# Maxwell Engineering Solutions Limited: IPO analysis > 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. - Page: https://ipo.innerkore.com/in/company/U29308GJ2022PLC135432/maxwell-engineering-solutions-limited/ - CIN: U29308GJ2022PLC135432 - Last updated: 30 Oct 2026 ## Key facts - **Company:** Maxwell Engineering Solutions Limited - **CIN:** U29308GJ2022PLC135432 - **Filing stage:** RHP - **Latest SEBI filing:** 30 Oct 2026 - **Price band:** ₹154.00 to ₹158.00 per share - **Bidding opens:** 30 Oct 2026 - **Bidding closes:** 3 Nov 2026 - **Listing on:** NSE - **Revenue 12M Jul-26:** ₹29 Cr - **Revenue growth:** +33.3% - **Net profit 12M Jul-26:** ₹12 Cr - **Revenue CAGR 12M Jul-24 to 12M Jul-26:** 67.1% - **Promoter holding (pre-IPO):** 96.2% - **Lead managers:** JDA CAPITAL SERVICES LIMITED - **Registrar:** KFIN TECHNOLOGIES LIMITED - **Earlier look-up flags:** 5 high, 0 medium, 7 low ## Key signals (read from the filing; not investment advice) - **Valuation** (looks fine): 18.2x P/E. At the top of the band, on 12M Jul-26 profit; 2.7x book value. - **Growth** (looks fine): 67.1% a year. Sales 12M Jul-24 to 12M Jul-26; latest year +33.3%. - **Profitability** (looks fine): 40.3% net margin. 12M Jul-26; operating margin steady. - **Debt** (looks fine): 0.19x equity. ₹15.8 crore borrowed at the end of 12M Jul-26. - **Profit into cash** (concern): 33% of profit. Operations brought in ₹3.9 crore against ₹11.9 crore of profit in 12M Jul-26. - **One-off income** (look closer): 9% of profit. Other and one-off income is 9% of pre-tax profit; management describes 2 one-off items. - **Where the money goes** (looks fine): All new money. 100% is new shares issued by the company. 10% of the new money repays debt. - **Red flags** (concern): 5 to review. 40 claims looked up earlier: 5 high, 0 medium concern. ## Financial snapshot (₹ crore unless stated; unspecified) | | 12M Jul-24 | 12M Jul-25 | 12M Jul-26 | 12M Jul-26 | |---|---:|---:|---:|---:| | 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% | | Net profit | 3.2 | 9.2 | 3.1 | 12 | | Net margin | 30.0% | 41.5% | 25.7% | 40.3% | | Net worth | 11 | 35 | 81 | 81 | | Borrowings | 3.2 | 8.6 | 16 | 16 | | Return on equity | 27.5% | 26.3% | 3.8% | 14.6% | ## Non-recurring items (as described by management) - The company reported a one-time increase in export incentive-duty drawback of ₹29.87 lakhs in fiscal 2026. (p.291) - No non-recurring items are discussed in this part of the text. (p.318) ## Use of proceeds (fresh issue) - Financing the capital expenditure requirement towards Purchase of New Machineries, Lab Equipment & Other utilities for our Manufacturing Facility; Upto: ₹18 crore - Financing the capital expenditure requirement for construction of New Office Building and Manufacturing facility; Upto: ₹6.5 crore - Repayment / prepayment, in full or part, of certain outstanding borrowings availed by our Company; Upto: ₹4.3 crore - Funding working capital requirements of our Company Upto: ₹14 crore - General Corporate Purposes#: amount not fixed yet ## Claims looked up earlier - **HIGH** (PromoterBackground): 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. - **HIGH** (SubsidiaryPerformance): 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. - **HIGH** (SubsidiaryPerformance): 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. - **HIGH** (SubsidiaryPerformance): 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. - **HIGH** (LitigationStatus): A notice dated June 11, 2026, alleges non-compliance with the Employees' State Insurance Act, 1948, pending before ESIC.. 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. - **LOW** (PromoterBackground): Rajkumar Chaudhary is the Chairman and Managing Director of the company.. The search results do not contain any information regarding Rajkumar Chaudhary's role as Chairman and Managing Director of Maxwell Engineering Solutions Limited. While the document mentions the company name, the search results only reference Maxwell Engineering Solutions Limited in the context of other entities (NiveshX, Biocon Electric, Gensol Engineering) or general market news, with no specific details about the current leadership structure. - **LOW** (LitigationStatus): The case is pending adjudication before the Ld. Court with a next hearing date of January 12, 2027.. The search results contain no information regarding a pending adjudication before the Ld. Court with a specific next hearing date of January 12, 2027. While there are references to a case involving Assistant Commissioner vs Maxwell Engineering Solutions, the dates and court levels mentioned in the results (e.g., Gujarat High Court, Supreme Court) do not align with the specific claim of an Ld. Court hearing in 2027. - **LOW** (LitigationStatus): A criminal case bearing no. 64187 of 2024 is pending adjudication before the C.J.M. Court, Ahmedabad.. The search results do not corroborate the claim regarding a criminal case number 64187 of 2024 pending adjudication before the C.J.M. Court. While one result mentions a case involving the Assistant Commissioner and the company, it cites the Supreme Court of India and is dated 2025, suggesting it is a different matter. No other results mention a C.J.M. Court case with the specific number 64187 of 2024. - **LOW** (PromoterBackground): 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.. The search results do not contain any information regarding the debarment status of Maxwell Engineering Solutions Limited's promoters or directors. While the documents mention the company's upcoming IPO and regulatory interactions with SEBI, none of the provided links confirm whether any individuals are currently barred from accessing the capital market. - **LOW** (LitigationStatus): A criminal case bearing no. 64202 of 2024 is pending adjudication before the C.J.M. Court, Ahmedabad.. The search results do not contain any information regarding a criminal case number 64202 of 2024 pending before the C.J.M. Court in Ahmedabad. While there are references to a case involving Assistant Commissioner vs Maxwell Engineering Solutions, the specific case number, court, and adjudication status mentioned in the claim are not corroborated by the provided search snippets. - **LOW** (SubsidiaryPerformance): The company was converted to a public limited company and renamed to Maxwell Engineering Solutions Limited on June 30, 2025.. The search results do not contain any information regarding the conversion of the company to a public limited company or its renaming to Maxwell Engineering Solutions Limited on June 30, 2025. The available documents only discuss the company's current IPO status, financial performance, and listing details, with one source referencing a 2026 review rather than confirming the specific future event mentioned in the claim. - **LOW** (LitigationStatus): A criminal case bearing no. 64176 of 2024 is pending adjudication before the C.J.M. Court, Ahmedabad.. The search results do not contain any information regarding a criminal case number 64176 of 2024 pending adjudication before the C.J.M. Court. While there are references to a case involving Assistant Commissioner vs. Maxwell Engineering Solutions, the specific case number, court, and adjudication status mentioned in the claim are not corroborated by the provided search results. ## Common questions ### 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 - [Maxwell Engineering Solutions Limited](https://nsearchives.nseindia.com/content/ipo/RHP_MAXENGS.zip) (Red Herring Prospectus, filed 30 Oct 2026) --- Source: InnerKore IPO (https://ipo.innerkore.com/). Read from public SEBI filings by automated extraction; check the linked documents. Not investment advice.