Maharaja & Speedex India IPO

Subscription Status

GMP History

Strengths

• ✓The company claims to have built long-standing relationships with customers and suppliers through consistent product quality, reliable delivery, and responsive service, supporting repeat business and supply continuity. Its customer relationships are reflected in the contribution of its top customers to revenue. The top 10 customers contributed Rs 59.74 crore (48.70%) in FY26, Rs 30.91 crore (33.05%) in FY25, and Rs 28.28 crore (46.12%) in FY24.
• ✓The company claims that its integrated manufacturing and distribution model supports operational efficiency and supply chain control. Its two manufacturing facilities in Sonipat coordinate production, finishing, packaging and dispatch, while a network of approximately 101 distributors across 17 states and two Union Territories supports Pan-India market access and order fulfilment.
• ✓The company claims that its diversified portfolio across mass-market, premium and lifestyle price segments enables it to cater to varied consumer preferences and purchasing power. The portfolio reduces dependence on a single product category, supports shared manufacturing and distribution efficiencies, and allows new variants to be introduced with relatively limited incremental investment.
• ✓The company has seen a consistent increase in revenue from operations and PAT. Revenue from operations increased from Rs 61.32 crore in FY24 to Rs 93.51 crore in FY25 to Rs 122.65 crore in FY26. PAT increased from Rs 1.08 crore in FY24 to Rs 5.56 crore in FY25 to Rs 15.34 crore in FY26.

Risks

• !The company claims to have built long-standing relationships with customers and suppliers through consistent product quality, reliable delivery, and responsive service, supporting repeat business and supply continuity. Its customer relationships are reflected in the contribution of its top customers to revenue. The top 10 customers contributed Rs 59.74 crore (48.70%) in FY26, Rs 30.91 crore (33.05%) in FY25, and Rs 28.28 crore (46.12%) in FY24.
• !The company claims that its integrated manufacturing and distribution model supports operational efficiency and supply chain control. Its two manufacturing facilities in Sonipat coordinate production, finishing, packaging and dispatch, while a network of approximately 101 distributors across 17 states and two Union Territories supports Pan-India market access and order fulfilment.
• !The company claims that its diversified portfolio across mass-market, premium and lifestyle price segments enables it to cater to varied consumer preferences and purchasing power. The portfolio reduces dependence on a single product category, supports shared manufacturing and distribution efficiencies, and allows new variants to be introduced with relatively limited incremental investment.
• !The company has seen a consistent increase in revenue from operations and PAT. Revenue from operations increased from Rs 61.32 crore in FY24 to Rs 93.51 crore in FY25 to Rs 122.65 crore in FY26. PAT increased from Rs 1.08 crore in FY24 to Rs 5.56 crore in FY25 to Rs 15.34 crore in FY26.

About Maharaja & Speedex India

Maharaja & Speedex India Limited is a drinkware manufacturing and distribution company. It is engaged in the manufacturing, branding, marketing, and distribution of stainless-steel bottles and allied drinkware products for retail and institutional customers. Its product portfolio comprises Standard Products, including stainless-steel bottles for routine use, and Novelty Products, including tumblers, feeding bottles, and gym shakers. The company also undertakes OEM and private-label manufacturing, offering customised products for corporate gifting, institutional buyers, and brand partners. Manufacturing operations are primarily undertaken through its subsidiary, Dewdrop Bottles Private Limited, which operates two facilities in Sonipat, Haryana. These facilities have an installed production capacity of approximately 45.24 lakh units annually across 223 SKUs. The company has a pan-India distribution network of 101 distributors across 17 states and two Union Territories, supported by modern trade and online sales channels. Use of proceeds: The IPO consists of both a fresh issue of shares and an offer for sale (OFS).​ Proceeds from the OFS will go to the respective selling shareholders, whereas the net proceeds from the fresh issue will be utilised for the following purposes:​ Repayment and/or pre-payment, in full or part, of certain borrowings availed by the company and its subsidiary from banks — Rs 24.10 crore Funding of capital expenditure towards purchase of plant and machineries at the existing manufacturing facility of the wholly-owned subsidiary — Rs 21.41 crore General corporate purposes