The ₹57.64 crore NSE SME IPO is open from October 30 to November 3, 2026. The precision engineering company plans to use the proceeds for manufacturing expansion, working capital and debt repayment.
Maxwell Engineering Solutions Ltd has launched its ₹57.64 crore initial public offering, with shares priced between ₹150 and ₹158 apiece. The company, which manufactures precision components used in underwater pelletizing systems, is seeking a listing on the NSE Emerge platform.
The public issue opened on October 30 and will close on November 3, 2026. Investors must apply for a minimum of 1,600 shares, requiring ₹2,52,800 at the upper end of the price band.
The Vadodara-based company serves customers in India and overseas, supplying specialised components used in plastics processing, polymer compounding and recycling applications.
Maxwell Engineering Solutions IPO Details
| Particulars | Details |
|---|---|
| Company | Maxwell Engineering Solutions Ltd |
| IPO size | ₹57.64 crore |
| Issue type | Book-built, fresh issue |
| Shares offered | 36,48,000 |
| Face value | ₹10 per share |
| Price band | ₹150–₹158 |
| Lot size | 800 shares |
| Minimum application | 1,600 shares |
| Minimum investment at upper band | ₹2,52,800 |
| Opening date | October 30, 2026 |
| Closing date | November 3, 2026 |
| Listing platform | NSE SME Emerge |
| Post-issue equity capital | ₹13.70 crore |
| Post-issue market capitalisation at ₹158 | Approximately ₹216.43 crore |
| Lead manager | JDA Capital Services Ltd |
| Registrar | KFin Technologies Ltd |
| Market maker | JDA Capital Services Ltd |
The offering represents approximately 26.63% of the company’s post-issue equity capital.
GMP Watch
As of November 1, 2026, the Maxwell Engineering Solutions IPO was commanding an unofficial grey market premium (GMP) of approximately ₹70 per share, equivalent to about 44.3% of the upper issue price of ₹158.
The premium has increased from approximately ₹27 on October 27 to ₹70 on October 29 and has remained around that level through November 1.
GMP is unofficial and unregulated, may change before listing, and should not be relied upon as an indication of the actual listing price or future share performance.
About Company
Maxwell Engineering Solutions manufactures, trades and services precision-engineered components used in underwater pelletizing systems. These systems convert molten polymers into pellets used in plastics manufacturing and processing.
Its product range includes pelletizing die plates, blades and knives, cutter hubs, blade holders, tapped driving bushes and associated spare parts.
The components serve industries such as polymer compounding, masterbatches, engineering plastics, specialty polymers, cable compounds and plastics recycling.
The company also offers refurbishment and repair services, allowing customers to extend the useful life of certain components instead of purchasing replacements.
Maxwell operates from a company-owned manufacturing facility at Waghodia GIDC in Vadodara, Gujarat, where production commenced in July 2025. It has been progressively shifting operations from an earlier leased facility.
Its manufacturing capabilities include CNC and VMC machining, milling, wire cutting, EDM and other precision engineering processes. Certain activities, including heat treatment, coating and hardening, are outsourced.
The company is ISO 9001:2015 certified and received ZED Bronze certification under the MSME Sustainable Certification Scheme in November 2025.
As of September 30, 2026, it had 108 employees, including 37 contract workers.
One distinguishing feature of Maxwell Engineering Solutions is its international customer base.
According to management, approximately 90% of current revenue comes from global markets, while domestic business contributes the remaining 10%.
The company serves customers across countries including the United States, Germany, Japan, Italy, Switzerland, Australia, Saudi Arabia, Indonesia and South Africa.
Management intends to move towards a revenue mix of approximately 70% international and 30% domestic business, supported by the introduction of larger components.
It has also acknowledged that geopolitical tensions have affected some international business and is exploring additional markets to diversify its customer base.
Financial Performance
The company has reported growth in revenue and profitability over the past three financial years.
| Particulars (₹ crore) | FY24 | FY25 | FY26 | 4M FY27 |
|---|---|---|---|---|
| Total income | 10.87 | 22.59 | 30.76 | 12.25 |
| Net profit | 3.16 | 9.18 | 11.86 | 3.05 |
| PAT margin | 29.98% | 41.52% | 40.28% | 25.70% |
| RoCE | 62.96% | 53.31% | 38.46% | 9.87% |
4M FY27 represents the four months ended July 31, 2026. Figures are drawn from the IPO financial disclosures.
Total income increased from ₹10.87 crore in FY24 to ₹30.76 crore in FY26. Net profit rose from ₹3.16 crore to ₹11.86 crore over the same period.
For the four months ended July 31, 2026, the company reported total income of ₹12.25 crore and net profit of ₹3.05 crore.
Profit margins have varied considerably. The PAT margin was approximately 40% in FY25 and FY26, compared with 25.70% in the latest four-month period.
The difference makes the composition and sustainability of profitability an important part of the company’s financial disclosures.
IPO Valuation
At the upper issue price of ₹158, Maxwell Engineering Solutions is seeking a post-issue market capitalisation of approximately ₹216.43 crore.
The offer document provides the following valuation indicators:
| Metric | Value |
|---|---|
| Three-year average EPS | ₹9.48 |
| Average return on net worth | 63.18% |
| NAV per share as of July 31, 2026 | ₹27.78 |
| Post-IPO NAV per share at upper band | ₹62.46 |
| P/B ratio on pre-IPO NAV | 5.69 times |
| P/B ratio on post-IPO NAV | 2.53 times |
| P/E based on FY26 earnings | 18.24 times |
| P/E based on annualised 4M FY27 earnings | 23.65 times |
The different P/E multiples reflect the earnings period used for the calculation. Annualising a four-month period assumes that the same earnings pace continues through the remainder of the year, which may not occur.
The offer document identifies Kabra Extrusion, Omnitech Engineering and Sunita Tools as listed peers. Differences in their operations, scale and business mix should be considered when interpreting comparative valuation multiples.
IPO Proceeds
The company plans to deploy the net proceeds towards capacity expansion, new infrastructure, working capital and debt reduction.
| Proposed use | 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 requirements | ₹14.00 crore |
| General corporate purposes | Balance |
The planned expenditure on machinery and manufacturing facilities is intended to strengthen in-house production capabilities.
The working capital allocation is expected to support day-to-day operations, including raw material purchases and customer orders.
Share Capital and Previous Issuances
Before the IPO, the company had 1,00,50,275 equity shares outstanding. Following the fresh issue, the number will increase to 1,36,98,275 shares.
The company previously issued equity shares at ₹115 apiece in March 2025. Its capital history also includes bonus share issuances in February and April 2025.
Investors can review the capital history, promoter holdings and dilution details in the offer document.
IPO Timetable
| Event | Date |
|---|---|
| IPO opens | Friday, October 30, 2026 |
| IPO closes | Tuesday, November 3, 2026 |
| Basis of allotment | Wednesday, November 4, 2026 |
| Refunds / ASBA fund unblocking | Thursday, November 5, 2026 |
| Shares credited to demat accounts | Thursday, November 5, 2026 |
| Expected NSE SME listing | Friday, November 6, 2026 |
The post-closure dates are indicative and subject to the final exchange and registrar schedule.
