Maximus International Limited receivables rise to Rs 145.6815 crore

Maximus International Limited reported consolidated trade receivables of Rs 145.6815 crore at September 30, 2026, compared with Rs 121.9483 crore at March 31, 2026, while consolidated borrowings rose to Rs 51.5158 crore from Rs 39.3971 crore. Its half-year cash-flow statement recorded Rs 23.8066 crore of cash used by the increase in trade receivables.

How much did Maximus International’s trade receivables increase?

Maximus International’s consolidated trade receivables increased by Rs 23.7332 crore during the six months to September 30, 2026, reaching Rs 145.6815 crore from Rs 121.9483 crore at March 31, 2026. Receivables were the largest listed current financial asset at September 30, exceeding cash and cash equivalents of Rs 1.6204 crore and bank balances other than cash equivalents of Rs 6.5862 crore.

The consolidated cash-flow statement records a Rs 23.8066 crore increase in trade receivables as a use of working capital for the half year ended September 30, 2026. The corresponding half year ended September 30, 2025 recorded Rs 16.8379 crore of cash used by receivables, making the latest-period cash impact Rs 6.9687 crore higher. The balance-sheet and cash-flow movements use different comparative dates, but both show a receivables increase.

Maximus International’s inventories declined by Rs 2.5182 crore to Rs 9.8264 crore in the same six-month balance-sheet comparison, while trade payables to creditors other than micro and small enterprises rose by Rs 12.2496 crore to Rs 49.9021 crore. Other current assets increased by Rs 2.5683 crore to Rs 7.3147 crore, showing that the receivables movement occurred alongside changes in stock, supplier balances and other assets.

How did Maximus International’s borrowings change by September 2026?

Maximus International’s consolidated borrowings increased by Rs 12.1187 crore to Rs 51.5158 crore at September 30, 2026, from Rs 39.3971 crore at March 31, 2026. Non-current borrowings increased to Rs 15.3829 crore from Rs 5.5027 crore, while current borrowings increased to Rs 36.1329 crore from Rs 33.8944 crore.

The increase was concentrated in non-current borrowings, which rose by Rs 9.8802 crore, compared with a Rs 2.2385 crore increase in current borrowings. Total consolidated liabilities rose to Rs 109.518 crore from Rs 83.6783 crore, while total equity increased to Rs 100.7934 crore from Rs 95.8171 crore. Total consolidated assets were Rs 210.3114 crore at September 30, 2026, compared with Rs 179.4954 crore at March 31, 2026.

Finance costs in the consolidated statement of profit and loss were Rs 3.1044 crore for the half year ended September 30, 2026, compared with Rs 1.9383 crore in the corresponding 2025 half year. The cash-flow statement also reports Rs 3.1044 crore of finance cost paid in the latest half year. The filing does not specify the debt instruments, interest rates or purposes associated with the additional borrowings.

What does Maximus International’s operating cash flow show?

Maximus International generated net cash from consolidated operating activities of Rs 3.7975 crore in the half year ended September 30, 2026, compared with net cash used of Rs 3.4344 crore in the corresponding half year of 2025. Cash generated from operations was Rs 4.0847 crore before net direct taxes of Rs 28.72 lakh, against cash used in operations of Rs 2.771 crore before taxes in the prior-year period.

Operating profit before working-capital changes was Rs 10.5665 crore in the latest half year, compared with Rs 10.9556 crore a year earlier. Reported working-capital movements included the Rs 23.8066 crore receivables outflow, a Rs 12.2403 crore increase in trade payables and a Rs 2.5182 crore reduction in inventories. Those items, together with changes in financial assets, other assets and liabilities, contributed to the shift to positive operating cash flow.

Net cash used in investing activities increased to Rs 12.4338 crore from Rs 41.13 lakh in the prior-year half, including Rs 10.85 crore of deposits given and Rs 93.28 lakh of loans given. Financing activities provided Rs 9.014 crore, versus Rs 3.3205 crore a year earlier, including Rs 9.8802 crore from long-term borrowings and Rs 2.2382 crore from short-term borrowings. Cash and cash equivalents consequently rose to Rs 1.6204 crore at September 30 from Rs 1.2427 crore at the start of the half year.

How did Maximus International’s revenue and profit compare with last year?

Maximus International reported consolidated revenue from operations of Rs 118.6417 crore for the half year ended September 30, 2026, compared with Rs 85.3576 crore in the corresponding 2025 half year. Total income rose to Rs 119.2984 crore from Rs 86.7319 crore, while other income fell to Rs 65.67 lakh from Rs 137.42 lakh.

Consolidated net profit declined to Rs 4.0986 crore from Rs 5.1167 crore in the comparable half year. Profit before tax declined to Rs 4.785 crore from Rs 5.7514 crore, while total expenses increased to Rs 114.5134 crore from Rs 80.9805 crore. Cost of materials consumed was Rs 85.312 crore in the latest half year, compared with Rs 55.9063 crore a year earlier.

Maximus International identifies one primary business segment, manufacturing and trading in lubricant oil and other petrochemical products, under Indian Accounting Standard 108. Its consolidated operations include Maximus Global FZE and MX Africa Limited, while Maximus Global FZE owns Maximus Lubricants LLC and MX Africa Limited owns Quantum Lubricants (E.A.) Limited. The filing does not provide separate revenue, receivables or cash-flow figures for those entities.

Conclusion

Maximus International’s September 2026 consolidated figures show that higher revenue of Rs 118.6417 crore was accompanied by a Rs 23.7332 crore increase in trade receivables and a Rs 12.1187 crore increase in total borrowings. Operating activities generated Rs 3.7975 crore of net cash, compared with an outflow of Rs 3.4344 crore a year earlier, while net profit declined to Rs 4.0986 crore.

The unresolved matters are the timing of receivables collection and the instruments, rates and purposes behind the increased borrowings, none of which the filing specifies. The September 2026 results were approved by the board on November 6, 2026, and the statutory auditors carried out a limited review of the interim results, making subsequent financial disclosures relevant for updates on receivables, borrowings and finance costs.