Overview
Updated 12 days agoMaharaja & Speedex India Limited is an Indian manufacturer and distributor of stainless-steel drinkware, including bottles, tumblers, and shakers. The company operates through a hybrid business model, offering both branded products and OEM/private-label manufacturing services for institutional and corporate clients.
The red bar is the price band. GMP-implied price is an unofficial grey-market number, not a forecast.
How much to apply
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 600 | ₹1,11,600 |
| bNII (min) | 9 | 5,400 | ₹10,04,400 |
At the upper band. The amount is blocked in your bank account through UPI, not paid, until allotment.
Final subscription
As of 31 Oct, 16:42 ISTTimes the shares on offer were bid for, by investor category. Above 1x means the category is fully booked.
Listing performance
Latest price updated 5 hr ago.
Issue details
| Status | Listed |
| Exchange | BSE |
| Segment | SME |
| Price band | ₹177–186 |
| Final issue price | ₹186.00 |
| Face value | ₹10 per share |
| Lot size | 600 shares |
| Minimum investment | ₹1,11,600 |
| Issue size | ₹80.00 Cr |
| Fresh issue | ₹345 Cr |
| Offer for sale | ₹86.16 Cr |
| P/E at upper band | 15.6x |
| Registrar | Maashitla Securities Private Limited |
| Lead managers | Choice Capital Advisors Private Limited |
| NSE symbol | SPEEDEX |
| ISIN | INE0SVD01012 |
Fresh issue vs offer for sale
Shareholder quota and promoter holding
Company & business
Established in 2006, Maharaja & Speedex India Limited is a Delhi-based company specializing in stainless-steel drinkware. Its product portfolio includes single-wall and vacuum-insulated bottles, tumblers, shakers, and feeding bottles, catering to retail, institutional, and corporate customers. The company operates an integrated, asset-backed business model with in-house manufacturing capabilities, supported by a pan-India distribution network and online sales channels. It also provides OEM and private-label manufacturing services for third-party brands. The company has expanded its product mix to include value-added and specialized drinkware, reflecting a shift from plastic-based products to stainless-steel alternatives.
Objects of the issue — how the money will be used
- Repayment and/or pre-payment, in full or part, of certain borrowings availed by our Company and its subsidiary from banks (₹241.04 Cr)
- Funding of capital expenditure towards purchase of plant and machineries at the existing manufacturing facility of our wholly-owned subsidiary (₹214.16 Cr)
- General Corporate purposes
Key strengths
- Long-standing relationships with suppliers and customers
- Integrated manufacturing and distribution capabilities
- Diversified product portfolio across price segments
- Seasoned management team with complementary expertise
Key risks
- Dependence on a limited number of suppliers for stainless steel
- Concentration of revenue from a limited number of customers
- Dependence on distribution network in India
- Potential channel conflicts from OEM/private-label business
- Geographic concentration of revenue in certain states
- Leased premises for manufacturing units
- Involvement in certain legal proceedings
- Dependence on third-party logistics providers
Promoters
Rakesh Kumar Aggarwal, Kusum Aggarwal, Akash Aggarwal, Ankit Bansal, Atul Tulsian, Rohit Garg
Decoded from the RHP with AI on 01-Nov-2026. Check the offer document before you apply.
Financials (restated, ₹ crore)
| Period | Revenue | Expenses | Profit after tax | Assets | Net worth | Borrowings |
|---|---|---|---|---|---|---|
| FY24 | 61.32 | -- | 1.08 | 26.94 | 4.97 | 16.11 |
| FY25 | 93.51 | -- | 5.57 | 47.67 | 13.52 | 18.04 |
| FY26 | 122.65 | -- | 15.34 | 81.98 | 28.66 | 26.66 |
Key performance indicators · FY26
Peers & valuation
Listed peers as chosen by the issuer in the offer document (Basis for Issue Price).
| Company | Revenue (₹ Cr) | EPS (₹) | P/E | RoNW % | NAV (₹) |
|---|---|---|---|---|---|
| Maharaja & Speedex India Limited this issue | 122.7 | 11.89 | 15.6x | 80.47 | 20.73 |
| Borosil Limited | 1,195.9 | 6.24 | 38.2 | 9.30 | 74.12 |
| Cello World Limited | 2,323.7 | 14.70 | 25.7 | 14.35 | 101.62 |
This issue is priced at 15.6x P/E against a peer median of 32.0x: a discount of 51%. A measurement, not a verdict.
Documents and resources
Offer documents and the issuer, exchange, registrar and SEBI pages for this issue.