Maximus International Q1 Revenue Hits 59.91 Crore, Margins Tighten

Revenue increased by 52% to 59.91 crore, while Profit After Tax (PAT) declined to 2.05 crore.
Reader Takeaway: Revenue is scaling rapidly through expansion, but elevated freight costs continue to squeeze operating margins.

What just happened

Maximus International reported a consolidated revenue of 59.91 crore for Q1 FY27, compared to 39.52 crore in the same quarter last year. EBITDA rose 18% to 4.58 crore. However, EBITDA margins fell to 7.64% from 9.81% a year ago, primarily due to increased freight expenses and input cost inflation resulting from Middle Eastern geopolitical instability. Finance costs also rose significantly to 1.53 crore.

Why this matters

The company is executing an aggressive growth strategy, targeting total revenue of 200 crore for FY27. By acquiring a 40% stake in Quebec Petroleum, the company aims to enter the Indian domestic market, shifting away from pure export reliance. Currently, manufacturing, toll blending, and trading remain the core pillars of the business.

What changes now

Capacity utilization stands at 45% across its 50,000 KL facilities in the UAE and Kenya. A new grease manufacturing line is scheduled for commissioning in Kenya by Q3 FY27. Management is also evaluating a potential market entry into Tanzania to bolster its distribution network.

Risks to watch

• Margin compression: Persistent volatility in freight and input costs remains a direct threat to profitability.
• Customer concentration: With 70-75% of revenue tied to the top 10 customers, the firm faces significant client dependency risks.
• Working capital: Increasing trade receivables alongside top-line growth could strain cash flow if collections are not managed efficiently.

What to track next

Watch the integration of the Quebec Petroleum acquisition and the company’s ability to pass on rising logistics costs to customers to restore EBITDA margins toward double-digit levels.