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SME IPO
BSE SME Houseware
Maharaja & Speedex India IPO
₹80.13 Cr · Fresh Issue · Houseware
Price Band
₹177
Lot: 600 shares (₹106,200)
GMP (Grey Market)
₹30 (+16.13%)
Est. listing ₹207
Issue Size
₹80.13 Cr
Fresh Issue
Market Cap
₹304.02 Cr
At upper band
P/E Ratio
15.64x
Listing Date
18th Sep 2026
BSE & NSE
IPO Timeline
✓
Opens
10th Sep 2026
✓
Closes
15 Sep 2026
📋
Allotment
16 Sep 2026
₹
Refund
17 Sep 2026
📈
Listing
18th Sep 2026
IPO India Hub: Subscribe
Conviction
8/10
The company trades at 0.68× sector midpoint with exceptional 276.9% PAT CAGR and 54.6% ROCE, indicating strong operational leverage in a capital-light houseware business. Key risk is NPM of 12.5% below the 15% threshold that would justify premium valuations, and execution risk on capex deployment post-listing.
Our Analysis — Key Points
✓ Strength
Exceptional profit growth trajectory
Net profit surged from ₹1.1 Cr (FY-2) to ₹15.3 Cr (FY0), a 276.9% CAGR over two years, while revenue grew 41.4% CAGR to ₹122.7 Cr. This demonstrates the company has moved beyond top-line growth into meaningful bottom-line expansion and operational efficiency.
✓ Strength
Strong capital efficiency metrics
ROCE of 54.6% and EBITDA margin of 18.36% indicate the company generates substantial returns on invested capital. The 0.92× D/E ratio is conservative for a manufacturing business, leaving room for growth capex without financial stress.
⚠ Risk
Net margin below premium valuation threshold
NPM of 12.5% falls below the 15% benchmark that would justify valuations at or above sector midpoint. While growth is strong, margin sustainability in a competitive houseware segment remains unproven at scale.
⚠ Risk
Capex execution and integration risk
₹24.10 Cr (30% of proceeds) is earmarked for debt repayment, but remaining capex is directed to plant and machinery at a subsidiary. Execution delays or lower-than-expected ROI on new capacity could pressure margins and growth momentum.
₹ Valuation
Valuation well below sector baseline
P/E of 15.64× is 0.68× the niche/unlisted sector midpoint of 23×, placing it in the Subscribe zone. At this discount, the market is pricing in execution risk or margin compression, but the 41.4% revenue CAGR and 54.6% ROCE suggest the discount is unjustified.
👁 Watch
Monitor post-listing margin trajectory
Track quarterly EBITDA and net margins over the next 2–3 quarters post-listing to confirm whether the 18.36% EBITDA margin holds as the company scales and deploys new capex. Any margin compression below 16% EBITDA would signal operational headwinds.
Top Analyst Reviews
| Analyst / Firm | Rating | Known For | Review |
|---|---|---|---|
| IPO India Hub Our independent review |
Original analysis based on DRHP & public financials | This page | |
| Dilip Davda Chittorgarh.com |
India's most followed independent IPO analyst | Search on Chittorgarh → | |
| Capital Market (CM Rating) CapitalMarket.com |
Widely-cited "New Issue Monitor" reports | Search on CapitalMarket → | |
| ICICI Securities ICICIdirect Research |
SEBI-registered broker research desk | Visit ICICIdirect → | |
| IPO Guru Analyst Leaderboard ipoguru.in |
Ranks 49 analysts by real IPO outcome accuracy | View leaderboard → |
External links go to each platform's IPO section — search for "Maharaja & Speedex India" to find the specific review. IPO India Hub does not represent the accuracy of third-party ratings.
Company Snapshot
Revenue
₹122.74 Cr
Net Profit
₹15.34 Cr
Industry
Houseware
Issue Type
Fresh Issue
Quick Actions
Frequently Asked Questions
Subscribe. The company trades at 0.68× sector midpoint with exceptional 276.9% PAT CAGR and 54.6% ROCE, indicating strong operational leverage in a capital-light houseware business. Key risk is NPM of 12.5% below the 15% threshold that would justify premium valuations, and execution risk on capex deployment post-listing.
The current grey market premium (GMP) is ₹30, which is 16.13% above the upper band price of ₹177. This implies an estimated listing price of around ₹207. GMP is informal and unregulated — treat it as a sentiment indicator, not a guarantee.
The minimum lot size is 600 shares. At the upper band price of ₹177, the minimum investment per retail application is ₹106,200. You can apply for up to 13 lots (₹1,380,600) under the retail category (up to ₹2 lakh).
The IPO opens on 10th Sep 2026. It closes on 15 Sep 2026. Allotment is expected on 16 Sep 2026. Refunds initiate on 17 Sep 2026. Listing on BSE and NSE is on 18th Sep 2026.
Our analysis recommends <strong>Subscribe</strong>. The fundamentals support applying before the issue closes on 15 Sep 2026. The minimum investment is ₹106,200 for one lot (600 shares). The company trades at 0.68× sector midpoint with exceptional 276.9% PAT CAGR and 54.6% ROCE, indicating strong operational leverage in a capital-light houseware business. Key risk is NPM of 12.5% below the 15% threshold that would justify premium valuations, and execution risk on capex deployment post-listing.
Our analysis recommends <strong>Subscribe</strong>. The fundamentals support applying before the issue closes on 15 Sep 2026. The IPO is priced at a P/E of 15.64x. Market cap at issue price is ₹304.02 Cr. As with all IPOs, please read the DRHP and assess your own risk tolerance before investing.
You can apply via UPI through your broker's trading app (Zerodha, Upstox, Fyers, etc.) or via ASBA through your net banking portal. The minimum lot is 600 shares at ₹177 each, costing ₹106,200 per application. The issue closes on 15 Sep 2026, so apply before that date. Step 1: Log in to your broker or bank app. Step 2: Go to IPO section and search for 'Maharaja & Speedex India'. Step 3: Enter the number of lots and UPI ID. Step 4: Accept the mandate on your UPI app.
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