Maxwell Engineering Solutions Limited is a Vadodara, Gujarat-based precision engineering company engaged in manufacturing, trading and servicing components used in underwater pelletizing systems. Incorporated in September 2022, the company operates under the “Maxwell” brand and manufactures pelletizing die plates, blades/knives, blade holders, cutter hubs, tapped driving bushes and other precision-engineered spare parts. Its products cater to polymer compounding, masterbatches, engineering plastics, cable compounds, specialty polymers and plastics recycling industries.
The company’s operations are divided into three business segments:
- Manufacturing: Produces precision-engineered pelletizing components, including customised products and white-label manufacturing.
- Services: Provides refurbishment and repair of used die plates, intermediary support for CJTEK products and management consulting services.
- Trading: Supplies pelletizing blades, driving bushes, blade holders and other complementary spare components.
The company operates a company-owned manufacturing facility at Waghodia GIDC, Vadodara, which commenced operations in July 2025. The facility is equipped with CNC, VMC, milling, EDM, wire-cut, lathe and surface-grinding machines, along with in-house testing equipment. Certain specialised manufacturing processes are outsourced to external job workers.
Maxwell Engineering Solutions supplies products to customers in more than 25 countries, including the USA, Germany, Japan, Saudi Arabia, Italy and Australia. Exports contributed 84.73% of revenue from operations in FY2026. The company holds ISO 9001:2015 certification and received ZED Bronze Certification in November 2025.
As of September 30, 2026, the company had 108 employees, comprising 71 permanent and 37 contractual employees, excluding directors.
Maxwell Engineering Solutions IPO – Details
| IPO Opening Date | 30 October 2026 |
| IPO Closing Date | 03 November 2026 |
| Issue Type | Book Building IPO |
| Issue Size | Total Issue: 36,48,000 Shares Worth ₹57.64 Crore Fresh Issue: 36,48,000 Shares Worth ₹57.64 Crore |
| Face Value | ₹10 per equity share |
| IPO Price | ₹150 – ₹158 per share |
| Market Lot | 800 Shares |
| Min Order | 800 Shares [ 1 Lot ] |
| Listing At | NSE SME |
| Registrar | Kfin Technologies Ltd. |
| QIB Shares Offered | 50% |
| NII Shares Offered | 15% |
| Retail Shares Offered | 35% |
Maxwell Engineering Solutions IPO – Date Schedule
| IPO Open Date | 30 October 2026 |
| IPO Close Date | 03 November 2026 |
| Basis of Allotment | 04 November 2026 |
| Initiation of Refund | 05 November 2026 |
| Credit of Shares to Demat | 05 November 2026 |
| IPO Listing Date | 06 November 2026 |
| Cut-off time for UPI mandate confirmation | 5 PM on November 03, 2026 |
Maxwell Engineering Solutions IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 1600 | ₹2,52,800 |
| Retail (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 |
Competitive Strength
- 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.
Company Promoters
- Rajkumar Chaudhary
- Vinubhai Kanjibhai Chavda
- Ria Rajkumar Chaudhary
Company Financials
| Period | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2024 | ₹10.87 Cr | ₹7.04 Cr | ₹3.16 Cr | ₹3.19 Cr |
| 31 March 2025 | ₹22.59 Cr | ₹11.54 Cr | ₹9.18 Cr | ₹8.60 Cr |
| 31 March 2026 | ₹30.76 Cr | ₹16.36 Cr | ₹11.86 Cr | ₹16.73 Cr |
| 31 July 2026 | ₹12.25 Cr | ₹8.58 Cr | ₹3.05 Cr | ₹15.77 Cr |
Key Performance Indicator
| KPI | Values (July 31, 2026) |
|---|---|
| ROE | 11.56% |
| ROCE | 9.87% |
| Debt/Equity | 0.56 |
| RoNW | 10.93% |
| PAT Margin | 25.70% |
| EBITDA Margin | 36.11% |
| NAV | 27.78 |
| Price to Book Value | 5.69 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 11.80 | 6.68 |
| P/E (x) | 13.39 | 23.65 |
Object Of The Issue
| Objects of the Issue | Expected Amount (in Crore) |
|---|---|
| Financing the capital expenditure requirement towards Purchase of New Machineries, Lab Equipment & Other utilities for Manufacturing Facility. | ₹18.00 |
| Financing the capital expenditure requirement for construction of New Office Building and Manufacturing facility. | ₹6.50 |
| Repayment / prepayment, in full or part, of certain outstanding borrowings availed by Company. | ₹4.30 |
| Funding working capital requirements of Company. | ₹14.00 |
| General Corporate Purposes. |
✅Strengths
- Experienced promoters with 11 years of industry experience.
- Diverse manufacturing, trading and service activities.
- International customer presence across multiple countries.
- Customised manufacturing and white-label capabilities.
- ISO 9001:2015 and ZED Bronze certifications.
⚠️Risks
- Dependence on suppliers without long-term agreements.
- Outsourcing of specialised manufacturing processes.
- Exposure to foreign exchange and supply-chain risks.
- Significant working capital requirements.
- Uncertainty regarding post-listing share price and liquidity.
Maxwell Engineering Solutions IPO Promoter Holding
| Pre-Issue Share Holding | 97.26% |
| Post Issue Share Holding | 71.36% |
Maxwell Engineering Solutions IPO Prospectus
Company Contact Information
| Maxwell Engineering Solutions Limited Plot 939 & 940, Waghodia GIDC, Vaghodia, Vadodara, Gujarat, 391760 Phone: 96385 42674 Email: cs@maxwells.in Website: https://maxwells.in/ |
Maxwell Engineering Solutions IPO Registrar
| Kfin Technologies Ltd. Phone: 040-79615565 Email: maxwell.ipo@kfintech.com Website: https://ipostatus.kfintech.com/ |
Maxwell Engineering Solutions IPO Lead Manager(s)
| 1. JDA Capital Services Ltd. |
Maxwell Engineering Solutions IPO FAQ
| What is the Maxwell Engineering Solutions IPO? Maxwell Engineering Solutions IPO is an SME IPO. The issue is priced at ₹150 – ₹158 per equity share. The IPO is to be listed on NSE SME. |
| When will Maxwell Engineering Solutions IPO open? The IPO is to open on 30 October 2026 for QIB, NII and Retail Investors. |
| What is Maxwell Engineering Solutions IPO Investors’ Portion? The Investors portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| What is the Maxwell Engineering Solutions IPO Size? Maxwell Engineering Solutions IPO size is ₹57.64 Crore. |
| What are the Maxwell Engineering Solutions IPO Minimum and Maximum Lot Sizes for Retail Investors? The minimum bid is 1600 Shares for ₹2,52,800, while the maximum bid is 1600 Shares for ₹2,52,800. |
| What is the Maxwell Engineering Solutions IPO Allotment Date? Maxwell Engineering Solutions IPO allotment date is 04 November 2026. |
| What is the Maxwell Engineering Solutions IPO Listing Date? Maxwell Engineering Solutions IPO listing date is 06 November 2026. The IPO is to be listed on the NSE SME. |
