The Vadodara company makes and refurbishes die plates and cutting blades for underwater pelletizers, the machines that cut molten plastic into pellets at compounding and recycling plants. Most of its sales are exports, mainly to Germany, the US and the Netherlands, and FY26 revenue was INR 29.4 cr. Maxwell was set up only in 2022. Half of its recent revenue comes from trading and refurbishment, and two customers give half of all sales. Profit is slipping, with recent earnings annualising to INR 9.2 cr against INR 11.9 cr in FY26, and growth has been funded by debt that rose to INR 16.7 cr. The managing director also runs a separate firm in the same business. We would skip the issue for the short and long term. Listing gains are possible at the current GMP of 51% (3 November 2026), but investors should apply with caution.

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