Maharaja & Speedex India IPO

About Maharaja & Speedex India IPO

The Maharaja & Speedex India IPO opens on TBA and closes on TBA. The allotment of shares will take place on TBA. The credit of shares to the demat account will take place on TBA. The initiation of refunds will take place on TBA. The listing of shares will take place on TBA.

The offer consists of both a fresh issue and an offer for sale component. The fresh issue will include 40,00,000 shares aggregating up to ₹[TBA] crores. The offer for sale portion includes 10,00,000 shares of ₹10 (aggregating up to ₹[TBA] crores). The total number of shares is 50,00,000 and the aggregate amount is yet to be finalised.

Maharaja & Speedex India IPO’s price band is set at TBA to TBA per share. The lot size for an application is TBA. The minimum amount of investment required by a retail investor is ₹TBA (TBA shares) (based on upper price). The minimum lot size investment for HNI is TBA.

Maharaja & Speedex India is a drinkware manufacturing and distribution company focused on stainless-steel bottles and allied drinkware products, catering to both retail consumers and institutional customers across India.

Objectives of Maharaja & Speedex India IPO

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

Industry Outlook

The Indian kitchenware industry is expected to maintain steady growth from FY 2025 to FY 2030E, supported by favourable market fundamentals and sustained demand. The market size stood at INR 57100 crores in FY 2025 and was projected to grow to INR 61600 crores in FY 2026E, INR 66400 crores in FY 2027E, and further to INR 83200 crores by FY 2030E, reflecting a CAGR of 7.8%. This growth is driven by rising urbanization, increasing disposable incomes, expansion of organized retail and e-commerce, and growing adoption of modular kitchens. Premiumization and consumer preference for high-quality materials such as stainless steel, glass, and specialty cookware are expected to support higher realizations. (Source: D&B Report) The Indian stainless steel kitchenware segment is projected to grow steadily, with market size increasing from INR 22700 crores in FY 2025 to INR 24600 crores in FY 2026E and INR 26600 crores in FY 2027E, supported by increasing preference for durable and long-lasting products, along with replacement demand across urban and semi-urban households.

About Maharaja & Speedex India

Maharaja & Speedex India is a drinkware manufacturing and distribution company focused on stainless-steel bottles and allied drinkware products, catering to both retail consumers and institutional customers across India. The company is engaged in the manufacturing, branding, marketing and distribution of stainless-steel bottles and value-added drinkware products, with a diversified portfolio designed to address evolving consumer preferences for durable, hygienic and reusable drinkware solutions. The company’s product portfolio is broadly classified into Standard Products and Novelty Products. These products are offered across multiple price points and consumer segments including mass, premium and lifestyle categories, enabling the company to cater to a broad customer base.

In addition to its branded product offerings, the company undertakes original equipment manufacturing (OEM) and private-label manufacturing, providing customized drinkware solutions for corporate gifting programs, institutional buyers and brand partners. These capabilities enable the company to serve both business-to-consumer (“B2C”) and business-to-business (“B2B”) markets, while building long-term relationships with distributors, retailers and institutional clients.

Strengths of Maharaja & Speedex India

• Long-standing relationships with suppliers and customers.
  
• Integrated manufacturing and distribution capabilities.
  
• Diversified product portfolio across price segments.
  
• Seasoned management team with complementary expertise.
  

Risks of Maharaja & Speedex India

• They source a significant portion of their raw material requirements from a limited number of suppliers.
  
• They are dependent on and derive a substantial portion of their revenue from certain key customers.
  
• They are dependent on their distribution network in India to sell and distribute their products.
  
• Manufacturing products for third parties under OEM and private-label arrangements may create potential channel conflicts and competitive overlap with their branded products.
  
• Their revenue is concentrated in certain states, and any adverse developments in these regions could materially affect their business.
  

Source: All the financial information for listed industry peers mentioned above is on a consolidated basis (unless otherwise available only on standalone basis) and is sourced from the annual reports/ financial results as available of the respective company for the Fiscal 2025 submitted to stock exchanges. The financial information of the company is based on the restated Consolidated financial information for Fiscal 2025.

Notes: a. P/E Ratio has been computed based on the closing market price of equity shares on NSE on March 28, 2026, divided by Diluted EPS. 109 110

b. Return on Net Worth (%) = Net Profit after tax as restated for the end of the fiscal/period divided by Average Net worth as at the end of the fiscal/period.

c. Average net worth means the average of the net worth of current and previous Fiscal/period. Net worth means the aggregate value of the paid-up share capital and Reserves and Surplus.

d. Net Asset Value per share = Net Worth at the end of the fiscal/period divided by weighted/outstanding average no. of equity shares outstanding during the fiscal/period.

e. The basic and diluted earnings per share for the Equity Shares of the company has been presented to reflect the adjustments as per AS 20.

Anchor Investor Bidding Date: TBA

Registrar: Maashitla Securities Private Limited
Book Running Lead Manager: Choice Capital Advisors Private Limited

Maharaja & Speedex India Business Model

The company earns its revenue as a drinkware manufacturing and distribution company focused on stainless-steel bottles and allied drinkware products, catering to both retail consumers and institutional customers.

Maharaja & Speedex India Growth Trajectory

Maharaja & Speedex India’s Total Income for FY25 was ₹93.603 crores, whereas in FY24 and FY23 it was ₹61.408 crores and ₹64.772 crores, respectively.

The Profit After Tax for FY25 was ₹5.565 crores, whereas in FY24 and FY23 it was ₹1.078 crores and ₹0.725 crores, respectively.

Their EBITDA for FY25 was ₹10.610 crores, whereas in FY24 and FY23 it was ₹2.900 crores and ₹1.722 crores, respectively.

Maharaja & Speedex India Market Position

The company’s operations are supported by a Pan-India distribution network, which enables it to reach customers across multiple geographies. The distribution network comprises 101 distributors across 17 states and 2 Union Territories. including Maharashtra, Uttar Pradesh, Rajasthan and Punjab, supported by presence in modern trade formats and a growing footprint across online sales channels.

As of 31 March 2025, the company’s Total Income, Profit After Tax, and EBITDA were ₹93.603 crores, ₹5.565 crores, and ₹10.610 crores, respectively.

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