Maharaja & Speedex India IPO

Maharaja & Speedex India IPO is a book-built issue worth ₹80.13 crore. The IPO comprises a fresh issue of 34.46 lakh shares aggregating to ₹64.10 crore and an offer for sale of 8.62 lakh shares aggregating to ₹16.03 crore.

Choice Capital Advisors Private Limited is the book-running lead manager to the issue, Maashitla Securities Private Limited is the registrar, and Choice Equity Broking Private Limited is the market maker. For detailed information on the company's financials, business operations, and associated risks, investors are advised to refer to the Maharaja & Speedex IPO RHP.

About Maharaja & Speedex India Limited

Maharaja & Speedex India Limited was originally incorporated as Maharaja Cookers Private Limited on February 15, 2006, under the Companies Act, 1956. The company subsequently changed its name to Maharaja & Speedex India Private Limited on February 1, 2024, and was later converted into a public limited company under the name Maharaja & Speedex India Limited on January 15, 2026.

The company is engaged in the manufacturing, branding, marketing, and distribution of stainless-steel household and kitchenware products. Its product portfolio includes stainless-steel water bottles, vacuum-insulated bottles, feeding bottles, tumblers, travel mugs, gym shakers, pressure cookers, and vacuum flasks, catering to a wide range of consumer and institutional requirements.

Maharaja & Speedex India operates through both its own brands and an OEM/private-label manufacturing model. Its portfolio includes brands such as Speedex, Maharaja, Dewdrop, Atelier, Maqpure, Liquatic, and Zanzee, while also manufacturing products for third-party customers across multiple categories. This dual business model enables the company to diversify revenue streams and expand market reach.

The company has strengthened its manufacturing capabilities through its subsidiary, Dewdrop Bottles Private Limited, which operates manufacturing facilities in Sonipat, Haryana. These facilities support the production of stainless-steel bottles and drinkware products and provide the company with greater control over quality, production efficiency, and product innovation.

Maharaja & Speedex India has established a nationwide distribution network comprising approximately 101 distributors across 17 states and 2 union territories. The company derives revenue through both offline and online sales channels, enabling it to serve consumers, retailers, distributors, and institutional clients across India.

Its growth strategy focuses on expanding manufacturing capacity, strengthening branded product sales, increasing market penetration through its distribution network, enhancing OEM partnerships, and investing in operational efficiencies. The company also aims to leverage rising demand for stainless-steel kitchenware and drinkware products in India to support long-term growth.

Industry Outlook

• India’s kitchenware industry continues to grow on the back of rising urbanisation, increasing household incomes, changing consumer lifestyles, and growing demand for premium kitchen and home products.
• The Indian kitchenware market was estimated at approximately ₹571 billion in FY25 and is projected to reach ₹832 billion by FY30, reflecting sustained long-term growth opportunities.
• The stainless-steel kitchenware segment remains one of the largest categories within the industry, supported by consumer preference for durable, hygienic, and reusable products.
• The stainless-steel kitchenware market was valued at approximately ₹227 billion in FY25 and is expected to reach around ₹337 billion by FY30, growing at a CAGR of approximately 8.2%.
• Increasing awareness regarding sustainability and the shift away from single-use plastic products are supporting demand for stainless-steel bottles, flasks, and drinkware products.
• Organised players are gradually gaining market share due to stronger branding, quality certifications, wider distribution networks, and increasing online penetration.
• The sector remains competitive with organised and unorganised manufacturers, where product quality, pricing, innovation, distribution reach, and brand recognition continue to be key differentiating factors.

Maharaja & Speedex India IPO Objectives

The company proposes to utilise the net proceeds from the IPO for the following objectives:

• Repayment and/or prepayment, in full or in part, of certain borrowings availed by the company and its subsidiary, amounting to approximately ₹2,410.43 lakh.
• Funding capital expenditure towards the purchase and installation of plant and machinery at the manufacturing facility of its wholly-owned subsidiary.
• Strengthening manufacturing infrastructure to support capacity expansion and improve operational efficiency.
• Enhancing production capabilities through investment in modern machinery and equipment.
• Supporting future business growth by increasing manufacturing capacity and product output.
• Improving the company’s capital structure by reducing debt obligations and related finance costs.
• Meeting general corporate purposes and supporting overall business operations.

Financial Performance of Maharaja & Speedex India Limited

Maharaja & Speedex India Limited Peer Details Comparison

Strengths and Opportunities of Maharaja & Speedex India IPO

1. The company has an established operating history dating back to February 15, 2006, providing experience and industry knowledge.
2. It operates through a diversified business model consisting of both branded products and OEM/private-label manufacturing.
3. The company owns multiple brands across the stainless-steel drinkware and kitchenware categories.
4. Manufacturing operations through Dewdrop Bottles provide greater control over quality and production processes.
5. Revenue has grown significantly from ₹6,132.33 lakh in FY24 to ₹12,265.38 lakh in FY26.
6. Profit after tax increased from ₹107.85 lakh in FY24 to ₹1,534.19 lakh in FY26, indicating strong earnings growth.
7. The company possesses an extensive distribution network covering 17 states and 2 union territories.
8. Expansion of manufacturing capacity through IPO-funded investments could support future revenue growth.
9. Growth in India's stainless-steel kitchenware and drinkware market provides favourable long-term industry opportunities.

Risks and Threats of Maharaja & Speedex India IPO

1. The company depends heavily on a limited number of suppliers, with the top 10 suppliers accounting for 87.38% of purchases in FY26.
2. Customer concentration remains a risk, as the top 10 customers contributed 48.70% of revenue in FY26.
3. The business relies significantly on its distributor network for product sales and market reach.
4. A large portion of revenue is generated from OEM/private-label operations, which may create competitive overlap with the company’s branded products.
5. Manufacturing facilities and operational premises are leased, creating potential renewal and continuity risks.
6. The company has reported negative cash flow from investing activities in recent financial years due to ongoing capital expenditure.
7. Inventory levels have increased significantly, resulting in higher working capital requirements.
8. The stainless-steel kitchenware industry remains highly competitive, with both organised and unorganised players competing on pricing and distribution.
9. Raw material price fluctuations, particularly in stainless steel, could impact margins and profitability.

Maharaja & Speedex India IPO Reservation

Maharaja & Speedex India IPO Promoter Holding

The promoters of the company are Rakesh Kumar Aggarwal, Kusum Aggarwal, Akash Aggarwal, Ankit Bansal, Atul Tulsian and Rohit Garg.

Maharaja & Speedex India IPO Prospectus

• Maharaja & Speedex India IPO RHP

Maharaja & Speedex India IPO Registrar and Lead Managers

Maharaja & Speedex India IPO Lead Managers

• Choice Capital Advisors Private Limited

Registrar for Maharaja & Speedex India IPO

Maashitla Securities Private Limited

• Contact Number: 011-45121795
• Email Address: ipo@maashitla.com

Maharaja & Speedex India IPO Registrar

How To Apply for Maharaja & Speedex India IPO Online?

1. Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
2. Locate the IPO Section: Navigate to the 'IPO' section on the platform.
3. Select IPO: Find and select the Maharaja & Speedex India IPO from the list of open IPOs.
4. Enter the Lot Size: Specify the number of lots you want to bid for.
5. Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
6. Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.

How To Check the Allotment Status of the Maharaja & Speedex India IPO?

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2. Go to the IPO Section and then to IPO Orders.
3. Select the individual IPO that you had applied for and check the allotment status.
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Contact Details of Maharaja & Speedex India IPO

Registered Office: Kh. No. 53/27 GT Karnal Road, Village Alipur, Near Alipur Police Station, Alipur, New Delhi, 110036.

Phone: 9650589457

E-mail: cs@speedexind.com