Maximus International Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Maximus International Ltd filed with BSE on 26 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Maximus International reported Q1 FY27 consolidated revenue of INR59.91 crores, up over 51% year-on-year from INR39.52 crores, driven by scale-up of international manufacturing, trading and distribution operations. EBITDA grew about 18% to INR4.58 crores but EBITDA margin fell to 7.64% from 9.81%, which management attributed to input cost inflation linked to the ongoing Middle East conflict. Management also discussed a planned Kenya grease facility, a Tanzania expansion, an associate stake in Quebec Petroleum in India, and a proposed acquisition of an additional manufacturing unit.
Numbers mentioned
Consolidated revenue from operations: INR59.91 crores (Q1 FY27)
p. 3
“the consolidated revenue from operations reaching INR59.91 crores in quarter 1 FY27 compared to INR39.52 crores in the same quarter of FY26”
Dipak Raval, page 3 of the filed PDF · View the filing
Revenue growth YoY: over 51% (Q1 FY27 vs Q1 FY26)
p. 3
“representing growth of over 51% year-on-year”
Dipak Raval, page 3 of the filed PDF · View the filing
EBITDA: INR4.58 crores (Q1 FY27)
p. 4
“Our EBITDA for the quarter stood at INR4.58 crores compared with the INR3.88 crores in the corresponding quarter last financial year”
Milind Joshi, page 4 of the filed PDF · View the filing
EBITDA margin: 7.64% (Q1 FY27)
p. 4
“the EBITDA margins during the quarter stood at 7.64% compared with the 9.81% in the Q1 FY26”
Milind Joshi, page 4 of the filed PDF · View the filing
Profit before tax: INR2.41 crores (Q1 FY27)
p. 5
“Profit before tax stood at INR2.41crores compared with the INR2.48 crores in Q1 FY26 corresponding quarter”
Milind Joshi, page 5 of the filed PDF · View the filing
Consolidated net profit: INR2.05 crores (Q1 FY27)
p. 5
“the consolidated net profit stood at INR2.05 crores which compared to PAT of INR2.33 crores in the corresponding quarter last year”
Milind Joshi, page 5 of the filed PDF · View the filing
Financial cost: INR1.53 crores (Q1 FY27)
p. 5
“The quarter also reflects an increase in the financial cost, which stood at INR1.53 compared with the INR 0.92 crores in Q1 FY26”
Milind Joshi, page 5 of the filed PDF · View the filing
FY26 consolidated revenue: INR184.81 crores (FY26)
p. 5
“In FY26, the consolidated revenue from operations has reached at INR184.81 crores, nearly INR185 crores, which is the highest ever till date”
Milind Joshi, page 5 of the filed PDF · View the filing
FY26 EBITDA: INR13.53 crores (FY26)
p. 5
“while the EBITDA stood at INR13.53 crores with the total net profit reaching to INR 15 crores”
Milind Joshi, page 5 of the filed PDF · View the filing
Manufacturing capacity: approximately 50,000 KL
p. 4
“an overall manufacturing capacity of approximately 50,000 KL and serve more than 400 customers across 25 plus countries and 50 plus industries”
Dipak Raval, page 4 of the filed PDF · View the filing
Capacity utilization: around 45%
p. 6
“we are on and around 45% capacity utilization out of this 50,000 KL, which is the consolidated one for both together, with both units”
Milind Joshi, page 6 of the filed PDF · View the filing
Specialty lubricants share of revenue: around 40%
p. 7
“Yes, that contributes around 40% in our topline.”
Milind Joshi, page 7 of the filed PDF · View the filing
Top 10 customer revenue concentration: 70% to 75%
p. 10
“From the top 10 customers, our revenue should be roughly around 70% to 75% odd.”
Milind Joshi, page 10 of the filed PDF · View the filing
Quebec Petroleum stake: 40%
p. 9
“So initially we have acquired a 40% stake.”
Milind Joshi, page 9 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Grease manufacturing facility commissioning — Kenya plant grease facility · Q3 FY27
stated firmly by Dipak Raval
p. 4
“We are planning to commission a grease manufacturing facility at our Kenya plant in quarter 3 of FY27, which will broaden our product portfolio, strengthen our local manufacturing capabilities.”
Dipak Raval, page 4 of the filed PDF · View the filing
Tanzania expansion — warehousing and distribution capabilities
stated as an aspiration by Dipak Raval
p. 4
“We are also evaluating our next phase of expansion into Tanzania, where our strategy is to initially establish warehousing and distribution capabilities and subsequently move towards manufacturing as the business achieves the required scale.”
Dipak Raval, page 4 of the filed PDF · View the filing
Revenue — around INR 200 crores · FY27
stated conditionally by Milind Joshi
p. 8
“And still, even in the given scenario, on a conservative basis, we are estimating that we'll cross around INR 200 crores in the coming means in this financial year with healthy EBITDA margins.”
Milind Joshi, page 8 of the filed PDF · View the filing
Manufacturing and toll blending revenue split — 75% to 80% combined, 20% to 25% trading · next 3 years
stated as an aspiration by Milind Joshi
p. 9
“we are looking at the first of all, manufacturing and toll blending, I will split that nearly to 75% to 80% together, and the remaining 20% to 25% will be trading.”
Milind Joshi, page 9 of the filed PDF · View the filing
Product mix improvement — higher value and specialty products
stated as an aspiration by Dipak Raval
p. 4
“Over time, we intend to improve our product mix by introducing higher value products across our manufacturing facilities and expanding into specialty lubricants, petrochemicals, and other value-added solutions.”
Dipak Raval, page 4 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said product prices are positively correlated with crude oil prices but not directly or immediately coupled.
Answered by Milind Joshi
Asked by Ramesh Menaria: How sensitive are margins to base oil and crude oil price movements?
p. 6
“That is definitely having a positive correlation with the crude oil prices. So, we will be impacted, but not immediately and not in a similar manner, not in the same, with the same, percentage or same trend.”
Milind Joshi, page 6 of the filed PDF · View the filing
Utilization is around 45% of the 50,000 KL combined capacity.
Answered by Milind Joshi
Asked by Ramesh Menaria: What is current capacity utilization across UAE and Kenya?
p. 6
“we are on and around 45% capacity utilization out of this 50,000 KL, which is the consolidated one for both together, with both units.”
Milind Joshi, page 6 of the filed PDF · View the filing
Manufacturing has the highest EBITDA margin currently and historically.
Answered by Milind Joshi
Asked by Ramesh Menaria: Which vertical offers the highest EBITDA margin?
p. 6
“Historically also, manufacturing has outperformed, the trading unit.”
Milind Joshi, page 6 of the filed PDF · View the filing
Management said receivables rose in line with topline growth and increased product/freight costs from the Middle East conflict, partially passed on to selling prices.
Answered by Milind Joshi
Asked by Varun: Why have receivables risen faster than historical levels?
p. 8
“Moreover, if you see, there has been a significant increase in the prices, product prices as well as the landed expenses, that means freight, insurance, and all due to the ongoing Middle East war.”
Milind Joshi, page 8 of the filed PDF · View the filing
Management said they have onboarded new customers and broadened product baskets to manage the topline, though EBITDA margins have shrunk somewhat.
Answered by Milind Joshi
Asked by Varun: What if the supply disruption from the war lasts more than 6 months?
p. 8
“Our EBITDA margins have shrunk a little bit in terms of percentage. That is due to the increased product cost and increased shipment cost.”
Milind Joshi, page 8 of the filed PDF · View the filing
Quebec is an associate with a 40% stake acquired, and its profits will be added to consolidated financials, giving Maximus entry into the Indian market.
Answered by Milind Joshi
Asked by Varun: How will the Quebec Petroleum acquisition contribute to consolidated earnings?
p. 9
“since we are going with that investment as an associate and not as a subsidiary. So initially we have acquired a 40% stake. So their profits are also going to get added in our consolidated balance sheets and financials.”
Milind Joshi, page 9 of the filed PDF · View the filing
Top 10 customers, including distributors, account for roughly 70-75% of revenue.
Answered by Milind Joshi
Asked by Ramesh Menaria: What percentage of revenue comes from top 10 customers?
p. 10
“From the top 10 customers, our revenue should be roughly around 70% to 75% odd.”
Milind Joshi, page 10 of the filed PDF · View the filing
Risks flagged
Input cost inflation from the ongoing Middle East conflict compressing EBITDA margins
p. 5
“the input cost which got inflected during the quarter due to ongoing Middle East war, which has shrinked our EBITDA margins in terms of percentage”
Milind Joshi, page 5 of the filed PDF · View the filing
Increased landed expenses including freight and insurance due to the Middle East war
p. 8
“there has been a significant increase in the prices, product prices as well as the landed expenses, that means freight, insurance, and all due to the ongoing Middle East war”
Milind Joshi, page 8 of the filed PDF · View the filing
Potential prolonged supply disruption if the war continues
p. 8
“You mean to say that if this war continues for another 6 months, then what will be in the given scenario, okay.”
Milind Joshi, page 8 of the filed PDF · View the filing
Increased financial cost from higher borrowing tied to revenue growth
p. 5
“The finance cost which has increased, that is coupled with our topline which has improvised.”
Milind Joshi, page 5 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.