Maximus International Limited held its Q1 FY27 earnings conference call on 19th August 2026, hosted by ORIM Connect. The call featured management commentary from Chairman and Managing Director Mr. Dipak Raval, CFO Mr. Milind Joshi, and Non-Executive Non-Independent Director Mr. Aniruddh Gandhi.

Financial Performance

  • Revenue: Consolidated revenue from operations reached ₹59.91 crores in Q1 FY27, representing 51% year-on-year growth compared to ₹39.52 crores in Q1 FY26.
  • EBITDA: Stands at ₹4.58 crores in Q1 FY27 compared to ₹3.88 crores in Q1 FY26, an 18% YoY increase.
  • EBITDA Margins: Contracted to 7.64% in Q1 FY27 from 9.81% in Q1 FY26, primarily due to input cost inflation from the ongoing Middle East war.
  • Profit Before Tax: ₹2.41 crores in Q1 FY27 compared to ₹2.48 crores in Q1 FY26.
  • Net Profit: Consolidated PAT stood at ₹2.05 crores compared to ₹2.33 crores in the corresponding quarter last year.
  • Finance Cost: Increased to ₹1.53 crores from ₹0.92 crores in Q1 FY26, an increase of approximately ₹0.6 crores (₹60 lakhs), attributed to business scaling.

Operational Highlights

  • Capacity Utilization: Current utilization at approximately 45% of total 50,000 KL manufacturing capacity across UAE and Kenya facilities.
  • Business Verticals: Manufacturing vertical offers highest EBITDA margins, followed by toll blending and trading. Target mix is 75-80% manufacturing/toll blending and 20-25% trading over next 3 years.
  • Product Mix: Premium and specialty lubricants contribute approximately 40% to total revenue.
  • Customer Concentration: Top 10 customers represent 70-75% of total revenue, reflecting B2B distribution model.

Strategic Initiatives

  • Quebec Petroleum Acquisition: Progressing with acquisition of 40% stake as an associate to enter Indian domestic lubricant market. Expected to contribute to consolidated earnings.
  • Kenya Expansion: Planning to commission grease manufacturing facility in Kenya in Q3 FY27 to broaden product portfolio and serve East African market.
  • Tanzania Entry: Evaluating expansion into Tanzania with initial warehousing and distribution capabilities, potentially followed by manufacturing.
  • Product Strategy: Focus on introducing higher value products across facilities and expanding into specialty lubricants, petrochemicals, and value-added solutions.

Market Outlook

  • Management remains positive about long-term lubricant sector outlook supported by industrialization, infrastructure development, and rising vehicle ownership.
  • Middle East and Africa lubricant market projected to grow from approximately $9.1 billion in 2024 to $12.4 billion by 2034.
  • Company serves over 400 customers across 25+ countries and 50+ industries.

Guidance

  • Management expects to cross ₹200 crores revenue in FY27 with healthy EBITDA margins despite ongoing Middle East war impact on costs.
  • Focus areas for FY27 include scaling existing operations, geographic expansion, product portfolio strengthening, strategic acquisitions, and operational efficiency improvements.