Maharaja & Speedex India Limited

Consumer Cyclical — Furnishings, Fixtures & Appliances · BSE

₹251.40+₹0.15 (+0.06%)

DalalBaazaar Score

65 / 100

🟢 Good

Verdict

REASONABLE

Risk

High

Driven by moderate debt load, negative free cash flow, micro-cap size, which brings thin liquidity.

In simple words: Strong business and financial position, with both sales and profits growing well. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:52 pm

Understanding the Business

Company site ↗

The 60-second version of Maharaja & Speedex India Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Maharaja & Speedex India Limited manufactures, markets, and distributes drinkware products in India. The company's products include tumblers, feeding bottles, gym shakers, stainless-steel water bottles, pressure cookers, insulated steel bottles, and vacuum flasks.

IndustryFurnishings, Fixtures & Appliances

SectorConsumer Cyclical

Employees431

Annual revenue₹119 Cr

How does it make money?

Turns over ₹119 Cr a year. Of every ₹100 of sales, about ₹13 reaches shareholders as profit, with ₹19 left at the operating level before interest, tax and depreciation. Each of its 431 employees supports ₹27.5 lakh of revenue a year, the signature of a people-led business.

Revenue / employee₹27.5 lakh

Who are its competitors?

The closest listed comparisons in its industry are HAVELLS INDIA LIMITED, VOLTAS LTD, TITAN COMPANY LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?The numbers suggest a real one

ROCE has stayed above 15% in every year available and stands at 62.1%. Returns that high normally get competed away; when they persist, something is protecting them, and its ROE of 72.4% against a peer median of 17.1% is consistent with that. What that something is — brand, scale, switching costs, regulation — the accounts cannot tell you.

Peer median ROE17.1%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +83% while net margin moved +1056% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+83%

Margin effect+1056%

DalalBaazaar Score

65/ 100

Good

Weighted across six categories. Every point is explained below.

✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ Profits have swung sharply from year to year — earnings are hard to forecast
✗ Negative free cash flow means dependence on external funding

Quality vs. Valuation

Company Quality

77/ 100

Good

How good the business is, ignoring the share price entirely.

Valuation

66/ 100

Fair

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

26.8x

Sector Median

68.5x

median of 3 sector peers

🟢Against its sector it trades 61% below the peer median of 68.5x.

vs. its own history

Not enough price and earnings history

vs. sector peers

Cheap

68.5x median of 3 peers · -61%

vs. generic bands

Fair

15x–35x

EV/EBITDA

19.3x

PEG

0.15

What's Good / What's Bad

🟢 What's Going Well5

Margins are improving
EBITDA margin is up from 2.7% to 19.1% over 3 years.
Return on equity is rising
ROE has improved from 38.9% to 53.2%.
Return on capital is rising
ROCE has improved from 22.1% to 62.1%.
High return on capital employed
ROCE of 62.1% is the mark of a business that converts capital into profit efficiently.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

4 items require attention · 3 high · 1 watch

🔴Debt has risen sharplyFinancial
Total debt is up 236% over 3 years, from ₹8 Cr to ₹27 Cr.
🔴Receivables growing faster than salesFinancial
Receivables up 148% against revenue up 83% — sales are being booked faster than they are collected.
🔴Inventory building faster than salesFinancial
Inventory up 541% against revenue up 83% — stock may not be moving.
🟡Free cash flow is negativeFinancial
Free cash flow was -₹8 Cr in the latest year.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 62.1% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.
Margin expansion has further to run
EBITDA margin has risen from 2.7% to 19.1%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Cheaper than its peers
It trades 61% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Sales are being booked faster than collected
Receivables are up 148% against revenue up 83%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.
Several serious flags at once
3 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 17% a year✓ 22.4% CAGR
Latest reported year was 32.0%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 17%✓ 19.1%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✗ -₹8 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 1.2x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 59%✓ 62.1%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

9 / 10 checks passed

✓ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high

Price history

Quick Metrics

5 good · 4 neutral · 2 weak

Market Cap

₹411 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

26.8x

Fair

Fairly valued against the generic band

P/B Ratio

11.24x

Rich

Steep premium to book — needs high, durable returns to justify

EPS (TTM)

₹9.39

Profitable

Profitable on a per-share basis

ROE

72.4%

Strong

Strong capital efficiency

ROCE

62.1%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.92x

Moderate

Moderate leverage

Revenue Growth (YoY)

32.0%

Healthy

Healthy top-line growth

Profit Growth (YoY)

175.7%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

-₹9 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

ROA

24.6%

Good

Assets are working hard

Operating Margin

20.8%

Good

Healthy core-business profitability

Net Margin

12.5%

Good

Strong bottom-line conversion

Current Ratio

1.34

Comfortable

Healthy short-term liquidity

52W Range Position

44%

Mid-range

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹65 Cr	₹61 Cr	₹90 Cr	₹119 Cr	+22.4%
EBITDA	₹2 Cr	₹3 Cr	₹11 Cr	₹23 Cr	+135.9%
EBITDA Margin	2.7%	4.7%	11.8%	19.1%	—
PAT (Net Profit)	₹1 Cr	₹1 Cr	₹6 Cr	₹15 Cr	+176.6%
EPS	₹0.43	₹0.64	—	—	—
ROE	38.9%	21.7%	41.2%	53.2%	—
ROCE	22.1%	25.4%	45.0%	62.1%	—
Total Debt	₹8 Cr	₹16 Cr	₹18 Cr	₹27 Cr	+49.8%
Free Cash Flow	-₹1 Cr	₹2 Cr	-₹0 Cr	-₹8 Cr	—

🟢 Revenue has grown at 22.4% a year over 3 years.

🟢 EBITDA has grown at 135.9% a year over 3 years.

🟢 EBITDA Margin has risen from 2.7% to 19.1% over 3 years (+16.4 pts).

🟢 PAT (Net Profit) has grown at 176.6% a year over 3 years.

🟢 ROE has risen from 38.9% to 53.2% over 3 years (+14.3 pts).

🟢 ROCE has risen from 22.1% to 62.1% over 3 years (+40.0 pts).

🔴 Total Debt has grown at 49.8% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹82 Cr

Total Liabilities

₹53 Cr

Cash & Equivalents

₹0 Cr

Operating Cash Flow

₹4 Cr

Capex

-₹11 Cr

Shareholding (proxy)

Institutional Holding

1.1%

Insider Holding

70.8%

Peer Comparison

Company	P/E	ROE
HAVELLS INDIA LIMITED	43.5x	17.1%
VOLTAS LTD	75.8x	7.0%
TITAN COMPANY LIMITED	68.5x	36.7%

Recent News

1 mixed5 general

Maharaja & Speedex India (BSE:544925) - Stock Analysis

Simply Wall Street, 15 Oct

Maharaja & Speedex India Ltd. IPO

The Economic Times, 13 Oct

Compare with

Equitymaster, 17 Oct

SPEEDEX Share Price update near 52-week low and sector view

Univest, 09 Oct

MAHARAJA & SPEEDEX INDIA LIMIT Share Price

Upstox, 23 Sept

Maharaja & Speedex SME shares hit upper circuit post 34% listing gains on debut day

Moneycontrol.com, 18 SeptPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongBusiness Quality · Growth · Profitability

MiddlingFinancial Health

WeakValuation · Risk

Points for each in the Score ↑

Good business at a fair price

A sound business at a reasonable valuation. Suitable for a long-term holding, with the valuation and the direction of margins worth watching rather than the business itself. 3 high-severity red flags sit above this conclusion and should be read first.

1 of 5 tripwires tripped — Free cash flow remains positive · see Key things to watch ↑