Severefinancialpage 53
Recent bonus issue at face value just before IPO
January 28, 2026 1,28,88,000 10 Bonus Issue Nil
4 days leftSMESPEEDEX
Maharaja & Speedex India Limited
Maharaja & Speedex India Limited is an SME IPO raising ₹80 Cr at ₹177 – ₹186 a share. The smallest application you can make is 600 shares, costing ₹1,11,600 at the top of the band. Bidding closes on 15 Sept 2026 and the shares list on 18 Sept 2026. So far it has been subscribed 0.52× in total.
₹177 – ₹186
Price band
₹1,11,600
Minimum to apply (600 shares)
₹80 Cr
Issue size
15 Sept 2026
Bidding closes
0.52×Subscribed · all exchanges
Only 52% of shares on offer have been bid for
populated partly populated we hold nothing here — the tab says why
What the prospectus says could go wrong
Read from the 406-page prospectus. Indian prospectuses list hundreds of risk factors, most of them generic boilerplate. These are the 14 specific to this company; 61 generic ones were skipped. Every one is quoted verbatim with its page, so you can check it against the document.
Severeconcentrationpage 29
High supplier concentration with top 10 at 87% of purchases
We source a significant portion of our raw material requirements from a limited number of suppliers, and any disruption in supply or deterioration of our relationship with such supplier(s) could have a material adverse effect on our business
Severeregulatorypage 43
SEBI rejected promoter group exemption application
SEBI, vide its email dated February13, 2026 has rejected our application and directed us to classify and disclose the aforesaid individuals and any entities they may be interested in as members of the Promoter Group in the Offer as per applicable provisions of SEBI (ICDR) Regulations, 2018.
Severepromoterpage 43
Relatives unwilling to be identified as promoter group
Tanvi Mittal, Sister in law of one of our Promoters, Akash Aggarwal, (ii) Sunita Aggarwal, Gaurav Aggarwal, Mohender Aggarwal, Mother in law, Brother in law and Father in law of one of our Promoter, Rohit Garg have expressed their unwillingness to be identified as part of the Promoter Group of our Company
Highconcentrationpage 31
Customer concentration with top 10 at 48.7% of revenue
A significant portion of our revenue is generated from a limited number of customers. Loss of relationship with any of these customers or delays or reductions in their orders may have an adverse effect
Highregulatorypage 39
Past ROC non-compliance with pending private placement adjudication
due to an inadvertent procedural lapse, the Company received share application money from proposed allottees on January 15, 2024 and January 16, 2024, prior to the passing of the shareholders' special resolution... The outcome of such adjudication proceedings remains uncertain
Highregulatorypage 41
Subsidiary acquisitions done without independent valuations
The consideration for these acquisitions was determined based on the respective book value of the target entities... The absence of such independent valuations at the time of the transactions may be viewed as a deviation from applicable regulatory requirements
Highfinancialpage 42
Trade receivables rising sharply with longer collection cycle
Total Trade Receivables (Amount in lakhs) 1,934.96 1,253.56 691.39; Trade Receivables days 47 38 44; Trade Receivables as a % of Revenue from Operations 15.78% 13.41% 11.27%
Highpromoterpage 41
Promoter share sales post-DRHP signal potential disinvestment
our Promoters Mr. Akash Aggarwal, Mr. Ankit Bansal, Mr. Rohit Garg and a member of promoter group Mr. Gaurav Tulsian have transferred an aggregate of 1.41%, 0.49%, 2.25% and 0.55%
Highfinancialpage 40
Three consecutive years of negative investing cash flows
Our Company has experienced negative cash flows from investing activities of ₹1,160.50 lakhs, ₹164.64 lakhs and ₹267.81 lakhs for the financial years ended March 31, 2026, 2025 and 2024
Highoperationalpage 47
Trademarks pending, registered under erstwhile company name
Our trademark application listed above is currently pending registration before the Registrar of Trademarks and is at the "Accepted and Advertised" stage... *Registered in the name of the erstwhile name of our Company "Maharaja & Speedex India Private Limited".
Highfinancialpage 56
No foreign currency hedging despite FX revenue
We do not enter into foreign currency hedging transactions from time to time ,hence there is no guarantee that we may be able to manage our foreign currency risk effectively or mitigate exchange exposures, at all times
Highoperationalpage 48
Machinery orders not yet placed for Offer proceeds project
As of the date of this Red Herring Prospectus, we have not yet finalized vendors, issued purchase orders, or entered into definitive agreements for the procurement of the machineries and equipment proposed to be funded from the Net Proceeds.
Highmarketpage 54
Equity Shares to list only on BSE SME Platform
trading of the Equity Shares on the SME Platform of BSE Limited will not commence until after the completion of the Offer, allotment of the Equity Shares, and the receipt of all necessary approvals
Extracted from the issuer’s own prospectus and ranked by how specific and material each risk is to this company. Severity is our assessment of the disclosure, not a prediction — and nothing here is a recommendation to apply to this issue.
What’s in court
The issuer’s own summary of outstanding legal proceedings — SEBI requires this table in every prospectus. Counts and amounts are as disclosed; the disclosed aggregate at stake is ₹2.3 Cr.
| Against | Criminal | Tax | Other material | Amount at stake |
|---|---|---|---|---|
| The company | 0 | 0 | 0 | — |
| Promoters | 0 | 1 | 0 | ₹2.3 Cr |
| Directors | 0 | 0 | 0 | — |
| Subsidiaries | 0 | 0 | 0 | — |
| Group companies | 0 | 0 | 0 | — |
case₹2.3 Crpage 307
Income Tax Department vs Promoter Rohit Garg – NFAC order dated Aug 25, 2025 under Sec 250 of Income-tax Act for AY 2009-10; appeal dismissed, addition of ~Rs. 2,29,94,486 (Rs. 2.30 cr) towards short-term capital gains on transfer of 5,000 shares of M/s Reliable Realtech Pvt Ltd upheld; interest under Sec 234A/234B and penalty proceedings under Sec 271(1)(c) sustained
No summary table of aggregate litigation is presented in the section – counts above are derived from explicit 'Nil'/'no' statements for each sub-category (criminal, regulatory/statutory, material civil) across Company, Promoters, Directors, Subsidiaries and KMP/SMP. Group Companies litigation not separately tabulated. Only material disclosed case is the Promoter tax matter. Amount of Rs. 230.79 lakhs converted to Rs. 2.3079 crore (1 crore = 100 lakh). Per text, total tax cases = 1; total tax amount involved = Rs. 230.79 lakhs.. Outstanding means unresolved — a listed case is an exposure, not a verdict.
Source documents
What the issuer and the exchanges published. Everything else on this tab is read out of these.