Maxwell Engineering Solutions IPO: Price Band, Lot Size, Financials & Review
Maxwell Engineering Solutions IPO is open for subscription until Tue, 3 Nov 2026. It is subscribed 4.56x overall so far (Day 1 of 3). The price band is ₹150 – ₹158 with a lot of 800 shares, so one retail lot costs ₹2,52,800 at the upper band. The latest GMP is +₹70 (+44.30%), implying an estimated listing price of ₹228.
- Open Date
- 30 Oct 2026
- Close Date
- 3 Nov 2026
Last updated
- Price band
- ₹150 – ₹158
- Lot size
- 800 shares
- Min. investment
- ₹2,52,800
- Issue size
- ₹57.64 Cr
- GMP
- +₹70
- Subscribed
- 🔥 4.56x
Maxwell Engineering Solutions IPO details
Maxwell Engineering Solutions IPO is a ₹57.64 Cr book-building IPO on the SME segment, listing on NSE. It is entirely a fresh issue of shares, so all the money raised goes to the company; there is no offer for sale by existing shareholders.
The issue opened on Fri, 30 Oct 2026 and closes on Tue, 3 Nov 2026. Allotment is expected on Wed, 4 Nov 2026 and listing on Fri, 6 Nov 2026.
The price band is ₹150 to ₹158 per share and the lot size is 800 shares, so the minimum retail application is ₹2,52,800. Retail investors can apply for up to 2 lots (1,600 shares, ₹2,52,800).
KFin Technologies Limited is the registrar, and JDA Capital Services Ltd is the book running lead manager.
Grey market premium (GMP)
Day-wise GMP →The latest Maxwell Engineering Solutions IPO GMP is +₹70 as of 31 Oct (+44.30% against the upper price band of ₹158), implying an estimated listing price of ₹228. Across 5 days of tracking, GMP ranged from +₹27 (27 Oct) to +₹70 (29 Oct).
| Latest GMP | +₹70 |
|---|---|
| GMP vs upper band | +44.30% |
| Estimated listing price | ₹228 |
| Highest (29 Oct) | +₹70 |
| Lowest (27 Oct) | +₹27 |
Grey market trading is unofficial and unregulated. GMP is a sentiment indicator, not a guarantee of the listing price. See the Maxwell Engineering Solutions IPO day-wise GMP.
Subscription
Day-wise subscription →Maxwell Engineering Solutions IPO is subscribed 4.56x overall so far (Day 1 of 3): QIB 0.00x, NII 4.29x and retail 7.27x.
| Category | Subscribed |
|---|---|
| QIB | 0.00x |
| NII | 4.29x |
| └ bNII (above ₹10 lakh) | 3.59x |
| └ sNII (₹2–10 lakh) | 5.67x |
| Retail | 7.27x |
| Total | 4.56x |
Cumulative figures as of Day 1 of 3; updated during bidding hours. Category-wise bids, application-wise breakup and allotment chances are on the Maxwell Engineering Solutions IPO day-wise and category-wise subscription page.
Share reservation by category
| Category | Shares offered | Share of issue |
|---|---|---|
| Anchor Investors | 10,24,000 | 29.89% |
| Qualified Institutions | 6,83,200 | 19.94% |
| Non-Institutional | 5,18,400 | 15.13% |
| └ BNII | 3,45,600 | 10.09% |
| └ SNII | 1,72,800 | 5.04% |
| Retail Investors | 12,00,000 | 35.03% |
| Total | 34,25,600 | 100.00% |
Shares offered include the anchor investor portion, which is allotted a day before the issue opens. Subscription figures exclude anchors, so category sizes on the subscription page are smaller.
Maxwell Engineering Solutions IPO lot size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 1,600 | ₹2,52,800 |
| Retail (Max) | 2 | 1,600 | ₹2,52,800 |
| S-HNI (Min) | 3 | 2,400 | ₹3,79,200 |
| S-HNI (Max) | 7 | 5,600 | ₹8,84,800 |
| B-HNI (Min) | 8 | 6,400 | ₹10,11,200 |
Amounts at the upper end of the price band.
Issue structure and valuation
It is entirely a fresh issue of shares, so all the money raised goes to the company; there is no offer for sale by existing shareholders.
At the upper price band of ₹158, the issue is priced at 13.39x pre-issue earnings and 23.65x post-issue earnings per share.
The post-issue P/E is higher because the fresh issue adds new shares, which spreads the same profit over more shares.
Listed peers with positive earnings trade at a median P/E of 99.83x (2 companies).
Promoter holding falls from 97.26% before the issue to 71.36% after it.
| EPS (pre-issue) Latest earnings per share before the issue | ₹11.8 |
|---|---|
| P/E (pre-issue) Upper price band ÷ pre-issue EPS | 13.39x |
| EPS (post-issue) EPS on the enlarged share capital | ₹6.68 |
| P/E (post-issue) Upper price band ÷ post-issue EPS | 23.65x |
| Promoter holding (pre-issue) | 97.26% |
| Promoter holding (post-issue) | 71.36% |
Maxwell Engineering Solutions Limited financials
Between 31 Mar 2025 and 31 Mar 2026, Income rose from ₹22.59 Cr to ₹30.76 Cr, and profit after tax rose from ₹9.18 Cr to ₹11.86 Cr. The PAT margin for 31 Mar 2026 was 38.56%.
| Period ended | 31 Jul 2026 | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|---|
| Assets | 51.79 | 47.55 | 25.31 | 8.51 |
| Total Income | 12.25 | 30.76 | 22.59 | 10.87 |
| Profit After Tax | 3.05 | 11.86 | 9.18 | 3.16 |
| EBITDA | 4.29 | 15.19 | 11.69 | 4.25 |
| Net Worth | 27.92 | 24.87 | 13.01 | 3.33 |
| Reserve & Surplus | 17.87 | 14.82 | 10.25 | 3.32 |
| Total Borrowings | 15.77 | 16.73 | 8.60 | 3.19 |
₹ in crore, as stated in the prospectus.
Key performance indicators
| KPI | 31 Jul 2026 | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|---|
| ROE % | 11.56 | 62.63 | 112.32 | 180.58 |
| ROCE % | 9.87 | 38.46 | 53.31 | 62.96 |
| Debt / Equity | 0.56 | 0.67 | 0.66 | 0.96 |
| RoNW % | 10.93 | 47.70 | 70.54 | 94.90 |
| Pat Margin % | 25.70 | 40.28 | 41.52 | 29.98 |
Peer comparison
| Company | Face value | P/E | EPS (basic) | EPS (diluted) | RoNW | NAV |
|---|---|---|---|---|---|---|
| Maxwell Engineering Solutions Ltd | 10 | 13.39 | 11.80 | 11.80 | 47.70% | 0.00 |
| Kabra Extrusiontechnik Ltd | 5 | — | -0.70 | -0.70 | -0.54% | 127.92 |
| Omnitech Engineering Ltd | 5 | 99.00 | 6.42 | 6.42 | 11.28% | 55.36 |
| Sunita Tools Ltd | 10 | 100.65 | 10.53 | 10.53 | 10.80% | 112.10 |
Notes
The 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.
From the prospectus. P/E is shown as — when earnings are zero or negative, or not reported for the issuer before listing.
Objectives
The company intends to allocate the net proceeds from the offering to the following objectives.
| Sr | Objective | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Financing the capital expenditure requirement towards Purchase of New Machineries & Other utilities for our Manufacturing Facility | 18.00 |
| 2 | Financing the capital expenditure requirement for construction of New Office Building and Manufacturing facility | 6.50 |
| 3 | Repayment / prepayment, in full or part, of certain outstanding borrowings availed by our Company | 4.30 |
| 4 | Funding working capital requirements of our Company | 14.00 |
| 5 | General Corporate Purposes | — |
| Total | 42.8 |
About Maxwell Engineering Solutions Limited
Incorporated in September 2022, Maxwell Engineering Solutions Limited is a precision engineering company engaged in the manufacture, trading and servicing of critical components for underwater pelletizing systems. Its product portfolio comprises pelletizing die plates, pelletizing blades and knives, blade holders, cutter hubs, tapped driving bushes and other spare parts. These products cater to a diverse range of industries, including polymer compounding, masterbatches, engineering plastics, cable compounds, specialty polymers and plastics recycling. The Company also undertakes customised manufacturing in accordance with customer specifications and provides white-label manufacturing services, enabling customers to market products under their respective brands. Its business operations are organised into three segments: manufacturing, services and trading.
In July 2025, the Company commenced operations at its company-owned manufacturing facility located at Waghodia GIDC, Vadodara, Gujarat, and has gradually transitioned its manufacturing activities from its erstwhile leased facility in Makarpura, Vadodara. The facility is equipped with precision machining and testing infrastructure, including VMC, CNC, milling, EDM, wire-cut, lathe and surface-grinding machines. Certain specialised processes, such as heat treatment, hardening and coating, are outsourced to third-party job workers. In addition to manufacturing, the Company provides refurbishment and repair services for used die plates, acts as an intermediary in the marketing and supply of CJTEK components, and offers management consulting services to support the development of customer relationships.
The Company caters to customers across domestic and international markets, including the USA, Germany, the Netherlands, Israel, Saudi Arabia, Japan, Australia and Italy, among other countries. Its quality management systems are certified under ISO 9001:2015 for the manufacturing and supply of pelletizing system components. In November 2025, the Company also received ZED Bronze Certification under the MSME Sustainable Certification Scheme. Its operations are supported by an experienced promoter and management team, skilled technical personnel, and dedicated sales and marketing capabilities.
As of September 30, 2026, the Company employed 71 full-time employees, excluding Directors. Its workforce was deployed across various functions, including production and operations, quality and testing, design, sales and marketing, finance, administration and other supporting functions.
Promoters
Rajkumar Chaudhary
Vinubhai Kanjibhai Chavda
Ria Rajkumar Chaudhary
Contact details
Maxwell Engineering Solutions Ltd.
Plot 939 & 940,
Waghodia GIDC, Vaghodia
Vadodara, Gujarat, 391760
Phone: +91 96385 42674
Email: cs@maxwells.in
Website: http://www.maxwells.in/
Maxwell Engineering Solutions IPO FAQs
- What is the Maxwell Engineering Solutions IPO price band?
- The Maxwell Engineering Solutions IPO price band is ₹150 to ₹158 per share.
- What is the Maxwell Engineering Solutions IPO lot size and minimum investment?
- The Maxwell Engineering Solutions IPO lot size is 800 shares. The minimum retail investment is ₹2,52,800 for one lot at the upper price band. Retail investors can apply for up to 2 lots (1,600 shares), costing ₹2,52,800.
- When does Maxwell Engineering Solutions IPO close?
- Maxwell Engineering Solutions IPO opened on Fri, 30 Oct 2026 and closes on Tue, 3 Nov 2026.
- What is the Maxwell Engineering Solutions IPO subscription status?
- Maxwell Engineering Solutions IPO is subscribed 4.56x overall so far (Day 1 of 3): QIB 0.00x, NII 4.29x and retail 7.27x. Day-wise and category-wise figures are on the subscription page.
- What is the Maxwell Engineering Solutions IPO GMP today?
- The latest Maxwell Engineering Solutions IPO GMP is +₹70 as of 31 Oct (+44.30% against the upper price band of ₹158), implying an estimated listing price of ₹228. Across 5 days of tracking, GMP ranged from +₹27 (27 Oct) to +₹70 (29 Oct). GMP is an unofficial grey market indicator and can change quickly.
- What is the Maxwell Engineering Solutions IPO allotment date?
- The Maxwell Engineering Solutions IPO basis of allotment is expected on Wed, 4 Nov 2026. You can check your allotment status on the KFin Technologies Limited website.
- What is the Maxwell Engineering Solutions IPO listing date?
- Maxwell Engineering Solutions IPO is expected to list on NSE on Fri, 6 Nov 2026.
- Is the Maxwell Engineering Solutions IPO a fresh issue or an offer for sale?
- It is entirely a fresh issue of shares, so all the money raised goes to the company; there is no offer for sale by existing shareholders.
- Who are the registrar and lead managers of the Maxwell Engineering Solutions IPO?
- The registrar for the Maxwell Engineering Solutions IPO is KFin Technologies Limited, and the book running lead manager is JDA Capital Services Ltd.
- How to apply for the Maxwell Engineering Solutions IPO?
- Apply through your broker app or net banking using UPI or ASBA. Select the IPO, enter the number of lots and your bid (retail investors can bid at the cut-off price), and approve the UPI mandate before the issue closes on Tue, 3 Nov 2026.
Data is compiled from the prospectus, stock exchanges and market sources and is for information only. It is not investment advice; read the RHP before applying.