Maharaja & Speedex India Limited moves 89% in-house manufacturing

Maharaja & Speedex India Limited moved from 100.00% outsourced trading revenue in Fiscal 2024 to 88.85% in-house manufactured revenue in Fiscal 2026. The transition followed its January 27, 2025 acquisition of Dewdrop Bottles Private Limited and coincided with revenue from operations rising from Rs 61.3233 crore to Rs 122.6538 crore and EBITDA margin increasing from 4.73% to 18.36%.

How did Maharaja & Speedex move to in-house manufacturing?

Maharaja & Speedex moved its product-revenue mix from 100.00% outsourced trading in Fiscal 2024 to 88.96% in-house manufacturing in Fiscal 2025 and 88.85% in Fiscal 2026. Outsourced trading consequently declined to 11.04% in Fiscal 2025 and 11.15% in Fiscal 2026. These revenue-source figures exclude service income and scrap sales, so they measure product revenue rather than all revenue from operations.

The change followed Maharaja & Speedex’s acquisition of Dewdrop Bottles as a wholly owned subsidiary under a share purchase agreement dated January 27, 2025. Dewdrop Bottles had commenced stainless-steel manufacturing in Fiscal 2021 when it was owned by Maharaja & Speedex’s current promoters and directors. The acquisition consolidated the manufacturing operation within the group structure.

Maharaja & Speedex had entered the stainless-steel bottle trade in 2017, and bottles contributed substantially to trading revenue through Fiscal 2020. The group’s later model moved fabrication and related production inside its subsidiary while retaining an 11.15% outsourced-trading share in Fiscal 2026. The source therefore shows a major change in the source of product revenue, rather than the elimination of external sourcing.

What assets support Maharaja & Speedex’s in-house manufacturing?

Maharaja & Speedex supports in-house manufacturing through two leased units operated by Dewdrop Bottles in Sonipat, Haryana. The primary unit undertakes most stainless-steel manufacturing, while the second unit performs cleaning, polishing, printing, packaging, storage and dispatch. The disclosed process spans fabrication, finishing, quality control and delivery of finished goods.

Installed capacity stood at 62,82,000 bottles a year as of March 31, 2026, according to a Chartered Engineer’s certificate. Maharaja & Speedex also states that its facilities produce 223 stock keeping units, or SKUs, which are distinct product and inventory identifiers. The range includes standard bottles as well as feeding bottles, tumblers and gym shakers.

The operating model also relies on raw-material procurement, production planning and logistics coordination across the two units. Maharaja & Speedex identifies stainless steel as its primary raw material and reports that its top 10 suppliers accounted for Rs 73.8528 crore, or 87.38%, of Fiscal 2026 purchases. Maintaining the in-house revenue mix therefore depends on available plant capacity and continued supplies of stainless steel and other components.

How did the manufacturing shift coincide with revenue and margins?

Maharaja & Speedex reported higher revenue and profitability across the two fiscal years in which its revenue source mix changed. Revenue from operations rose from Rs 61.3233 crore in Fiscal 2024 to Rs 93.5081 crore in Fiscal 2025 and Rs 122.6538 crore in Fiscal 2026. EBITDA, or earnings before interest, taxes, depreciation and amortisation, increased from Rs 2.9004 crore to Rs 22.5233 crore over the same period.

EBITDA margin increased by 13.63 percentage points between Fiscal 2024 and Fiscal 2026, while net profit after tax increased from Rs 1.0785 crore to Rs 15.3419 crore. The disclosure reports the revenue-source change and the financial results for the same periods, but does not quantify how much of the margin movement came from in-house manufacturing rather than sales volume, pricing, procurement or product mix.

Product mix changed as well. Standard sales were 82.22% of product revenue in Fiscal 2024, fell to 68.74% in Fiscal 2025 and were 76.40% in Fiscal 2026. Novelty sales, which include feeding bottles, gym shakers and tumblers, rose from 17.72% in Fiscal 2024 to 19.82% in Fiscal 2026 after reaching 27.32% in Fiscal 2025. The period-to-period margin comparison therefore covers both a changed sourcing model and a changing product mix.

Where do Maharaja & Speedex’s manufactured products go?

Maharaja & Speedex sells manufactured products through branded, original equipment manufacturing and private-label arrangements. Original equipment manufacturing, or OEM, involves producing goods to a customer’s design, branding and specifications. OEM revenue represented 54.87% of product revenue in Fiscal 2026, compared with 41.81% from branded business.

Offline sales accounted for 90.09% of product revenue in Fiscal 2026, while online sales accounted for 9.91%. Maharaja & Speedex had 101 distributors in 17 states and two Union Territories as of the prospectus date. It also acquired Gulika Apparel Private Limited as a wholly owned subsidiary under a February 4, 2026 share purchase agreement and subsequently renamed it Speedex Online Private Limited to focus on online sales operations.

Customer concentration remains relevant to factory utilisation. Maharaja & Speedex’s top 10 customers generated Rs 59.7361 crore, or 48.70% of Fiscal 2026 revenue from operations, compared with Rs 28.2825 crore, or 46.12%, in Fiscal 2024. Its largest customer represented 8.42% of Fiscal 2026 revenue, up from 5.69% in Fiscal 2025, linking production volumes to repeat institutional and commercial orders.

Conclusion

Maharaja & Speedex’s 88.85% in-house manufactured revenue share in Fiscal 2026 marks a clear change from the 100.00% outsourced product-revenue model reported for Fiscal 2024. Dewdrop Bottles’ January 2025 acquisition brought manufacturing into the group during a period when revenue from operations doubled and EBITDA margin increased by 13.63 percentage points, although the disclosure does not attribute the margin change to a single factor.

The next disclosed milestone is a capacity-expansion plan. Maharaja & Speedex proposes to use Rs 2,411.58 crore of net proceeds for plant and machinery at existing units, including two additional single-wall lines and one double-wall line. If commissioned, installed capacity is expected to increase by approximately 44.03%, from 62,82,000 to 90,48,000 bottles a year; the outcome depends on commissioning, demand and raw-material availability.