Maharaja and Speedex India Limited, a New Delhi-based manufacturer of stainless-steel drinkware, has filed its Draft Red Herring Prospectus (DRHP) for an initial public offering. The company plans to raise funds through a fresh issue to repay existing borrowings and expand its manufacturing capacity, following a period of significant revenue growth and margin expansion.

About the Company

Founded in 2006, Maharaja and Speedex India Limited operates as an integrated drinkware manufacturing and distribution company. It specializes in stainless-steel bottles and allied products, catering to both retail consumers (B2C) and institutional customers (B2B). The company offers 223 SKUs across various price points, ranging from mass market to premium segments.

Manufacturing is conducted in-house through a wholly-owned subsidiary with two units, boasting an installed capacity of approximately 62,82,000 units per annum. In FY2026, the company achieved a capacity utilization rate of 88.41%. Distribution is managed through a pan-India network of 101 distributors across 17 states and 2 Union Territories, with 90.09% of offline sales routed through this channel in FY2026.

Financial Performance

The company has demonstrated robust top-line and bottom-line growth over the last three fiscal years. Revenue from operations grew from ₹61.32 crore in FY2024 to ₹122.65 crore in FY2026. Net profit surged from ₹1.08 crore in FY2024 to ₹15.34 crore in FY2026, reflecting significant operating leverage.

Total assets increased from ₹26.94 crore in FY2024 to ₹81.98 crore in FY2026. However, current liabilities also rose significantly to ₹48.82 crore in FY2026. Inventory turnover days expanded sharply from 62 days in FY2024 to 150 days in FY2026.

Why the Company Is Raising Funds

The proceeds from the fresh issue are intended for the following purposes:

• Debt Repayment: ₹24.10 crore for repayment or pre-payment of borrowings availed by the company and its subsidiary from banks.
• Capital Expenditure: ₹21.42 crore for the purchase of plant and machinery at the existing manufacturing facility to expand capacity.
• General Corporate Purposes: Balance net proceeds for strategic initiatives, working capital requirements, and other corporate contingencies.

Business Strengths

• Integrated Model: In-house manufacturing capabilities provide cost control and quality assurance.
• Distribution Reach: A network of 101 distributors across 17 states and 2 Union Territories supports pan-India presence.
• Product Diversity: A portfolio of 223 SKUs across multiple price segments reduces reliance on single categories.
• Management Experience: Led by Managing Director Rakesh Kumar Aggarwal, who brings over 19 years of industry experience.

Key Risks

• Supplier Concentration: Top 10 suppliers accounted for 87.38% of total purchases in FY2026, creating supply chain vulnerability.
• Inventory Build-up: Inventory turnover days increased to 150 days in FY2026, potentially indicating demand forecasting challenges.
• Customer Concentration: Top 10 customers contributed 48.70% of revenue in FY2026.
• Leased Premises: The company operates entirely from leased properties, exposing it to lease renewal risks.
• Geographic Concentration: Significant revenue reliance on Delhi (21.50%), Haryana (18.31%), Maharashtra (17.20%), and Uttar Pradesh (9.72%).

Important IPO Dates

• IPO Opening Date: 10-Sep-2026
• IPO Closing Date: 15-Sep-2026
• Allotment Date: 16-Sep-2026
• Listing Date: 18-Sep-2026

Offer Details

The issue consists solely of a fresh issue with no Offer for Sale (OFS). The price band, face value, lot size, and listing exchange have not been disclosed in the current filing. The total identified proceeds for debt repayment and capex amount to ₹45.52 crore.

Bottom Line

Maharaja and Speedex India presents a profile of rapid revenue growth and improving profitability, supported by an integrated manufacturing model. The IPO aims to strengthen the balance sheet by reducing debt and expanding capacity. Investors should note the high supplier concentration and rising inventory days as key operational risks.