Trading · Founded 2015 · www.maximusinternational.in · BSE 540401 · · ISIN INE544W01021
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Business
Maximus International Ltd. is an Indian company primarily engaged in the trading, manufacturing, and distribution of various industrial products. Its core business revolves around lubricants (automotive and industrial), petroleum derivatives, and chemicals. The company operates through a hybrid model: it manufactures and blends lubricants under its own brand "MAXIMUS" and also acts as an exclusive distributor for international brands like "S-OIL SEVEN" (from S-OIL Corporation, South Korea) in India. It generates revenue by sourcing raw materials/products, processing/blending (where applicable), marketing, and distributing them through its network, earning margins on sales.
Revenue Mix
While specific revenue percentages for each segment are not readily available in public summaries, Maximus International Ltd.'s operations can be broadly categorized into:
Lubricants: Includes automotive lubricants (for two-wheelers, passenger cars, commercial vehicles) and industrial lubricants (for various machinery). This covers both their own MAXIMUS brand and the distributed S-OIL SEVEN brand.
Petroleum Derivatives: Trading in various petroleum-based products.
Chemicals: Trading and distribution of a range of industrial chemicals.
The lubricants segment, especially through the exclusive distribution of S-OIL SEVEN, appears to be a significant focus area for the company.
Industry
The company operates in the highly competitive Indian lubricants and chemicals market. The lubricants industry in India is characterized by the presence of large international players (e.g., Shell, Castrol, Valvoline) and major domestic public sector undertakings (e.g., IOCL, BPCL, HPCL) with extensive networks. Maximus International Ltd. positions itself by offering a blend of its own cost-effective brands and premium international brands through exclusive distribution agreements. It is likely a mid-sized player in this landscape, focusing on building its brand presence and distribution network, particularly in specific regional markets or product niches.
MOAT
Exclusive Distribution Rights: The exclusive distributorship for "S-OIL SEVEN" lubricants in India provides a significant advantage, offering unique access to a globally recognized brand and its product portfolio. This can create a distinct market position.
Integrated Model: Combining its own manufacturing/blending capabilities with trading and distribution allows for better cost control, quality assurance, and flexibility in product offerings.
Established Distribution Network: An efficient and growing distribution network is crucial for reaching diverse customer segments (retail, industrial, automotive workshops) across India.
Supplier Relationships: Long-standing relationships with international suppliers (like S-OIL) can ensure consistent product availability and favorable terms.
Growth Drivers
Growing Indian Economy: Increased industrial activity, vehicle parc growth, and infrastructure development in India directly drive demand for lubricants and chemicals.
Expansion of Distribution Network: Deepening market penetration in existing regions and expanding into new geographies will be key to increasing sales volumes.
Increased Market Share for S-OIL SEVEN: Successful marketing and distribution efforts for the S-OIL SEVEN brand can significantly boost revenue and brand equity.
New Product Introductions: Expanding its product portfolio within lubricants and chemicals to cater to evolving market needs and specific applications.
Export Opportunities: Potential to leverage its product range and manufacturing capabilities for international markets.
Risks
Raw Material Price Volatility: Fluctuations in the prices of crude oil, base oils, and other chemicals can directly impact manufacturing costs and trading margins.
Intense Competition: The Indian lubricant and chemical markets are highly competitive, leading to potential price wars and pressure on margins.
Dependency on Key Agreements: The exclusive distribution agreement for S-OIL SEVEN is a significant asset; its non-renewal or changes in terms could impact the business.
Economic Slowdown: A downturn in the Indian economy, particularly the automotive and industrial sectors, would reduce demand for the company's products.
Foreign Exchange Fluctuations: Given its involvement in importing raw materials and distributed brands, adverse currency movements can impact profitability.
Logistics and Supply Chain Disruptions: Reliance on a robust supply chain makes it vulnerable to disruptions, impacting delivery and inventory management.
Management & Ownership
Maximus International Ltd. is a promoter-driven company. The promoter group typically holds a significant stake, indicating a long-term commitment to the business. Dushyant J. Mehta is a key promoter and part of the management. The company's management structure would generally involve experienced professionals in the trading, manufacturing, and distribution of industrial products. Promoter holding usually ranges from 40-75% in Indian listed companies, signifying strong control and strategic direction from the founding family or group.
Outlook
Maximus International Ltd. operates in a market with inherent growth potential driven by India's robust economic development, particularly in the automotive and industrial sectors. The company's strategy of combining its own branded products with exclusive distribution rights for international brands like S-OIL SEVEN provides a diversified approach to market penetration. The outlook is balanced by the significant competitive pressures from established domestic and international players, along with the volatility associated with raw material prices and foreign exchange rates inherent in the trading and manufacturing of petroleum-based products. Success hinges on its ability to effectively expand its distribution network, manage operational efficiencies, and leverage its brand and partnership advantages to capture market share in a price-sensitive environment.
| #(Fig in Cr.) | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 37 | 39 | 36 | 37 | 45 | 40 | 46 | 43 | 56 | 60 |
| Other Income | 4 | 0 | 0 | 1 | 0 | 0 | 1 | 1 | 2 | 0 |
| Total Income | 41 | 40 | 36 | 38 | 45 | 40 | 47 | 44 | 58 | 60 |
| Total Expenditure | 37 | 36 | 32 | 33 | 42 | 36 | 42 | 40 | 53 | 55 |
| Operating Profit | 4 | 3 | 4 | 5 | 3 | 4 | 5 | 4 | 5 | 5 |
| Interest | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 3 | 2 | 3 | 3 | 2 | 2 | 3 | 2 | 3 | 2 |
| Provision for Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 |
| Profit After Tax | 3 | 2 | 2 | 3 | 2 | 2 | 3 | 2 | 2 | 2 |
| Adjustments | -0 | -0 | -0 | -0 | 0 | 0 | -0 | -0 | -0 | -0 |
| Profit After Adjustments | 3 | 2 | 2 | 3 | 2 | 2 | 3 | 2 | 2 | 2 |
| Adjusted Earnings Per Share | 0.2 | 0.2 | 0.2 | 0.2 | 0.1 | 0.2 | 0.2 | 0.1 | 0.2 | 0.2 |
| #(Fig in Cr.) | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 33 | 57 | 31 | 52 | 69 | 100 | 109 | 157 | 205 |
| Other Income | 0 | 1 | 1 | 1 | 1 | 2 | 4 | 2 | 4 |
| Total Income | 33 | 59 | 32 | 53 | 70 | 101 | 113 | 159 | 209 |
| Total Expenditure | 31 | 55 | 28 | 47 | 63 | 90 | 101 | 144 | 190 |
| Operating Profit | 2 | 4 | 4 | 6 | 8 | 11 | 12 | 15 | 19 |
| Interest | 0 | 0 | 1 | 1 | 1 | 2 | 2 | 3 | 5 |
| Depreciation | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 2 | 4 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 2 | 3 | 3 | 4 | 5 | 8 | 8 | 10 | 10 |
| Provision for Tax | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 1 | 1 |
| Profit After Tax | 1 | 3 | 3 | 4 | 5 | 7 | 8 | 9 | 9 |
| Adjustments | 0 | -1 | -0 | -0 | -0 | -0 | -0 | -0 | 0 |
| Profit After Adjustments | 1 | 2 | 2 | 3 | 4 | 7 | 8 | 9 | 9 |
| Adjusted Earnings Per Share | 0.1 | 0.1 | 0.2 | 0.2 | 0.3 | 0.6 | 0.6 | 0.7 | 0.7 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 44% | 32% | 38% | 0% |
| Operating Profit CAGR | 25% | 23% | 30% | 0% |
| PAT CAGR | 13% | 22% | 25% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 30% | -4% | 9% | NA% |
| ROE Average | 16% | 21% | 20% | 18% |
| ROCE Average | 18% | 22% | 21% | 20% |
| #(Fig in Cr.) | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 14 | 16 | 19 | 21 | 26 | 32 | 41 | 72 |
| Minority's Interest | 0 | 0 | 8 | 8 | 9 | 9 | 9 | 9 |
| Borrowings | 0 | 0 | 4 | 1 | 2 | 5 | 5 | 5 |
| Other Non-Current Liabilities | 0 | 0 | 1 | 1 | 1 | 4 | 2 | 1 |
| Total Current Liabilities | 4 | 5 | 11 | 16 | 18 | 28 | 25 | 46 |
| Total Liabilities | 18 | 22 | 43 | 46 | 54 | 77 | 82 | 133 |
| Fixed Assets | 3 | 3 | 12 | 11 | 9 | 9 | 9 | 9 |
| Other Non-Current Assets | 10 | 11 | 4 | 3 | 9 | 9 | 6 | 11 |
| Total Current Assets | 6 | 9 | 26 | 31 | 36 | 59 | 66 | 112 |
| Total Assets | 18 | 22 | 43 | 46 | 54 | 77 | 82 | 133 |
| #(Fig in Cr.) | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 4 | 1 | 1 | 1 | 1 | 1 | 2 | 0 |
| Cash Flow from Operating Activities | 3 | 2 | -8 | 7 | -2 | 2 | -8 | -15 |
| Cash Flow from Investing Activities | -11 | -1 | -3 | -2 | 2 | -2 | 0 | -7 |
| Cash Flow from Financing Activities | 4 | -1 | 11 | -5 | -0 | 1 | 6 | 23 |
| Net Cash Inflow / Outflow | -3 | 0 | -0 | 0 | -0 | 1 | -2 | 1 |
| Closing Cash & Cash Equivalent | 1 | 1 | 1 | 1 | 1 | 2 | 0 | 2 |
| # | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 0.12 | 0.15 | 0.2 | 0.25 | 0.33 | 0.55 | 0.63 | 0.67 |
| CEPS(Rs) | 0.13 | 0.26 | 0.25 | 0.38 | 0.47 | 0.68 | 0.74 | 0.79 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 1.08 | 1.31 | 1.53 | 1.69 | 2.08 | 2.55 | 3.23 | 5.3 |
| Core EBITDA Margin(%) | 5.23 | 4.78 | 9.74 | 10.9 | 9.05 | 9.3 | 7.13 | 8.47 |
| EBIT Margin(%) | 5.5 | 6.69 | 12.26 | 9.74 | 9.36 | 9.58 | 9.85 | 8.61 |
| Pre Tax Margin(%) | 4.9 | 5.85 | 9.98 | 7.53 | 7.47 | 7.92 | 7.75 | 6.59 |
| PAT Margin (%) | 4.45 | 5.41 | 8.8 | 6.73 | 6.76 | 7.31 | 7.34 | 5.8 |
| Cash Profit Margin (%) | 4.76 | 5.68 | 10.36 | 9.13 | 8.56 | 8.58 | 8.58 | 6.87 |
| ROA(%) | 8.21 | 15.36 | 8.34 | 7.95 | 9.27 | 11.09 | 10.03 | 8.46 |
| ROE(%) | 10.8 | 20.58 | 15.14 | 17.44 | 19.71 | 25.06 | 21.97 | 16.14 |
| ROCE(%) | 11.83 | 23.01 | 17.82 | 19.64 | 21.47 | 25.94 | 21.53 | 17.64 |
| Receivable days | 29.07 | 25.16 | 106.99 | 92.9 | 99.38 | 121.8 | 145.55 | 142.26 |
| Inventory Days | 0 | 0 | 34.84 | 39.99 | 26.96 | 20.73 | 22.24 | 21.89 |
| Payable days | 25.5 | 18.74 | 76.73 | 57.33 | 53.46 | 71.12 | 63.16 | 50.57 |
| PER(x) | 14.78 | 19.26 | 35.45 | 46.98 | 30.46 | 22.14 | 30.67 | 15.15 |
| Price/Book(x) | 1.6 | 2.18 | 4.59 | 6.9 | 4.91 | 4.8 | 5.98 | 1.9 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.67 | 0.63 | 3.01 | 2.89 | 1.94 | 1.61 | 2.38 | 0.99 |
| EV/Core EBITDA(x) | 11.54 | 9.07 | 21.79 | 23.8 | 17.4 | 14.87 | 21.46 | 10.22 |
| Net Sales Growth(%) | 0 | 73.06 | -46.3 | 70.67 | 31.44 | 44.62 | 9.11 | 44.12 |
| EBIT Growth(%) | 0 | 110.39 | -1.62 | 35.63 | 26.25 | 48.03 | 12.17 | 26.06 |
| PAT Growth(%) | 0 | 110.4 | -12.61 | 30.51 | 32.03 | 56.28 | 9.58 | 13.91 |
| EPS Growth(%) | 0 | 26.82 | 33.84 | 24.63 | 35.22 | 65.09 | 14 | 5.63 |
| Debt/Equity(x) | 0.13 | 0.09 | 0.26 | 0.3 | 0.24 | 0.29 | 0.43 | 0.32 |
| Current Ratio(x) | 1.45 | 1.65 | 2.38 | 1.97 | 2.08 | 2.1 | 2.62 | 2.44 |
| Quick Ratio(x) | 1.45 | 1.65 | 1.85 | 1.62 | 1.82 | 1.86 | 2.36 | 2.17 |
| Interest Cover(x) | 9.16 | 7.93 | 5.38 | 4.41 | 4.96 | 5.8 | 4.69 | 4.27 |
| Total Debt/Mcap(x) | 0.08 | 0.04 | 0.06 | 0.04 | 0.05 | 0.06 | 0.07 | 0.17 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 62.31 | 61.45 | 61.45 | 57.58 | 57.58 | 57.58 | 57.58 | 57.58 | 57.58 | 57.58 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 37.69 | 38.55 | 38.55 | 42.42 | 42.42 | 42.42 | 42.42 | 42.42 | 42.42 | 42.42 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 7.83 | 7.83 | 7.83 | 7.83 | 7.83 | 7.83 | 7.83 | 7.83 | 7.83 | 7.83 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 4.74 | 4.91 | 4.91 | 5.77 | 5.77 | 5.77 | 5.77 | 5.77 | 5.77 | 5.77 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 12.57 | 12.75 | 12.75 | 13.6 | 13.6 | 13.6 | 13.6 | 13.6 | 13.6 | 13.6 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +44% | +32% | +38% | — |
| Operating Profit CAGR | +25% | +23% | +30% | — |
| PAT CAGR | +13% | +22% | +25% | — |
| Share Price CAGR | +30% | -4% | +9% | — |
| ROE Average | +16% | +21% | +20% | +18% |
| ROCE Average | +18% | +22% | +21% | +20% |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 62.31 | 61.45 | 61.45 | 57.58 | 57.58 | 57.58 | 57.58 | 57.58 | 57.58 | 57.58 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 37.69 | 38.55 | 38.55 | 42.42 | 42.42 | 42.42 | 42.42 | 42.42 | 42.42 | 42.42 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 7.83 | 7.83 | 7.83 | 7.83 | 7.83 | 7.83 | 7.83 | 7.83 | 7.83 | 7.83 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 4.74 | 4.91 | 4.91 | 5.77 | 5.77 | 5.77 | 5.77 | 5.77 | 5.77 | 5.77 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 12.57 | 12.75 | 12.75 | 13.6 | 13.6 | 13.6 | 13.6 | 13.6 | 13.6 | 13.6 |
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