Maxwell Engineering Solutions IPO

GMP History

Financial Performance

As disclosed by Maxwell Engineering Solutions in its offer document.

Strengths and risks

Taken from Maxwell Engineering Solutions's own offer document — not Arthneeti's assessment.

• ✓The company has reported consistent growth in revenue from operations, increasing from Rs 10.54 crore in FY24 to Rs 22.10 crore in FY25 and Rs 29.45 crore in FY26. Its profit after tax (PAT) also increased from Rs 3.16 crore in FY24 to Rs 9.17 crore in FY25 and Rs 11.86 crore in FY26.
• !The company depends heavily on a limited number of suppliers for raw materials and traded components. Purchases from its top 10 suppliers amounted to Rs 2.17 crore (86.83%) in FY24, Rs 4.26 crore (89.67%) in FY25 and Rs 6.69 crore (80.22%) in FY26. Their contribution stood at Rs 3.59 crore (87.10%) during the four months ended July 31, 2026. Any disruption in supplies or changes in procurement terms could delay production, affect order fulfilment and reduce profitability.
• ✓The company exports its products to more than 25 countries, including Germany, the USA, the Netherlands, Israel, and Austria. Export revenue increased from Rs 8.47 crore in FY24 to Rs 18.22 crore in FY25 and Rs 24.95 crore in FY26. Exports contributed 84.34% of revenue during the four months ended July 31, 2026.
• !The company relies on imports for carbide and brazing filler, which are essential to its manufacturing operations. Imported raw material purchases amounted to Rs 0.53 crore (64.59%) in FY24, Rs 0.85 crore (65.30%) in FY25 and Rs 1.64 crore (62.35%) in FY26. Imports stood at Rs 1.18 crore (34.03%) during the four months ended July 31, 2026. Any increase in import duties, foreign exchange fluctuations, or international supply disruptions could increase production costs and affect profit margins.

About Maxwell Engineering Solutions

Maxwell Engineering Solutions Limited is a precision engineering company engaged in the manufacturing, trading, and servicing of components used in underwater pelletising systems. The company operates through three business segments: manufacturing, services, and trading. Its product portfolio includes pelletising die plates, pelletising blades and knives, blade holders, cutter hubs, tapped driving bushes, and other spare components. The company also undertakes customised manufacturing based on customer specifications and supplies products on a white-label basis. Its services include refurbishment and repair of used die plates, intermediary support, and management consulting. The company also trades complementary components used in pelletising systems. Its products are used in industries such as polymer compounding, masterbatches, engineering plastics, cable compounds, specialty polymers, and plastics recycling. The company operates a manufacturing facility at Waghodia GIDC in Vadodara, Gujarat, which commenced operations in July 2025. It also serves customers across domestic and international markets. Use of proceeds: The IPO is a fresh issue of shares.​ Net proceeds from the issue will be utilised for the following purposes:​ Financing the capital expenditure requirement towards the purchase of new machinery, lab equipment & other utilities for the manufacturing facility — Rs 18 crore Financing the capital expenditure requirement for construction of new office building and manufacturing facility — Rs 6.5 crore Repayment/prepayment, in full or part, of certain outstanding borrowings availed by the company — Rs 4.3 crore Funding working capital requirements of the company — Rs 14 crore General corporate purposes