Maximus International Q2 profit drops 27% despite revenue growth

Maximus International Limited reported consolidated net profit of Rs 2.0521 crore for the quarter ended 30 September 2026, down 27% year on year, while revenue from operations rose 28% to Rs 58.7357 crore. Profit before tax fell to Rs 2.3734 crore from Rs 3.2754 crore in the September 2025 quarter.

Why did Maximus International’s Q2 profit fall despite higher revenue?

Maximus International’s reported Q2 profit fell because total expenses rose 30% year on year to Rs 56.9239 crore, exceeding the 26% increase in total income to Rs 59.2973 crore. The filing does not provide a separate management explanation for the decline in profit beyond its income and expense lines.

Revenue from operations increased by Rs 12.8977 crore from Rs 45.8380 crore in the quarter ended 30 September 2025. However, other income declined to Rs 56.16 lakh from Rs 1.2397 crore, while total expenses increased by Rs 13.1216 crore from Rs 43.8023 crore. The gap between total income and total expenses produced a lower profit before tax.

Consolidated profit before tax was Rs 2.3734 crore, down 28% from Rs 3.2754 crore a year earlier. Net profit decreased by Rs 73.94 lakh to Rs 2.0521 crore from Rs 2.7915 crore, and both basic and diluted earnings per share were Rs 0.15, compared with Rs 0.20 in the prior-year quarter.

How did Maximus International perform against the previous quarter?

Maximus International’s Q2 net profit was broadly unchanged from the preceding quarter at Rs 2.0521 crore, compared with Rs 2.0465 crore in the quarter ended 30 June 2026. Revenue from operations declined 2% sequentially from Rs 59.9060 crore to Rs 58.7357 crore.

Total income declined by Rs 70.38 lakh from Rs 60.0011 crore in the June quarter, while total expenses fell by Rs 66.56 lakh from Rs 57.5895 crore. As a result, profit before tax decreased by Rs 3.82 lakh from Rs 2.4116 crore to Rs 2.3734 crore.

The September-quarter profit comparison differs between the sequential and annual views. Net profit rose by Rs 5.56 lakh from the June 2026 quarter but remained Rs 73.94 lakh below the September 2025 quarter, while earnings per share remained Rs 0.15 sequentially.

Maximus International reports one primary business segment, manufacturing and trading in lubricant oil and other petrochemical products, under Indian Accounting Standard 108. The results therefore do not separate manufacturing and trading revenue, expenses or profit for the Rs 58.7357 crore quarterly operating-revenue figure.

What do Maximus International’s half-year results show?

Maximus International’s consolidated net profit for the half year ended 30 September 2026 fell 20% to Rs 4.0986 crore from Rs 5.1167 crore in the corresponding 2025 period. Revenue from operations increased 39% to Rs 118.6417 crore from Rs 85.3576 crore over the same six months.

Total income increased by Rs 32.5665 crore to Rs 119.2984 crore, while total expenses rose by Rs 33.5329 crore to Rs 114.5134 crore. Profit before tax consequently declined 17% to Rs 4.7850 crore from Rs 5.7514 crore, following the same broad pattern as the September quarter.

Basic and diluted earnings per share for the half year were Rs 0.30, compared with Rs 0.37 a year earlier. Total comprehensive income was Rs 4.9764 crore, versus Rs 7.1909 crore, with the consolidated statement including exchange differences from translating foreign operations.

Maximus International generated net cash from operating activities of Rs 3.7975 crore in the latest half year, compared with net cash used in operating activities of Rs 3.4344 crore a year earlier. Cash and cash equivalents rose to Rs 1.6204 crore at 30 September 2026 from Rs 1.2427 crore at the beginning of the period.

What changed in Maximus International’s balance sheet and cash flows?

Maximus International’s consolidated total assets rose to Rs 210.3114 crore at 30 September 2026 from Rs 179.4954 crore at 31 March 2026. Trade receivables increased to Rs 145.6815 crore from Rs 121.9483 crore, while inventories declined to Rs 9.8264 crore from Rs 12.3446 crore.

Total equity increased to Rs 100.7934 crore from Rs 95.8171 crore, while total liabilities rose to Rs 109.5180 crore from Rs 83.6783 crore. Non-current borrowings increased to Rs 15.3829 crore from Rs 5.5027 crore, and current borrowings increased to Rs 36.1329 crore from Rs 33.8944 crore.

Net cash used in investing activities was Rs 12.4338 crore during the half year ended 30 September 2026, compared with Rs 41.13 lakh used in the corresponding 2025 period. The cash-flow statement includes Rs 10.8500 crore of deposits given in the latest period, while net cash from financing activities was Rs 9.0140 crore against Rs 3.3205 crore a year earlier.

Trade payables to creditors other than micro and small enterprises increased to Rs 49.9021 crore from Rs 37.6525 crore between 31 March and 30 September 2026. Other current assets increased to Rs 7.3147 crore from Rs 4.7464 crore during a half year in which operating revenue reached Rs 118.6417 crore.

What corporate changes did Maximus International disclose with its results?

Maximus International said its board approved the unaudited standalone and consolidated results on 6 November 2026 after Audit Committee review. The statutory auditors completed a limited review of the results for the quarter and half year ended 30 September 2026.

Ajit Tushar & Co., Chartered Accountants, resigned as internal auditor effective 6 November 2026, citing disagreement over professional fees. The board appointed KAPS & Co., Chartered Accountants, as internal auditor for three financial years, beginning in the third quarter of financial year 2026-27 and continuing through financial year 2028-29.

Maximus International has two foreign subsidiaries, Maximus Global FZE and MX Africa Limited. Maximus Global FZE has Maximus Lubricants LLC as a subsidiary, while MX Africa Limited has Quantum Lubricants (E.A.) Limited as a subsidiary, and the consolidated results record foreign-operation translation differences.

The filing does not disclose a revenue, earnings or margin target for the remainder of financial year 2026-27. It also does not provide a timetable for a further operating update beyond the results approved on 6 November 2026.

Conclusion

Maximus International delivered higher consolidated operating revenue in both Q2 and the first half, but reported profit declined in each comparison with the prior year. Q2 revenue from operations increased 28% to Rs 58.7357 crore, while net profit fell 27% to Rs 2.0521 crore and total expenses increased 30% to Rs 56.9239 crore.

The next results will show whether higher revenue converts into improved reported profit as receivables stood at Rs 145.6815 crore and total liabilities at Rs 109.5180 crore on 30 September 2026. Investors can also monitor the internal-auditor transition to KAPS & Co., whose three-financial-year term starts in the third quarter of financial year 2026-27.