Maxwell Engineering Solutions IPO
Maxwell Engineering Solutions IPO Details
-
Open Date
30 Oct 2026
-
Close Date
03 Nov 2026
- IPO Price Range
₹ 150 to ₹158
- IPO Size
₹ 57.64 Cr
Maxwell Engineering Solutions IPO Timeline
Maxwell Engineering Solutions IPO Subscription Status
| Date | QIB | NII | Retail | TOTAL |
|---|---|---|---|---|
| 30-Oct-2026 | 0.00 | 4.33 | 7.39 | 4.63 |
Last Updated: 30 October 2026 5:19 PM by 5paisa
Maxwell Engineering Solutions Limited is a Vadodara-based engineering and manufacturing company specialising in aftermarket components for underwater pelletising systems. Its products are used in polymer processing applications, including plastic recycling, compounding, masterbatches, polyolefins, bioplastics, PET resins and the wire and cable industry.
The company's product portfolio includes pelletising die plates, pelletising blades and knives, blade holders, cutter hubs and tapped driving bushes. It manufactures customised precision-engineered components using different materials and metallurgies based on customer requirements. Maxwell also provides refurbishment and repair services for used die plates, helping customers extend equipment life and reduce replacement costs.
Its manufacturing operations are based at Waghodia GIDC in Vadodara, Gujarat, with facilities incorporating CNC, VMC, EDM, wire-cutting and furnace equipment. The company serves domestic and international customers, including markets such as the United States, Germany, the Netherlands, Japan, Saudi Arabia, Vietnam, Italy, Switzerland and Australia. In addition to manufacturing, it undertakes intermediary support and management consulting activities.
Established in: 2022
Chairman and Managing Director: Rajkumar Chaudhary
Maxwell Engineering Solutions Objectives
The company proposes to utilise the net proceeds from the fresh issue for the following purposes:
1. Financing capital expenditure towards the purchase of new machinery, laboratory equipment and other utilities for its manufacturing facility.
2. Financing construction of a new office building and manufacturing facility.
3. Repayment or prepayment, in full or part, of certain outstanding borrowings.
4. Funding working capital requirements.
5. General corporate purposes.
Maxwell Engineering Solutions IPO Size
| Types | Size |
|---|---|
| Total IPO Size | ₹57.64 Cr |
| Offer For Sale | - |
| Fresh Issue | ₹57.64 Cr |
Maxwell Engineering Solutions IPO Lot Size
| Application | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Individual Investors (IND) (Min) | 2 | 1600 | 240800 |
| Individual Investors (IND) (Max) | 2 | 1600 | 252800 |
| HNI (Min) | 3 | 2400 | 360000 |
| S-HNI (Max) | 7 | 5600 | 884800 |
| B-HNI (Min) | 8 | 6400 | 960000 |
Maxwell Engineering Solutions IPO Reservation Table
| Investors Category | Subscription (times) | Shares Offered* | Shares bid for | Total Amount (Cr.)* |
|---|---|---|---|---|
| Anchor | 1 | 10,24,000 | 10,24,000 | 16.179 |
| Market Maker | 1 | 2,22,400 | 2,22,400 | 3.514 |
| QIB (Ex Anchor) | 0.00 | 6,83,200 | 0 | 0 |
| Non-Institutional Buyers | 4.33 | 5,18,400 | 22,44,800 | 35.468 |
| bNII (> ₹10L) | 3.59 | 3,45,600 | 12,42,400 | 19.630 |
| sNII (< ₹10L) | 5.80 | 1,72,800 | 10,02,400 | 15.838 |
| Individual Investors | 7.39 | 12,00,000 | 88,65,600 | 140.076 |
| Total ** | 4.63 | 24,01,600 | 1,11,10,400 | 175.544 |
| Particulars (In ₹ Crores) | FY24 | FY25 | FY26 |
| Revenue | 10.54 | 22.10 | 29.45 |
| EBITDA | 4.25 | 11.69 | 15.19 |
| PAT | 3.16 | 9.18 | 11.86 |
| Particulars (In ₹ Crores) | FY24 | FY25 | FY26 |
| Total Assets | 8.51 | 25.31 | 47.55 |
| Share Capital | 0.01 | 2.75 | 10.05 |
| Total Liabilities | 8.51 | 25.31 | 47.55 |
| Particulars (In ₹ Crores) | FY24 | FY25 | FY26 |
| Net Cash Generated From Operating Activities | 1.89 | 2.26 | 14.24 |
| Net Cash Used In Investing Activities | -2.03 | -7.27 | -20.34 |
| Net Cash Generated From Financing Activities | 0.75 | 5.57 | 7.06 |
| Net Increase In Cash And Cash Equivalents | 0.61 | 0.56 | 0.96 |
Strengths
1. The company manufactures precision-engineered aftermarket components for underwater pelletising systems, including die plates, blades and related equipment.
2. Its product portfolio serves multiple polymer-processing industries, including recycling, compounding, masterbatches, polyolefins and PET resin manufacturing.
3. Customised manufacturing and refurbishment services allow the company to address both new-component requirements and equipment maintenance needs.
4. Maxwell has established a presence across international markets, including Europe, North America, the Middle East and Asia.
5. Revenue increased by 33.25% in FY26, while EBITDA and PAT reached ₹15.19 crore and ₹11.86 crore, respectively.
Weaknesses
1. Manufacturing operations are concentrated at its Vadodara facility, exposing the business to location-specific operational disruptions.
2. The company operates in a specialised industrial equipment segment, where demand depends on capital expenditure and maintenance requirements in polymer-processing industries.
3. Total borrowings increased from approximately ₹8.60 crore in FY25 to ₹16.73 crore in FY26.
4. Inventories and trade receivables increased alongside business expansion, creating additional working-capital requirements.
5. The business depends on specialised engineering capabilities, skilled personnel and technical expertise for manufacturing customised products.
Opportunities
1. Expansion of plastic recycling and polymer-processing infrastructure can increase requirements for pelletising components and related equipment.
2. Growing adoption of advanced polymer materials and specialised compounding processes creates opportunities for customised precision-engineered components.
3. The proposed investment in machinery, laboratory equipment and manufacturing infrastructure could support additional production capacity and capabilities.
4. Refurbishment and re-engineering services provide opportunities to serve customers seeking longer equipment life and lower replacement costs.
5. The company's international customer presence provides a platform for expanding exports and diversifying geographic revenue sources.
Threats
1. Competition from domestic and international manufacturers of pelletising components could affect pricing and customer retention.
2. Fluctuations in steel, alloy and other input costs may influence manufacturing costs and operating margins.
3. Changes in demand from recycling, polymer and plastics-processing industries could affect customer orders.
4. Export operations expose the company to foreign exchange movements, trade restrictions and international supply-chain disruptions.
5. Delays in commissioning new facilities or installing equipment could affect planned expansion and increase project costs.
1. Specialised manufacturing capabilities: Maxwell manufactures precision-engineered components used in underwater pelletising systems across several polymer-processing industries.
2. Revenue and profitability growth: Revenue from operations increased from ₹10.54 crore in FY24 to ₹29.45 crore in FY26, while PAT rose from ₹3.16 crore to ₹11.86 crore.
3. Export market presence: The company serves customers across multiple international markets, providing geographic exposure beyond the domestic market.
4. Manufacturing expansion: Proposed fresh-issue proceeds include ₹18.00 crore towards new machinery and equipment and ₹6.50 crore towards construction of manufacturing and office infrastructure.
5. Aftermarket and refurbishment services: The combination of new-component manufacturing and equipment refurbishment allows Maxwell to serve different stages of customers' machinery maintenance and replacement requirements.
Maxwell Engineering Solutions operates in the industrial equipment and precision-component manufacturing segment, with a focus on underwater pelletising systems used in plastics and polymer processing. Its products are relevant to industries involved in recycling, compounding, masterbatch production, polyolefins, bioplastics and PET resins.
Underwater pelletising technology is used to convert molten polymer materials into pellets suitable for further industrial processing. Die plates, cutting blades and associated components are essential parts of these systems and require periodic replacement, repair or refurbishment depending on operating conditions.
Demand for the company's products is connected to investment in polymer-processing capacity, equipment maintenance and technological improvements in manufacturing operations. Customers may also require customised components designed for specific materials, processing temperatures and production requirements.
Maxwell intends to expand its manufacturing capabilities through investment in machinery, laboratory equipment and infrastructure. The proposed expenditure could support additional production capabilities and enable the company to address a wider range of customer requirements. The extent of future growth will depend on order execution, manufacturing utilisation, customer demand and competitive conditions.
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- Type
- Opening On
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Vedant Poly Fabs
- SME
- 02nd Nov
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FAQs
Maxwell Engineering Solutions IPO opens on 30 October 2026 and closes on 3 November 2026.
The size of the Maxwell Engineering Solutions IPO is ₹57.64 crore.
Maxwell Engineering Solutions IPO is fixed at ₹150 to ₹158 per equity share.
To apply for the Maxwell Engineering Solutions IPO through 5paisa:
1. Log in to your 5paisa demat account and select the issue from the current IPO section.
2. Enter the number of lots and the price at which you wish to apply for the Maxwell Engineering Solutions IPO.
3. Enter your UPI ID and click on submit. Your bid will then be placed with the exchange.
4. Approve the mandate notification received through your UPI app to block the required funds.
The minimum eligible application comprises 1600 equity shares, equivalent to two lots of 800 shares each. At the floor price of ₹99 per share, the minimum investment is ₹240800.
The basis of allotment is tentatively expected to be finalised on 4 November 2026.
Maxwell Engineering Solutions IPO is tentatively scheduled to list on the NSE SME platform on 6 November 2026.
JDA Capital Services Limited is the book runner for Maxwell Engineering Solutions IPO.
The company proposes to use the fresh-issue proceeds for:
1. Purchase of machinery, laboratory equipment and other manufacturing utilities.
2. Construction of a new office building and manufacturing facility.
3. Repayment or prepayment of certain outstanding borrowings.
4. Funding working capital requirements.
5. General corporate purposes.