Maharaja & Speedex India Limited is a drinkware manufacturing and distribution company engaged in stainless-steel bottles and allied drinkware products. The company offers products across mass, premium and lifestyle segments under its Speedex and Dewdrop brands.
Its product portfolio includes stainless-steel bottles, vacuum-insulated bottles, tumblers, feeding bottles, gym shakers and travel mugs. The company also undertakes OEM and private-label manufacturing for institutional and corporate customers.
The company operates an integrated, asset-backed business model, with manufacturing primarily undertaken through its wholly owned subsidiary, Dewdrop Bottles Private Limited. The subsidiary operates two manufacturing facilities in Sonipat, Haryana, with an installed capacity of approximately 45.24 lakh units per annum across 223 SKUs.
Maharaja & Speedex has a Pan-India distribution network of 101 distributors across 17 states and 2 Union Territories. Its products are sold through traditional retail, modern trade and online channels, serving both B2C and B2B customers.
The company has strengthened its manufacturing and digital distribution capabilities through Dewdrop Bottles Private Limited and Speedex Online Private Limited. It also continues to introduce new designs and value-added drinkware products based on changing consumer preferences.
As of March 31, 2026, the company had 431 full-time employees, supporting its manufacturing, sales, marketing and other business operations.
Maharaja & Speedex India IPO – Details
| IPO Opening Date | 10 September 2026 |
| IPO Closing Date | 15 September 2026 |
| Issue Type | Book Building IPO |
| Issue Size | Total Issue: 43,08,000 Shares Worth ₹80.13 Crore Fresh Issue: 34,46,400 Shares Worth ₹64.10 Crore Offer For Sale: 8,61,600 Shares Worth ₹16.03 Crore |
| Face Value | ₹10 per equity share |
| IPO Price | ₹177 – ₹186 per share |
| Market Lot | 600 Shares |
| Min Order | 600 Shares [ 1 Lot ] |
| Listing At | BSE SME |
| Registrar | Maashitla Securities Pvt. Ltd. |
| QIB Shares Offered | 50% |
| NII Shares Offered | 15% |
| Retail Shares Offered | 35% |
Maharaja & Speedex India IPO – Date Schedule
| IPO Open Date | 10 September 2026 |
| IPO Close Date | 15 September 2026 |
| Basis of Allotment | 16 September 2026 |
| Initiation of Refund | 17 September 2026 |
| Credit of Shares to Demat | 17 September 2026 |
| IPO Listing Date | 18 September 2026 |
| Cut-off time for UPI mandate confirmation | 5 PM on September 15, 2026 |
Maharaja & Speedex India IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 1,200 | ₹2,23,200 |
| Retail (Max) | 2 | 1,200 | ₹2,23,200 |
| S-HNI (Min) | 3 | 1,800 | ₹3,34,800 |
| S-HNI (Max) | 8 | 4,800 | ₹8,92,800 |
| B-HNI (Min) | 9 | 5,400 | ₹10,04,400 |
Competitive Strength
- Pan-India distribution network.
- OEM and private-label manufacturing capabilities.
- Diversified product portfolio across price segments.
- Integrated manufacturing and distribution capabilities.
- Focus on product innovation and value-added drinkware.
- Long-standing relationships with suppliers and customers.
- Seasoned management team with complementary expertise.
Company Promoters
- Rakesh Kumar Aggarwal
- Kusum Aggarwal
- Akash Aggarwal
- Ankit Bansal
- Atul Tulsian
- Rohit Garg
Company Financials
| Period | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2024 | ₹61.41 Cr | ₹59.96 Cr | ₹1.08 Cr | ₹16.11 Cr |
| 31 March 2025 | ₹93.60 Cr | ₹86.11 Cr | ₹5.57 Cr | ₹18.04 Cr |
| 31 March 2026 | ₹122.74 Cr | ₹103.55 Cr | ₹15.34 Cr | ₹26.66 Cr |
Key Performance Indicator
| KPI | Values (Mar 31, 2026) |
|---|---|
| ROCE | 54.60% |
| Debt/Equity | 0.92 |
| RoNW | 80.47% |
| PAT Margin | 12.51% |
| EBITDA Margin | 18.36% |
| NAV | 20.73 |
| Price to Book Value | 8.97 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 11.89 | 9.39 |
| P/E (x) | 15.64 | 19.81 |
Object Of The Issue
| Objects of the Issue | Expected Amount (in Crore) |
|---|---|
| Repayment and/or pre-payment, in full or part, of certain borrowings availed by the Company and its subsidiary from banks. | ₹24.10 |
| Funding of capital expenditure towards purchase of plant and machineries at the existing manufacturing facility of the wholly-owned subsidiary. | ₹21.42 |
| General Corporate Purposes. |
✅Strengths
- Integrated Business Model with manufacturing capabilities and a Pan-India distribution network of 101 distributors.
- Diversified Product Portfolio across multiple drinkware categories and price segments.
- Strong Branded and OEM Presence through Speedex and Dewdrop brands along with OEM and private-label manufacturing.
- Experienced Management Team with expertise across manufacturing and business operations.
⚠️Risks
- Supplier Concentration Risk with dependence on a limited number of suppliers.
- Customer Concentration Risk due to reliance on key customers for revenue.
- Distribution Dependency as disruptions could impact product sales and operations.
Maharaja & Speedex India IPO Promoter Holding
| Pre-Issue Share Holding | 87.69% |
| Post Issue Share Holding | 63.93% |
Maharaja & Speedex India IPO Prospectus
Company Contact Information
| Maharaja & Speedex India Limited Kh. No. 53/27 GT Karnal Road, Village Alipur, Near Alipur Police Station, Alipur, New Delhi, 110036 Phone: 9650589457 Email: cs@speedexind.com Website: https://speedexind.com/ |
Maharaja & Speedex India IPO Registrar
| Maashitla Securities Pvt. Ltd. Phone: 011-45121795 Email: Investor.ipo@maashitla.com Website: https://maashitla.com/allotment-status/public-issues |
Maharaja & Speedex India IPO Lead Manager(s)
| 1. Choice Capital Advisors Pvt. Ltd. |
Maharaja & Speedex India IPO FAQ
| What is the Maharaja & Speedex India IPO? Maharaja & Speedex India IPO is an SME IPO. The issue is priced at ₹177 – ₹186 per equity share. The IPO is to be listed on BSE SME. |
| When will Maharaja & Speedex India IPO open? The IPO is to open on 10 September 2026 for QIB, NII, and Retail Investors. |
| What is Maharaja & Speedex India IPO Investors’ Portion? The Investors portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| What is the Maharaja & Speedex India IPO Size? Maharaja & Speedex India IPO size is ₹80.13 Crore. |
| What are the Maharaja & Speedex India IPO Minimum and Maximum Lot Sizes for Retail Investors? The minimum bid is 1200 Shares for ₹2,23,200, while the maximum bid is 1200 Shares for ₹2,23,200. |
| What is the Maharaja & Speedex India IPO Allotment Date? Maharaja & Speedex India IPO allotment date is 16 September 2026. |
| What is the Maharaja & Speedex India IPO Listing Date? Maharaja & Speedex India IPO listing date is 18 September 2026. The IPO is to be listed on the BSE SME. |
