Maxwell Engineering Solutions Ltd IPO
Status: Upcoming
Overview
IPO date
30 Oct 2026 to 03 Nov 2026
Face value
₹ 0 per share
Price
₹ 150 to ₹158 per share
Issue Size
0 shares
(aggregating up to ₹ 0 Cr)
(aggregating up to ₹ 0 Cr)
Allotment Date
04 Nov 2026
Listing at
NSE
Issue type
Book Building - SME
Sector
Trading
Unlock Stock of the Month
T&C*
Strengths vs Risks of Maxwell Engineering Solutions Ltd
Know the pros & cons
Strengths
- Experienced Promoter and Management Team.
- Existing client relationship.
- Quality Service
- Well established systems and procedures.
- Revenue from multiple geographies.
- Customized Product Offering.
- In-house research and development capabilities.
Risks
- We are primarily dependent upon few key suppliers for procurement of raw materials & other items. Any disruption in the supply of the raw materials & other items could have a material adverse effect on our business operations. Further, any failure by our suppliers to provide raw materials & other items to us on time or at all, or as per our specifications and quality standards could have an adverse impact on our ability to meet our manufacturing and delivery schedules.
- The Company is subject to export obligations under the EPCG Scheme. Any failures to fulfil such obligations may lead to financial liabilities.
- A substantial portion of the company's revenue from operations is derived from exports to international markets and any adverse developments affecting its operations in these markets could have an adverse impact on the company's results of operations, cash flows and financial condition.
- The company is dependent on a few customers for a major part of its revenues. Further the company does not enters into long-term arrangements with its customers and any failures to continue the company existing arrangements or maintain its relationships with such customers could adversely affect the company's business and results of operations, financial condition and cash flows.
- The company's Promoter is engaged in a business through a Promoter Group entity that operates in a similar line of business as the Company. Any conflict of interest or competition arising from such business activities may adversely affect its business, financial condition, results of operations and cash flows.
- Its may not be able to sustain the company historical growth in revenue from operations and profitability.
- The company operations at its manufacturing facility could be adversely affected by strikes, work stoppages or increased wage demands, labour unrest or other disputes with the company's employees which could adversely affect its business, results of operations, financial condition and cash flows.
- The company is exposed to foreign exchange fluctuation risks due to its significant export operations and procurement of certain raw materials and traded components from overseas markets. Any adverse movement in foreign exchange rates could materially and adversely affect the company's business, financial condition, results of operations and cash flows.
- The Company, Promoters, Directors, KMPs and SMP are party to certain legal proceedings. Any adverse decision in such proceedings may have an adverse effect on its business, results of operations and financial condition.
- The company has not complied with certain statutory provisions of the Companies Act, 2013. Such non-compliance may attract penalties against the Company which could impact the financial position of it to that extent.
- The company's contingent liabilities as stated in its Restated Financial Statements could affect the company's financial condition.
- The Company does not have certain sanction letters in respect of motor loans availed from HDFC Bank, which may potentially expose it to disputes or compliance issues with the lender.
- The company depends on third-party job workers for carrying out certain manufacturing processes. Any disruption in the services provided by such job workers or failures by them to adhere to its quality standards, delivery schedules or applicable laws may adversely affect the company's business, financial condition, results of operations and cash flows.
- The Objects of the Issue for which funds are being raised, are based on estimates and assumptions of the company's management, and have not been appraised by bank or financial institution or any independent agency. The deployment of funds raised through the Issue is subject to the discretion of its Board of Directors, based on the parameters as set out in the chapter titled "Objects of the Issue".
- There have been instances of delayed filings in the past with certain Regulatory Authorities. Further, the Company has received an ESIC notice in relation to an alleged statutory non-compliance. Any adverse action by the regulatory authorities in relation thereto may adversely affect its business, financial condition, results of operations and cash flows.
- A significant portion of the company domestic sales is generated from the State of Gujarat. For the period ended for March 31, 2026 and for Fiscal 2025 and 2024, its revenue from sale of products in Gujarat accounted for 10.04%, 12.92% and 9.27%, respectively, from total revenue from operations and any adverse developments affecting the company operations in this region could have an adverse impact on its business, financial condition, results of operations and cash flows.
- The company research and development expenditure may not result in successful commercialization of the products under development, which may adversely affect its financial condition and future growth prospects.
- Any delays in the schedule of implementation of the company proposed objects could have an adverse impact on its business, financial condition and results of operations.
- The company's manufacturing operations are dependent on the uninterrupted availability of electricity. Any disruption to its operations on account of interruption in power supply or any irregular or significant hike in power tariffs may have an adverse effect on the company's business, results of operations and financial condition.
- The company had previously filed a draft red herring prospectus with BSE Limited, which was subsequently withdrawn due to nonfulfilment of the applicable eligibility criteria. Any delay, deferral or withdrawal of the present Issue may adversely affect its reputation and result in additional costs and utilisation of management resources.
- The company actual results could differ from the estimates and projections used to prepare its financial statements.
- Its may be subject to industrial unrest and increased employee costs, which may adversely affect the company's business and results of operations.
- In addition to normal remuneration, other benefits and reimbursement of expenses to the company's Promoters, Directors, Key Managerial Personnel and Senior Managerial Personnel, they are interested to the extent of their shareholding, if any and dividend entitlement thereon in the Company, if any and for the transactions entered into between the company and themselves as well as between the company and promoter group entity or any other entity. The Company in future may enters in related party transactions subject to necessary compliances.
- The company has not entered into any agreement for transportation of its products.
- The Company has availed various credit facilities from HDFC Bank. Any default under such financing arrangements or failures to comply with the terms and conditions thereof may adversely affect its business, financial condition, results of operations and cash flows.
- The average cost of acquisition of Equity Shares by the company's Promoter may be lower than the Floor Price.
- Within the parameters as mentioned in the chapter titled "Objects of the Issue" of this Draft red herring prospectus, the Company's management will have flexibility in applying the proceeds of this Issue. The company is yet to place orders for Purchase of New Machineries, Lab Equipment & Other utilities for its Manufacturing Facility & Construction of New Office Building and Manufacturing facility.
- The company has not made any alternate arrangements for meeting its capital requirements for the Objects of the Issue. Further, the company has not identified any alternate source of financing the `Objects of the Issue'. Any shortfall in raising / meeting the same could adversely affect its growth plans, operations and financial performance.
- The Company's customers operates in various industry segments/verticals and fluctuations in the performance of the industries in which the customers operates may result in a loss of customers, a decrease in the volume of work undertake or the price at which the company offer its products.
- The Company's applications for registration of its device marks are pending, including one application which is currently under opposition. Any delay or failures in obtaining registration may adversely affect the company's ability to protect its brand identity and enforce the company's intellectual property rights, which could materially and adversely affect its business, financial condition, results of operations and cash flows.
- The company has incurred significant capital expenditures in the past and there can be no assurance that its past or planned capital expenditures will result in growth and/or additional profitability for the Company.
- Information relating to the installed capacity, actual production and capacity utilization disclosed in this Draft Red Herring Prospectus is based on estimates and assumptions and may not be indicative of the company's future production levels or capacity utilisation.
- The deployment of funds raised through this Issue shall not be subject to any Monitoring Agency and shall be purely dependent on the discretion of the management of the Company.
- If the company fails to manage its growth efficiently and extend the company presence into new markets, it could have a substantial negative effect on the company's business, future financial performance, and overall operational outcomes.
- The Company does not have any directly comparable listed Indian peer engaged in a substantially similar line of business, which may make it difficult for investors to evaluate the company's business and determine an appropriate valuation of its Equity Shares.
- The company has incurred borrowings from commercial banks and financial institutions and its inability to comply with repayment and other covenants in the company's financing agreements could adversely affect its business and financial condition.
- Insurance coverage of the Company may be insufficient to protect against certain operational risks, which could adversely affect its business results.
- The company does not have any Exclusivity Arrangements with the customers.
- The company's inability to accurately forecast demand or price for its products and manage the company inventory may adversely affect its business, results of operations, financial condition and cash flows.
- The company is required to obtain, renew or maintain certain statutory and regulatory permits and approvals required to operates its business and if the company fails to do so in a timely manner or at all and its business, financial conditions, results of operations, and cash flows may be adversely affected.
- The company failures to perform in accordance with the standards prescribed in purchase order of its client could result in loss of business or payment of liquidated damages.
- Any failures in the company quality control processes may adversely affect its business, results of operations and financial condition. The company may faces product liability claims and legal proceedings if the quality of its product does not meet the company's customers' expectations.
- The company success depends heavily upon its Promoters, Directors, Key Managerial Personnel and Senior Management Personnel for their continuing services, strategic guidance and financial support. The company success depends heavily upon the continuing services of Promoters, Directors, Key Managerial Personnel and Senior Management Personnel who are the natural person in control of the Company.
- Its Promoters will continue jointly to retain majority control over the Company after the Issue, which will allow them to determine the outcome of matters submitted to shareholders for approval.
- The company could be harmed by employee misconduct or errors that are difficult to detect and any such incidences could adversely affect its financial condition, results of operations and reputation.
- Any future issuance of Equity Shares may dilute your shareholdings, and sale of the Equity Shares by the company major shareholders may adversely affect the trading price of its Equity Shares.
- The company's ability to pay dividends in the future will depends upon its future earnings, financial condition, cash flows, working capital requirements, capital expenditure and restrictive covenants in the company's financing arrangements.
- The Issue Price, market capitalization to total revenue multiple and price to earnings ratio based on the Issue Price of the Company, may not be indicative of the market price of the Equity Shares on listing or thereafter.
- The company's inability to effectively implement its business and growth strategy may have an adverse effect on the company operation and growth.
- The company cannot guarantee the accuracy or completeness of facts and other statistics with respect to India, the Indian economy and industry in which its operates contained in the Draft Red Herring Prospectus.
- The company relies on the continued operations of its manufacturing facilities and any slowdown, shutdown or disruption in the company's manufacturing facilities may be caused by natural and other disasters causing unforeseen damages which may lead to disruptions in its business and operations could have an adverse effect on the company's business, results of operations, financial condition and cash flows.
- Majority of the Directors on the company board does not possess experience of being on the board of a listed company.
- Any material deviation in the utilisation of Proceeds of the Issue shall be subject to applicable law.
- The company has not independently verified certain data in this Draft Red Herring Prospectus.
- The Equity Shares have never been publicly traded and the Issue may not result in an active or liquid market for the Equity Shares. Further, the price of the Equity Shares may be volatile, and you may be unable to resell the Equity Shares at or above the Issue Price.
- The requirements of being a public listed company may strain its resources and impose additional requirements.
- The Company may be subject to pre-emptive surveillance measures like Additional Surveillance Measure (ASM) and Graded Surveillance Measures (GSM) by the Stock Exchanges in order to enhance market integrity and safeguard the interest of investors, once the Equity Shares of the Company are listed.
- There are restrictions on daily movements in the price of the Equity Shares, which may adversely affect a shareholder's ability to sell, or the price at which it can sell, Equity Shares at a particular point in time.
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The IPO opens on 30 Oct 2026 & closes on 03 Nov 2026.
Maxwell Engineering Solutions Ltd IPO will close on 03 Nov 2026.
- Experienced Promoter and Management Team.
- Existing client relationship.
- Quality Service
- Well established systems and procedures.
- Revenue from multiple geographies.
- Customized Product Offering.
- In-house research and development capabilities.
| S.No | Promoters Name | Pre Issue Shares | Pre Issue Percentage | Post Issue Shares | Post Issue Percentage |
|---|---|---|---|---|---|
| 1 | Rajkumar Chaudhary | --- | --- | --- | --- |
| 2 | Vinubhai Kanjibhai Chavda | --- | --- | --- | --- |
- We are primarily dependent upon few key suppliers for procurement of raw materials & other items. Any disruption in the supply of the raw materials & other items could have a material adverse effect on our business operations. Further, any failure by our suppliers to provide raw materials & other items to us on time or at all, or as per our specifications and quality standards could have an adverse impact on our ability to meet our manufacturing and delivery schedules.
- The Company is subject to export obligations under the EPCG Scheme. Any failures to fulfil such obligations may lead to financial liabilities.
- A substantial portion of the company's revenue from operations is derived from exports to international markets and any adverse developments affecting its operations in these markets could have an adverse impact on the company's results of operations, cash flows and financial condition.
- The company is dependent on a few customers for a major part of its revenues. Further the company does not enters into long-term arrangements with its customers and any failures to continue the company existing arrangements or maintain its relationships with such customers could adversely affect the company's business and results of operations, financial condition and cash flows.
- The company's Promoter is engaged in a business through a Promoter Group entity that operates in a similar line of business as the Company. Any conflict of interest or competition arising from such business activities may adversely affect its business, financial condition, results of operations and cash flows.
- Its may not be able to sustain the company historical growth in revenue from operations and profitability.
- The company operations at its manufacturing facility could be adversely affected by strikes, work stoppages or increased wage demands, labour unrest or other disputes with the company's employees which could adversely affect its business, results of operations, financial condition and cash flows.
- The company is exposed to foreign exchange fluctuation risks due to its significant export operations and procurement of certain raw materials and traded components from overseas markets. Any adverse movement in foreign exchange rates could materially and adversely affect the company's business, financial condition, results of operations and cash flows.
- The Company, Promoters, Directors, KMPs and SMP are party to certain legal proceedings. Any adverse decision in such proceedings may have an adverse effect on its business, results of operations and financial condition.
- The company has not complied with certain statutory provisions of the Companies Act, 2013. Such non-compliance may attract penalties against the Company which could impact the financial position of it to that extent.
- The company's contingent liabilities as stated in its Restated Financial Statements could affect the company's financial condition.
- The Company does not have certain sanction letters in respect of motor loans availed from HDFC Bank, which may potentially expose it to disputes or compliance issues with the lender.
- The company depends on third-party job workers for carrying out certain manufacturing processes. Any disruption in the services provided by such job workers or failures by them to adhere to its quality standards, delivery schedules or applicable laws may adversely affect the company's business, financial condition, results of operations and cash flows.
- The Objects of the Issue for which funds are being raised, are based on estimates and assumptions of the company's management, and have not been appraised by bank or financial institution or any independent agency. The deployment of funds raised through the Issue is subject to the discretion of its Board of Directors, based on the parameters as set out in the chapter titled "Objects of the Issue".
- There have been instances of delayed filings in the past with certain Regulatory Authorities. Further, the Company has received an ESIC notice in relation to an alleged statutory non-compliance. Any adverse action by the regulatory authorities in relation thereto may adversely affect its business, financial condition, results of operations and cash flows.
- A significant portion of the company domestic sales is generated from the State of Gujarat. For the period ended for March 31, 2026 and for Fiscal 2025 and 2024, its revenue from sale of products in Gujarat accounted for 10.04%, 12.92% and 9.27%, respectively, from total revenue from operations and any adverse developments affecting the company operations in this region could have an adverse impact on its business, financial condition, results of operations and cash flows.
- The company research and development expenditure may not result in successful commercialization of the products under development, which may adversely affect its financial condition and future growth prospects.
- Any delays in the schedule of implementation of the company proposed objects could have an adverse impact on its business, financial condition and results of operations.
- The company's manufacturing operations are dependent on the uninterrupted availability of electricity. Any disruption to its operations on account of interruption in power supply or any irregular or significant hike in power tariffs may have an adverse effect on the company's business, results of operations and financial condition.
- The company had previously filed a draft red herring prospectus with BSE Limited, which was subsequently withdrawn due to nonfulfilment of the applicable eligibility criteria. Any delay, deferral or withdrawal of the present Issue may adversely affect its reputation and result in additional costs and utilisation of management resources.
- The company actual results could differ from the estimates and projections used to prepare its financial statements.
- Its may be subject to industrial unrest and increased employee costs, which may adversely affect the company's business and results of operations.
- In addition to normal remuneration, other benefits and reimbursement of expenses to the company's Promoters, Directors, Key Managerial Personnel and Senior Managerial Personnel, they are interested to the extent of their shareholding, if any and dividend entitlement thereon in the Company, if any and for the transactions entered into between the company and themselves as well as between the company and promoter group entity or any other entity. The Company in future may enters in related party transactions subject to necessary compliances.
- The company has not entered into any agreement for transportation of its products.
- The Company has availed various credit facilities from HDFC Bank. Any default under such financing arrangements or failures to comply with the terms and conditions thereof may adversely affect its business, financial condition, results of operations and cash flows.
- The average cost of acquisition of Equity Shares by the company's Promoter may be lower than the Floor Price.
- Within the parameters as mentioned in the chapter titled "Objects of the Issue" of this Draft red herring prospectus, the Company's management will have flexibility in applying the proceeds of this Issue. The company is yet to place orders for Purchase of New Machineries, Lab Equipment & Other utilities for its Manufacturing Facility & Construction of New Office Building and Manufacturing facility.
- The company has not made any alternate arrangements for meeting its capital requirements for the Objects of the Issue. Further, the company has not identified any alternate source of financing the `Objects of the Issue'. Any shortfall in raising / meeting the same could adversely affect its growth plans, operations and financial performance.
- The Company's customers operates in various industry segments/verticals and fluctuations in the performance of the industries in which the customers operates may result in a loss of customers, a decrease in the volume of work undertake or the price at which the company offer its products.
- The Company's applications for registration of its device marks are pending, including one application which is currently under opposition. Any delay or failures in obtaining registration may adversely affect the company's ability to protect its brand identity and enforce the company's intellectual property rights, which could materially and adversely affect its business, financial condition, results of operations and cash flows.
- The company has incurred significant capital expenditures in the past and there can be no assurance that its past or planned capital expenditures will result in growth and/or additional profitability for the Company.
- Information relating to the installed capacity, actual production and capacity utilization disclosed in this Draft Red Herring Prospectus is based on estimates and assumptions and may not be indicative of the company's future production levels or capacity utilisation.
- The deployment of funds raised through this Issue shall not be subject to any Monitoring Agency and shall be purely dependent on the discretion of the management of the Company.
- If the company fails to manage its growth efficiently and extend the company presence into new markets, it could have a substantial negative effect on the company's business, future financial performance, and overall operational outcomes.
- The Company does not have any directly comparable listed Indian peer engaged in a substantially similar line of business, which may make it difficult for investors to evaluate the company's business and determine an appropriate valuation of its Equity Shares.
- The company has incurred borrowings from commercial banks and financial institutions and its inability to comply with repayment and other covenants in the company's financing agreements could adversely affect its business and financial condition.
- Insurance coverage of the Company may be insufficient to protect against certain operational risks, which could adversely affect its business results.
- The company does not have any Exclusivity Arrangements with the customers.
- The company's inability to accurately forecast demand or price for its products and manage the company inventory may adversely affect its business, results of operations, financial condition and cash flows.
- The company is required to obtain, renew or maintain certain statutory and regulatory permits and approvals required to operates its business and if the company fails to do so in a timely manner or at all and its business, financial conditions, results of operations, and cash flows may be adversely affected.
- The company failures to perform in accordance with the standards prescribed in purchase order of its client could result in loss of business or payment of liquidated damages.
- Any failures in the company quality control processes may adversely affect its business, results of operations and financial condition. The company may faces product liability claims and legal proceedings if the quality of its product does not meet the company's customers' expectations.
- The company success depends heavily upon its Promoters, Directors, Key Managerial Personnel and Senior Management Personnel for their continuing services, strategic guidance and financial support. The company success depends heavily upon the continuing services of Promoters, Directors, Key Managerial Personnel and Senior Management Personnel who are the natural person in control of the Company.
- Its Promoters will continue jointly to retain majority control over the Company after the Issue, which will allow them to determine the outcome of matters submitted to shareholders for approval.
- The company could be harmed by employee misconduct or errors that are difficult to detect and any such incidences could adversely affect its financial condition, results of operations and reputation.
- Any future issuance of Equity Shares may dilute your shareholdings, and sale of the Equity Shares by the company major shareholders may adversely affect the trading price of its Equity Shares.
- The company's ability to pay dividends in the future will depends upon its future earnings, financial condition, cash flows, working capital requirements, capital expenditure and restrictive covenants in the company's financing arrangements.
- The Issue Price, market capitalization to total revenue multiple and price to earnings ratio based on the Issue Price of the Company, may not be indicative of the market price of the Equity Shares on listing or thereafter.
- The company's inability to effectively implement its business and growth strategy may have an adverse effect on the company operation and growth.
- The company cannot guarantee the accuracy or completeness of facts and other statistics with respect to India, the Indian economy and industry in which its operates contained in the Draft Red Herring Prospectus.
- The company relies on the continued operations of its manufacturing facilities and any slowdown, shutdown or disruption in the company's manufacturing facilities may be caused by natural and other disasters causing unforeseen damages which may lead to disruptions in its business and operations could have an adverse effect on the company's business, results of operations, financial condition and cash flows.
- Majority of the Directors on the company board does not possess experience of being on the board of a listed company.
- Any material deviation in the utilisation of Proceeds of the Issue shall be subject to applicable law.
- The company has not independently verified certain data in this Draft Red Herring Prospectus.
- The Equity Shares have never been publicly traded and the Issue may not result in an active or liquid market for the Equity Shares. Further, the price of the Equity Shares may be volatile, and you may be unable to resell the Equity Shares at or above the Issue Price.
- The requirements of being a public listed company may strain its resources and impose additional requirements.
- The Company may be subject to pre-emptive surveillance measures like Additional Surveillance Measure (ASM) and Graded Surveillance Measures (GSM) by the Stock Exchanges in order to enhance market integrity and safeguard the interest of investors, once the Equity Shares of the Company are listed.
- There are restrictions on daily movements in the price of the Equity Shares, which may adversely affect a shareholder's ability to sell, or the price at which it can sell, Equity Shares at a particular point in time.
The Issue type of Maxwell Engineering Solutions Ltd is Book Building - SME.
The minimum application for shares of Maxwell Engineering Solutions Ltd is 1600.
The total shares issue of Maxwell Engineering Solutions Ltd is 0.
Initial public issue of upto 36,50,000 equity shares of face value of Rs. 10/- each of Maxwell Engineering Solutions Limited ("MESL" or the "company" or the "issuer") for cash at a price of Rs. [*]/- per equity share including a share premium of Rs.[*]/- per equity share (the "issue price") aggregating to
Rs. [*] crores ("the issue"), of which [*] equity shares of face value of Rs. 10/- each for cash at a price of Rs. [*]/- per equity share including a share premium of Rs. [*]/- per equity share aggregating to Rs. [*] crores will be reserved for subscription by market maker to the issue (the "market maker reservation portion"). The issue less the market maker reservation portion i.e. net issue of [*] equity shares of face value of Rs. 10/- each at a price of Rs. [*]/- per equity share including a share premium of Rs. [*]/- per equity share aggregating to Rs. [*] crores is herein after referred to as the "net issue". The issue and the net issue will constitute [*]% and [*]%, respectively, of the post issue paid up equity share capital of the company.
The face value of the equity shares is Rs. 10/- each.
The price band and the minimum bid lot will be decided by the company.