Maxwell Engineering Solutions
Price band ₹150–158 · Issue ₹57.64 Cr
Market attention score 36 (how ranked)
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Capital required
Approximate retail outlay for Maxwell Engineering Solutions at the issue price band (lot × lots).
Est. capital
₹1,20,000 – ₹1,26,400
Lot size 800 · up to ₹158/share
Prefer smaller tickets before listing? Explore unlisted & pre-IPO shares.
Opens
30 Oct 2026
Closes
3 Nov 2026
Allotment
4 Nov 2026
Listing
6 Nov 2026
Lot size
800
GMP
+15.82%
Overview
Maxwell Engineering Solutions IPO is a book build issue of ₹57.64 crores. The issue is entirely a fresh issue of 36.48 lakh shares of ₹57.64 crore.
Maxwell Engineering Solutions IPO opens for subscription on Oct 30, 2026 and closes on Nov 3, 2026. The allotment for the Maxwell Engineering Solutions IPO is expected to be finalized on Nov 4, 2026. Maxwell Engineering Solutions IPO will list on the NSE SME with a tentative listing date fixed as Nov 6, 2026.
Maxwell Engineering Solutions IPO is set issue price band at ₹150 to ₹158 per share. The lot size for an application is 800 shares. The minimum amount of investment required by an individual investor (retail) is ₹2,52,800 (1,600 shares) (based on upper price). The minimum lot size for investment in HNI is 3 lots (2,400 shares), amounting to ₹3,79,200.
JDA Capital Services Ltd. is the book running lead manager and Kfin Technologies Ltd. is the registrar of the issue. The Market Maker of the company is Jda Capital Services Ltd.
Refer to Maxwell Engineering Solutions IPO RHP for detailed Information.
Issue details
IPO Date
30 Oct to 3 Nov, 2026
Listing Date
Fri, Nov 6, 2026
Face Value
₹10 per share
Price Band
₹150 to ₹158
Lot Size
800 Shares
Sale Type
Fresh capital only
Issue Type
Bookbuilding IPO
Listing At
NSE SME
Lot size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (IND) (Min) | 2 | 1600 | ₹2,52,800 |
| Individual investors (IND) (Max) | 2 | 1600 | ₹2,52,800 |
| S-HNI (Min) | 3 | 2400 | ₹3,79,200 |
| S-HNI (Max) | 7 | 5600 | ₹8,84,800 |
| B-HNI (Min) | 8 | 6400 | ₹10,11,200 |
Issue reservation
| Investor Category | Shares | % of Net Issue | % of Total Issue |
|---|---|---|---|
| QIB | 17,07,200 | 49.84% | 46.80% |
| − Anchor Investor | 10,24,000 | 28.07% | |
| − QIB (Ex. Anchor) | 6,83,200 | 18.73% | |
| NII (HNI) | 5,18,400 | 15.13% | 14.21% |
| − bNII > ₹10L | 3,45,600 | 9.47% | |
| − sNII < ₹10L | 1,72,800 | 4.74% | |
| Retail | 12,00,000 | 35.03% | 32.89% |
| Firm Reservations | |||
| Market Maker | 2,22,400 | 6.10% | |
| Total | 36,48,000 | 100.00% | 100.00% |
About the company
Incorporated in September 2022, Maxwell Engineering Solutions Limited is a precision engineering company engaged in the manufacturing, trading and servicing of critical components for underwater pelletizing systems. The Company manufactures a range of components for underwater pelletizing systems, including pelletizing die plates, pelletizing blades and knives, blade holders, cutter hubs, tapped driving bushes and other spare parts. Its products cater to polymer compounding, masterbatches, engineering plastics, cable compounds, specialty polymers and plastics recycling industries. The Company also undertakes customised manufacturing based on customer specifications and offers white-label manufacturing, enabling customers to market products under their own brands. Its business operates through three segments: manufacturing, services and trading.
The Company commenced operations at its company-owned manufacturing facility at Waghodia GIDC, Vadodara, Gujarat, in July 2025 and has progressively transitioned manufacturing activities from its earlier leased facility in Makarpura, Vadodara. Its manufacturing infrastructure includes precision machining and testing equipment such as VMC, CNC, milling, EDM, wire-cut, lathe and surface-grinding machines. Certain specialised processes, including heat treatment, hardening and coating, are outsourced to job workers. The Company also provides refurbishment and repair services for used die plates, intermediary support for the marketing and supply of CJTEK components, and management consulting services for developing customer relationships.
The Company serves customers across India and international markets, including the USA, Germany, the Netherlands, Israel, Saudi Arabia, Japan, Australia, Italy and other countries. It holds ISO 9001:2015 certification for manufacturing and supplying pelletizing system components and received ZED Bronze Certification under the MSME Sustainable Certification Scheme in November 2025. Its operations are supported by an experienced promoter and management team, technical personnel and dedicated sales and marketing capabilities.
As of September 30, 2026, the Company had 71 full-time employees, excluding Directors, across production and operations, quality and testing, design, sales and marketing, finance, administration and other functions.
- Diversified Business Segments.
- Quality Standards and Certifications.
- International Market Presence.
- Customised and White-Label Manufacturing.
- In-House Manufacturing and R&D Capabilities.
- Specialised Product Portfolio.
- Established Customer Relationships.
Financials
| Metric | 31 Jul 2026 | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|---|
| Assets | 51.79 | 47.55 | 25.31 | 8.51 |
| Total Income | 12.25 | 30.76 | 22.59 | 10.87 |
| Profit After Tax | 3.05 | 11.86 | 9.18 | 3.16 |
| EBITDA | 4.29 | 15.19 | 11.69 | 4.25 |
| NET Worth | 27.92 | 24.87 | 13.01 | 3.33 |
| Reserves and Surplus | 17.87 | 14.82 | 10.25 | 3.32 |
| Total Borrowing | 15.77 | 16.73 | 8.60 | 3.19 |
Amounts in ₹ Crore (restated)
Key performance indicators
| KPI | Jul 31, 2026 | Mar 31, 2026 |
|---|---|---|
| ROE | 11.56% | 62.63% |
| ROCE | 9.87% | 38.46% |
| Debt/Equity | 0.56 | 0.67 |
| RoNW | 10.93% | 47.70% |
| PAT Margin | 25.70% | 40.28% |
| EBITDA Margin | 36.11% | 51.58% |
| NAV | 27.78 | 24.74 |
| P/B (x) | 5.69 | 6.39 |
Valuation
Valuation Metric
Pre IPO
EPS (₹)
11.80
P/E (x)
13.39
Market Cap at Offer Price
₹158.79 Cr.
Objects of the issue
- Financing the capital expenditure requirement towards Purchase of New Machineries, Lab Equipment & Other utilities for Manufacturing Facility
- Financing the capital expenditure requirement for construction of New Office Building and Manufacturing facility
- Repayment / prepayment, in full or part, of certain outstanding borrowings availed by Company
- Funding working capital requirements of Company
- General Corporate Purposes
Intermediaries
Registrar
Kfin Technologies Ltd.
Lead manager(s)
JDA Capital Services Ltd.
FAQs
How to apply in Maxwell Engineering Solutions IPO through Zerodha?+
Zerodha customers can apply for the Maxwell Engineering Solutions IPO online through the Kite platform under the IPO & Bids section using UPI as the payment method. Steps to Apply for Maxwell Engineering Solutions IPO through Zerodha Log in to your Zerodha Kite account. On the home page, click IPO & Bids in the top menu. Select the IPO tab and find the Maxwell Engineering Solutions IPO in the list. Click Apply next to the IPO. Enter your UPI ID, bid quantity, and bid price. Submit the IPO application. Open your UPI app and approve the mandate to complete the application process. For more details, visit the Zerodha IPO Application Process Review .
When Maxwell Engineering Solutions IPO will open?+
The Maxwell Engineering Solutions IPO opens on Fri, Oct 30, 2026 and closes on Tue, Nov 3, 2026.
What is the lot size of Maxwell Engineering Solutions IPO?+
Maxwell Engineering Solutions IPO lot size is 800 , and the minimum amount required for application is ₹2,52,800 , with 2 lots being the minimum application size .
How to apply for Maxwell Engineering Solutions IPO?+
You can apply in Maxwell Engineering Solutions IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha , Upstox , 5Paisa , Nuvama , HDFC Bank , and SBI Bank .
When is Maxwell Engineering Solutions IPO allotment?+
The finalization of Basis of Allotment for Maxwell Engineering Solutions IPO will be done on Wednesday, November 4, 2026 , and the allotted shares will be credited to your demat account by Thu, Nov 5, 2026 . Check the Maxwell Engineering Solutions IPO allotment status .
When is Maxwell Engineering Solutions IPO listing date ?+
The Maxwell Engineering Solutions IPO listing date is not yet announced. The tentative date of listing is Fri, Nov 6, 2026 .
Aggregated from public IPO filings. GMP is unofficial grey-market chatter, not advice.