Maximus International foreign subsidiaries report Rs 117.47 crore

Maximus International Limited’s foreign subsidiaries reported Rs 117.47 crore of total income before consolidation adjustments for the half year ended September 30, 2026, while holding Rs 190.79 crore of assets at that date. The same overseas businesses reported Rs 3.40 crore of profit after tax and Rs 50.44 lakh of net cash outflows during the six-month period.

What did Maximus International’s foreign subsidiaries report in the first half?

Maximus International’s foreign subsidiaries reported Rs 117.47 crore of total income before consolidation adjustments for the half year from April 1, 2026 to September 30, 2026. The amount was disclosed in the independent auditor’s review report on Maximus International’s unaudited consolidated financial results submitted under Regulation 33 of the Securities and Exchange Board of India, or SEBI, listing regulations.

The foreign subsidiaries also reported total net profit after tax of Rs 3.40 crore before consolidation adjustments for the six-month period ended September 30, 2026. Total comprehensive income was likewise Rs 3.40 crore, so the auditor’s aggregate disclosure showed no difference between these two measures for the overseas subsidiaries in the reported half year.

The auditor’s disclosure covers the half year ended September 30, 2026, although its review report also covers the quarter ended on that date. The supplied pages do not give Maximus International’s overall consolidated income or total consolidated assets, so they do not establish the foreign subsidiaries’ percentage contribution to either group measure.

Which overseas entities did Maximus International consolidate?

Maximus International consolidated four overseas entities in the reviewed results: Maximus Global FZE, Maximus Lubricants LLC, MX Africa Limited and Quantum Lubricants (E.A.) Limited. The report identified Maximus Global FZE and MX Africa Limited as foreign subsidiaries, while Maximus Lubricants LLC and Quantum Lubricants (E.A.) Limited were subsidiaries of foreign subsidiaries.

Maximus Lubricants LLC was formerly known as Pacific Lubricants LLC, according to the entity list in the review report dated November 6, 2026. It was listed below Maximus Global FZE, while Quantum Lubricants (E.A.) Limited was listed below MX Africa Limited; all four entities were marked as consolidated.

The Rs 117.47 crore income, Rs 190.79 crore assets and Rs 3.40 crore profit figures are aggregate disclosures for these foreign subsidiaries rather than separate figures for each company. Maximus International’s auditor did not provide entity-level revenue, assets, profit, comprehensive income or cash-flow data for any of the four businesses.

How did Maximus International’s foreign subsidiaries compare profit with cash flow?

Maximus International’s foreign subsidiaries reported Rs 3.40 crore of aggregate profit after tax but Rs 50.44 lakh of net cash outflows between April 1, 2026 and September 30, 2026. The filing reports both outcomes for the same six-month period but does not identify operating, investing or financing movements behind the cash outflow.

The profit and cash-flow figures use different measures and should not be treated as equivalent. Profit after tax and total comprehensive income were each Rs 3.40 crore before consolidation adjustments, whereas net cash outflows were Rs 50.44 lakh, with no split among Maximus Global FZE, Maximus Lubricants LLC, MX Africa Limited or Quantum Lubricants (E.A.) Limited.

The Rs 190.79 crore asset figure is also measured at a different point in time from the income and cash-flow figures. Assets were reported as at September 30, 2026, while Rs 117.47 crore of income and Rs 50.44 lakh of cash outflows relate to activity throughout the April-to-September 2026 period.

What did the auditor conclude about Maximus International’s foreign subsidiaries?

Maximus International’s principal auditor did not directly review the financial results of the foreign subsidiaries and instead considered reports from other auditors. Ambalal M. Shah & Co. said those other-auditor reports had been furnished by management and that its conclusion on subsidiary amounts and disclosures relied on those reports and its own applicable procedures.

The review report marked each of the four overseas entities as having been audited or reviewed by another auditor. Ambalal M. Shah & Co. said it also performed procedures required under Regulation 33(8) of the SEBI listing regulations, to the extent applicable, for the consolidated results covering the half year ended September 30, 2026.

The auditor stated that its conclusion on the unaudited consolidated financial results was not modified in relation to this matter. It also noted that a review conducted under Standard on Review Engagements 2410 is narrower in scope than an audit and therefore does not provide assurance that all matters potentially identified in a full audit would be found.

Why does the disclosure not show each subsidiary’s financial contribution?

Maximus International’s auditor presented the foreign-subsidiary amounts as one aggregate disclosure, covering Rs 117.47 crore of income and Rs 3.40 crore of profit after tax for the half year ended September 30, 2026. The report therefore does not show whether Maximus Global FZE, Maximus Lubricants LLC, MX Africa Limited or Quantum Lubricants (E.A.) Limited was the largest contributor.

The same reporting limitation applies to the Rs 190.79 crore of assets and Rs 50.44 lakh of net cash outflows. Readers can identify the four entities included in consolidation, but cannot use the supplied review report to compare their individual balance sheets, earnings or cash-flow positions.

This absence of an entity-level split also limits comparisons between the two foreign-subsidiary groups identified in the report. Maximus Global FZE and its subsidiary Maximus Lubricants LLC cannot be compared with MX Africa Limited and Quantum Lubricants (E.A.) Limited using the auditor disclosure for the April-to-September 2026 period.

Conclusion

The review report shows that Maximus International’s foreign subsidiaries generated Rs 117.47 crore of income before consolidation adjustments in the half year ended September 30, 2026, and held Rs 190.79 crore of assets at the period end. They also reported Rs 3.40 crore of profit after tax, alongside Rs 50.44 lakh of net cash outflows, with the four entities’ results consolidated in aggregate.

The unresolved matter in the disclosed information is the absence of entity-level income, asset, profit and cash-flow figures, as well as any explanation for the difference between Rs 3.40 crore of profit and Rs 50.44 lakh of cash outflows. Future disclosures would need to provide those details to show how the reported amounts are distributed across the four overseas entities.