Maharaja & Speedex India IPO

About Maharaja & Speedex India IPO

The public issue of Maharaja & Speedex India Limited, an SME IPO, will open on 10 September 2026 and close on 15 September 2026. The basis of allotment is expected to be finalised on or about 16 September 2026. Shares will be credited to eligible investors' demat accounts on or about 17 September 2026, and refunds, if any, will be initiated on the same date.

The listing of shares is scheduled on or about 18 September 2026. The equity shares offered through the IPO are proposed to be listed on the BSE SME platform.

The IPO comprises a fresh issue and an offer for sale. The fresh issue consists of 32,30,400 equity shares aggregating up to ₹60 crore. The offer for sale comprises 8,61,600 equity shares aggregating up to ₹16 crore. In addition, 2,16,000 equity shares aggregating up to ₹4 crore are reserved for the Market Maker.

Maharaja & Speedex India Limited's IPO price band is fixed at ₹177 to ₹186 per share. The lot size for an application is 600 shares. The minimum investment required for retail investors is ₹2,23,200 (1,200 shares).

Maharaja & Speedex India Limited is engaged in the manufacturing, branding, marketing and distribution of stainless-steel (SS) bottles and value-added drinkware products.

Objectives of Maharaja & Speedex India IPO

• Repayment and/or pre-payment, in full or in part, of certain borrowings availed by the Company and its subsidiary from banks.
• Funding of capital expenditure towards the purchase of plant and machinery at the existing manufacturing facility of its wholly owned subsidiary.
• General corporate purposes.

Industry Outlook

India’s kitchenware industry is witnessing steady growth, supported by rapid urbanisation, evolving consumer lifestyles and changing household dynamics. The expansion of residential construction and modular kitchens has also supported demand for standardised and aesthetically designed products, particularly stainless steel and branded kitchenware.

The Indian stainless-steel kitchenware industry has recorded consistent growth in recent years. Its market size increased from ₹168 billion in FY 2021 to ₹227 billion in FY 2025, representing a compound annual growth rate (CAGR) of 7.8% during the period. The outlook remains positive for the stainless-steel kitchenware segment. The market is projected to increase from ₹227 billion in FY 2025 to ₹337 billion by FY 2030E, implying a forecast CAGR of 8.2%.

Within the stainless-steel products market, SS bottles & drinkware are expected to account for 28% of the market by FY 2030, compared with 25% in FY 2025. SS feeding bottles and SS shakers are expected to account for 7% and 5%, respectively, while other stainless-steel kitchenware products are projected to retain the largest share at 60%. The distribution landscape is also becoming more organised and digitalised. E-commerce platforms accounted for 25% of the stainless-steel kitchenware distribution mix, while business-to-business (B2B) sales accounted for 10%.

About Maharaja & Speedex India

Maharaja & Speedex India Limited is a drinkware manufacturing and distribution company focused on stainless-steel bottles and allied drinkware products. The company was established in 2006 and is headquartered in Delhi. It caters to both retail consumers and institutional customers across India. Its business covers the manufacturing, branding, marketing and distribution of stainless-steel bottles and value-added drinkware products.

To address different customer requirements and price points, the company offers its products across mass, premium and lifestyle categories. Maharaja & Speedex also undertakes OEM and private-label manufacturing. This enables the company to serve both business-to-consumer (B2C) and B2B markets while developing relationships with distributors, retailers and institutional clients.

The company follows an integrated, asset-backed business model supported by in-house manufacturing capabilities. Its manufacturing operations are primarily undertaken through its subsidiary, Dewdrop Bottles Private Limited, which operates two manufacturing facilities. The aggregate installed manufacturing capacity across both units was approximately 45.24 lakh units per annum, with additional capacity added during Fiscal 2026.

Strengths of Maharaja & Speedex India

• Integrated manufacturing capabilities through a backward-integrated manufacturing facility operated by its subsidiary, enabling end-to-end production and greater control over manufacturing processes.
• Pan-India distribution and multi-channel presence through a wide distribution network, modern trade outlets and growing online sales channels.
• Diversified product portfolio comprising bottles, tumblers, shakers, travel mugs, feeding bottles and customised products catering to mass, premium and lifestyle segments.
• Quality assurance and regulatory compliance supported by dedicated quality control functions and adherence to applicable standards, including BIS requirements.
• Customisation and contract manufacturing capabilities for corporate and institutional customers, including private-label and gifting products based on customer specifications.

Risks of Maharaja & Speedex India

• The company sources a significant portion of its key raw material, stainless steel, from a limited number of suppliers.
• A significant portion of the company's revenue comes from a limited number of customers.
• Manufacturing products for third parties under OEM and private-label arrangements may create channel conflicts and competitive overlap with the company's branded products.
• The company does not own the premises from which it operates. Its registered office and manufacturing units are located on leased premises.
• It may face difficulties in accurately forecasting demand and maintaining appropriate inventory levels.
• The company, along with certain promoters, directors, key managerial personnel (KMPs), senior management, and subsidiaries, is involved in legal proceedings.

Anchor Investor Bidding Date

Wednesday, September 9, 2026

Registrar Details
Maashitla Securities Private Limited
E-mail: investor.ipo@maashitla.com
Phone: 011-47581432

Book Running Lead Manager
Choice Capital Advisors Private Limited

Maharaja & Speedex India Limited Contact Details
Kh. No. 53/27 GT Karnal Road, Village Alipur, Near Alipur Police Station,
New Delhi – 110 036, India
Email: cs@speedexind.com
Phone: 9650589457

Maharaja & Speedex India Business Model

Maharaja & Speedex India Limited follows an integrated, asset-backed business model built around manufacturing, branding, marketing and distribution of stainless-steel bottles and allied drinkware products. The company serves both retail consumers and institutional customers across India. Its business model combines in-house manufacturing with branded sales, OEM, private-label manufacturing and outsourced trading.

For Fiscal 2026, sales were 88.85% from in-house-made products and 11.15% from outsourced trading. In the same period, branded business contributed 41.81% of revenue, and OEM business contributed 54.87%.

Maharaja & Speedex India Growth Trajectory

The company expanded its product portfolio by entering the infant-care segment with baby feeding bottles in Fiscal 2023. In Fiscal 2025, it further strengthened its portfolio by introducing a printed range of bottles, catering to changing consumer preferences for design-oriented products. During Fiscal 2026, the company launched Zanzee bottles and gym shakers, expanding its presence in premium stainless-steel kitchenware products.

It has also broadened its manufacturing and operational platform through acquisitions. In 2025, it acquired Dewdrop Bottles Private Limited and Speedex Online Private Limited, thereby strengthening its manufacturing and online business capabilities.

The manufacturing operations of the company are mostly carried out through Dewdrop Bottles Private Limited. The combined installed capacity of its two manufacturing plants as on the date of the RHP was about 45.24 lakh units per annum. The facilities produced 223 stockkeeping units (SKUs) across different drinkware categories.

Maharaja & Speedex India Market Position

The company’s competitive positioning stems from its presence across both branded and third-party manufacturing businesses. In Fiscal 2026, 41.81% of revenue came from the branded business, while 54.87% came from OEM. In terms of sales channels, 90.09% of revenue came from offline sales and 9.91% from online sales during the same period.

Revenue from operations climbed from ₹61.32 crore in FY24 to ₹93.51 crore in FY25 and further to ₹122.65 crore in FY26.

In addition to the revenue increase, profitability has also improved. Profit after tax increased from ₹1.08 crore in Fiscal 2024 to ₹5.56 crore in Fiscal 2025 and ₹15.34 crore in Fiscal 2026. EBITDA increased from ₹2.90 crore to ₹10.61 crore and ₹22.52 crore, respectively, over the same period.

How to apply for Maharaja & Speedex India IPO?

• Step 1: Log in to your Kotak Neo Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details. Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID. After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification. Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request. Your funds will be blocked once you approve the mandate request on your UPI.