Institutional Alpha Dossier

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Name: Maxwell Engineering Solutions IPO DRHP & Primary Market Dataset (2026)
Creator: The FinReason
License: https://creativecommons.org/licenses/by-nc/4.0/

MAINBOARD SYNCING

GMP: ₹-

Est. Listing: Calculating...

IPO Execution Schedule (NSE / BSE Trading Calendar)

Bidding Opens - Issue Open

Bidding Closes - Closing Date

Basis of Allotment - Registrar Finalization

Exchange Listing - Secondary Debut

Issue Price Valuation

₹-

Upper Cap Price

Price Band Cap: Book Built / Fixed

Lot Size & Retail Matrix

- Shares

Minimum Market Lot

Min Capital: ₹-

Application Size: -

Quant Grade & Moat Score

FinReason Grade

★★★★★

FUNDAMENTALS & SPREAD

TBA Moat / 10

Proprietary Multi-Factor Moat Model

Underlying Moat Architecture & Risk Factors

💼 MINIMUM INVESTMENT

Capital Matrix

Retail (Min Lot) Up to ₹2 Lakhs Category

₹ 252800

HNI (Min Lot) sNII / High Net-Worth Tier

₹ 379200

HNI Capital Multiple: Institutional Lot Sizing

🍩 RESERVATION QUOTA (%)

Issue Allocation

100% Total Issue

Anchor 28.07%

Market Maker 6.1%

QIB 18.73%

NII / HNI 14.21%

Retail 32.89%

🏛️

Institutional Corporate Dossier

Maxwell Engineering Solutions

COMPANY PROFILE & DNA

⏳

Incorporation / Founded

13-09-22

Active Vintage

📍

Corporate Headquarters

Vadodara, Gujarat

Registered Hub

👔 Leadership & Promoter Group

Key Management

Rajkumar Chaudhary, Vinubhai Kanjibhai Chavda, Ria Rajkumar Chaudhary

⚙️ Business Overview & Portfolio Core Offerings

Precision engineering company manufacturing critical components for underwater pelletizing systems

🎯 Target Market & End-Use Revenue Drivers

Die plates, blades and hubs for polymer compounding and recycling

🛡️

★ Unique Selling Proposition (Core Economic Moat)

Experienced promoters providing high precision custom engineered components and refurbishment services

Objects of the Issue (Use of Proceeds & Allocation)

🎯 Objective 01 Capital expenditure for new machineries, lab equipment and utilities

₹ 18.00

Allocation

🎯 Objective 02 Capital expenditure for construction of new office and manufacturing facility

₹ 6.50

Allocation

🎯 Objective 03 Repayment or prepayment of certain outstanding borrowings

₹ 4.30

Allocation

🎯 Objective 04 Funding working capital requirements

₹ 14.00

Allocation

Financial Performance & Multi-Year Trajectory

All Figures in ₹ Crores

Latest Total Income📊

₹- Top-Line

EBITDA Margin⚡

-% Operating

Net Profit (PAT) Margin📈

-% Bottom-Line

Debt / Net Worth🛡️

-x Leverage

📊 Income, EBITDA & Profit Growth Trajectory

Income EBITDA PAT Trend

🏛️ Balance Sheet: Net Worth vs Debt

Net Worth Borrowing

Particulars	Jul-26	FY26	FY25	FY24
Total Income	11.88	29.45	22.1	10.54
EBITDA	4.12	15.47	11.4	4.04
Profit After Tax (PAT)	3.05	11.86	9.18	3.16
Net Worth	27.92	24.87	13.01	3.33
Total Borrowing	15.77	16.73	8.6	3.19

Growth Engine & Compounding Velocity (KPIs)

Multi-Year Trajectory

📊 Total Sales (Revenue)

Growing

29.45 ₹ Cr

YoY Growth 33.25

3-Year CAGR 67.13

⚡ EBITDA (Op. Profit)

Growing

15.47 ₹ Cr

YoY Growth 35.7

3-Year CAGR 95.56

📈 Net Profit (PAT)

Growing

11.86 ₹ Cr

YoY Growth 29.27

3-Year CAGR 93.7

Capital Efficiency & Return Ratios (ROE vs ROCE)

Capital Allocation Audit

◈ ROE (Return on Equity) Calculating...

Current ROE

Current Period-%

3-Year Average-%

Last Year-%

◈ ROCE (Capital Employed) Calculating...

Current ROCE

Current Period-%

3-Year Average-%

Last Year-%

MetricMetric	Current (%)Curr%	Last Year (%)Last%	3-Yr Avg (%)3Y Avg	Trend StatusTrend
ROE (Return on Equity)ROE	47.7	70.54	71.05	Excellent
ROCE (Capital Employed)ROCE	37.18	52.74	51.58	Healthy

Forensic Analysis & Reality Check

Earnings Quality & Dilution Audit

0.48 CFO / EBITDA

Cash Flow Conversion Efficiency

Checking...

Analyzing operating cash flow conversion...

0.0x (Paper Profit) 70%+ Institutional Benchmark 1.0x+ (Strong Cash)

⚡ Pre-IPO vs Post-IPO Forensic Impact Meters Post-Issue Trajectory

Parameter	Pre-IPO	Post-IPO	View
Debt / Equity	0.67	0.14	Low
EPS (₹)	8.66	6.68	Diluting
ROE (%)	47.7	14.38	Bad
ROCE (%)	37.18	15.74	Good
P/E (Valuation)	18.25	23.64	Reasonable

⏳ Debtor Days Trend (Receivables Cycle)

Analyzing...

FY24

→

FY25

→

FY26

Lower receivable days indicate faster cash collection from clients.

⚠️ Contingent Liabilities Off-Balance Sheet

₹ 2.19 Cr

*Potential hidden obligations & legal/tax claims

Company NameComp	Revenue (Cr)Rev	P/E RatioP/E	ROCE (%)ROCE	ROE (%)ROE	OPM (%)OPM
Maxwell Engineering Solutions Limited IPO CANDIDATE	29.45	23.64 (Ask)	37.18	14.38% (Post Issue)	52.52%
Kabra Extrusion Technik Ltd.	451	0	1.2	-0.54	2.9
Omnitech Engineering Ltd.	511.3	99	13.7	11.28	33.46
Sunita Tools Ltd.	47.31	100.65	10.12	10.8	19.85
NA	0	0	0	0	0
NA	0	0	0	0	0

Strategic SWOT Analysis & Risk-Reward Matrix

4-Quadrant Institutional Assessment

▲ Positive Catalysts (Strengths + Opportunities): 8 Factors ▼ Risk Vectors (Weaknesses + Threats): 8 Factors

Strengths Internal Competitive Moat

4 Drivers

Leading manufacturer of underwater pelletizing components
Strong global presence with high export revenue
In-house R&D capabilities for custom engineering
Experienced promoters with extensive industry track record

Weaknesses Internal Operational Constraints

4 Factors

High working capital requirements for inventory management
Unhedged foreign currency exposure risks earnings volatility
Pending trademark oppositions on brand logo registration
Absence of long-term exclusive supply agreements with clients

Opportunities External Growth Tailwinds

4 Vectors

Expansion into large-format die plates and tooling
Growing global demand for polymer recycling solutions
Import substitution potential in high-precision component market
Capacity expansion at newly established manufacturing plant

Threats & Risks External Macro & Sector Headwinds

4 Risks

Fluctuations in core raw material market prices
Geopolitical instability in major export trading destinations
Intense competition from domestic and global manufacturers
Strict compliance risks on unfulfilled export obligation scheme

Top 10 Anchor Investors & Smart-Money Allocation

INSTITUTIONAL BOOK

Top 10 Anchor Commitment

₹- Cr

Smart-Money Quality Score

- / 5.0 ★ Marquee Conviction

SEBI Anchor Lock-In Schedule

30D (50%) • 90D (50%) Mandatory Lock-In

Anchor Book Allocation Pending Exchange Filing

Institutional anchor investor bidding & allocation disclosures are officially filed with NSE/BSE 1 working day prior to the IPO opening date.

Rank	Marquee Anchor Institution	Smart-Money Grade	Amount Invested	Anchor Share (%)

Score 8/10 (Base 4, Sector +2, Co +4, Risk -2) | SECTOR MOAT: Engineering ER&D CAGR of 10.3% driven by import substitution and global polymer machinery growth | COMPANY MOAT: High precision entry barriers, robust ROCE of 37.18%, ROE of 47.70%, EBITDA margin of 51.58%, and 84.73% export revenue | KEY RISKS: Top 5 clients contribute 52.11% of FY26 sales, plus working capital intensity | VERDICT: High-margin precision engineering niche play with solid export moat despite customer concentration. 28.07 6.1

IPO Subscription & Book-Building Demand Matrix

NSE / BSE Book-Building Feed

Aggregate Book Subscription

-x

Syncing Book...

Analyzing category-wise oversubscription & allotment odds... QIB vs Retail Spread

0.0x (Unfilled) 1.0x (Full Cover) 10x (Strong) 50x (High Demand) 100x+ (Blockbuster)

QIB Quota Qualified Institutional Buyers

Smart Money

-x Institutional Book

Inst. Conviction: Evaluating

NII / HNI Quota sNII (₹2L-10L) & bNII (₹10L+)

HNI Desk

-x Non-Institutional

HNI Competition Ratio: -

Retail (RII) Quota Individual Investors (Up to ₹2L)

SEBI Lottery

-x Retail Book

Retail Allotment Odds: -

Maxwell Engineering Solutions IPO: Key Issue Details, GMP & DRHP Quantitative Summary

Below is the institutional primary market dataset for Maxwell Engineering Solutions (SME IPO) compiled from official offer documents (DRHP/RHP) and exchange filings:

IPO Name	Maxwell Engineering Solutions
Slug	https://www.investorgain.com/gmp/maxwell-engineering-solutions-ipo/1965/
Status	✅ Active
Rating	TBA
Price	₹ 158
Lot/Size	800
Dates Short	30 Oct - 03 Nov
Open Date	30-10-26
Close Date	03-11-26

Disclaimer: All data, moat scores, and indicative grey market figures are algorithmic and informational compilations for educational study only. The FinReason does not provide Buy/Sell/Subscribe/Avoid recommendations.

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💼 MINIMUM INVESTMENT

🍩 RESERVATION QUOTA (%)

IPO Subscription & Book-Building Demand Matrix

Maxwell Engineering Solutions IPO: Key Issue Details, GMP & DRHP Quantitative Summary

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