The ₹57.64 crore NSE SME issue is priced at ₹150–₹158 per share. The Vadodara-based precision engineering company derives around 90% of its revenue from international markets.

Maxwell Engg. Solutions Ltd., a manufacturer of precision-engineered components used in underwater pelletizing systems, is launching its initial public offering on October 30, 2026. The issue will close on November 3, with shares proposed to be listed on the NSE SME Emerge platform.

The company plans to raise ₹57.64 crore through the issue of 36.48 lakh equity shares. Its price band has been fixed at ₹150–₹158 per share.

Maxwell manufactures components such as pelletizing die plates, blades, cutter hubs and driving bushes. These are used in industrial applications including polymer compounding, engineering plastics, specialty polymers and plastics recycling.

Maxwell Engg. Solutions IPO Details

Particulars	Details
Company	Maxwell Engg. Solutions Ltd.
IPO opening date	October 30, 2026
IPO closing date	November 3, 2026
Price band	₹150–₹158
Issue size	₹57.64 crore
Shares offered	36,48,000
Face value	₹10
Minimum application	1,600 shares
Minimum investment at upper band	₹2,52,800
Subsequent multiples	800 shares
Listing platform	NSE SME Emerge
Post-issue equity capital	₹13.70 crore
Estimated market capitalisation	₹216.43 crore
Lead manager	JDA Capital Services Ltd.
Registrar	KFin Technologies Ltd.

The issue represents approximately 26.63% of the company’s post-IPO paid-up equity capital.

How Will the IPO Proceeds Be Used?

Maxwell intends to use the issue proceeds for manufacturing expansion, infrastructure development, debt repayment and working capital.

Proposed utilisation	Amount
Machinery, laboratory equipment and utilities	₹18.00 crore
New office building and manufacturing facility	₹6.50 crore
Repayment or prepayment of borrowings	₹4.30 crore
Working capital	₹14.00 crore
General corporate purposes	Balance

The company began operations at its company-owned facility in Waghodia GIDC, Vadodara, in July 2025, gradually shifting production from an earlier leased facility.

What Does Maxwell Engg. Solutions Do?

Maxwell manufactures, trades and services critical components used in underwater pelletizing systems. Its products support manufacturers operating in plastics processing, polymer compounding, masterbatches, specialty materials and recycling.

The company also undertakes customised manufacturing and supplies certain products on a white-label basis.

Apart from manufacturing, Maxwell provides refurbishment and repair services for used die plates. It also trades complementary components and provides intermediary and consulting services.

Its international customers are spread across markets including the United States, Germany, Japan, Italy, Australia and several other countries.

According to the company’s management, approximately 90% of revenue currently comes from overseas markets, with domestic business contributing the remaining 10%.

The company aims to increase its domestic revenue share over time.

Financial Performance

Maxwell reported growth in revenue and net profit during the three financial years ended March 2026.

Financial period	Total income	Net profit
FY2024	₹10.87 crore	₹3.16 crore
FY2025	₹22.59 crore	₹9.18 crore
FY2026	₹30.76 crore	₹11.86 crore
Four months ended July 2026	₹12.25 crore	₹3.05 crore

The company’s reported profit after tax margins were 29.98% in FY2024, 41.52% in FY2025 and 40.28% in FY2026. For the four months ended July 31, 2026, the reported margin was 25.70%.

The latest four-month period is not directly comparable with a full financial year.

IPO Valuation

At the upper price band of ₹158, Maxwell’s proposed post-issue market capitalisation is approximately ₹216.43 crore.

The supplied financial analysis reports an average earnings per share of ₹9.48 and an average return on net worth of 63.18% for the preceding three financial years.

The company’s net asset value was reported at ₹27.78 per share as of July 31, 2026, compared with a projected post-issue NAV of ₹62.46 per share.

On these figures, the issue is priced at approximately 5.69 times its pre-issue book value and 2.53 times its projected post-issue book value.

The price-to-earnings multiple based on FY2026 earnings is stated at 18.24 times, while the multiple based on annualised FY2027 earnings is stated at 23.65 times.

These valuation measures use different earnings periods and should not be treated as directly interchangeable.

Business Expansion and Export Exposure

Maxwell’s manufacturing operations include precision machining and testing facilities. Its production infrastructure includes CNC, VMC, milling, EDM and other specialised equipment.

The company has also outsourced certain processes, including heat treatment, hardening and coating.

Its significant international revenue exposure means demand from overseas industrial customers is an important factor in business performance.

Management has indicated plans to expand domestic operations and develop additional export markets.

Listing and Allotment

The IPO is scheduled to close on November 3, 2026. The final allotment and listing timetable should be checked against the exchange and registrar announcements.

JDA Capital Services Ltd., formerly Beeline Broking Ltd., is the lead manager, while KFin Technologies Ltd. is the registrar.

Grey Market Premium:

The grey market premium (GMP) for Maxwell Engg. Solutions was quoted at ₹52 per share in the latest available readings dated October 29, 2026, according to IPOwiz and other IPO trackers.

At the upper issue price of ₹158, this indicates an implied listing price of ₹210 per share, representing a premium of approximately 32.91%.

The GMP had risen from ₹27 on October 27 to ₹43 on October 28 and ₹52 on October 29, according to trackers recording this sequence.

GMP is unofficial, may change during the day, and does not guarantee the listing price.