Incorporated in September 2022, Maxwell Engineering Solutions Limited is a precision engineering company engaged in the manufacturing, trading and servicing of critical components for underwater pelletizing systems.
The Company manufactures a range of components for underwater pelletizing systems, including pelletizing die plates, pelletizing blades and knives, blade holders, cutter hubs, tapped driving bushes and other spare parts. Its products cater to polymer compounding, masterbatches, engineering plastics, cable compounds, specialty polymers and plastics recycling industries. The Company also undertakes customised manufacturing based on customer specifications and offers white-label manufacturing, enabling customers to market products under their own brands. Its business operates through three segments: manufacturing, services and trading.
The Company commenced operations at its company-owned manufacturing facility at Waghodia GIDC, Vadodara, Gujarat, in July 2025 and has progressively transitioned manufacturing activities from its earlier leased facility in Makarpura, Vadodara. Its manufacturing infrastructure includes precision machining and testing equipment such as VMC, CNC, milling, EDM, wire-cut, lathe and surface-grinding machines. Certain specialised processes, including heat treatment, hardening and coating, are outsourced to job workers. The Company also provides refurbishment and repair services for used die plates, intermediary support for the marketing and supply of CJTEK components, and management consulting services for developing customer relationships.
The Company serves customers across India and international markets, including the USA, Germany, the Netherlands, Israel, Saudi Arabia, Japan, Australia, Italy and other countries. It holds ISO 9001:2015 certification for manufacturing and supplying pelletizing system components and received ZED Bronze Certification under the MSME Sustainable Certification Scheme in November 2025. Its operations are supported by an experienced promoter and management team, technical personnel and dedicated sales and marketing capabilities.
As of September 30, 2026, the Company had 71 full-time employees, excluding Directors, across production and operations, quality and testing, design, sales and marketing, finance, administration and other functions.
Competitive Strengths
Maxwell Engineering Solutions Ltd.’s revenue increased by 36% and profit after tax (PAT) rose by 29% between the financial year ending with March 31, 2026 and March 31, 2025.
| 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 |
| Reserves and Surplus | 17.87 | 14.82 | 10.25 | 3.32 |
| Total Borrowing | 15.77 | 16.73 | 8.60 | 3.19 |
| Amount in ₹ Crore | ||||
| Company | Issue Type | Issue Size | Issue Price | PE Ratio | Listing Day Close | Listing Gain/Loss % | LTP |
|---|---|---|---|---|---|---|---|
| Phychem Technologies Ltd. | SME | ₹14.58 Cr | ₹54 | 9.96 | ₹58.80 | +8.89% | ₹44.00 |
| Technocrats Plasma Systems Ltd. | SME | ₹60.98 Cr | ₹132 | 11.38 | ₹241.50 | +82.95% | ₹408.50 |
| Liotech Industries Ltd. | SME | ₹36.03 Cr | ₹321 | 23.13 | ₹244.15 | -23.94% | ₹89.55 |
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:
| # | Issue Objects | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Financing the capital expenditure requirement towards Purchase of New Machineries, Lab Equipment & Other utilities for 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 Company | 4.30 |
| 4 | Funding working capital requirements of Company | 14.00 |
| 5 | General Corporate Purposes | |
| Total | 42.80 |
| KPI | Jul 31, 2026 | Mar 31, 2026 |
|---|---|---|
| ROE | 11.56% | 62.63% |
| ROCE | 9.87% | 38.46% |
| Debt/Equity | 0.56 | 0.67 |
| RoNW | 10.93% | 47.70% |
| PAT Margin | 25.70% | 40.28% |
| EBITDA Margin | 36.11% | 51.58% |
| NAV | 27.78 | 24.74 |
| P/B (x) | 5.69 | 6.39 |
| Valuation Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS (₹) | 11.80 | 6.68 |
| P/E (x) | 13.39 | 23.65 |
| IPO Date | 30 Oct to 3 Nov, 2026 |
| Listing Date | Fri, Nov 6, 2026 |
| Face Value | ₹10 per share |
| Price Band | ₹150 to ₹158 |
| Lot Size | 800 Shares |
| Sale Type | Fresh capital only |
| Issue Type | Bookbuilding IPO |
| Listing At | NSE SME |
| Total Issue Size | 36,48,000 shares (agg. up to ₹58 Cr) |
| Reserved for Market Maker | 2,22,400 shares (agg. up to ₹4 Cr) |
| Fresh Issue (Ex Market Maker) | 34,25,600 shares (agg. up to ₹54 Cr) |
| Net Offered to Public | 34,25,600 shares (agg. up to ₹54 Cr) |
| Share Holding Pre Issue | 1,00,50,275 shares |
| Share Holding Post Issue | 1,36,98,275 shares |
Rajkumar Chaudhary, Vinubhai Kanjibhai Chavda and Ria Rajkumar Chaudhary.
| Share Holding Pre Issue | 97.26% |
| Share Holding Post Issue | 71.36% |
As per our analysis and Based on the information we have, this is the output.
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