Maxwell Engineering Solutions IPO: dates, price band, lot size and GMP
Maxwell Engineering Solutions IPO opens 30 Oct – 3 Nov 2026 on the SME, price band ₹150 – ₹158, lot 800 shares, GMP ₹27 (+17.1% over the upper band). Allotment 4 Nov, listing 6 Nov.
Listing date: Maxwell Engineering Solutions IPO is scheduled to list on 6 Nov on NSE SME.
Updated 28 Oct 2026, 20:10 IST. Unofficial grey-market figures, dated.
BuyUnlistedShares tracks 222 IPOs on its calendar; the Maxwell Engineering Solutions IPO has a price band of ₹150 – ₹158, a lot of 800 shares and a grey-market premium of ₹27 (+17.1% over the upper band) as of 28 Oct 2026.
Key details
| Board | SME |
|---|---|
| Issue dates | 30 Oct – 3 Nov 2026 |
| Price band | ₹150 – ₹158 |
| Lot size | 800 shares |
| Issue size | ₹57.64 Cr |
| Fresh issue | ₹54.12 Cr |
| GMP (unofficial) | ₹27 |
| Subscription | — |
| Registrar | Kfin Technologies Ltd. |
| Lead managers | JDA Capital Services Ltd. |
| Status | Upcoming |
Timeline
- Issue opens: 30 Oct
- Issue closes: 3 Nov
- Allotment: 4 Nov
- Refunds: 5 Nov
- Demat credit: 5 Nov
- Listing: 6 Nov
GMP today
Grey-market premium ₹27 per share (17.1% over the upper band of ₹158), estimated listing price about ₹185. Unofficial, dated, not a forecast. Day-by-day GMP trend.
Issue details
| Face value | ₹10 |
|---|---|
| Issue type | Book Build Issue |
| Listing at | NSE SME |
| Market cap at the upper band | ₹216.43 Cr |
| P/E (pre-issue) | 13.39x |
| P/E (post-issue) | 23.65x |
| Fresh issue (shares) | 34,25,600 |
| Total shares offered | 34,25,600 |
| Promoter holding pre-issue | 97.26% |
| Promoter holding post-issue | 71.36% |
| Promoters | Rajkumar Chaudhary, Vinubhai Kanjibhai Chavda, Ria Rajkumar Chaudhary |
| Lead managers | JDA Capital Services Ltd. |
| Registrar phone | 040-79615565 |
| Registrar email | maxwell.ipo@kfintech.com |
| Company website | maxwells.in |
| Anchor bid date | 29 Oct 2026 |
| Anchor lock-in ends (50%) | 4 Dec 2026 |
| Anchor lock-in ends (remaining) | 2 Feb 2027 |
Lot sizes by investor category
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (minimum) | 2 | 1,600 | ₹2,52,800 |
| Retail (maximum) | 2 | 1,600 | ₹2,52,800 |
| sNII (minimum) | 3 | 2,400 | ₹2,52,800 |
| bNII (minimum) | 3 | 2,400 | ₹10,11,200 |
Reservation
| Category | Share of issue | Shares offered | Basis |
|---|---|---|---|
| Anchor Investor | 29.9% | 10,24,000 | |
| QIB | 19.9% | 6,83,200 | Not more than 50% of the Net Issue |
| NII (HNI) | 15.1% | 5,18,400 | Not more than 15% of the Net Issue |
| sNII | 5% | 1,72,800 | |
| bNII | 10.1% | 3,45,600 | |
| Retail | 35% | 12,00,000 | Not less than 35% of the Net Issue |
| Market Maker | 6.5% | 2,22,400 |
Key ratios as of 31 Mar 2026
| EPS (pre-issue) | ₹11.8 |
|---|---|
| EPS (post-issue) | ₹6.68 |
| P/E (pre-issue) | 13.39x |
| P/E (post-issue) | 23.65x |
| RoNW | 47.7% |
| RoCE | 38.46% |
| RoE | 62.63% |
| PAT margin | 40.28% |
| EBITDA margin | 51.58% |
| Price / book | 6.39x |
| NAV per share | ₹24.74 |
| Debt / equity | 0.67 |
| Market cap (upper band) | ₹216.43 Cr |
Financials (₹ Cr)
| Metric | 31 Jul 2026 | FY26 | FY25 | FY24 | FY26 vs FY25 |
|---|---|---|---|---|---|
| Assets | 51.79 | 47.55 | 25.31 | 8.51 | +87.9% |
| Total Income | 12.25 | 30.76 | 22.59 | 10.87 | +36.2% |
| Profit After Tax | 3.05 | 11.86 | 9.18 | 3.16 | +29.2% |
| EBITDA | 4.29 | 15.19 | 11.69 | 4.25 | +29.9% |
| NET Worth | 27.92 | 24.87 | 13.01 | 3.33 | +91.2% |
| Reserves and Surplus | 17.87 | 14.82 | 10.25 | 3.32 | +44.6% |
| Total Borrowing | 15.77 | 16.73 | 8.6 | 3.19 | +94.5% |
About Maxwell Engineering Solutions
Maxwell Engineering Solutions is a precision engineering company that manufactures, trades, and services critical components used in underwater pelletizing systems . The company specializes in various products, such as Pelletizing die plates, Pelletizing blades/knives, Blade holders/cutter hubs, Tapped driving bushes, and other spare parts for pelletizing systems.
Its die plates are used in various applications, including White, black & color masterbatches, Cable compounds (HFFR, XLPE, PVC, etc.), Engineering plastics (PA, PBT, PC, etc.), and Recycled resins (PET, PP, PE, etc.).
These products are widely used in industries like compounding, masterbatches, recycling, petrochemicals, and bioplastics. The company serves customers across India and internationally in countries like the USA, Germany, Japan, Australia, Saudi Arabia, and many more. In FY 2025, the company derived 82.43% of revenue from exports and remaining 17.57% from domestic sales.
Additionally, the company also offers various services, including Refurbishment & repair services, custom manufacturing solutions, white-label manufacturing, trading of select pelletizing components, marketing & intermediary services for CJTEK components, and management consulting for customer acquisition.
Manufacturing facility : Vadodara, Gujarat. The facility is well equipped with VMC, CNC, EDM, wire cut, milling, lathe, and other high-precision machines.
As of March 31, 2025, its workforce comprised 59 permanent employees.
Objects of the issue
- Financing the capital expenditure requirement towards Purchase of New Machineries, Lab Equipment & Other utilities for Manufacturing Facility — ₹18 Cr
- Financing the capital expenditure requirement for construction of New Office Building and Manufacturing facility — ₹6.5 Cr
- Repayment / prepayment, in full or part, of certain outstanding borrowings availed by Company — ₹4.3 Cr
- Funding working capital requirements of Company — ₹14 Cr
- General Corporate Purposes
Net proceeds: ₹42.8 Cr
Peer comparison
| Company | EPS (Basic) | EPS (Diluted) | NAV (₹ per share) | P/E (x) | RoNW (%) | P/BV Ratio | Financial statements |
|---|---|---|---|---|---|---|---|
| Maxwell Engineering Solutions Ltd. (issuer) | 11.8 | 11.8 | — | 13.39x | 47.7% | — | — |
| Kabra Extrusiontechnik Ltd. | −0.7 | — | 127.92 | — | −0.54% | 5.34 | Standalone |
| Omnitech Engineering Ltd. | 6.42 | — | 55.36 | 99x | 11.28% | 11.55 | Standalone |
| Sunita Tools Ltd. | 10.53 | — | 112.1 | 100.65x | 10.8% | 9.46 | Standalone |
Notes: he figures for the listed industry peers are based on the Audited Standalone Financial Statements filed for the financial year ended March 31, 2026. P / E Ratio has been computed based on their respective closing market price on October 23, 2026 as divided by the Basic EPS as on March 31, 2026. CMP is the closing prices or the last traded price of respective scripts as on October 23, 2026.
Strengths (per the offer document)
- Experienced Promoters and Management Team — The Promoters of our Company have significant in-depth knowledge of the industry and has been instrumental in the consistent growth of our Company’s performance.
- Existing client relationship — We are committed to consistently addressing our customer’s needs regarding our products.
- Well established systems and procedures — Our organization prides itself on its robust systems and procedures meticulously designed for the seamless implementation of both machinery and manpower to achieve current and long-term objectives.
- Customized Product Offering — The company tailors its product portfolio to meet customer specifications, offering various kind of blade holder’s / cutter hub is straight, and inclined geometry, including custom build designs for…
- In-House Research and development capabilities — We place a strong emphasis on R&D pursuant to our deep commitment to innovation.
Risk factors (as disclosed by the company)
- We are primarily dependent upon few key suppliers for procurement of raw materials & other items — Our manufacturing and trading operations are dependent on the timely procurement of critical raw materials, including steel, carbide and brazing filler, as well as certain traded components, from a…
- Our Company is subject to export obligations under the EPCG Scheme. Any failure to fulfil such obligations may lead to financial liabilities — Our Company has availed benefits under the Export Promotion Capital Goods (EPCG) Scheme, which provides duty concessions on capital goods imports subject to the fulfilment of specified export…
- A substantial portion of our revenue from operations is derived from exports to international markets and any adverse developments affecting our operations… — flows and financial condition.
- We are dependent on a few customers for a major part of our revenues — such customers could adversely affect our business and results of operations, financial condition and cash flows.
- Our Promoter is engaged in a business through a Promoter Group entity that operates in a similar line of business as our Company — Our Promoter is involved in a venture Maxwell Dies & Moulds our Promoter Group, which is engaged in a business that is similar to the business carried on by our Company.
- We may not be able to sustain our historical growth in revenue from operations and profitability — Our profit after tax margins in the Fiscal 2024, Fiscal 2025 and Fiscal 2026 was, 29.98%, 41.52% and 40.28% respectively and revenue from operations in the Fiscal 2024, Fiscal 2025, Fiscal 2026 was…
- Our operations at our manufacturing facility could be adversely affected by strikes, work stoppages or increased wage demands — operations, financial condition and cash flows India has stringent labour laws that protect the interests of workers, including laws governing detailed procedures for the establishment of unions,…
- We are exposed to foreign exchange fluctuation risks due to our significant export operations and procurement of certain raw materials and traded components… — Our Company manufactures precision-engineered wear components and spare parts used in underwater pelletizing systems, including pelletizing die plates, pelletizing blades/knives, blade…
From the DRHP (strengths pages 174–175, risk factors pages 26–29). Headings shortened; the wording is the company’s. Not a recommendation.
Offer documents: DRHP (PDF)
Track this issue
- Maxwell Engineering Solutions IPO GMP today and trend
- Maxwell Engineering Solutions IPO subscription status, day by day
- Maxwell Engineering Solutions IPO allotment status and how to check
Frequently asked questions
When does the Maxwell Engineering Solutions IPO open and close?
The issue is scheduled for 30 Oct – 3 Nov 2026.
What is the Maxwell Engineering Solutions IPO price band?
The price band is ₹150 – ₹158 per share with a lot size of 800 shares.
How big is the Maxwell Engineering Solutions IPO?
The total issue size is ₹57.64 Cr.
What is the Maxwell Engineering Solutions IPO GMP today?
The grey-market premium reported today is ₹27 per share. GMP is an unofficial, unregulated indicator and not a prediction of the listing price.
When will Maxwell Engineering Solutions list?
The tentative listing date is 6 Nov on the SME platform.
How do I apply for the Maxwell Engineering Solutions IPO?
Apply through your broker or bank using ASBA or UPI within the issue window; the amount stays blocked in your account until allotment. BuyUnlistedShares does not take applications; it tracks the issue and the unlisted price before it.
Sources
- Draft red herring prospectus (DRHP), Maxwell Engineering Solutions · as filed with SEBI · nsearchives.nseindia.com
- Registrar allotment page, Kfin Technologies Ltd. · allotment 4 Nov · ipostatus.kfintech.com
- NSE public issues page · listing 6 Nov · nseindia.com
- Maxwell Engineering Solutions company website · maxwells.in
- BuyUnlistedShares IPO record: GMP, subscription and allotment, dated daily · GMP as of 28 Oct, 14:07 · buyunlistedshares.com
How to cite this page: BuyUnlistedShares, “Maxwell Engineering Solutions IPO”, https://buyunlistedshares.com/ipo/maxwell-engineering-solutions-ipo, as of 28 Oct 2026.
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Indicative reference price, dated. BuyUnlistedShares is India's premium unlisted shares desk, run by Gayatri Financial Synergy LLP. Data as of 28 Oct 2026.
Guides for IPO applicants and pre-IPO holders
- The risks of buying unlisted and pre-IPO shares in India
- Unlisted Shares Lock-In Period: What Every Investor Must Know (2026)
- What Happens to Your Unlisted Shares After the IPO? Lock-In Periods Explained
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