Maximus International Ltd

BSE: 540401

₹ 15-1.57%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 204 crWebsite: www.maximusinternational.inUpdated: 24 Oct 2026

About

Maximus International Ltd manufactures, blends, trades and distributes lubricants, with blending plants in the UAE and Kenya serving the Middle East and Africa. Consolidated revenue from operations was INR 184.81 crores in FY26, the highest ever, and reached INR 59.91 crores in Q1 FY27 vs INR 39.52 crores in Q1 FY26. In Q1 FY27 it took a 40% associate stake in Indian lubricant maker Quebec Petroleum.^[1][2]

Business mix

Revenue comes from lubricant manufacturing, toll blending, trading and distribution across international operations (Q1 FY27).^[1]
Management targets manufacturing plus toll blending at 75-80% of revenue and trading at 20-25% over the next 3 years (stated Q1 FY27).^[1]
Specialty/premium lubricants made up ~40% of the mix in Q1 FY27.^[1]

Products

Strong in bulk and barrel supplies for specialty and industrial applications, with a growing automotive segment presence in existing geographies (Q1 FY26).^[3]
Plans to expand into specialty lubricants, petrochemicals and other value-added solutions over time (Q1 FY27).^[1]

Manufacturing capacity

Consolidated manufacturing capacity of 50,000 KL per annum across plants in Ras Al Khaimah (UAE) and Nairobi (Kenya), as of FY2025.^[3]
Capacity utilisation was around 45% of the 50,000 KL on a single-shift basis in Q1 FY27; management says capacity covers the next 2-3 years of projected growth.^[1]

Customers and distribution

Customer count of 400+ in Q1 FY27.^[1]
Top-10 customers accounted for ~70-75% of revenue in Q1 FY27.^[1]
Uganda distributor operational and Tanzania distributor appointment in final stages as of Q1 FY26.^[3]
Plans to raise exports from the UAE unit to Qatar, Kuwait, Saudi Arabia, Oman, Bahrain and North Africa (Q1 FY26).^[3]

Expansion and capex

Grease manufacturing facility to be commissioned at the Kenya plant in Q3 FY27, also supporting toll blending.^[1]
Tanzania: warehousing and distribution first, then manufacturing once the business reaches required scale (Q1 FY27).^[1]
Modernisation in UAE and Kenya plants: automated batch blending, added storage/warehousing and improved filling lines (Q1 FY27).^[1]
In talks with an MNC in East Africa on toll blending (Q1 FY27).^[1]
Exploring Jordan, Ghana, Nigeria and South Africa, and discussions with entities in Indonesia and Bangladesh (Q1 FY26).^[3]

Recent developments

Acquired a 40% associate stake in Quebec Petroleum, an Indian lubricant maker with manufacturing and distribution, entering the Indian domestic market (Q1 FY27).^[1]
Another manufacturing unit acquisition as an associate was in progress as of Q1 FY27.^[1]
Higher base oil, freight and insurance costs tied to the Middle East conflict affected Q1 FY27; EBITDA margin was 7.64% vs 9.81% in Q1 FY26.^[1]
Raised ₹2,108.99 lakhs via preferential equity allotment in FY2025.^[3]

Market Cap

₹204 Cr

High / Low

₹16 / 8

Stock P/E

22.7

Price / Book

2.3

Book Value

₹6

EPS

₹0.7

No. of Shares

13.6 Cr

ROCE

12.6%

ROE

11.6%

OPM

8.0%

Debt / Equity

0.45

Sales

₹185 Cr

Net Profit

₹9 Cr

Promoter holding

57.6%

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