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Maharaja & Speedex India IPO
Price Band
₹177.0–186.0
Issue Size
₹80.13 Cr
Lot Size
600 shares
Min Investment
₹223,200
2 LOTS MIN
GMP
+₹28.0 (15.05%)
Issue Price
₹186.0
Subject to Sauda
₹12800
Paid only if allotted
Maharaja & Speedex India IPO AI Summary
- Maharaja & Speedex India IPO is listed on BSE SME in the Houseware sector.
- Price band: ₹177.0–₹186.0 per share, lot size 600 shares (min. investment ₹223,200, 2 lots minimum).
- Subscription window: 10 Sep–15 Sep 2026, listing on 18 Sep 2026.
- Current GMP is +₹28.0 (15.05%), an estimated listing price of ₹214 — unofficial and can change daily.
Maharaja & Speedex India Limited is a growing player in the houseware sector, focusing on stainless-steel products. The company has shown strong revenue and profit growth in recent years, and its upcoming IPO has generated significant interest among investors.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Important Dates
Subscription Status
Overall Subscription
32.41x
| Category | Subscription | Status |
|---|---|---|
| QIB (Institutional) |
48.82x
|
49x ✓ |
| NII (HNI) |
40.32x
|
40x ✓ |
| ↳ bNII (>₹10L) |
44.60x
|
45x ✓ |
| ↳ sNII (<₹10L) |
31.79x
|
32x ✓ |
| Retail (RII) |
19.65x
|
20x ✓ |
| Total | 32.41x | 32.41x |
Auto-updated every 5 min · As of 15th Sep 2026 18:56
Maharaja & Speedex India IPO Grey Market Premium (GMP) Today
GMP
+₹28.0
GMP %
+15.05%
Est. Listing
₹214.0
Updated: 18 Sep 2026 09:15
GMP Trend (Last 11 Days)
About the Company
The Company was incorporated on February 15, 2006, as “Maharaja Cookers Private Limited” under the Companies Act, 1956, and was initially engaged in trading activities. In 2017, the Company diversified into the trading of stainless-steel bottles, which emerged as a key revenue segment and contributed significantly to its turnover. In Fiscal 2021, Dewdrop Bottles Private Limited, an entity owned by the current Promoters and Directors at that time, commenced manufacturing of stainless-steel products from its facility in Sonipat, Haryana. To consolidate manufacturing operations, the Company acquired Dewdrop Bottles Private Limited as a wholly owned subsidiary pursuant to a Share Purchase Agreement dated January 27, 2025. Further, in Fiscal 2025, the Company acquired Gulika Apparel Private Limited as its wholly owned subsidiary pursuant to a Share Purchase Agreement dated February 4, 2026, which was subsequently rebranded as “Speedex Online Private Limited” to strengthen its online sales and digital distribution capabilities. Maharaja & Speedex India Limited is engaged in the manufacturing, branding, marketing and distribution of stainless-steel bottles and allied drinkware products, catering to both retail and institutional customers across India. The Company operates through a pan-India distribution network comprising 101 distributors across 17 states and 2 Union Territories.
Company Financials (₹ Cr)
As of 2026-03-31
| Period Ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 81.98 | 47.67 | 26.94 |
| Total Income | 122.74 | 93.60 | 61.41 |
| Profit After Tax | 15.34 | 5.57 | 1.08 |
| EBITDA | 22.52 | 10.61 | 2.90 |
| NET Worth | 26.74 | 11.39 | 4.97 |
| Reserves and Surplus | 15.96 | 13.51 | 4.96 |
| Total Borrowing | 26.66 | 18.04 | 16.11 |
Key Ratios
EPS
₹11.89
NAV
₹20.73
ROCE
54.60%
RoNW
80.47%
P/B Value
8.97
P/E Ratio
15.64
Market Cap
₹304.02 Cr
PAT Margin
12.51%
Debt/Equity
0.92
Peer Comparison
| Company | NAV | RoNW | P/E (x) | EPS Basic | EPS Diluted |
|---|---|---|---|---|---|
| Cello World Ltd. | 101.62 | 14.35% | 25.69 | 14.7 | 14.7 |
| Borosil Ltd. | 74.12 | 9.3% | 38.23 | 6.24 | 6.24 |
| Maharaja & Speedex India Ltd. This IPO | 20.73 | 80.47% | — | 11.89 | 11.89 |
Promoters
Rakesh Kumar Aggarwal, Kusum Aggarwal, Akash Aggarwal, Ankit Bansal, Atul Tulsian, Rohit Garg
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Repayment and/or pre-payment, in full or part, of certain borrowings availed by the Company and its subsidiary from banks. 24.10 2 Funding of capital expenditure towards purchase of plant and machineries at the existing manufacturing facility of the wholly-owned subsidiary 21.42 3 General Corporate Purposes Total 45.52
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total income was ₹61.41 Cr in the year ending 31 Mar 2024, rising to ₹93.60 Cr by 31 Mar 2025, and further increasing to ₹122.74 Cr by 31 Mar 2026. This indicates a consistent growth trend in revenue over the periods.
Profit Trend
Profit After Tax was ₹1.08 Cr for the year ending 31 Mar 2024, which grew to ₹5.57 Cr by 31 Mar 2025, and further rose to ₹15.34 Cr by 31 Mar 2026. This demonstrates a significant increase in profitability over the periods.
Valuation
At the issue price of ₹186.0, Maharaja & Speedex India Ltd. has an implied P/E ratio of 15.64, compared to peers trading at P/E ratios ranging from 25.69 to 38.23.
Grey Market Premium, Explained
The Grey Market Premium (GMP) indicates the expected premium of a stock over its issue price in the grey market before it is officially listed. A positive GMP suggests that the stock is anticipated to list at a higher price than its issue price, while a negative GMP indicates the opposite.
Subscription Demand
The IPO received a strong response, with a total subscription of 32.41 times. The QIB category was subscribed 48.82 times, the NII category 40.32 times, and the retail category 19.65 times, indicating robust demand across all segments.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their overall investment strategy and market conditions. It's important to consider the company's growth potential and financial health before making a decision.
Who May Want to Wait
Investors averse to high-risk investments or those seeking immediate returns might consider avoiding this IPO, as it may experience fluctuations in the short term.
IPO Timeline, Explained
The IPO opens for subscription on September 10, 2026, and closes on September 15, 2026. Allotment of shares will be done on September 16, 2026, with the listing date set for September 18, 2026.
Listing Gains — The Risk
Listing gains can be unpredictable and depend on market conditions at the time of listing. Investors should be aware that while some IPOs may experience significant gains on the first day of trading, others may not perform as expected, leading to potential losses.
This evaluation is generated from Maharaja & Speedex India's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is Maharaja & Speedex India IPO GMP today?
Maharaja & Speedex India IPO GMP today is +₹28.0 (15.05%), indicating an estimated listing price of ₹214. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of Maharaja & Speedex India IPO?
The price band of Maharaja & Speedex India IPO is ₹177.0–₹186.0 per share.
When does Maharaja & Speedex India IPO open and close?
Maharaja & Speedex India IPO opens on 10 September 2026 and closes on 15 September 2026.
When does Maharaja & Speedex India IPO list on the stock exchange?
Maharaja & Speedex India IPO listed on 18 September 2026 at ₹214.0.
What is the lot size for Maharaja & Speedex India IPO?
The lot size for Maharaja & Speedex India IPO is 600 shares, requiring a minimum investment of ₹223,200 (2 lots).
What is the lot size for this IPO?
The lot size for Maharaja & Speedex India IPO is 600 shares.
What is the minimum investment required?
The minimum investment required is ₹223,200.
What is the price band for the IPO?
The price band for the IPO is ₹177.0 to ₹186.0.
When is the listing date for the IPO?
The listing date for the IPO is September 18, 2026.
What does GMP mean?
GMP stands for Grey Market Premium, which indicates the expected premium of the stock over its issue price before it is officially listed.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
10 Sep 2026
Close
15 Sep 2026
Allotment
16 Sep 2026
Listing
18 Sep 2026
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