categories, enabling the Company to cater to a broad customer base.
Quick check
The five things to look at first. Open one for more.
Compared with its industry
Houseware: 11 companies →Maharaja Speedex India against the typical company in its industry. The rank is out of the companies that report each figure; green means the better quarter of the pack, red the worse quarter.
- Valuation (P/E)25.8 against a typical 26.1: cheaper than most peers (1st = cheapest).5th of 11
- Size₹ 398.4 Cr. market value against a typical ₹ 323.2 Cr. (1st = largest).5th of 11
Latest announcements
Exchange filings and their impact on the company.
- 9 lakh-unit self-funded capacity addition lifts capacity to 72 lakh units and monthly revenue run-rate to Rs 16 cr.
AIAI analysisPositive for shareholdersMedium impact 9 lakh-unit self-funded capacity addition lifts capacity to 72 lakh units and monthly revenue run-rate to Rs 16 cr.
Maharaja & Speedex India added 9 lakh units of annual capacity, taking installed capacity to 72 lakh units a year, funded entirely from internal accruals. The company said the monthly revenue run-rate has risen to about Rs 16 crore from Rs 14.5 crore in March 2026, after clearing a bottleneck at its Sonipat units run via Dewdrop Bottles. The separate 31 lakh-unit IPO-funded expansion remains on track for Q4 FY27.
Why it matters: Addition of 9 lakh units (63 to 72 lakh units p.a.) raises monthly revenue run-rate from Rs 14.5 cr to Rs 16 cr, implying ~Rs 18 cr annual revenue potential or ~15% on FY26 sales of Rs 122 cr, funded from internal accruals with separate IPO-funded 31 lakh-unit expansion due in Q4 FY27.
For shareholders: Self-funded 14% capacity addition directly lifts saleable volume and revenue run-rate by ~10% with no dilution or new debt.
Estimated effect over the next 12 months
Estimated effect over the next 12 months Metric Now Estimated change Confidence Revenue ₹ 122 Cr. FY26 (Mar 2026)▲ +12.3% to +14.8% · +₹ 15 Cr. to +₹ 18 Cr. Monthly revenue run-rate up Rs 1.5 cr (Rs 16 cr vs Rs 14.5 cr) -> Rs 18 cr annualised on FY26 revenue of Rs 122 cr; Rs 15-18 cr allowing 2-3 month ramp-up75% Operating margin 19% FY26 (Mar 2026)▲ +0.5 pts to +1 pts Bottleneck removal and greater automation at Sonipat units plus shift to design-led OEM/ODM should lift operating leverage by 50-100 bps on FY26 OPM of 19%55% Net profit ₹ 15 Cr. FY26 (Mar 2026)▲ +12% to +18% · +₹ 1.8 Cr. to +₹ 2.7 Cr. Incremental Rs 15-18 cr revenue at ~12-15% net margin (FY26 net margin ~12.3%) -> Rs 1.8-2.7 cr incremental PAT, no new interest cost as funded from internal accruals60% EPS ₹ 11.89 FY26 (Mar 2026)▲ +12% to +18% · +₹ 1.4 to +₹ 2.1 Same PAT uplift as net_profit with no equity dilution (internal accruals funded) on FY26 EPS of Rs 11.8960% Capex ₹ 15 Cr. Mar 2026 balance sheet▲ +33.3% to +53.3% · +₹ 5 Cr. to +₹ 8 Cr. No cost disclosed; FY26 investing outflow of Rs 12 cr for prior 15 lakh-unit build implies ~Rs 0.8 cr per lakh unit -> ~Rs 7 cr for 9 lakh units; range Rs 5-8 cr funded from internal accruals on fixed assets plus CWIP of Rs 15 cr40% Generated by AI from the original document. It can be wrong or incomplete and is not investment advice. Check the source before acting on it. Estimates are rough projections, not forecasts by Minerva Capital Research Solutions.
Maharaja & Speedex India added 9 lakh units of annual capacity, taking installed capacity to 72 lakh units a year, funded entirely from internal accruals. The company said the monthly revenue run-rate has risen to about Rs 16 crore from Rs 14.5 crore in March 2026, after clearing a bottleneck at its Sonipat units run via Dewdrop Bottles. The separate 31 lakh-unit IPO-funded expansion remains on track for Q4 FY27.
- Rs 6.5 cr of IPO money goes into the fast-growing bottles subsidiary for new machines and loan repayment.
AIAI analysisPositive for shareholdersMedium impact Rs 6.5 cr of IPO money goes into the fast-growing bottles subsidiary for new machines and loan repayment.
Maharaja & Speedex India invested Rs 6.47 crore in its wholly owned subsidiary Dewdrop Bottles by subscribing to 1,47,000 shares at Rs 440 each via a rights issue. The money, part of its IPO objects, will be used to buy plant and machinery and repay an ICICI Bank loan. Dewdrop, which makes steel bottles and cookers, grew turnover from Rs 27.3 crore in FY24 to Rs 89 crore in FY26, and the expansion should support further growth while lowering debt.
Why it matters: Rs 6.47 cr infusion (1,47,000 shares at Rs 440) funds plant and machinery and ICICI loan repayment in Dewdrop Bottles (FY26 turnover Rs 89 cr), adding ~7-11% to consolidated revenue and ~5-11% to PAT while cutting gross debt; medium scale versus Rs 122 cr revenue, Rs 29 cr net worth and Rs 15 cr fixed assets.
For shareholders: Capacity expansion plus debt reduction in a subsidiary growing 60%+ should lift sales and profits over 12 months.
Estimated effect over the next 12 months
Estimated effect over the next 12 months Metric Now Estimated change Confidence Revenue ₹ 122 Cr. FY26 (year ended Mar 2026)▲ +6.6% to +11.5% · +₹ 8 Cr. to +₹ 14 Cr. Rs 6.47 cr rights infusion into Dewdrop Bottles (FY26 turnover Rs 88.98 cr, 3-yr 27.28 cr to 88.98 cr); assume ~Rs 4-5 cr for plant and machinery with asset turnover ~2-3x, ramped over 12 months -> ~Rs 8-14 cr incremental consolidated sales -> +6.6-11.5% on FY26 revenue of Rs 122 cr60% Operating margin 19% FY26 (year ended Mar 2026)▲ +0.3 pts to +0.8 pts Scale benefits from higher utilisation in fast-growing bottles subsidiary partly offset by depreciation on new machines; operating leverage adds ~30-80 bps to consolidated 19% OPM50% Net profit ₹ 15 Cr. FY26 (year ended Mar 2026)▲ +5.3% to +10.7% · +₹ 0.8 Cr. to +₹ 1.6 Cr. ~Rs 8-14 cr extra sales at ~19% EBITDA (~Rs 1.5-2.7 cr) less ~Rs 0.4-0.6 cr depreciation and 20% tax plus ~Rs 0.13-0.18 cr post-tax interest saving from ICICI loan repayment -> ~Rs 0.8-1.6 cr incremental PAT on Rs 15 cr base55% EPS ₹ 11.89 FY26 (year ended Mar 2026)▲ +5% to +10.1% · +₹ 0.6 to +₹ 1.2 ~Rs 0.8-1.6 cr incremental PAT spread over ~1.3 cr shares (Rs 13 cr equity capital, Rs 10 face value) -> +Rs 0.6-1.2 EPS on Rs 11.89 base55% Net debt ₹ 27 Cr. Mar 2026 balance sheet▼ −9.3% to −5.6% · −₹ 2.5 Cr. to −₹ 1.5 Cr. Of Rs 6.47 cr infusion, assume ~Rs 1.5-2.5 cr used to repay subsidiary ICICI Bank loan as stated; reduces consolidated gross borrowings from Rs 27 cr base65% Capex ₹ 15 Cr. Mar 2026 balance sheet▲ +26.7% to +43.1% · +₹ 4 Cr. to +₹ 6.47 Cr. Capex portion for plant and machinery for existing facility (~Rs 4-6.47 cr of Rs 6.47 cr infusion) capitalised to fixed assets on Rs 15 cr fixed assets base70% Generated by AI from the original document. It can be wrong or incomplete and is not investment advice. Check the source before acting on it. Estimates are rough projections, not forecasts by Minerva Capital Research Solutions.
Maharaja & Speedex India invested Rs 6.47 crore in its wholly owned subsidiary Dewdrop Bottles by subscribing to 1,47,000 shares at Rs 440 each via a rights issue. The money, part of its IPO objects, will be used to buy plant and machinery and repay an ICICI Bank loan. Dewdrop, which makes steel bottles and cookers, grew turnover from Rs 27.3 crore in FY24 to Rs 89 crore in FY26, and the expansion should support further growth while lowering debt.
- Rs 19.8 cr of IPO money goes into expanding the fast-growing bottles subsidiary's plant.
AIAI analysisPositive for shareholdersMedium impact Rs 19.8 cr of IPO money goes into expanding the fast-growing bottles subsidiary's plant.
Maharaja & Speedex India invested Rs 19.8 crore in its wholly owned subsidiary Dewdrop Bottles by subscribing to 4,50,000 shares at Rs 440 each via a rights issue. The money, as per its September 2026 IPO plan, will be used to buy plant and machinery for the subsidiary's existing factory. Dewdrop, which makes steel bottles and cookers, grew turnover from Rs 27.3 crore in FY24 to Rs 89 crore in FY26, and this expansion strengthens the group's manufacturing capacity.
Why it matters: Rs 19.8 cr capex is 132% of Rs 15 cr fixed assets and 16% of Rs 122 cr revenue, so scale is medium with phased 12-month revenue contribution.
For shareholders: IPO-funded capacity expansion in a 60% growing subsidiary drives future revenue without adding debt.
Estimated effect over the next 12 months
Estimated effect over the next 12 months Metric Now Estimated change Confidence Revenue ₹ 122 Cr. FY26 (Mar 2026 consolidated)▲ +6.6% to +12.3% · +₹ 8 Cr. to +₹ 15 Cr. Rs 19.8 cr plant capex for fast-growing WOS (FY26 turnover Rs 88.98 cr, +60% YoY) at ~1.2x asset turn = ~Rs 23.7 cr full revenue potential, ~Rs 8-15 cr executed in next 12 months -> +6.6% to +12.3% on FY26 revenue of Rs 122 cr65% Operating margin 19% FY26 (Mar 2026 consolidated)▼ −1 pts to −0.2 pts New plant adds ~Rs 2 cr annual depreciation (~1.6% of sales) and ramp-up costs before utilization, partly offset by scale; margin dilutes slightly from 19% base60% Net profit ₹ 15 Cr. FY26 (Mar 2026 consolidated)▲ +3.3% to +10% · +₹ 0.5 Cr. to +₹ 1.5 Cr. Incremental Rs 8-15 cr revenue at ~12.5% net margin = Rs 1-1.9 cr, less Rs 0.5-1 cr extra depreciation and ramp costs in year 1 -> net +Rs 0.5-1.5 cr on Rs 15 cr base60% EPS ₹ 11.89 FY26 (Mar 2026 consolidated)▲ +3.4% to +10.1% · +₹ 0.4 to +₹ 1.2 Rs 0.5-1.5 cr incremental PAT on ~1.3 cr shares (Rs 13 cr equity capital of Rs 10 FV) -> +Rs 0.4-1.2 per share on Rs 11.89 base, no new parent equity issued60% Capex ₹ 15 Cr. FY26 (Mar 2026 consolidated)▲ +132% · +₹ 19.8 Cr. Rs 19.8 cr for plant and machinery at WOS existing facility vs Rs 15 cr consolidated fixed assets; IPO-funded capex to be capitalized in next 12 months90% Working capital 48 days FY26 (Mar 2026)▲ +6.2% to +14.6% · +3 to +7 Higher production and inventory for expanded bottle/cooker capacity lifts stock and receivables; working capital days rise 3-7 days from 48 days base55% Market cap ₹ 416.8 Cr. 2026-11-02▲ +4.8% to +9.6% · +₹ 20 Cr. to +₹ 40 Cr. Capacity more than doubles asset base for 60%+ growing WOS funded by IPO proceeds with no debt; market rewards growth visibility with 5-10% value uplift55% Net debt ₹ 27 Cr. FY26 (Mar 2026 consolidated)0% · +₹ 0 Cr. Rs 19.8 cr funded from IPO proceeds per prospectus objects, not debt; no incremental borrowing disclosed85% Generated by AI from the original document. It can be wrong or incomplete and is not investment advice. Check the source before acting on it. Estimates are rough projections, not forecasts by Minerva Capital Research Solutions.
Maharaja & Speedex India invested Rs 19.8 crore in its wholly owned subsidiary Dewdrop Bottles by subscribing to 4,50,000 shares at Rs 440 each via a rights issue. The money, as per its September 2026 IPO plan, will be used to buy plant and machinery for the subsidiary's existing factory. Dewdrop, which makes steel bottles and cookers, grew turnover from Rs 27.3 crore in FY24 to Rs 89 crore in FY26, and this expansion strengthens the group's manufacturing capacity.
Financials
Consolidated figures in ₹ crore.
| ₹ Cr. | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Sales | 61 | 93 | 122 |
| Expenses | 58 | 82 | 100 |
| Operating Profit | 3 | 11 | 23 |
| OPM % | 4.7% | 11% | 19% |
| Other Income | 0 | 0 | 0 |
| Interest | 1 | 2 | 2 |
| Depreciation | 0 | 1 | 2 |
| Profit before tax | 1 | 7 | 19 |
| Tax % | 26% | 26% | 20% |
| Net Profit | 1 | 6 | 15 |
| EPS in Rs | 0.87 | 4.32 | 11.89 |
| Dividend Payout % | 0% | 0% | 0% |
Growth and returns
Compounded yearly rates over each period.
- 10 Years
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- 5 Years
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- 3 Years
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- TTM
- 31%
- 10 Years
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- 5 Years
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- 3 Years
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- TTM
- 179%
- 10 Years
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- 3 Years
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- TTM
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- 3 Years
- 62%
- TTM
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P/E and EPS over time
Daily price to earnings ratio.
Peers
Listed companies in the same business.
| Maharaja Speedex India | ₹ 273.95 | ₹ 398 Cr. | 25.8x | 11.2x | 73% | — |
| Bharat Forge | ₹ 1,740.00 | ₹ 83,187 Cr. | 73.8x | 9x | — | 4.2% |
| Havells India | ₹ 1,128.00 | ₹ 70,789 Cr. | 41.1x | 7.4x | — | 6.9% |
| Schaeffler India | ₹ 3,519.70 | ₹ 55,190 Cr. | 49.2x | 9.4x | 21.6% | 11.9% |
| Sterlite Technologies | ₹ 719.90 | ₹ 36,996 Cr. | 817.5x | 19.1x | — | 4.3% |
| R R Kabel | ₹ 1,920.90 | ₹ 21,786 Cr. | 53.4x | 10.5x | — | 5.6% |
Management
- Rakesh Kumar Aggarwal
- Chairman of the Board, Managing Director
- Akash Aggarwal
- Chief Executive Officer, Executive Director
- Ankit Bansal
- Chief Financial Officer
- Mansee Agarwal
- Company Secretary, Compliance Officer
- Rohit Garg
- Executive Director
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