Maharaja & Speedex India Limited IPO

The Company offers a diversified portfolio of drinkware products classified into Standard Products and Novelty Products. Standard Products primarily comprise stainless-steel bottles, while Novelty Products include tumblers, feeding bottles, and gym shakers. Its products are offered across mass, premium, and lifestyle price segments, catering to a broad range of retail consumers and institutional customers.

In addition to branded products, the Company undertakes OEM and private-label manufacturing, providing customized drinkware solutions for corporate gifting programmes, institutional buyers, and brand partners.

Business Model & Manufacturing

The Company operates an integrated, asset-backed business model supported by in-house manufacturing capabilities primarily through its wholly owned subsidiary, Dewdrop Bottles Private Limited.

As of the date of the Red Herring Prospectus, Dewdrop Bottles operates two manufacturing facilities in Sonipat, Haryana, with an installed production capacity of approximately 45.24 lakh units per annum across 223 SKUs. The manufacturing facilities are equipped with modern machinery and production lines that enable large-scale manufacturing and product customization across various drinkware categories. The Company also focuses on product innovation and the development of value-added drinkware products in line with changing consumer preferences.

Distribution Network

The Company has developed a Pan-India distribution network comprising 101 distributors across 17 states and 2 Union Territories, including Maharashtra, Uttar Pradesh, Rajasthan, and Punjab. Its products are distributed through traditional retail channels, modern trade formats, and online sales channels.

The Company serves both B2C and B2B markets, while maintaining long-standing relationships with suppliers, distributors, retailers, institutional customers, and brand partners.

Group Structure

The Company has also expanded its group structure to strengthen its manufacturing and digital distribution capabilities. Dewdrop Bottles Private Limited became a wholly owned subsidiary in January 2025, consolidating the Group's stainless-steel drinkware manufacturing operations. In 2026, the Company acquired Gulika Apparel Private Limited, which was subsequently rebranded as Speedex Online Private Limited, with the objective of strengthening its online sales operations and digital distribution of branded products.

Workforce

As of March 31, 2026, the Company and its wholly owned subsidiary had 431 full-time employees. The Company's management team brings complementary expertise to its manufacturing, distribution, and business operations.

Competitive Strengths

• Pan-India distribution network
• OEM and private-label manufacturing capabilities
• Diversified product portfolio across price segments
• Integrated manufacturing and distribution capabilities
• Focus on product innovation and value-added drinkware
• Long-standing relationships with suppliers and customers
• Seasoned management team with complementary expertise