Minerva Capital Research Solutions

Maharaja & Speedex India

ListedListed 18 Sep 2026BSE SMENSE: SPEEDEXCheck allotment
Current price₹ 240.55+29.33% since issue
Listing day+34.41%
Issue price
₹ 186
Issue size
₹ 80.13 Cr.
Min. investment
₹ 1,11,600
Listing price
₹ 250
Subscribed
30.21x
Lot size
600 shares
RoNW
68.03%
RoCE
42.22%
PAT margin
5.95%
EPS
₹ 9.39
Promoter stake
63.93%

About

Maharaja & Speedex India Ltd was started in 2006. It makes and distributes drinkware, with its main focus on stainless steel bottles and related products. Its range is split into two groups. Standard products are the stainless steel bottles used for everyday purposes. Novelty products cover tumblers, feeding bottles and gym shakers. The company offers these at several price points so that it can sell into the mass, premium and lifestyle segments rather than only one type of buyer. It sells across India through a distribution network of 101 distributors spread over 17 states and 2 union territories, including Maharashtra, Uttar Pradesh, Rajasthan and Punjab. It describes its strengths as long standing relationships with suppliers and customers and having both manufacturing and distribution under one roof.

Timeline

  1. Opens
    10 Sep
    done
  2. Closes
    15 Sep
    done
  3. Allotment
    16 Sep
    done
  4. Refunds
    17 Sep
    done
  5. Demat credit
    17 Sep
    done
  6. Listing
    18 Sep
    done

Grey market premium (GMP)

GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Highest
₹ 48 on 12 Sep 2026
Lowest
₹ 15 on 7 Sep 2026
First quoted
₹ 15 on 7 Sep 2026

Subscription

How many times each investor group bid for its share, as of 18 Sep 2026, 06:32 PM IST.

How much to apply for

The smallest and largest bids for each kind of investor at the upper price band.

Lots and amounts by investor type
Retail (Min)1600₹ 1,11,600
Retail (Max)1600₹ 1,11,600
HNI (Min)21,200₹ 2,23,200

Company overview

Financials

Financials by year
Assets51.8547.6726.9416.24
Total Income75.4893.661.4164.77
Profit After Tax8.355.571.080.72
EBITDA12.5310.612.91.72
NET Worth21.8713.524.971.86
Reserves and Surplus21.8613.514.961.85
Total Borrowing13.9318.0416.117.94

Strengths

  • Profit has grown sharply, from Rs 0.72 crore in FY2023 to Rs 1.08 crore in FY2024 and Rs 5.57 crore in FY2025, with Rs 8.35 crore earned in the eight months to 30 November 2025.
  • EBITDA improved from Rs 1.72 crore in FY2023 to Rs 10.61 crore in FY2025 and Rs 12.53 crore in the latest period.
  • Return ratios are among the highest in this batch, with RoNW of 68.03% and RoCE of 42.22%.
  • Net worth has grown from Rs 1.86 crore in FY2023 to Rs 21.87 crore as on 30 November 2025.
  • The company reduced its borrowing while growing, from Rs 18.04 crore in FY2025 to Rs 13.93 crore in the latest period.
  • The distribution reach is wide for a company of this size, at 101 distributors across 17 states and 2 union territories.
  • Selling across mass, premium and lifestyle price points lets it serve different buyers rather than depending on one segment.
  • It has a long record of about 20 years, having started in 2006, and both manufactures and distributes rather than only trading.

Risks

  • Sales are not growing steadily. Total income actually fell from Rs 64.77 crore in FY2023 to Rs 61.41 crore in FY2024 before rising to Rs 93.60 crore in FY2025.
  • The financial data is old and partial for an issue opening in September 2026. The latest column is an eight month period ending 30 November 2025, not a full year, so it cannot be compared directly with the years before it.
  • The P/E is not stated in the data available to us, so the issue cannot be compared with peers on earnings from here.
  • The profit margin is thin at 5.95%.
  • Borrowing of Rs 13.93 crore is high against a net worth of Rs 21.87 crore.
  • Drinkware is a crowded consumer category with low entry barriers, competing against established national brands and against cheap imports on price.
  • A part of the money, Rs 20.38 crore, goes into plant and machinery at a wholly owned subsidiary's facility rather than into the parent company.
  • This is a fresh issue combined with an offer for sale, so a part of the money goes to the selling shareholders and not to the company.
  • Promoter holding will come down from 87.69% to 63.93% after the issue.
  • This is an SME issue. One lot is 600 shares, which is about Rs 1.12 lakh at the upper band of Rs 186, and SME shares usually trade in low volume after listing.

What the money is for

Objects of the issue
Repayment and/or pre-payment, in full or part, of certain borrowings availed by the Company and its subsidiary from banks.25.05
Funding of capital expenditure towards purchase of plant and machineries at the existing manufacturing facility of the wholly-owned subsidiary20.38
General Corporate Purposes—

Promoters

  • Rakesh Kumar Aggarwal
  • Kusum Aggarwal
  • Akash Aggarwal
  • Ankit Bansal
  • Atul Tulsian
  • Rohit Garg
Promoter holding87.69%→63.93%before → after the issue · down 23.76 points

Registrar, lead managers and documents

Listing on
BSE SME
Face value
₹ 10 a share
Registrar
Maashitla Securities Private Limited
Lead managers
Choice Capital Advisors Pvt.Ltd.
Basis of allotment
Open

IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.

Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.