SPEEDEX · Not specified · INE0SVD01012
Analyst mean 0.00 · 0 analysts · 0% bullishThis company listed within the last twelve months, so its prospectus is still the primary source. The figures below were extracted from the DRHP and RHP before listing and scored then, and they are shown here as they stand in the IPO record rather than restated.
Each flag is a fact read in the filing, shown with the context that makes it meaningful.
Stated objects, as worded in the offer document. Deployment against them is tracked separately.
Claims made in the offer document, to be read against what the company has reported since.
Maharaja & Speedex India Limited is engaged in the manufacturing, branding, marketing, and distribution of stainless-steel bottles and value-added drinkware products. The company offers standard products (stainless steel bottles) and novelty products (tumblers, feeding bottles, gym shakers) across mass, premium, and lifestyle categories. It operates two leased manufacturing units in Sonipat, Haryana, through its wholly-owned subsidiary Dewdrop Bottles Private Limited, with a combined installed capacity of 62,82,000 units per annum as of FY26 and capacity utilization of 88.41%. In addition to branded consumer products under 'Speedex' and 'Dewdrop', the company undertakes original equipment manufacturing (OEM) and private-label manufacturing for corporate gifting, institutional buyers, and brand partners. Products are distributed across India via a network of approximately 101 active distributors spanning 17 states and 2 union territories, alongside presence in modern trade and e-commerce platforms. In FY26, in-house manufactured products accounted for 88.85% of revenue, while outsourced trading accounted for 11.15%.
Integrated manufacturing setup through wholly-owned subsidiary Dewdrop Bottles Private Limited, pan-India distribution network of 101 distributors across 17 states and 2 UTs, in-house brands Speedex and Dewdrop, and OEM/private-label capabilities for corporate clients.
Maharaja & Speedex India Limited is a drinkware manufacturing and distribution company focused on stainless-steel bottles and allied drinkware products, catering to retail consumers and institutional customers across India.
Source: p.114, 163, 169, 175
The comparable set the company chose, which is itself a disclosure.
| Name | Margin | Pb | Pe | Roe | Listed on | Source |
|---|---|---|---|---|---|---|
| Borosil Limited | 6.24 | 38.23 | 9.3 | mainboard | p.114, 115 | |
| Cello World Limited | 14.27 | 25.69 | 14.35 | mainboard | p.114, 115 |
As presented in the offer document. Post-listing figures are in the statements above.
| Basis | Period | Related party revenue cr | Pat cr | Pat margin | Revenue cr | Pat margin derived | Cff cr |
|---|---|---|---|---|---|---|---|
| consolidated | FY26 | 0 | 15.3419 | 12.51% | 122.6538 | yes | 7.2262 |
| consolidated | FY25 | 0 | 5.5655 | 5.95% | 93.5081 | yes | 0.0406 |
| consolidated | FY24 | 0 | 1.0785 | 1.76% | 61.3233 | yes | 0.8059 |
Written before listing, answered from the document itself.
How are the IPO proceeds allocated across debt repayment, capital expenditure, and general corporate purposes?
Net issue proceeds are allocated as: Rs. 24.1043 crore for repayment/pre-payment of bank borrowings availed by the company and its subsidiary, Rs. 21.4158 crore for capex towards plant and machinery at the subsidiary's Sonipat facility, and the balance for General Corporate Purposes.
p.94, 95
What is the promoters' shareholding pre and post-issue, and what is their acquisition history?
Promoters Rakesh Kumar Aggarwal and Akash Aggarwal hold 72.68% pre-issue. Promoters issued 12,888,000 bonus shares in January 2026. Promoter Rakesh Kumar Aggarwal and promoter group member Akash Aggarwal are selling 861,600 shares via Offer for Sale (OFS). Direct tax appeal of Rs. 2.3079 crore is pending against promoter Rohit Garg.
p.29, 30, 72, 77, 79
What are the key related-party transactions with subsidiaries and promoter directors?
Transactions with wholly-owned manufacturing subsidiary Dewdrop Bottles Private Limited included Rs. 64.2046 crore in sales and Rs. 6.2689 crore in purchases in FY26. Total remuneration paid to promoter family directors and relatives was Rs. 1.2050 crore in FY26. Unsecured loans from promoter directors Rohit Garg (Rs. 3.5881 crore) and Kusum Aggarwal (Rs. 4.8700 crore taken) were also disclosed.
p.64, 246
How did operating cash flow perform relative to restated net profits over FY24 to FY26?
In FY24, PAT was Rs. 1.0785 crore and CFO was Rs. 2.1308 crore. In FY25, PAT was Rs. 5.5655 crore and CFO was Rs. 2.0472 crore. In FY26, PAT surged to Rs. 15.3419 crore, but CFO was only Rs. 3.6630 crore (23.87% cash conversion) due to inventory expanding to Rs. 36.1749 crore.
p.59, 61, 250
What secretarial, statutory, and audit compliance issues were disclosed in the filing?
The company disclosed delays in filing ROC forms (PAS-3, MGT-14, SH-7), filed a Form GNL-1 suo motu application under Section 454 for adjudication of private placement application money received prior to special resolutions, resubmitted unsigned AOC-4 financial statements for FY21-FY24 via GNL-2, and noted EPF/ESI statutory deposit delays. M/s APV & Associates serves as statutory auditor.
p.33, 39, 40, 264
What are the lot size, application ticket cost, market maker terms, and liquidity constraints for public investors?
The offer is listed on BSE SME with a minimum retail application requirement of 2 lots. Trading occurs strictly in standardized market lots, and because lots are indivisible, partial exit or trading of fractional lots is impossible. Choice Equity Broking Private Limited is the Market Maker with 216,000 reserved shares (5.01%) and a mandatory 3-year obligation period. Standard SME 5% price circuit limits apply.
p.2, 3, 7, 55, 74
What the issue priced at, on the figures in the document.
How the book filled. A category that bid far above the rest is a different signal from a uniformly covered issue.
| Date | Name | Shares | Price per share | Category | Issue type | Source |
|---|---|---|---|---|---|---|
| 2006-02-15 | Rakesh Kumar Aggarwal and Kusum Aggarwal | 10000 | 10 | promoter | initial | p.77 |
| 2024-01-23 | Abhishek Garg and Utkarsh Patel | 310 | 65309 | other | preferential | p.77 |
| 2025-02-28 | Atul Tulsian | 60 | 70000 | promoter | rights | p.77 |
| 2025-03-28 | Atul Tulsian | 370 | 70000 | promoter | rights | p.77, 78 |
| 2026-01-28 | Existing Shareholders | 12888000 | 0 | promoter group | bonus | p.77, 78 |
Ceo: Akash Aggarwal
Direct Tax appeal pending against Promoter Rohit Garg before National Faceless Appeal Centre for AY 2009-10 involving Rs. 2.3079 crore (Rs. 230.79 lakhs). Criminal, civil or statutory actions against Company/Promoters/Subsidiary: NIL.
Auditor name: M/s APV & Associates, Chartered Accountants
Skin in game: Promoters hold 72.68% pre-issue shareholding.
Auditor changed last 3y: No
Source: p.29, 30, 212, 264
Transactions with promoters, directors and their entities, as disclosed.
| Counterparty | Amount cr | Nature | Relationship | Core function | Source |
|---|---|---|---|---|---|
| Rakesh Kumar Aggarwal | 0.35 | remuneration | director | yes | p.64, 246 |
| Kusum Aggarwal | 0.24 | remuneration | director | yes | p.64, 246 |
| Kusum Aggarwal | 4.87 | loan taken | director | no | p.64, 246 |
| Akash Aggarwal | 0.375 | remuneration | director | yes | p.64, 246 |
| Rohit Garg | 0.24 | remuneration | director | yes | p.64, 246 |
| Rohit Garg | 280 | loan taken | director | no | p.64, 246 |
| Versha Aggarwal | 0.27 | remuneration | relative | yes | p.64, 246 |
| Dewdrop Bottles Private Limited | 6.2689 | purchase | group company | yes | p.64, 246 |
| Dewdrop Bottles Private Limited | 64.2046 | sale | group company | yes | p.64, 246 |
| Dewdrop Bottles Private Limited | 0.0145 | job work | group company | yes | p.64, 246 |
| Speedex Online Private Limited | 3.3971 | sale | group company | yes | p.64, 246 |
| Speedex Online Private Limited | 0.2297 | purchase | group company | yes | p.64, 246 |
Delays in filing RoC forms (PAS-3, MGT-14, SH-7). Suo motu application filed in Form GNL-1 under Section 454 for adjudication of private placement application money received prior to passing special resolution. Financial statements for FY21 to FY24 in Form AOC-4 were not duly signed by CEO/CFO, resubmitted via Form GNL-2. Disclosed delays in payment of employee provident fund (EPF) and employee state insurance (ESI) statutory dues in FY24, FY25, and FY26 due to oversight.
Defaults disclosed: Yes
Source: p.33, 39, 40
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