NSE List Price : ₹

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Category	Times
QIBs	259.45x
HNIs	858.08x
Retail	556.10x
Total : 536.90x

IPO Market Lot(s) Distribution

Application	Lot Size	Shares	Amount
Retail Minimum	2	1,600	₹252,800
Retail Maximum	2	1,600	₹252,800
S - HNI Minimum	3	2,400	₹379,200
S - HNI Maximum	7	5,600	₹884,800
B - HNI Minimum	8	6,400	₹1,011,200

About the Company

Maxwell Engineering Solutions Limited, incorporated in September 2022 and based in Vadodara, Gujarat, is a precision engineering company that makes, trades and services critical wear parts for underwater pelletizing systems. These systems are used by the polymer compounding, masterbatch, engineering plastics, cable compound, specialty polymer and plastics recycling industries.

The company works through three segments - manufacturing, services and trading. Its own manufacturing facility at Waghodia GIDC, Vadodara became operational in July 2025, replacing its earlier leased unit at Makarpura. The plant is equipped with VMC, CNC, milling, EDM, wire-cut, lathe and surface-grinding machines along with in-house testing, while specialised steps such as heat treatment, hardening and coating are outsourced to job workers. Maxwell also offers customised and white-label manufacturing as per customer specifications.

Exports form the bulk of its business (84.73% of revenue in FY 2025-26), with customers in the USA, Germany, the Netherlands, Israel, Saudi Arabia, Japan, Australia, Italy and other countries. The company holds ISO 9001:2015 certification and received ZED Bronze certification under the MSME Sustainable scheme in November 2025. As of September 30, 2026 it had 71 full-time employees.

Products & Services

• Pelletizing die plates

• Pelletizing blades and knives

• Blade holders and cutter hubs

• Tapped driving bushes and other spare parts

• Refurbishment and repair of used die plates

• Customised and white-label manufacturing of pelletizing components

Company Financial Report

_{Amount ₹ in Crores}

Period Ended	Revenue	Expense	PAT	Assets
Mar 2024	₹10.87	₹7.04	₹3.16	₹8.51
Mar 2025	₹22.59	₹11.54	₹9.18	₹25.31
Mar 2026	₹30.76	₹16.36	₹11.86	₹47.55
Jul 2026	₹12.25	₹8.58	₹3.05	₹51.79

Company Promoter

Rajkumar Chaudhary

Vinubhai Kanjibhai Chavda

Ria Rajkumar Chaudhary

Know before investing

• • Strengths

  • Experienced promoters: The promoters bring over 22 years of combined experience in underwater pelletizing systems, backed by a capable technical, production and sales team.

  • Diversified business segments: Revenue comes from manufacturing, refurbishment services and trading, which reduces dependence on a single income stream.

  • Global customer relationships: Long-standing clients across several countries support repeat orders and revenue visibility.

  • In-house design and testing: Own R&D and testing capability allows customised products for varied customer specifications.

  • Quality certifications: ISO 9001:2015 and ZED Bronze certifications reflect established quality systems.

  • Strong growth: Total income rose from Rs. 10.87 Cr in FY 2023-24 to Rs. 30.76 Cr in FY 2025-26, while PAT grew from Rs. 3.16 Cr to Rs. 11.86 Cr.

• • Risks

  • Supplier concentration: The top 10 suppliers accounted for 80.22% of purchases in FY 2025-26 and there are no long-term supply agreements for key raw materials such as steel, carbide and brazing filler.

  • Export dependence: About 84.73% of FY 2025-26 revenue came from exports, exposing the company to tariffs, trade policy changes, currency movements and geopolitical events.

  • EPCG export obligation: The company must meet export obligations of about Rs. 13.10 Cr within six years under the EPCG scheme; any shortfall may lead to payment of customs duty with interest and penalties.

  • Niche market: The business is focused on components for a specialised industrial application, so demand depends on capital spending in the polymer and plastics industry.

  • Short operating history: The company was incorporated in 2022 and its own manufacturing facility started operations only in July 2025.

Objects of the Issue & Utilisation of proceeds

• Purchase of new machinery, lab equipment and other utilities for the manufacturing facility - Rs 18.00 Cr

• Construction of new office building and manufacturing facility - Rs 6.50 Cr

• Repayment / prepayment of certain outstanding borrowings - Rs 4.30 Cr

• Funding working capital requirements - Rs 14.00 Cr

• General Corporate Purposes

Company Address

Maxwell Engineering Solutions Ltd.
Plot 939 & 940, Waghodia GIDC
Vaghodia
Vadodara, Gujarat, 391760
Phone: +91 96385 42674
Email: cs@maxwells.in
Website: https://www.maxwells.in/

IPO Registrar

Kfin Technologies Ltd.
Phone: 040-79615565
Email: maxwell.ipo@kfintech.com
Website: https://ipostatus.kfintech.com/