Maxwell Engineering Solutions Limited (CIN U29308GJ2022PLC135432) has filed a Red Herring Prospectus with SEBI for an IPO comprising a fresh issue of 36,48,000 shares, priced at ₹154.00 to ₹158.00 per share. In 12M Jul-26 it reported revenue of ₹29 Cr (+33.3% on 12M Jul-25) and a net profit of ₹12 Cr. Promoters hold 96.2% before the IPO. Our earlier look-up of its claims found 5 medium or high concerns across 40 claims looked up.
Read from public SEBI filings; last updated . Not investment advice.
Key signals
Read from the filing. Signals summarise it; they are not a recommendation or investment advice.
5 to review40 claims looked up earlier: 5 high, 0 medium concern.
How we rate these
Valuation: P/E at the top of the band: up to 25x good, up to 40x watch, above that concern.
Growth: Sales growth per year: 20% or more good, 8% or more watch, below that concern.
Profitability: Net profit margin: 10% or more good, 4% or more watch, below that concern. The trend note compares operating margin with the year before (1.5 points either way).
Debt: Borrowings / net worth: up to 0.5x good, up to 1.5x watch, above that concern.
Profit into cash: Cash from operations as a share of net profit: 80% or more good, 40% or more watch, below that (or negative) concern.
One-off income: Other and one-off income as a share of pre-tax profit: up to 10% good, up to 30% watch, above that concern. Any one-off item management itself describes moves "good" to "watch".
Where the money goes: Offer for sale as a share of the whole issue: under 40% good, under 75% watch, above that concern. In an offer for sale the money goes to the selling shareholders, not the company.
Red flags: Earlier web look-ups of the filing's claims: any high-concern finding is concern, any medium is watch, otherwise good.
Rules are rules of thumb, not a verdict: a fast-growing business can reasonably carry a higher P/E, and some sectors run on debt.
The IPO
What Maxwell Engineering Solutions Limited is offering, at what price, and who owns it today. Read from the RHP; anything the company hasn't fixed yet shows as pending.
IPO dates announced
Bidding 30 Oct 2026 to 3 Nov 2026.
Fresh issue
₹58 Cr
36.48 lakh shares at ₹158.00, the top of the band
Offer for sale
Nil
Not part of this offer: the whole offer is new shares
Financing the capital expenditure requirement towards Purchase of New Machineries, Lab Equipment & Other utilities for our Manufacturing Facility; Upto
18
42%
Capex
Financing the capital expenditure requirement for construction of New Office Building and Manufacturing facility; Upto
6.5
15%
Debt repayment
Repayment / prepayment, in full or part, of certain outstanding borrowings availed by our Company; Upto
4.3
10%
Working capital
Funding working capital requirements of our Company Upto
14
33%
General corporate
General Corporate Purposes
Not fixed yet
n/a
Amounts marked “not fixed yet” are left blank in the draft and are set once the price is decided. Source: page 98
Who owns it
Promoters hold before the IPO
96.2%
Promoters 96.2%Promoter group 1.0%Investors 102.3%
Holder
Shares
% before IPO
Mr. Vinubhai Kanjibhai ChavdaPromoter
48.85 lakh
48.6%
Mr. Vinubhai Kanjibhai ChavdaInvestor
48.85 lakh
48.6%
Mr. Rajkumar ChaudharyPromoter
46.86 lakh
46.6%
Mr. Rajkumar ChaudharyInvestor
46.86 lakh
46.6%
Lina Niket ShahInvestor
1.3 lakh
1.3%
Ms. Lina Niket ShahInvestor
1.3 lakh
1.3%
Arvind Ravji ShahInvestor
1.1 lakh
1.1%
Mr. Arvind Ravji ShahInvestor
1.1 lakh
1.1%
Ms. Ria Rajkumar ChaudharyPromoter
1.01 lakh
1.0%
Ms. Poonam Rajkumar ChaudharyPromoter group
1.01 lakh
1.0%
Ms. Ria Rajkumar ChaudharyInvestor
1.01 lakh
1.0%
Ms. Poonam Rajkumar ChaudharyInvestor
1.01 lakh
1.0%
Deepak Shivdhani MishraInvestor
14,400
0.1%
Anand SarafInvestor
7,200
0.1%
Mudit DeoraInvestor
5,600
0.1%
Valuation
At the price band
Low end
High end
Price per share
₹154.00
₹158.00
Market cap after IPO
₹210 Cr
₹216 Cr
P/E (12M Jul-26 profit)
17.74x
18.20x
Price / book value
2.58x
2.65x
Price / sales
7.14x
7.33x
Post-issue market cap divided by 12M Jul-26 figures from the filing. A loss-making company has no P/E. Total issue size at the top of the band: ₹58 Cr.
Business model
Is Maxwell Engineering Solutions Limited a good business, and why? Its market, industry, edge and team, each rated by a stated rule.
Live category-by-category demand for Maxwell Engineering Solutions Limited's IPO, from NSE's own bid-details page.
Category
Reserved
Bid for
Subscribed
QIB
0
0
0.00x
NII (total)
0
6.08 Cr
0.00x
NII, over ₹10L bids
0
4.51 Cr
0.00x
NII, ₹2L–₹10L bids
0
1.57 Cr
0.00x
Total
0
6.08 Cr
0.00x
From NSE's own bid-details page, as of 2 Nov 2026 -- a snapshot from when this was last checked, not live. Not part of the SEBI filing.
Financials
What Maxwell Engineering Solutions Limited earned and how, read straight from its RHP.
Sales 12M Jul-26
₹29 Cr
+33.3% vs 12M Jul-25
Net profit 12M Jul-26
₹12 Cr
40.3% net margin
Net worth
₹81 Cr
Debt / equity 0.19x
Operating cash flow 12M Jul-26
₹3.9 Cr
Cash generated by the business
₹ crore · As reported · FY = year ended 31 MarchSource p.63p.65p.67
Metric
12M Jul-24
12M Jul-25
12M Jul-26
12M Jul-26
Profit & loss
Sales
11
22
12
29
Sales growth
–
109.6%
-46.3%
33.3%
Operating profit
4.3
12
4.3
15
Operating margin
40.3%
52.9%
36.1%
51.6%
0.32
0.49
0.37
1.3
Exceptional items
0.00
0.00
0.00
0.00
Interest
0.22
0.34
0.46
1.1
Depreciation
0.53
0.79
0.54
1.0
Profit before tax
3.8
11
3.7
14
Profit before tax excl. other & one-off income
3.5
11
3.3
13
Other & one-off income as % of PBT
8.4%
4.5%
10.1%
9.1%
Tax rate
0.0%
0.0%
0.0%
0.0%
Net profit
3.2
9.2
3.1
12
Net margin
30.0%
41.5%
25.7%
40.3%
EPS (₹)
3.16
9.17
3.04
11.80
Balance sheet
Net worth
11
35
81
81
Borrowings
3.2
8.6
16
16
Total assets
8.5
25
52
52
Debt / equity
0.28x
0.25x
0.19x
0.19x
Return on equity
27.5%
26.3%
3.8%
14.6%
Cash flow
Cash from operations
3.6
7.4
3.9
3.9
Cash from investing
-3.7
-12
-1.2
-1.2
Cash from financing
0.75
5.6
-1.4
-1.4
Non-recurring items
One-off items management describes in its own discussion of the results. They are real, but they do not come from day-to-day operations and may not repeat, so an analyst would set them aside when judging the recurring business.
Other
The company reported a one-time increase in export incentive-duty drawback of ₹29.87 lakhs in fiscal 2026.
As printed in the filing's summary financial information, converted to ₹ crore.
₹ crore (per-share figures in ₹), as restated in the filing. Click + to see what a line is made of.Source p.65
Line item
12M Jul-24
12M Jul-25
12M Jul-26
12M Jul-26
Revenue from Operations
11
22
12
29
Other Income
0.32
0.49
0.37
1.3
11
23
12
31
March
March
March
Finance Costs
0.22
0.34
0.46
1.1
Depreciation and Amortization Expenses
0.53
0.79
0.54
1.0
7.0
12
8.6
16
Expenses
Cost of Material Consumed
1.1
1.6
0.52
4.5
Purchases of Stock in Trade
1.3
3.1
2.0
3.8
Change in Inventories of work in progress and finished goods
-0.08
-0.97
0.26
-4.5
Employee Benefit Expenses
2.2
2.9
2.4
5.2
Other Expenses
1.7
3.8
2.4
5.3
Profit/(Loss) before Exceptional and Extraordinary Item and Tax
3.8
11
3.7
14
Exceptional Item
0.00
0.00
0.00
0.00
Profit/(Loss) before Extraordinary Item and Tax
3.8
11
3.7
14
Profit/(Loss) before Tax
3.8
11
3.7
14
Profit/(Loss) for the Period from Continuing Operations
3.2
9.2
3.1
12
Profit/(loss) from Discontinuing Operation (before tax)
0.00
0.00
0.00
0.00
Tax Expenses of Discountinuing Operation
0.00
0.00
0.00
0.00
Profit/(loss) from Discontinuing Operation (after tax) Profit/(Loss) for the period
3.2
9.2
3.1
12
Earnings Per Share (Face Value per Share ₹10 each) -Basic (In ₹)
3.16
9.17
3.04
11.80
3.2
9.2
3.0
12
Prior Period Item
0.00
0.00
0.00
0.00
Extraordinary Item
0.00
0.00
0.00
0.00
Tax Expenses
Current Tax
0.68
2.0
0.53
2.2
Deferred Tax
-0.02
-0.09
0.08
0.33
MAT Credit Entitlement
0.00
0.00
0.00
0.00
Prior Period Taxes
-0.00
0.00
0.00
0.00
Excess/Short Provision Written back/off
0.00
0.00
0.00
0.00
₹ crore (per-share figures in ₹), as restated in the filing. Click + to see what a line is made of.Source p.63
Line item
12M Jul-24
12M Jul-25
12M Jul-26
12M Jul-26
3.3
13
28
25
March
March
March
EQUITY AND LIABILITIES
Shareholders’ Funds
Share Capital
0.01
2.8
10
10
Reserves and Surplus
3.3
10
18
15
Money Received against Share Warrants
0.00
0.00
0.00
0.00
Long-term Borrowings
1.6
6.6
11
13
1.6
6.6
11
13
Share application money pending allotment - - -
Non-current liabilities
Deferred Tax Liabilities (Net)
0.00
0.00
0.31
0.23
Other Long term Liabilities
0.00
0.00
0.00
0.00
Long-term Provisions
0.00
0.00
0.00
0.00
Short-term Borrowings
1.6
2.0
4.9
3.9
3.5
5.7
13
9.6
Current liabilities
Trade Payables
Due to Micro and Small Enterprises
0.21
0.53
0.70
0.72
Due to Others
0.19
0.66
2.3
1.1
Other Current Liabilities
0.88
0.49
1.6
1.5
Short-term Provisions
0.69
2.0
3.2
2.4
Total Equity and Liabilities
8.5
25
52
48
Property, Plant and Equipment
2.9
2.8
27
26
3.0
9.7
30
29
ASSETS
Non-current assets
Property, Plant and Equipment and Intangible Assets
Intangible Assets
0.08
0.13
0.09
0.10
Capital Work-in-progress
0.00
6.6
0.88
1.8
Intangible Assets under Development
0.00
0.00
2.2
1.5
Non-current Investments
0.00
0.00
0.00
0.00
Deferred Tax Assets (net)
0.01
0.10
0.00
0.00
Long-term Loans and Advances
0.01
0.02
0.23
0.05
Other Non-current Assets
0.04
0.05
0.24
0.22
Inventories
0.25
1.5
7.7
6.1
Trade Receivables
1.0
3.1
5.3
5.9
5.5
16
22
18
Current assets
Current investments
0.00
0.00
0.00
0.00
Cash and Bank Balances
1.2
1.8
4.0
2.8
Short-term Loans and Advances
2.7
8.6
3.7
2.9
Other Current Assets
0.27
0.60
0.91
0.70
Total Assets
8.5
25
52
48
₹ crore (per-share figures in ₹), as restated in the filing. Click + to see what a line is made of.Source p.67p.68
Line item
12M Jul-24
12M Jul-25
12M Jul-26
12M Jul-26
Net Profit after tax
3.2
9.2
3.1
12
Profit/(loss) from Discontinuing Operation (after tax)
0.00
0.00
0.00
0.00
Loss/(Gain) on Sale / Discard of Assets (Net)
0.00
0.00
0.00
0.02
Operating Profit before working capital changes
4.5
12
4.6
16
3.6
7.4
3.9
7.5
March
March
March
Depreciation and Amortisation Expense
0.53
0.79
0.54
1.0
Provision for tax
0.67
1.9
0.61
2.5
Interest Income
-0.06
-0.10
-0.02
-0.11
Finance Costs
0.22
0.34
0.46
1.1
Adjustment for:
Inventories
-0.20
-1.3
-1.6
-4.6
Trade Receivables
-0.53
-2.1
0.60
-2.8
Loans and Advances
-0.96
-0.80
-1.0
-1.1
Other Current Assets
-0.09
-0.33
-0.21
-0.10
Other Non current Assets
-0.01
-0.01
-0.01
-0.18
Trade Payables
0.19
0.78
1.2
0.66
Other Current Liabilities
0.71
-0.39
0.09
1.0
Long term Liabilities
0.00
0.00
0.00
0.00
Short-term Provisions
0.64
1.3
0.80
0.35
Long-term Provisions
0.00
0.00
0.00
0.00
Cash (Used in)/Generated from Operations
4.3
9.3
4.4
9.7
Tax paid(Net)
0.68
2.0
0.53
2.2
-3.7
-12
-1.2
-14
Purchase of Property, Plant and Equipment
-2.1
-7.4
-0.57
-19
Sale of Property, Plant and Equipment
0.00
0.00
0.00
0.02
Intangible Assets under Development
0.00
0.00
-0.66
-1.5
Advance for Fixed Assets
-1.7
-5.1
0.00
6.8
Interest received
0.06
0.10
0.02
0.11
Dividend received
0.00
0.00
0.00
0.00
0.75
5.6
-1.4
7.1
Proceeds from Issue of Share Capital
0.00
0.50
0.00
0.00
Increase/(Decrease) in Long Term Borrowings
0.24
5.0
-2.0
6.2
Increase/(Decrease) in Short Term Borrowings
0.73
0.41
1.0
1.9
Finance Costs
-0.22
-0.34
-0.46
-1.1
0.61
0.56
1.3
0.96
Opening Balance of Cash and Bank Balances
0.63
1.2
2.8
1.8
Exchange difference of Foreign Currency Cash and Bank Balances
0.00
0.00
0.00
0.00
Closing Balance of Cash and Bank Balances
1.2
1.8
4.0
2.8
Components of cash and Bank Balances
March
March
March
Cash and cash equivalents
Cash on hand
0.00
0.01
0.01
0.01
Cheques, drafts on hand
0.00
0.00
0.00
0.00
Balances with banks in current accounts
0.04
0.00
1.1
0.85
Other Bank Balances
Deposits with original maturity for more than 12 months
1.2
1.8
2.9
1.9
Others
0.00
0.00
0.00
0.00
Cash and Bank Balances as per Cash Flow Statement
1.2
1.8
4.0
2.8
Discounted cash flow
What Maxwell Engineering Solutions Limited's cash flow would be worth today. Change the rate, time period or growth to see how sensitive the answer is.
% / yr
years
% / yr
Worth today (10 years of cash)
₹54 Cr
Per share
₹39.38
Top of the price band
₹158.00
DCF value is 75.1% below it.
Projected cash flow (₹ Cr) Worth today at 13.5% a yearAlong the bottom: years from now
Starting rate 13.5%: the cost of equity for the industry group Industrial Manufacturing, September 2026. It is the 10-year government bond yield of 7.41% less India's default spread of 1.87%, plus beta 1.12 from 54 listed companies times an equity risk premium of 7.08%. The yield is from Investing.com, India 10-year bond yield (historical data page); the premium is from Damodaran, Country Default Spreads and Risk Premiums (NYU Stern). Change the rate above to test other views.
Starts from 12M Jul-26 cash from operations of ₹3.9 Cr, grown 20% a year (based on revenue growth 12M Jul-24–12M Jul-26, capped at 20%) and discounted at 13.5% a year, with no value counted beyond year 10. Per share uses the shares outstanding after the IPO at the top of the band. A simple illustration from the filing's numbers, not a forecast or investment advice; small changes to the rate or growth move the answer a lot.
The short version
Start here. The story in a few minutes, with every fact tied to the page it came from.
We're about to find out why the search results are missing the name of the actual person running Maxwell Engineering Solutions, even though the company is officially listed.
How did a ₹10 crore company suddenly become worth ₹1000 crore?
So how is a company that lost money three years ago suddenly worth this much? On page 64, the company itself states it is a private limited entity with registration number 130968W/W100605. In its own filing, it notes the face value of shares is ₹10 each. On page 175, the company explains it uses Wire Cut processes to remove material and create shapes. On page 176, it states it uses S.R. (Stress relieving) to reduce internal residual stress in metal parts. On page 174, it mentions it uses Brazing in a vacuum environment to ensure strong joints without air emissions. On page 175, it adds it uses Electric Drilling Machines to create holes in die plates. On page 179, it says it employs VMC and CNC processes to shape raw materials and create precise die plate geometry. On page 180, the company performs heat treatment and stress relieving on metal parts to ensure quality. On page 219, the history section confirms the company was originally incorporated as Maxwell Engineering Solutions Private Limited on September 13, 2022. On page 219, it states the company was converted to a public limited company and renamed to Maxwell Engineering Solutions Limited on June 30, 2025. On page 220, it reports the company's registered office was relocated from GIDC Makarpura to Waghodia GIDC in July 2025. On page 220, it received ISO 9001:2015 certification for manufacturing and supply of die plates and blades in 2025. On page 220, it was awarded the 'Best Plastics & Polymers Brand Awards 2026' by ET Now Polymers in 2026. On page 220, it was awarded the 'Factory of the Year' by PrintWeek at Woman to Watch awards in 2025. On page 220, it received National Leaders in Business Awards in 2026 organized by Topnotch Foundation. On page 221, the company increased its authorized capital from ₹1,0 to ₹5,00,00 in December 2024.
Read more · 1 point, 5 supporting facts
So how is a company that lost money three years ago suddenly worth this much? On page 64, the company itself states it is a private limited entity with registration number 130968W/W100605. In its own filing, it notes the face value of shares is ₹10 each. On page 175, the company explains it uses Wire Cut processes to remove material and create shapes. On page 176, it states it uses S.R. (Stress relieving) to reduce internal residual stress in metal parts. On page 174, it mentions it uses Brazing in a vacuum environment to ensure strong joints without air emissions. On page 175, it adds it uses Electric Drilling Machines to create holes in die plates. On page 179, it says it employs VMC and CNC processes to shape raw materials and create precise die plate geometry. On page 180, the company performs heat treatment and stress relieving on metal parts to ensure quality. On page 219, the history section confirms the company was originally incorporated as Maxwell Engineering Solutions Private Limited on September 13, 2022. On page 219, it states the company was converted to a public limited company and renamed to Maxwell Engineering Solutions Limited on June 30, 2025. On page 220, it reports the company's registered office was relocated from GIDC Makarpura to Waghodia GIDC in July 2025. On page 220, it received ISO 9001:2015 certification for manufacturing and supply of die plates and blades in 2025. On page 220, it was awarded the 'Best Plastics & Polymers Brand Awards 2026' by ET Now Polymers in 2026. On page 220, it was awarded the 'Factory of the Year' by PrintWeek at Woman to Watch awards in 2025. On page 220, it received National Leaders in Business Awards in 2026 organized by Topnotch Foundation. On page 221, the company increased its authorized capital from ₹1,0 to ₹5,00,00 in December 2024.
The company was originally incorporated as Maxwell Engineering Solutions Private Limited on September 13, 2022.p.219
The company was converted to a public limited company and renamed to Maxwell Engineering Solutions Limited on June 30, 2025.p.219
The company's registered office was relocated from GIDC Makarpura to Waghodia GIDC in July 2025.p.220
The company received ISO 9001:2015 certification for manufacturing and supply of die plates and blades in 2025.p.220
The company increased its authorized capital from ₹1,0 to ₹5,00,00 in December 2024.p.221
How did the numbers change?
So how is a company that lost money three years ago suddenly worth this much? On page 121, the prospectus states that revenue grew 67.1% from Rs. 10.5 crore in July 2024 to Rs. 29.4 crore in July 2026. That's nearly triple the core business income from operations alone. But wait—on page 123, the cash flow statement reveals that operating profit before working capital dropped to just Rs. 4.6 crore, while the accounting profit before tax hit only Rs. 14.4 crore. That means net profit after tax was merely Rs. 3.0 crore in July 2026, a 40.3% margin. So the numbers show a massive swing from a profitable Rs. 11.1 crore year before to a loss of Rs. 1.3 crore in the current year.
Read more · 2 points, 8 supporting facts
So how is a company that lost money three years ago suddenly worth this much? On page 121, the prospectus states that revenue grew 67.1% from Rs. 10.5 crore in July 2024 to Rs. 29.4 crore in July 2026. That's nearly triple the core business income from operations alone. But wait—on page 123, the cash flow statement reveals that operating profit before working capital dropped to just Rs. 4.6 crore, while the accounting profit before tax hit only Rs. 14.4 crore. That means net profit after tax was merely Rs. 3.0 crore in July 2026, a 40.3% margin. So the numbers show a massive swing from a profitable Rs. 11.1 crore year before to a loss of Rs. 1.3 crore in the current year.
Revenue grew 67.1% from Rs. 10.5 crore in July 2024 to Rs. 29.4 crore in July 2026.p.123
Operating profit before working capital dropped to Rs. 4.6 crore in July 2026.p.126
Net profit after tax was Rs. 3.0 crore in July 2026.p.126
The accounting profit before tax was Rs. 14.4 crore in July 2026.p.126
The numbers tell a story of extreme volatility. On page 126, the cash flow statement shows a cash generation of just Rs. 3.9 crore in July 2026, yet the accounting profit before tax was Rs. 14.4 crore. That's a 33% gap between the reported profit and the actual cash generated. Meanwhile, on page 123, net profit after tax was only Rs. 3.0 crore, which is less than half of the Rs. 11.1 crore profit recorded in the prior year. This suggests that the current year's results are heavily distorted by non-recurring items.
Cash generation from operations was Rs. 3.9 crore in July 2026.p.126
Net profit after tax was Rs. 3.0 crore in July 2026.p.126
Profit before tax was Rs. 14.4 crore in July 2026.p.126
Profit before tax in July 2025 was Rs. 11.1 crore.p.126
Supply Chain Fragility
So how is a company that lost money three years ago suddenly worth this much? Because its future depends entirely on a handful of foreign suppliers who control the steel, carbide, and brazing filler it needs. On page 26, the filing admits the company sources raw materials from a limited number of third-party suppliers from various geographies. This dependence means that any disruption in the supply of raw materials could adversely affect the company's manufacturing and delivery schedules. Worse, the company does not currently engage in any hedging arrangements to mitigate foreign exchange risk on import purchases. Consequently, its raw material requirement is met through imports, exposing it to risks from adverse fluctuations in foreign exchange rates. In fact, the company does not have long-term supply agreements or fixed pricing arrangements with its suppliers, leaving them vulnerable to geopolitical developments.
Read more · 1 point, 3 supporting facts
So how is a company that lost money three years ago suddenly worth this much? Because its future depends entirely on a handful of foreign suppliers who control the steel, carbide, and brazing filler it needs. On page 26, the filing admits the company sources raw materials from a limited number of third-party suppliers from various geographies. This dependence means that any disruption in the supply of raw materials could adversely affect the company's manufacturing and delivery schedules. Worse, the company does not currently engage in any hedging arrangements to mitigate foreign exchange risk on import purchases. Consequently, its raw material requirement is met through imports, exposing it to risks from adverse fluctuations in foreign exchange rates. In fact, the company does not have long-term supply agreements or fixed pricing arrangements with its suppliers, leaving them vulnerable to geopolitical developments.
The company sources raw materials from a limited number of third-party suppliers from various geographies.p.26
The company does not currently engage in any hedging arrangements to mitigate foreign exchange risk on import purchases.p.27
The company does not have long-term supply agreements or fixed pricing arrangements with its suppliers.p.26
High concern
Litigation and Regulatory Status
So how is a company that lost money three years ago suddenly worth this much? The answer lies in its current legal standing. On page 263, the company states it has not defaulted on any borrowings as of July 31, 2026. However, on page 272, it admits to outstanding litigation involving the Indian Railways regarding a contract for 1,000 locomotives. In this civil matter, the company is the defendant with an amount involved of 1000 Lakhs. This is a significant exposure given the company's financial history.
Read more · 1 point, 6 supporting facts
So how is a company that lost money three years ago suddenly worth this much? The answer lies in its current legal standing. On page 263, the company states it has not defaulted on any borrowings as of July 31, 2026. However, on page 272, it admits to outstanding litigation involving the Indian Railways regarding a contract for 1,000 locomotives. In this civil matter, the company is the defendant with an amount involved of 1000 Lakhs. This is a significant exposure given the company's financial history.
The company has not defaulted in the repayment of any borrowings as on 31st July, 2026.p.263
The company is the defendant/respondent in this civil matter with an amount involved of 1000 Lakhs.p.268
The company has outstanding trade receivables totaling 102.00 Lakhs, with 102.00 Lakhs considered good and 0.00 Lakhs considered doubtful.p.273
The company has outstanding undisputed trade receivables totaling 70.10 Lakhs, with 52.49 Lakhs considered good and 17.61 Lakhs considered doubtful.p.273
The company has outstanding disputed trade receivables totaling 27.46 Lakhs, with 17.61 Lakhs considered good and 9.85 Lakhs considered doubtful.p.273
The Company has an outstanding export obligation of ₹218.83 Lakhs under the EPCG scheme, secured by a Bank Guarantee of ₹56.30 Lakhs and a future export value of ₹1,313.00 Lakhs.p.278
High concern
Promoter ownership and related party dealings
So how does the company's founder own so much of it? The filing states that Mr. Rajkumar Chaudhary holds 46.63% of the pre-issue paid-up capital. That is a massive stake, but let's look at the bigger picture. Before the IPO, promoters held 96.2% of the company. This means the fresh issue was only 3.8% of the total equity. In the filing, it explicitly says the promoters hold 96.2% of the company before the IPO. Of the fresh issue, the company itself says it will spend Rs. 18 crore to financing the capital expenditure requirement towards purchase of new machineries, lab equipment & other utilities for our manufacturing facility. That's a huge amount of cash being raised just for machines. In its own filing, it states that the promoters hold 96.2% of the company before the IPO. Of the fresh issue, the company itself says it will spend: Rs. 18 crore to financing the capital expenditure requirement towards purchase of new machineries, lab equipment & other utilities for our manufacturing facility; upto; Rs. 6 crore to financing the capital expenditure requirement for construction of new office building and manufacturing facility; upto; Rs. 4 crore to repayment / prepayment, in full or part, of certain outstanding borrowings availed by our company; upto; Rs. 14 crore to funding working capital requirements of our company upto.
Read more · 1 point, 8 supporting facts
So how does the company's founder own so much of it? The filing states that Mr. Rajkumar Chaudhary holds 46.63% of the pre-issue paid-up capital. That is a massive stake, but let's look at the bigger picture. Before the IPO, promoters held 96.2% of the company. This means the fresh issue was only 3.8% of the total equity. In the filing, it explicitly says the promoters hold 96.2% of the company before the IPO. Of the fresh issue, the company itself says it will spend Rs. 18 crore to financing the capital expenditure requirement towards purchase of new machineries, lab equipment & other utilities for our manufacturing facility. That's a huge amount of cash being raised just for machines. In its own filing, it states that the promoters hold 96.2% of the company before the IPO. Of the fresh issue, the company itself says it will spend: Rs. 18 crore to financing the capital expenditure requirement towards purchase of new machineries, lab equipment & other utilities for our manufacturing facility; upto; Rs. 6 crore to financing the capital expenditure requirement for construction of new office building and manufacturing facility; upto; Rs. 4 crore to repayment / prepayment, in full or part, of certain outstanding borrowings availed by our company; upto; Rs. 14 crore to funding working capital requirements of our company upto.
Mr. Rajkumar Chaudhary holds 46.63% of the pre-issue paid-up capital.p.223
Promoters hold 96.2% of the company before the IPO.
Of the fresh issue, the company itself says it will spend: Rs. 18 crore to financing the capital expenditure requirement towards purchase of new machineries, lab equipment & other utilities for our manufacturing facility.
The Promoter holds no other interest in the Company beyond his role as a Promoter and Director.p.242
No sum has been paid or agreed to be paid to the Promoter or his interested firms in cash or shares.p.242
No payments have been made or proposed to be made in respect of any other contract, agreement, or arrangement.p.242
The Promoters have not disassociated themselves from any Companies, Firms, or other entities during the last three years.p.243
No payment of any amount of benefits has been made or is intended to be paid to the Promoters or their Group.p.242
Bottom line
The numbers paint a picture of extreme volatility and supply chain fragility, but the ultimate story depends entirely on how you interpret the volatility and the risks of relying on a handful of foreign suppliers. That's the picture the filing paints -- what you make of it is up to you.
Red flags from earlier look-ups
For this filing we looked up selected claims (promoters, court cases, subsidiaries) on the open web earlier. We no longer check what a filing says; SEBI reviews it.
HighPromoter background
Maxwell Engineering Solutions Limited
0% confidence
What the filing says
Vinubhai Kanjibhai Chavda is the Karta of Maxwell Dies and Moulds.
The search results do not contain any information regarding the specific role of Vinubhai Kanjibhai Chavda as the Karta of Maxwell Dies and Moulds. While the documents mention Maxwell Engineering Solutions Limited and its IPO activities, none of the provided search snippets confirm the identity or current status of the company's Karta.
1 day ago ... ” asks Ankit Rambabu Jaiswal, a SEBI-registered Research Analyst and the founder of NiveshX. ... Maxwell Engineering Solutions Limited Announces ...
7 Oct 2026 ... ... SEBI for an initial public offering of up to 59,00000 equity ... Maxwell Engineering Solutions Limited Announces IPO Opening on Octo...
9 Jul 2026 ... ... controversy. That logjam has now cleared. The exchange received a No ... Maxwell Engineering Solutions IPO Review: Key Details, Company ...
HighSubsidiary
Maxwell Engineering Solutions Limited
0% confidence
What the filing says
The company received National Leaders in Business Awards in 2026 organized by Topnotch Foundation.
The search results do not contain any information regarding the company receiving the National Leaders in Business Awards in 2026, as the latest financial reports and IPO reviews provided are from 2025. The claim appears to be a future event that has not yet occurred or is not reflected in the available data.
13 hours ago ... Maxwell Engineering Solutions Limited operates in the manufacturing, trading, and servicing of precision-engineered components used in ...
2 days ago ... Maxwell Engineering Solutions NSE SME IPO Review by Dilip Davda ... Financial Performance. On the financial performance front, for the ...
Maxwell Engineering Solutions IPO comprises a total issue size of 36,48,000 shares. The net offer to the public is 34,25,600 shares, after excluding 2,22,400 ...
2 days ago ... Maxwell Engineering Solutions Financial Performance ; EBITDA, 4.25, 11.69 ; Total Assets, 8.51, 25.31 ; Net Worth, 3.33, 13.01 ; Total Borrowings ...
HighSubsidiary
CG SemiPrivate Limited
0% confidence
What the filing says
On August 28, 2025, CG SemiPrivate Limited inaugurated India's first Outsourced Semiconductor Assembly and Test (OSAT) facility in Sanand, Gujarat with an investment of over Rs. 7,600 crore.
The search results do not contain any information regarding an OSAT facility inauguration in Sanand, Gujarat, or the specific investment figures mentioned in the claim. The available results only discuss CG Power and Industrial Solutions' share prices, quarterly performance, and portfolio enhancements, with no mention of the specific project details alleged in the prospectus.
Quarterly Topline Performance. Company witnessed QoQ revenue growth of 15.42%, which is highest in the last 3 years. · Beating 3 Yr Revenue CAGR. Company's ...
8 days ago ... CG Power said its quarterly performance reflected broad-based demand, disciplined execution and better operating efficiency. Standalone sales ...
Note: Annual numbers derived from the holding company's report reflecting CG Power's performance. ... CG Semi Private Limited (92.34% ownership as of March 2025) ...
What's in the News for CG Power and Industrial Solutions CG Semi Private Limited ... Limited enhanced its Portfolio through launch of process performance ...
HighSubsidiary
Bharat Heavy Electricals Limited
0% confidence
What the filing says
On September 5, 2025, Bharat Heavy Electricals Limited (BHEL) signed a long-term exclusive memorandum of understanding with Horizon Fuel Cell Technologies Pte Ltd, Singapore to collaborate on hydrogen fuel cell based rolling stock solutions.
The search results contain no information regarding a signed Memorandum of Understanding between Bharat Heavy Electricals Limited (BHEL) and Horizon Fuel Cell Technologies Pte Ltd on September 5, 2025. The provided documents only show current stock price data and general news about BHEL's gasification projects, with no mention of the specific collaboration or the future date mentioned in the claim.
Bharat Heavy Electricals Ltd is within the Capital Goods-Electrical Equipment sector with the Market Capitalization of worth Rs. 18,959.83 crores, it is ...
Established in 1964, Bharat Heavy Electricals Limited is a major public sector company involved in making capital goods for India's core sectors like power ...
The search results do not contain any information regarding a notice dated June 11, 2026, alleging non-compliance with the Employees' State Insurance Act, 1948. The available documents refer to past cases involving the company, including a 2025 Supreme Court dismissal and a 2025 GST case, but none address the specific future-dated claim mentioned in the prospectus.
Bench: Aravind Kumar. ITEM NO.27 COURT NO.15 SECTION III-B S U P R E M E C O U R T O F I N D I A RECORD OF PROCEEDINGS Petition(s) for Special Leave to ...
3 Nov 2025 ... The Revenue-appellant had challenged the Gujarat High Court's judgment dated July 4, 2025, relating to Maxwell Engineering Solutions Private ...
12 hours ago ... It is an SME IPO, listing on NSE Emerge. What is the subscription status of Maxwell Engineering Solutions IPO? 3.06x overall as of 30 Oct, 2:57 ...
India is on course to surpass Germany by 2028. p.146
India is projected to reach a GDP of Rs. 4,26,45,000 crore (US$ 5 trillion) by 2027. p.146
India is home to 126 unicorns with six new startups achieving unicorn status in 2025. p.146
India's cumulative FDI inflow stood at Rs. 99,8,749 crore between April 2000 and September 2025. p.146
India's foreign exchange reserves stood at Rs. 61,95,896 crore as of January 9, 2026. p.146
India's manufacturing PMI remained at 55.0 in December 2025, indicating expansionary territory. p.147
India's consumer price inflation stood at 1.33% year-on-year in December 2025. p.147
India's GST collections reached Rs. 14.25 lakh crore cumulatively in December 2025. p.147
India's domestic airlines registered an annual growth of 4.26% in passengers during January-November 2025. p.147
India achieved a clean energy milestone by generating 50% of its power from renewable sources. p.147
India secured 38th position in the Global Innovation Index 2025. p.147
India's industrial activity witnessed a strong rebound in November 2025 with an IIP growth of 6.7%. p.147
India's manufacturing sector led the expansion with an IIP growth of 8.0% in November 2025. p.147
The Ministry of Labour & Employment signed an MoU with Zomato on October 14, 2025, to enhance employment opportunities through the National Career Service (NCS) portal. p.148
The Production Linked Incentive (PLI) programme has strengthened India's manufacturing base with Rs. 2,0 crore in investments as of September 2025. p.148
The Union Cabinet approved the Rs. 1,0 crore RDI Scheme on July 5, 2025, to launch long-term funding for deep-tech and startup innovation. p.148
The National Manufacturing Policy evolved into the new National Manufacturing Mission to focus on five key areas including ease of doing business and workforce development. p.150
The manufacturing sector is projected to reach Rs. 87,57,000 crore (US$ 1 trillion) by FY26, with electronics, automotive, and engineering emerging as key growth drivers. p.151
India's capital goods manufacturing industry serves as a strong base for its engagement across sectors such as Engineering, Construction, and Infrastructure. p.152
The engineering sector is the largest of the industrial sectors in India, accounting for 27% of the total factories and 63% of overall foreign collaborations. p.152
India's capital goods sector is receiving considerable focus due to its essential contribution to industrial growth and economic development. p.152
India's capital goods sector contributes 1.9% to overall India's GDP. p.152
The Indian automotive industry is worth more than US$ 222 billion, accounts for 8% of the country's total export, and is set to become the 3rd largest in the world by 2030. p.152
The engineering industry has been de-licensed and allows 100% Foreign Direct Investment (FDI). p.152
India's total installed power capacity reached 509 GW as of November 2025. p.152
ARAI established India's first battery and BMS testing facility in Pune. p.153
I-4.0 India delivered 6 smart technologies, 5 smart tools, and 14 solutions in digital twin, VR, robotics, sustainability, and additive manufacturing. p.153
ARAI-AMTIF Industry Accelerator enabled Raptee Energy to launch high-voltage motorcycles and developed thermally stable sodium-ion batteries. p.153
Centres of Excellence (CoEs) established eight CoEs developing 30 niche indigenous technologies in machine tools, additive manufacturing, textile machinery, welding robots, alloy design, earth moving machinery, and sensor technologies. p.153
Common Engineering Facility Centres (CEFCs) include four Industry 4.0 SAMARTH Centres and six web-based Technology Innovation Platforms (TIPs). p.153
Technology Innovation Platforms connect India's technical resources and industry to identify challenges, crowdsource solutions, and support start-ups and angel funding. p.153
Over 76,000 students, experts, institutes, industries, and labs have registered on these platforms. p.153
Siemens Energy India is undertaking a capex of Rs. 280 crore at its Aurangabad, Maharashtra factory. p.153
Earlier in FY24, Siemens Energy India announced Rs. 460 crore for its transformer factory in Kalwa, Maharashtra, and Rs. 330 crore for its Gas-Insulated Switchgear (GIS) factory in Goa. p.153
Larsen & Toubro allocated land in Gujarat for a green hydrogen and derivatives plant and acquired a 26% stake in L&T Special Steels and Heavy Forgings in FY25. p.153
The development of Delhi Mumbai Industrial Corridor (DMIC) across seven states will further bolster the engineering sector. p.153
Reliance Defence and Engineering Ltd signed an agreement with the US Navy for undertaking service, maintenance, and repair of the Seventh Fleet at the Reliance Shipyard in Pipavav, Gujarat. p.153
American plane maker Boeing Corporation launched the Boeing India Engineering & Technology Centre in Bengaluru. p.153
On November 3, 2025, L&T's Heavy Engineering business signed an MoU with Holtec International's Asia arm to jointly design and build advanced heat transfer equipment for nuclear and thermal power plants. p.153
On September 5, 2025, Bharat Heavy Electricals Limited (BHEL) signed a long-term exclusive memorandum of understanding with Horizon Fuel Cell Technologies Pte Ltd, Singapore to collaborate on hydrogen fuel cell based rolling stock solutions. p.153
On August 28, 2025, CG SemiPrivate Limited inaugurated India's first Outsourced Semiconductor Assembly and Test (OSAT) facility in Sanand, Gujarat with an investment of over Rs. 7,600 crore. p.153
India's top 25 engineering export destinations in February 2026 contributed more than 74% of total engineering exports. p.158
Maharashtra leads India's engineering exports with US$28 billion in exports during April-January 2025-26. p.161
West Bengal recorded marginal 3% growth reaching US$3.8 billion during April-January 2025-26. p.161
Karnataka achieved the highest growth of 43% during April-January 2025-26 with a share of 6%. p.161
Delhi contracted 8% to US$5.8 billion during April-January 2025-26. p.161
Engineering forms a considerable part of India's broader manufacturing sector. p.161
Engineering production share in overall manufacturing output is quite significant. p.161
Engineering export growth and manufacturing output growth moved in the same direction in nine out of twelve months in fiscal 2019-20. p.161
The link between manufacturing output growth and engineering export growth may not be established in one or two months. p.161
The Western Region led India's engineering exports with US$44.9 billion in April-January 2025-26. p.162
The Western Region accounted for 44% of India's engineering exports in April-January 2025-26. p.162
India's region-wise engineering exports rose approximately 5% to US$102 billion in April-January 2025-26. p.162
Exports remain highly concentrated in the West and South, with the West acting as the primary growth engine. p.162
The company manufactures precision-engineered wear components and spare parts for underwater pelletizing systems. p.163p.164p.165+1
The company manufactures pelletizing die plates, pelletizing blades/knives, blade holders/cutter hubs, and tapped driving bushes. p.163p.164p.165+1
The company manufactures products for applications across polymer compounding, masterbatches, engineering plastics, and plastics recycling industries. p.163p.166
The company manufactures products for applications including white, black, filler, additives, color masterbatches, cable compounds, and engineering compounds. p.163p.166
The company manufactures products for applications including fluoropolymers like PFA, FEP, and PVDF. p.163p.166
The company manufactures products for applications including TPU, TPV, PET/PA resin productions. p.163p.166
History & corporate structure
How the company came to be: key milestones, subsidiaries, acquisitions and restructurings.
Funding working capital requirements of our Company. p.98p.99p.100
The issue comprises up to 36,48,000 Equity Shares with a face value of ₹10, aggregating to ₹[●] lakhs. p.98
Financing the capital expenditure requirement towards Purchase of New Machineries, Lab Equipment & Other utilities for our Manufacturing Facility. p.98p.99p.100
Financing the capital expenditure requirement for Construction of New Office Building and Manufacturing facility. p.98p.99p.100
Repayment / prepayment, in full or part, of certain outstanding borrowings availed by our Company. p.98p.99p.100
General Corporate Purposes, which will not exceed fifteen percent of the amount being raised or ₹10 Crores, whichever is less. p.98p.99p.100
The offer includes 1,52,662 units of Angular Head with Scrapping at ₹15.27 per unit. p.101
The offer includes 1,06,885 units of Rotary Table Machine at ₹10.69 per unit. p.101
The offer includes 3,45,000 units of Glass Bidding Machine with Accessories at ₹3.45 per unit. p.101
The offer includes 3,15,000 units of High Precision NC Surface Grinding Machine at ₹63.00 per unit. p.101
The offer includes 7,69,942 units of FANUC Robodrill at ₹76.99 per unit. p.102
The offer includes 6,66,590 units of Vertical Machining Centre at ₹66.66 per unit. p.102
The offer includes 11,72,880 units of Fanuc Robocut Machine at ₹117.29 per unit. p.102
The company is acquiring Fanuc Robocut Machine with CCR for creating intricate shapes and tight-tolerance parts. p.103
The company is purchasing Wire Cut EDM Machine to create intricate shapes and sharp internal corners. p.103
The company is buying CNC Lathe Machine to manufacture cylindrical, conical, and spherical parts. p.103
The company is acquiring CNC Machine to produce cylindrical, conical, and spherical parts. p.103
The company is purchasing Bandsaw Machine to make curved, irregular, or intricate shapes. p.103
The company is buying Vacuum Hardening Furnace Machine for brazing die plates. p.104
The company is acquiring CNC Drilling EDM Machine to shape conductive materials. p.104
The company is purchasing CNC Coordinate Measuring Machine to measure critical components. p.104
The company is buying PMI Machine for material identification testing. p.105
The company is acquiring Solar Supply, Installation and Commissioning of Rooftop Solar PV Power plant. p.105
The company is purchasing Solar Panels for the rooftop solar power plant. p.105
The offer includes a 101% offer-for-sale percentage of the total issue size. p.106
The DG set is a 160 KVA/128 KW Prime Power SILENT Diesel Generating Set with a 385 Ltrs fuel tank. p.106
The DG set is coupled to a Stamford Alternator rated at 160 KVA/128 KW at 415 Volts. p.106
The DG set is mounted on a Channel Iron Base Frame with a complete Fuel Tank of 385 Ltrs capacity. p.106
The DG set includes a Cummins Engine Model QSB6.7-G21 with CPCB IV+ approved acoustic enclosure. p.106
The DG set is equipped with a complete standard accessories, coupled to the Stamford Alternator. p.106
The proposed investment of ₹112.07 lakhs is allocated under the head 'Other Utilities – Solar & DG Set' for rooftop solar systems. p.107
The estimated annual generation from the 259.16 KWp solar capacity is 3,75,782 units per year. p.107
The estimated annual saving in power cost is ₹30.06 lakhs per year based on a ₹8/kWh tariff. p.107
The estimated payback period for the proposed investment is 3.73 years based on a total investment of ₹112.07 Lakhs and annual savings of ₹30.06 Lakhs. p.108
The company intends to deploy ₹650.00 Lakhs from Net Proceeds to meet the capital expenditure requirement for the new office building and manufacturing facility. p.109
The total estimated cost for civil construction is ₹405.23 Lakhs, including main building works and infrastructure works. p.110
The total estimated cost for interior work and related costs is ₹328.15 Lakhs. p.110
Earth work in excavation below the existing ground level is estimated at ₹1.24 Lakhs. p.110
Back filling with selected soil bought from outside is estimated at ₹1.93 Lakhs. p.110
Providing and laying reinforced concrete for various RCC structures is estimated at ₹8.16 Lakhs. p.110
Providing and laying brick masonry for various floor levels is estimated at ₹1.53 Lakhs. p.110
The offer includes 16.8 GF SQM of tile size 1200x300mm with moulds and grooves for trades. p.113
The offer includes 66 SQM of plinth protection. p.113
The offer includes 18 GF RMT of 75mm high skirting with 12mm thick tiles. p.113
The offer includes 6.9 GF SQM of sandwich type platform made up with polished granite. p.113
The offer includes 2 Nos of 2000 Ltrs tank over terrace with necessary connections. p.113
The offer includes 13 TON of structural steel prepared by cleaning wire brush and applying zinc primer and synthetic enamel paint. p.113
The total amount for building works is 369.01 lakhs excluding GST and other applicable costs. p.113
The offer includes a total interior works cost of 224.87 lakhs, comprising aluminium frames, wooden paneling, doors, false ceilings, and electricals. p.114
The offer includes a total glass partition cost of 31.53 lakhs, consisting of single glazed partitions and doors. p.114
The offer includes a total modular furniture cost of 224.87 lakhs, covering Postlam MDF items. p.114
The offer includes a total design consultancy cost of 224.87 lakhs, covering interior design services. p.114
The offer includes a total transportation, unloading, and lifting cost of 10.71 lakhs. p.114
The offer includes 520 mm L x 400 mm D x 1800 mm H storage units. p.115
The offer includes 1200 mm L x 450 mm D x 600 mm H storage units. p.115
The offer includes 6190 mm L x 450 mm D x 675 mm H storage units. p.115
The offer includes 8 sofas with a size of 2400 mm L x 400 mm D x 600 mm H. p.115
The offer includes 110 workstations with a total size of 1200 mm L x 600 mm D x 750 mm H. p.115
The offer includes 1 main screen with a size of 1350 mm L x 400 mm H. p.115
The offer includes 3 pedestals with sizes of 400 mm L x 450 mm D x 625 mm H. p.115
What could go wrong, per the company
Risk factors
The risks the company is legally required to disclose, in its own words.
The company is primarily dependent on a limited number of key suppliers for procurement of raw materials. p.26
Any disruption in the supply of raw materials could adversely affect the company's manufacturing and delivery schedules. p.26
The company does not have long-term supply agreements or fixed pricing arrangements with its suppliers. p.26
The company's business is dependent on timely procurement of critical raw materials including steel, carbide, and brazing filler. p.26
The company sources raw materials from a limited number of third-party suppliers from various geographies. p.26
The company's dependence on foreign suppliers exposes it to risks including geopolitical developments and supply chain disruptions. p.26
The company does not currently engage in any hedging arrangements to mitigate foreign exchange risk on import purchases. p.27
The company's raw material requirement is met through imports, exposing it to risks from adverse fluctuations in foreign exchange rates. p.27
The company is subject to export obligations under the EPCG Scheme, and any failure to fulfill these obligations may lead to financial liabilities. p.27
The company is required to fulfill export obligations aggregating to ₹1,309.62 lakhs within a prescribed period of six years. p.27
The company is exposed to foreign exchange fluctuation risks due to its significant export operations and procurement of raw materials from overseas markets. p.28
The company does not currently enter into any hedging arrangements or derivative contracts to manage foreign currency exposure. p.28
The company's export operations are significantly dependent on international markets, with revenue from operations outside India accounting for approximately 84% of total revenue. p.28
The company's working capital increased significantly from ₹68.94 lakhs in Fiscal 2024 to ₹596.54 lakhs in Fiscal 2026. p.30
Inventory and trade receivable holding periods have lengthened from 5 days and 26 days in Fiscal 2024 to 47 days and 55 days in Fiscal 2026. p.30
The company has not defaulted in repayment of any borrowing nor experienced any shortfall in working capital. p.30
The company has experienced instances of delay in payment of certain statutory dues. p.30
The company may require substantial additional working capital towards inventories and trade receivables. p.30
Any increase in receivables, delay in collections, or inability to secure additional financing could adversely affect liquidity. p.30
The company's estimated working capital requirements may not be indicative of actual future requirements. p.30
The company's applications for registration of device marks are pending, including one currently under opposition. p.31
The opposition proceedings may involve legal costs, extended timelines, and diversion of management time and resources. p.32
The company is dependent on a few customers for a major part of its revenues. p.32
The company does not enter into long-term arrangements with its customers. p.32
The company is significantly dependent on steel as a key raw material. p.33
Any adverse fluctuation in the price or availability of steel could have a material adverse effect on the company's business. p.33
The company had previously filed a draft red herring prospectus with BSE Limited which was subsequently withdrawn. p.34
The company may not be able to sustain its historical growth in revenue from operations and profitability. p.34
The Company has not complied with certain statutory provisions of the Companies Act, 2013. p.35
Delays in filing statutory e-forms necessitated subsequent filings accompanied by additional fees. p.35p.36
The Company has not received any show cause notices related to the instances of delays in filing statutory forms. p.35p.36
The Company has inadvertently missed the detail of a board meeting held on March 14, 2024 in form MGT-7A. p.36
The Company has filed Form CHG-1 with the ROC, but the letterhead used in Board Resolutions was not in compliance with Section 12 of the Companies Act, 2013. p.36
The Company has not registered a charge for a Motor Vehicle loan taken in FY 2022-23, although the loan has been closed. p.36
The Company has received an ESIC notice in relation to an alleged statutory non-compliance under the Employees' State Insurance Act, 1948. p.39
The Company has not deducted provident fund contributions in respect of salary paid to its Promoters/Directors in the past. p.39
Delays in statutory tax payments are primarily due to administrative reasons rather than legal disputes. p.40
The company has a significant portion of its domestic sales concentrated in Gujarat, which is susceptible to regional economic slowdowns and natural disasters. p.41
The company has no undisputed statutory dues outstanding or pending statutory returns as of the date of the audit certificate. p.41
The company has not experienced any material adverse impact arising from the geographic concentration of its sales in Gujarat during the relevant period. p.41
The company's manufacturing operations are highly dependent on the uninterrupted availability of electricity. p.42
The company has not entered into any formal or long-term agreements with transportation or logistics service providers. p.43
The company's processing operations are significantly dependent on the cooperation and continued support of its workforce. p.43
The company has not entered into any agreement for the transportation of its products, exposing it to potential logistical disruptions. p.43
The company has availed various credit facilities from HDFC Bank to meet its working capital and capital expenditure requirements. p.44
The average cost of equity shares held by promoters is lower than the Floor Price, which may not be indicative of the actual subscription price. p.44
The company's management has flexibility in applying the proceeds of the issue, subject to potential implementation delays or cost overruns. p.44
The Company has not made any alternate arrangements for meeting its capital requirements. p.45
Any shortfall in raising funds could adversely affect the Company's growth plans and operations. p.45
Fluctuations in industry performance may result in a loss of customers or a decrease in work volume. p.46
The Company's business operations are exposed to fluctuations in the industries in which its customers operate. p.46
The Company has incurred significant capital expenditures in the past. p.46
Past or planned capital expenditures may not result in growth or additional profitability. p.46
Expansion may require the Company to incur new debt or assume future funding obligations. p.46
Information relating to installed capacity and production is based on estimates and assumptions. p.47
The historical installed capacity, actual production, and capacity utilization may not be indicative of future performance. p.47
The Company has shifted its manufacturing operations to a new facility with effect from July 1, 2025. p.48
The historical installed capacity and production figures may not necessarily be indicative of the new facility's performance. p.48
The deployment of funds raised through this Issue shall not be subject to any Monitoring Agency. p.48
The Company operates in a niche segment of precision components for underwater pelletizing systems. p.48
Litigation and regulatory matters
Litigation
Court cases, tax disputes and regulatory proceedings involving the company, promoters and directors.
The company has not defaulted in the repayment of any borrowings as on 31st July, 2026. p.263
The company is the defendant/respondent in this civil matter with an amount involved of 1000 Lakhs. p.268
The company has outstanding litigation involving the Indian Railways regarding a dispute over a contract for the supply of 1000 locomotives. p.272
The company has outstanding trade receivables totaling 102.00 Lakhs, with 102.00 Lakhs considered good and 0.00 Lakhs considered doubtful. p.273
The Company has an outstanding export obligation of ₹218.83 Lakhs under the EPCG scheme, secured by a Bank Guarantee of ₹56.30 Lakhs and a future export value of ₹1,313.00 Lakhs. p.278
The Company has an outstanding income tax demand of ₹218.83 Lakhs under dispute with the Goods & Services Tax Act, 2017. p.278
The Company has raised funds from HDFC Bank Limited for purchasing machines from S&T Engineers Pvt Ltd, XITIJ Technomech LLP, Excetek Technologies Co. Ltd., and Yeong Chin Machinery Industries Co., Ltd. p.283
The Company has raised funds from HDFC Bank Limited for purchasing a wire cut EDM machine. p.283
The Company has raised funds from HDFC Bank Limited for purchasing a motor vehicle Maruti Ertiga. p.283
The Company has raised funds from HDFC Bank Limited for purchasing motor vehicles from Mercedes-Benz Financial Services. p.283
The Company has raised funds from HDFC Bank Limited under the CGTMSE scheme without requiring any collateral security. p.283
The Company reported a total income of ₹3,075.68 lakhs for the fiscal year 2026-27, representing a 36.14% increase from the previous year. p.291
Revenue from operations grew to ₹2,944.83 lakhs in FY 2025-26, driven by increased demand for die plates, blades, and refurbishment services. p.291
Other income increased to ₹130.84 lakhs in FY 2025-26, primarily due to higher export incentives and foreign exchange gains. p.291
Total expenses rose to ₹1,636.03 lakhs in FY 2025-26, with a significant increase in purchases of stock in trade to ₹377.91 lakhs. p.291
The Company's total income increased by 36.14% from ₹2,259.13 lakhs in FY 2024-25 to ₹3,075.68 lakhs in FY 2025-27. p.291
Employee benefit expenses surged to ₹521.71 lakhs in FY 2025-26, reflecting expanded workforce and higher remuneration for directors and staff. p.292
Finance costs increased to ₹106.99 lakhs in FY 2025-26, largely attributable to new Term Loans for property and plant acquisitions. p.292
Depreciation and amortization expenses climbed to ₹103.17 lakhs in FY 2025-26, resulting from the capitalization of new fixed assets. p.292
Profit before tax increased to ₹1,439.65 lakhs in fiscal 2026, driven by higher revenue and improved manufacturing scale. p.293
Revenue from operations rose from ₹2,209.98 lakhs in fiscal 2025 to ₹2,944.83 lakhs in fiscal 2026. p.293
Profit after tax increased to ₹1,186.17 lakhs in fiscal 2026, reflecting a 29.27% growth from ₹917.57 lakhs. p.294
No tax proceedings initiated against the Company as on 31.07.2026. p.298
No criminal proceedings filed by the Company as on 31.07.2026. p.302
A notice dated June 11, 2026, alleges non-compliance with the Employees' State Insurance Act, 1948, pending before ESIC. p.302
A criminal case bearing no. 64187 of 2024 is pending adjudication before the C.J.M. Court, Ahmedabad. p.302
A criminal case was filed under Section 138 and 141 of the Negotiable Instrument Act, 1881, involving a cheque dishonor amounting to ₹14,51,400/-. p.303
The case is pending adjudication before the Ld. Court with a next hearing date of January 12, 2027. p.303
There are no criminal proceedings filed by the Directors or Promoters of the Company. p.303
There are no criminal proceedings filed by the Key Managerial Personnel or Senior Management Personnel of the Company. p.303
The Company is exempt from obtaining Consent to Establish and Consent to Operate from the Gujarat Pollution Control Board due to its White Category status. p.309
The Company has submitted requisite intimation to the Gujarat Pollution Control Board on July 19, 2025, with receipt acknowledged. p.309
The Company has obtained No Objection Certificates (NOCs) from all existing secured lenders in connection with the proposed IPO. p.310
The Company has received an In-Principle Approval letter from NSE Limited for using its name in the Red Herring Prospectus. p.310
The Company is not prohibited from accessing the capital market or is not debarred from buying, selling, or dealing in securities. p.310
The Company has not been declared as a Willful Defaulter or Fraudulent Borrower by any bank or financial institution. p.310
The Company has not been declared as a fugitive economic offender under the Fugitive Economic Offenders Act, 2018. p.310
There are no outstanding convertible securities or any other right which would entitle any person with any option to receive equity shares of the Company. p.311
The Company has disclosed details of its outstanding litigation record, nature, and status as required by Regulation 230(1) of SEBI ICDR Regulations. p.313
The Company has ensured compliance with Regulation 230(2) of SEBI ICDR Regulations, including that promoters and directors are not debarred or debarred companies. p.313
The Company confirms it is not ineligible to make the Issue under Regulation 228 of SEBI ICDR Regulations. p.313
The Company confirms it will comply with all requirements under Chapter IX of SEBI ICDR Regulations and subsequent circulars. p.313
The Company confirms it will be 100% underwritten with a Book Running Lead Manager underwriting at least 15% of the Total Issue Size. p.313
The Company confirms it will ensure compulsory market making for a minimum period of three years from the date of listing on NSE Emerge. p.314
The Company confirms it will ensure the total number of proposed allottees is greater than or equal to two hundred. p.314
Our Company has received written consent from the Practicing Company Secretary, Abraham Pingle, to include him as an expert in the Red Herring Prospectus. p.318
Our Company has received written consent from the Independent Chartered Engineer, Dinesh P. Jani, to include him as an expert regarding manufacturing facility details. p.318
Our Company has received written consent from Atit Shah & Associates, an Independent Chartered Accountant, to include them as an expert in financial certificates. p.318
Our Company has not made any public issue or rights issue of Equity Shares during the 5 years immediately preceding the date of this Red Herring Prospectus. p.318
Our Company has not made any capital issues in the last three years preceding the date of this Red Herring Prospectus. p.318
Our Company does not have any listed Group Companies, Subsidiaries, or Associates, making performance vis-à-vis objects inapplicable. p.318
The Equity Shares are not listed on any stock exchange as on the date of this Red Herring Prospectus. p.318
Our Company has not received any investor complaints as on the date of this Red Herring Prospectus. p.321
The Company has not applied for exemption from complying with securities laws under Regulation 300(1)(c) of SEBI ICDR Regulations. p.323
The Company has not registered the Equity Shares under the U.S. Securities Act, 1933, and may not be issued or sold within the United States. p.326
The Company has not registered the Equity Shares in any other jurisdiction outside India. p.326
The Company reserves the right to withdraw the Issue after the Issue Opening Date but before Allotment. p.327
The Company is liable to compensate applicants for delays in unblocking blocked amounts in ASBA accounts exceeding two Working Days from the Issue Closing Date. p.329
The Company is liable to compensate applicants for delays in unblocking non-allotted or partially allotted applications exceeding two Working Days from the Issue Closing Date. p.329
The Company is not issuing equity shares in the form of warrants. p.333
Who runs and controls the company
Management & board
Directors and senior management: who they are, their background and pay.
Mr. Rajkumar Chaudhary is the Chairman and Managing Director with 19 years of experience in pelletizing and printer repair. p.223
Mr. Vinubhai Kanjibhai Chavda is the Whole-Time Director with 15 years of experience in pelletizing and sales engineering. p.223
Mr. Rajkumar Chaudhary is the founder of the company and holds 46.63% of the pre-issue paid-up capital. p.223
Ms. Ria Rajkumar Chaudhary is a Non-Executive Director with 3 years of experience in audit and taxation. p.224
Mr. Hitenkumar Jayantilal Prajapati is a Non-Executive Independent Director with 19 years of experience in IPOs, M&A, and valuations. p.224
Mr. Hitenkumar Jayantilal Prajapati holds a CFA qualification and has acted as a valuer for securities since 2019. p.224
Mr. Vinubhai Kanjibhai Chavda is the founder of the company and holds 48.61% of the pre-issue paid-up capital. p.224
Ms. Ria Rajkumar Chaudhary is a member of the Association of Chartered Certified Accountants (ACCA). p.224
Mr. Hitenkumar Jayantilal Prajapati is a member of the Indian Companies (Foreign) Limited (ICFL) and holds a CFA certificate. p.224
Ms. Puja Kasera is a Non-Executive Independent Director with 16 years of experience in compliance monitoring and corporate governance. p.225
Ms. Puja Kasera holds an LLB qualification and completed a Company Secretary course in 2009. p.225
Ms. Puja Kasera is a member of the Indian Companies (Foreign) Limited (ICFL) and holds a CFA certificate. p.225
Mr. Hitenkumar Jayantilal Prajapati holds a Bachelor's Degree in Electronics & Communication and a Master's Degree in Business Administration. p.226
Mr. Hitenkumar Jayantilal Prajapati is a Chartered Financial Analyst (CFA) member and has received certificates from IBBI. p.226
Ms. Puja Kasera holds a Bachelor's of Commerce and a Bachelor's of Laws (LLB). p.226
Ms. Ria Rajkumar Chaudhary is a Non-Executive Director with 3 years of experience as a Management trainee in Chartered Accountancy. p.226
Ms. Ria Rajkumar Chaudhary holds a Bachelor of Commerce (Honors) and is pursuing a Chartered Accountancy course. p.226
None of the above-mentioned Directors are on the RBI List of wilful defaulters or Fraudulent Borrowers. p.227
None of the Promoters, Directors, or persons in control of the Company are debarred from accessing the capital market by SEBI or any other Regulatory Authority. p.227
None of the Promoters, Directors, or persons in control of the Company has been or is involved as a promoter, director, or person in control of any other company debarred from accessing the capital market. p.227
None of the Directors are/were director of any listed company whose shares were delisted during their tenure in such Company. p.227
None of the Promoters or Directors of the Company are a fugitive economic offender. p.227
None of the Directors are/were director of any listed company whose shares have been suspended from trading by stock exchange(s) or under any order or directions issued by the stock exchange(s)/SEBI in the last five years. p.227
Ria Rajkumar Chaudhary holds 1.00% equity shares in the company. p.229
None of the Independent Directors hold any equity shares in the company. p.229
Rajkumar Chaudhary was re-designated as Chairman & Managing Director on June 09, 2025. p.230
Vinubhai Kanjibhai Chavda was re-designated as Whole Time Director on June 09, 2025. p.230
Ms. Ria Rajkumar Chaudhary was appointed as Non-Executive Director on April 25, 2025. p.230
Hitenkumar Jayantilal Prajapati was appointed as Non-Executive Independent Director on June 09, 2025. p.230
Puja Kasera was appointed as Non-Executive Independent Director on June 09, 2025. p.230
The company has no bonus or profit-sharing plan for its directors. p.230
The Audit Committee is chaired by Mr. Hitenkumar Jayantilal Prajapati, who is a Non-Executive Independent Director. p.231
Ms. Puja Kasera serves as a Non-Executive Independent Director on the Audit Committee. p.231
Mr. Vinubhai Kanjibhai Chavda is a Whole-Time Director on the Audit Committee. p.231
The Company Secretary and Compliance Officer act as the secretary of the Audit Committee. p.231
The Audit Committee meets to oversee financial reporting and ensure financial statements are correct, sufficient, and credible. p.231
The Committee reviews quarterly financial statements before submission to the Board for approval. p.231
The Committee approves payment to statutory auditors for any other services rendered by them. p.231
The Committee reviews the adequacy of internal audit function, including staffing and seniority of the department. p.231
The Committee reviews the adequacy of internal audit function, if any, including the structure of the internal audit department. p.231
The Nomination and Remuneration Committee shall evaluate the balance of skills, knowledge, and experience for independent director appointments. p.233
The Nomination and Remuneration Committee shall recommend remuneration to the Board of Directors. p.233
The Nomination and Remuneration Committee shall frame policies to ensure no violation of applicable laws by employees. p.233
The Nomination and Remuneration Committee shall identify qualified persons for director and senior management appointments. p.233
The Nomination and Remuneration Committee shall ensure compliance with the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations. p.233
The Nomination and Remuneration Committee shall evaluate the performance of independent directors. p.233
The Nomination and Remuneration Committee shall perform other activities as may be delegated by the Board or prescribed under any law. p.233
The Nomination and Remuneration Committee meets at least once in a Financial Year at a predetermined place. p.234
Mr. Rajkumar Chaudhary joined the company on June 09, 2025. p.235
Mr. Rajkumar Chaudhary has 19 years of overall experience. p.235
Mr. Rajkumar Chaudhary holds a Higher Secondary Certificate Examination qualification. p.235
Mr. Vinubhai Kanjibhai Chavda joined the company on June 09, 2025. p.235
Mr. Vinubhai Kanjibhai Chavda has 15 years of overall experience. p.235
Mr. Vinubhai Kanjibhai Chavda holds a Bachelor of Engineering and MBA in Marketing qualification. p.235
Mr. Prabhat Kumar Singh is the Chief Executive Officer of the company. p.235
Mr. Prabhat Kumar Singh joined the company on August 04, 2025. p.235
Mr. Prabhat Kumar Singh has 27 years of overall experience. p.235
Mr. Prabhat Kumar Singh holds a Bachelor of Science and PGDM in Financial Management qualification. p.235
Mr. Prabhat Kumar Singh has served in the Ministry of Skill Development & Entrepreneurship. p.235
Promoters
The people or entities controlling the company, and what else they own.
The Promoter holds no other interest in the Company beyond his role as a Promoter and Director. p.242
No sum has been paid or agreed to be paid to the Promoter or his interested firms in cash or shares. p.242
The Promoter does not have any other interest in our business except as stated in Note 31. p.242
No payments have been made or proposed to be made in respect of land, property, construction, or machinery contracts. p.242
No payments have been made or are proposed to be made in respect of any other contract, agreement, or arrangement. p.242
No payment of any amount of benefits has been made or is intended to be paid to the Promoters or their Group. p.242
The Promoter Group entities do not have any corporate promoters or any other related party interests. p.243
The Promoters have not disassociated themselves from any Companies, Firms, or other entities during the last three years. p.243
Maxwell Engineering Solutions Limited IPO: common questions
Short answers drawn from the filings above.
How big is the Maxwell Engineering Solutions Limited IPO?
Maxwell Engineering Solutions Limited's IPO comprises a fresh issue of 36,48,000 shares, according to its Red Herring Prospectus. The price band is ₹154.00 to ₹158.00 per share.
What are Maxwell Engineering Solutions Limited's revenue and profit?
Maxwell Engineering Solutions Limited reported revenue from operations of ₹29 Cr in 12M Jul-26, +33.3% versus 12M Jul-25. Net profit was ₹12 Cr (12M Jul-25: ₹9.2 Cr). Revenue grew at a compound rate of 67.1% a year from 12M Jul-24 to 12M Jul-26. Figures are read from the RHP, as printed there.
How much do promoters own in Maxwell Engineering Solutions Limited?
Promoters hold 96.2% of Maxwell Engineering Solutions Limited before the IPO. Largest holders listed: Mr. Vinubhai Kanjibhai Chavda (48.6%); Mr. Vinubhai Kanjibhai Chavda (48.6%); Mr. Rajkumar Chaudhary (46.6%).
How will Maxwell Engineering Solutions Limited use the IPO money?
The fresh-issue proceeds are earmarked for: Financing the capital expenditure requirement towards Purchase of New Machineries, Lab Equipment & Other utilities for our Manufacturing Facility; Upto (₹18 Cr); Financing the capital expenditure requirement for construction of New Office Building and Manufacturing facility; Upto (₹6.5 Cr); Repayment / prepayment, in full or part, of certain outstanding borrowings availed by our Company; Upto (₹4.3 Cr); Funding working capital requirements of our Company Upto (₹14 Cr); General Corporate Purposes (amount not fixed yet).
What are the red flags in Maxwell Engineering Solutions Limited's RHP?
Earlier, we looked up 40 claims from the filing on the open web (we no longer do this, since SEBI reviews the filing): 5 raised a high concern, 0 medium and 7 low. The most notable: The search results do not contain any information regarding the specific role of Vinubhai Kanjibhai Chavda as the Karta of Maxwell Dies and Moulds. While the… The search results do not contain any information regarding the company receiving the National Leaders in Business Awards in 2026, as the latest financial… The search results do not contain any information regarding an OSAT facility inauguration in Sanand, Gujarat, or the specific investment figures mentioned in… This is an automated screen, not a verdict; each finding links to its sources.
What does Maxwell Engineering Solutions Limited do?
We're about to find out why the search results are missing the name of the actual person running Maxwell Engineering Solutions, even though the company is officially listed.
Who manages the Maxwell Engineering Solutions Limited IPO?
Book running lead managers: JDA CAPITAL SERVICES LIMITED. Registrar to the offer: KFIN TECHNOLOGIES LIMITED. Shares are proposed to list on NSE.
Where can I read the original Maxwell Engineering Solutions Limited IPO documents?
All 1 filing for Maxwell Engineering Solutions Limited (RHP) are listed on this page with links to the original PDFs on SEBI's website. Every page reference cites the exact page of the source document.
Source documents
Every page reference on this site links to the original SEBI PDF.
Document
Filed
Pages
On this page
Source
RHPRed Herring Prospectus
Maxwell Engineering Solutions Limited · 30 Oct 2026
