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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
Purchase of new machinery, laboratory equipment and auxiliary utilities
Funding capital expenditure towards acquiring advanced production machinery, quality testing equipment and plant utilities for the manufacturing facility.
Construction of new office building and manufacturing plant
Financing civil construction expenditure for establishing an expanded corporate office building and factory premises.
Repayment or prepayment of outstanding borrowings
Full or partial prepayment or repayment of certain identified credit facilities and debts availed by the enterprise.
Funding working capital requirements
Supporting expanded operational liquidity and day-to-day working capital requirements.
General corporate purposes
Meeting ongoing corporate expenditures, strategic initiatives and business contingencies.
(₹ in Crore)
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Maxwell Engineering Solutions Limited is an Indian precision engineering enterprise specializing in the manufacturing, servicing, and trading of mission-critical components tailored for underwater pelletizing systems. The company's specialized product portfolio features pelletizing die plates, precision blades and knives, cutter hubs, blade holders, tapped driving bushes, and related replacement assemblies. These engineering components serve high-performance industrial applications across polymer compounding, masterbatch formulation, plastics recycling, engineering plastics, specialty polymers, and cable compound manufacturing sectors. Beyond standard product lines, the company provides custom-engineered fabrication aligned with client technical requirements and delivers white-label manufacturing services that enable institutional clients to distribute components under their proprietary brand names. Headquartered in Vadodara, Gujarat, the enterprise was incorporated in September 2022. It initially conducted production from a leased setup in Makarpura before establishing and transitioning operations to a dedicated, company-owned manufacturing plant at Waghodia GIDC, Vadodara, in July 2025. The company's production infrastructure integrates high-precision machining and inspection technologies, including computerized numerical control (CNC) centers, vertical machining centers (VMC), electrical discharge machining (EDM) equipment, wire-cut machinery, precision milling, lathes, and surface grinders. To optimize operational efficiency, specialized metallurgical treatments such as hardening, heat treatment, and surface coating are managed through established external job workers. The company also delivers value-added die plate refurbishment and reconditioning services alongside technical liaison support for specialized auxiliary components. The enterprise maintains an international commercial reach, supplying both domestic Indian manufacturers and industrial clients across global markets including the United States, Germany, the Netherlands, Japan, Australia, Saudi Arabia, Israel, and Italy. Demonstrating adherence to operational and environmental standards, the company holds ISO 9001:2015 quality management accreditation and attained ZED Bronze Certification under the national MSME Sustainable Certification Scheme in November 2025. Supported by a skilled engineering, technical, and commercial workforce, the company employed 71 full-time personnel across manufacturing, quality assurance, design, and executive operations as of September 30, 2026.
The company raised 16.18 crore rupees by allocating 10,24,000 equity shares across 9 anchor investors at 158 rupees per share on October 29, 2026, with key participants including Fortune Hands, Sanshi, and Ashika.
Source: RHP • Analysis provided for informational purposes
Last Updated: 27 October 2026, 7:33 PM
Niche product portfolio in precision underwater pelletizing components
The company specializes in manufacturing high-precision consumables and wear parts like die plates and cutter blades for demanding polymer processing and recycling applications.
Established global export footprint across key international markets
A significant share of revenues is generated from direct exports to developed industrial markets across North America, Europe, Asia-Pacific, and the Middle East.
Integrated precision manufacturing facility and technical capabilities
Its company-owned facility in Waghodia GIDC houses modern VMC, CNC, wire-cut, and EDM machinery supporting both bespoke engineering and white-label manufacturing.
Quality accreditations and multi-segment business model
The enterprise combines product manufacturing, reconditioning services, and trading operations supported by ISO 9001:2015 and MSME ZED Bronze certifications.
Customer industry concentration in polymer and plastics compounding
Revenues are closely tied to cyclical demand, capacity additions, and regulatory developments within the global plastics recycling and compounding sectors.
Reliance on external vendors for specialized metallurgical treatments
Critical finishing processes such as heat treatment, surface hardening, and coatings are outsourced to third-party job workers, posing potential supply-chain and quality control dependencies.
Working capital intensity and raw material cost volatility
Operations require significant working capital to maintain precision metal inventories and fulfill custom orders, exposing margins to raw material price fluctuations.
Maxwell Engineering Solutions Limited
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Limited corporate operating history since incorporation in 2022
Having commenced operations in late 2022, the company has a relatively brief operational track record to demonstrate long-term financial and competitive resilience.